Russian oil firms combat 'perfect storm' of grim events

摘要

The Russian Federation's oil industry currently is facing a "perfect storm" of difficulties -- with simultaneous, sudden low oil prices, high taxes and tariffs, the devaluation of the ruble, and the global financial crisis -- according to Russian oil executives evaluating the outlook for Russian oil at a February CERAWeek presentation in Houston. Russian oil production may continue to decline due to capital restrictions and to a deal Russia made last year with the Organization of Petroleum Exporting Countries. However, recent political developments in Russia, including the second election with changes in government in 2007 and the presidential election in March 2008 bring a new and very much invigorated policy toward the energy industry and offshore industry as included in the various discussions on taxes. An issue Russia must address is investment in talent and human capital.