Russian Oil and Gas Landscape Reshaped by Geopolitics
The second half of 2014 brought many external pressures onto the Russian oil and gas industry. While oil production and exports as well as refineries outputs remained stable, at post-Soviet peak levels, macro-level impacts have begun to reshape the industry. Global crude prices have declined sharply, which was followed by the Russian ruble devaluation. The EU/US sanctions limited access to financing and prevented further cooperation on offshore and unconventional developments between Western and Russian firms. In response Russia has canceled...
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