841. Russia's Role in the Shifting World Oil Market
- Author:
- Lynne Kiesling and Joseph Becker
- Publication Date:
- 05-2002
- Content Type:
- Working Paper
- Institution:
- Belfer Center for Science and International Affairs, Harvard University
- Abstract:
- Recent changes in Russia's domestic oil industry have had dramatic effects on world oil markets, including Russia's emergence as the number two exporter of oil after Saudi Arabia. These effects are occurring even though Russia is not close to fully exploiting its reserves. Russia's oil industry has large growth prospects, and this potential will allow Moscow to take a greater market share away from OPEC in the future. A number of factors will facilitate this trend. Russia's target oil price is lower than OPEC's, which gives it an incentive to continue exporting beyond OPEC's wishes. Also, Russia's oil industry is more privatized than the oil industries in Persian Gulf states, which allows it to be more entrepreneurial in attracting investment and joint ventures.
- Topic:
- Security, Energy Policy, and International Organization
- Political Geography:
- Russia, United States, Europe, Middle East, Moscow, and Kabardino