Russian oil and gas regulations update

ResearchandMarkets reports: The year 2020 was a bitter trial to the whole world economy and especially to the oil and gas industry. Russia was not an exception in this regard.

The struggle between camps supporting the OPEC+ deal and a price war ended in spring, when Moscow withdrew from the agreement and Saudi Arabia, in response, sharply increased its oil exports. At the same time, the progressing COVID-19 pandemic significantly reduced demand for oil, and these two factors led to a real price catastrophe.

Russia rushed to join OPEC+ again but in much tougher conditions, which resulted in an 8.6% decrease in the annual oil output. However, the situation concerning exports is much worse, as the Russian oil industry faces losing its essential markets.

The NESF report wrapping up 2020 elaborates on the following questions:

• Will Russia withdraw from the OPEC+ deal?
• How did the OPEC+ deal influence the autumn reshuffle in the government?
• What is the new system of state regulation of the oil and gas sector?
• How did Russian companies fulfill oil output?
• Did the government support the oil services business?
• Will we manage to develop offshore and tight reserves amid sanctions?
• Will the state continue to subsidize LNG production?
• Why does Rosneft aggressively promote its Vostok Oil project?
• How did Rosneft cease being a state company?
• How did the Cabinet explain autumn changes in taxation of oil companies?
• What risks does the green policy pose to Russian oil and gas companies and what Putin thinks about the energy transition?

Read the article online at: https://www.worldpipelines.com/business-news/18022021/russian-oil-and-gas-regulations-update/