The year 2023 posed a serious challenge to the Russian oil and gas sector that was subjected to extremely tough sanctions that could have led to collapse in exports of crude oil and petroleum products.
The oil industry and corresponding regulatory mechanisms were tested throughout the year. The state, being in dire need of financial resources, had to save the chicken that lays golden eggs. How well is it coping with this task?
The report elaborates on the following topics:
Results of oil exports
- Seaborne and piped exports of Russian crude oil through major ports and directions
- Seaborne supplies of main petroleum products
China and India as main buyers of Russian crude
- The volume and structure of demand
- Competition between Russian crude and oil supplies from other countries
- Russian oil prices and discounts
Administration of the OPEC+ deal
- Oil relations with Saudi Arabia
- Substitution of the European market with major Asian markets
Fiscal policies of the government in the oil industry
- New attempts to increase tax revenues
- The fuel crisis in autumn as an outcome of initiatives of regulators
The green and climate agenda
- Prospects of creation of the Russian market of carbon units
Medium-term prospects
- Sanctions and possible development of exports
- The 2024 budget, fiscal expectations
Contents of the report:
INTRODUCTION | 3 |
DYNAMICS OF RUSSIAN SEABORNE AND PIPELINE OIL EXPORTS BY MAIN PORTS AND SALES DESTINATIONS | 5 |
SEABORNE EXPORTS OF MAIN PETROLEUM PRODUCTS BY RUSSIA | 22 |
MAIN BUYERS OF RUSSIAN CRUDE OIL | 29 |
CHINA | 29 |
INDIA | 41 |
THE FATE OF OPEC+ DEAL. RELATIONS WITH SAUDI ARABIA | 46 |
THE STATE FISCAL POLICY. DEBATES ABOUT DAMPENING MECHANISM, FUEL CRISIS IN AUTUMN | 51 |
THE GREEN AND CLIMATE AGENDA | 58 |
PROSPECTS OF DEVELOPMENT | 62 |
Date of release: | March 7, 2024 |