Subject category:
Economics, Politics and Business Environment
Published by:
IBS Case Development Center
Length: 9 pages
Data source: Published sources
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https://casecent.re/p/19123
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Abstract
Russia was the leading oil exporter in the erstwhile USSR. The collapse of the Soviet Union in the early 1990s led to a sudden decline in Russia''s oil productivity. However, after a brief spell of oil and financial crises, there was revival in oil production from 1999. Russian oil soon became the cynosure for foreign investments. Many European and American oil giants renewed their interests in the oil sector. This was despite the Yukos Oil controversy that had for a while shocked western oil companies. The arrival of British Petroleum in 2003, Total of France and Conocophilips of the United States in 2004, further underlined Russia''s oil potential. This case study details the evolution and growth of the oil sector in Russia and in the process, attempts to highlight the role played by foreign direct investment in Russia''s growing oil potential. The case offers scope for discussion on the effects of the Russian oil sector on other oil producing countries in the world. Of particular interest is the Organisation of Petroleum Exporting Countries (OPEC), and how Russia continues to resist joining OPEC.
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Abstract
Russia was the leading oil exporter in the erstwhile USSR. The collapse of the Soviet Union in the early 1990s led to a sudden decline in Russia''s oil productivity. However, after a brief spell of oil and financial crises, there was revival in oil production from 1999. Russian oil soon became the cynosure for foreign investments. Many European and American oil giants renewed their interests in the oil sector. This was despite the Yukos Oil controversy that had for a while shocked western oil companies. The arrival of British Petroleum in 2003, Total of France and Conocophilips of the United States in 2004, further underlined Russia''s oil potential. This case study details the evolution and growth of the oil sector in Russia and in the process, attempts to highlight the role played by foreign direct investment in Russia''s growing oil potential. The case offers scope for discussion on the effects of the Russian oil sector on other oil producing countries in the world. Of particular interest is the Organisation of Petroleum Exporting Countries (OPEC), and how Russia continues to resist joining OPEC.