Shifting Political Economy Of Russian Oil And Gas

Russia is one of the world’s largest hydrocarbon resource holders, producers, and exporters, but it is undergoing an uncertain economic and energy transition. An economic slowdown, the dual shocks of a sharp decline in oil prices and the imposition of finance and technology-oriented sanctions, shifting markets for Russia’s exports, and internal economic and political dynamics are spurring dramatic changes in Russia’s domestic and international oil and gas strategies. These changes, while not predetermined, will impact geopolitics, energy security, oil and gas investment, and global hydrocarbon market dynamics in the near to medium term. Given the sheer size of Russia’s hydrocarbon production, the importance of oil and gas revenue to the health of Russia’s economy, and Russia’s role as an exporter and provider of hydrocarbon infrastructure, this study fills a crucial gap by analyzing the evolution of Russia’s oil and gas sector and its anticipated realignment.

'Russia is an increasingly important player in global energy markets, yet its policies are under-researched and little understood. This collection represents an important and sophisticated contribution to the debate. While much of the commentary on Russian energy consists of generalizations about Russia's political strategy, this work lifts the lid and looks inside the process through which Russian energy policies are designed and implemented. It brings together essays by top specialists in the field, and makes a conscious effort to integrate the various disciplines of politics, economics and geography by developing a model of the "cognitive frames" through which the policy process is shaped. It addresses both domestic and international dimensions of the problem, and gives equal weight to traditional customers in Europe and new markets in Asia.' Peter Rutland, Wesleyan University, US 'The book explains Russian energy policies, instead of a policy. It portrays a picture with multiple policy drivers, including institutional, regional and federal, environmental and commercial. The study markedly improves our understanding of the multifaceted nature of Russian energy policy, a topical and complex issue. This is a highly commendable book that should be included in the reading lists of anyone with an interest in the role of energy in Russia's political economy or energy matters more generally.' Kim Talus, University College London, Australia Russia's vast energy reserves, and its policies towards them have enormous importance in the current geopolitical landscape. This important book examines Russia's energy policies on the national, interregional and global level. It pays particular attention to energy policy actors ranging from state, federal and regional actors, to energy companies and international financial actors and organizations. The book models the formation of Russia's energy policies in terms of how energy policy actors perceive and map their policy environment. The case studies cover federal, regional and environmental aspects of Russian energy policy, Russia's energy relations with Europe and the CIS, North East Asia, the globalization of Russian oil companies and the political economy of Russian energy. It is found that there are several concurrent energy policies in contemporary Russia, and that this situation is likely to continue. These policies are conducted primarily from the business frame perspective while notions of energy superpower Russia are found more ambiguous. Russia's Energy Policies will benefit advanced master's level students, doctoral students, researchers, policy-makers and practitioners. The book will be a great resource for advanced international relations, political economy, international business and globalisation courses alongside energy policy courses, as well as area studies courses on Russian, post-Soviet and European politics and environmental politics.

A Foreign Affairs Best Book of the Year on Eastern Europe and the Former Soviet Republics The Russian oil industry—which vies with Saudi Arabia as the world’s largest producer and exporter of oil, providing nearly 12 percent of the global supply—is facing mounting problems that could send shock waves through the Russian economy and worldwide. Wheel of Fortune provides an authoritative account of this vital industry from the last years of communism to its uncertain future. Tracking the interdependence among Russia’s oil industry, politics, and economy, Thane Gustafson shows how the stakes extend beyond international energy security to include the potential threat of a destabilized Russia. “Few have studied the Russian oil and gas industry longer or with a broader political perspective than Gustafson. The result is this superb book, which is not merely a fascinating, subtle history of the industry since the Soviet Union’s collapse but also the single most revealing work on Russian politics and economics published in the last several years.” —Robert Legvold, Foreign Affairs “The history of Russia’s oil industry since the collapse of communism is the history of the country itself. There can be few better guides to this terrain than Thane Gustafson.” —Neil Buckley, Financial Times

This book examines Russia’s capacity to respond to a changing world through the lens of the country’s oil industry. Against a backdrop of social, political and climatic change, Indra Overland and Nina Poussenkova present a systematic analysis of how modern energy developments in the form of shale oil, offshore oil and the global energy transition are handled.

This edited collection details and analyses the dramatic changes that the international political economy of energy has undergone in the past decade. This change began with the increasing assertiveness of Russia when the oil price rose above the $100 mark in 2008. This, combined with the rise of shale oil and gas, made the USA all but self-sufficient in terms of fossil fuels. The collapse of the oil price in 2014-15, Saudi Arabia’s new strategy of defending its market share and the increasingly tense and controversial relationship between the West and Russia all worked to further strengthen the geopolitical dimension of energy in Europe. The global result is a world in which geopolitics play a bigger part than ever before; the central question the authors of this volume grapple with is how the EU – and European small states – can deal with this. Chapter 4 of this book is available open access under a CC BY 4.0 license at link.springer.com

Russia’s use of its vast energy resources for leverage against post-Soviet states such as Ukraine is widely recognized as a threat. Yet we cannot understand this danger without also understanding the opportunity that Russian energy represents. From corruption-related profits to transportation-fee income to subsidized prices, many within these states have benefited by participating in Russian energy exports. To understand Russian energy power in the region, it is necessary to look at the entire value chain—including production, processing, transportation, and marketing—and at the full spectrum of domestic and external actors involved, from Gazprom to regional oligarchs to European Union regulators. This book follows Russia’s three largest fossil-fuel exports—natural gas, oil, and coal—from production in Siberia through transportation via Ukraine to final use in Germany in order to understand the tension between energy as threat and as opportunity. Margarita M. Balmaceda reveals how this dynamic has been a key driver of political development in post-Soviet states in the period between independence in 1991 and Russia’s annexation of Crimea in 2014. She analyzes how the physical characteristics of different types of energy, by shaping how they can be transported, distributed, and even stolen, affect how each is used—not only technically but also politically. Both a geopolitical travelogue of the journey of three fossil fuels across continents and an incisive analysis of technology’s role in fossil-fuel politics and economics, this book offers new ways of thinking about energy in Eurasia and beyond.

The Caspian Sea and the Eastern Mediterranean are two regions with abundant energy resources. Their gas routes to Europe intersect and actors, exporters, pipeline owners and operators, transit states and downstream customers are connected to one another in a web of political and economic interdependencies. More significantly, these regions have been plagued by deep-seated ethnic conflicts and disputes: namely, the two oldest registered in the United Nations (the Cyprus and the Arab-Israeli Conflicts), the Nagorno-Karabakh problem, the Syria War and numerous tensions in the Eastern Mediterranean, the Caspian Sea and the Balkan regions. This book investigates what impact these energy resources have had on the respective conflicts and disputes, as well as their influence on the power game between the EU and Russia.

This book explores the Arctic as a rapidly evolving phenomenon in international affairs of a rising number of stakeholders. For decades, Arctic studies used to be an affair of a relatively narrow group of experts from northern countries. This time is over due to a new Chinese Arctic policy, as well as growing regional interests from South Korea, Singapore, India and Japan. Contributors reflect on new roles for the Arctic region: both as a playground for the old school nation state competition and even confrontation, and a new source for international cooperation in energy, logistics and natural sciences. Climate change, political tensions and economic competition make Arctic a hotter venue of international relations. This new Arctic fever, studied through a comparative analysis of different regional agendas, especially with a focus on the US–China–Russia triangle, represents the main subject of our book, which will be of interest to scholars of geopolitics, of climate change, and of 21st century energy economics.