RUSSIA ENERGY / FINANCE
Recent Country Insights
Russian oil is stable, but the future price cap and embargo from EU create risks
RUSSIA ENERGY / FINANCE · In Brief · 21 Oct 2022
The Russian oil sector was pretty much stable in September. Crude production increased 1.5% m-o-m to 10.8 mbd (including gas condensate) but was still below February levels (11.1 mbd) by 2.7%. Primary refining was stable in September at 5.6 mbd despite the seasonal reduction in domestic demand fo...
Can Turkey become a 'natural gas hub' for Russia?
RUSSIA ENERGY / FINANCE · In Brief · 14 Oct 2022
This week President Vladimir Putin proposed the creation of a "natural gas hub in Turkey for Russian gas. We are skeptical. The expansion of deliveries to Turkey is one of the possible replacements for the European market for Russia. However, the Turkish gas hub will not be able to become a full ...
Will the price cap on Russian oil work?
RUSSIA ENERGY / FINANCE · In Brief · 09 Sep 2022
Last week G7 Finance Ministers issued a statement confirming their intention to implement a price cap on Russian oil and petroleum products. Details of the proposal are not clear, so it's difficult to give quantitative estimates. But the overall idea is clear. The restrictions include a ban on pr...
Gazprom stops NS1 supplies indefinitely
RUSSIA ENERGY / FINANCE · In Brief · 05 Sep 2022
After the technical maintenance of the last operating gas compressor unit at the Portovaya station Gazprom decided to stop gas transportation through Nord Stream 1 due to detected malfunctions. Since the end-July Gazprom has used only one out of eight turbines at Portovaya. So NS1 utilization was...
Oil and gas in 2022: wartime resilience
RUSSIA ENERGY / FINANCE · Report · 05 Aug 2022
The war in Ukraine has become a major shock for the Russian energy sector as Western countries introduced different kinds of sanctions, including an embargo on crude & petroleum products and other restrictions. The results was decline in exports and a record spread of Urals to Brent (up to $30-35...
Russian court stops oil exports from Kazakhstan for 30 days
RUSSIA ENERGY / FINANCE · In Brief · 06 Jul 2022
The Primorsky District Court of Novorossiysk city (Russia) decided to suspend the activities of the Caspian Pipeline Consortium (CPC, a company with the participation of Russia and Kazakhstan) from July 5 for 30 days. The reason was that Russian authorities revealed environmental violations at CP...
Gazprom has reduced gas flows through Nord Stream by 40%
RUSSIA ENERGY / FINANCE · In Brief · 14 Jun 2022
Gazprom stated today that the company will reduce gas flows through the Nord Stream (NS) pipeline due to Siemens' delayed servicing compressors at the Portovaya station. Siemens did not return several gas pumping units after repair in Canada, so only three such units can operate currently. Canada...
What is possible future of Russia in European gas markets?
RUSSIA ENERGY / FINANCE · In Brief · 26 May 2022
The supply of natural gas from Russia to the EU is one of the strong points of tension between the countries. The EU officially plans to stop Russian gas supplies until 2027. Russia, in turn, demands to change the scheme of payments for natural gas. In May, Russia halted gas supplies to Bulgaria,...
Russian gas in RUB for the EU: current status
RUSSIA ENERGY / FINANCE · In Brief · 06 May 2022
Russian gas exports to EU From April 27 Gazprom stopped publishing its own operational statistics on natural gas supplies to the EU countries. Probably it's due to the desire not to show further reduction in exports, including its termination to supply gas to Poland and Bulgaria. According to thi...