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State regulation of the oil and gas sector in 2023, 2024 outlook

State regulation of the oil and gas sector in 2023, 2024 outlook

The year 2023 posed a serious challenge to the Russian oil and gas sector that was subjected to extremely tough sanctions that could have led to collapse in exports of crude oil and petroleum products.

The oil industry and corresponding regulatory mechanisms were tested throughout the year. The state, being in dire need of financial resources, had to save the chicken that lays golden eggs. How well is it coping with this task?

The report elaborates on the following topics:

Results of oil exports

  • Seaborne and piped exports of Russian crude oil through major ports and directions
  • Seaborne supplies of main petroleum products

China and India as main buyers of Russian crude

  • The volume and structure of demand
  • Competition between Russian crude and oil supplies from other countries
  • Russian oil prices and discounts

Administration of the OPEC+ deal

  • Oil relations with Saudi Arabia
  • Substitution of the European market with major Asian markets

Fiscal policies of the government in the oil industry

  • New attempts to increase tax revenues
  • The fuel crisis in autumn as an outcome of initiatives of regulators

The green and climate agenda

  • Prospects of creation of the Russian market of carbon units

Medium-term prospects

  • Sanctions and possible development of exports
  • The 2024 budget, fiscal expectations

Contents of the report:

INTRODUCTION 3
DYNAMICS OF RUSSIAN SEABORNE AND PIPELINE OIL EXPORTS BY MAIN PORTS AND SALES DESTINATIONS 5
SEABORNE EXPORTS OF MAIN PETROLEUM PRODUCTS BY RUSSIA 22
MAIN BUYERS OF RUSSIAN CRUDE OIL 29
CHINA 29
INDIA 41
THE FATE OF OPEC+ DEAL. RELATIONS WITH SAUDI ARABIA 46
THE STATE FISCAL POLICY. DEBATES ABOUT DAMPENING MECHANISM, FUEL CRISIS IN AUTUMN 51
THE GREEN AND CLIMATE AGENDA 58
PROSPECTS OF DEVELOPMENT 62
Date of release: March 7, 2024

If you are interested to obtain please contact » Elena Kim

Other issues:
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Analytical series “The Fuel and Energy Complex of Russia”:

West’s Latest Sanctions Decisions, Their Effect on Russian Oil and Gas Industry
State regulation of the oil and gas sector in 2023, 2024 outlook
Gazprom in the period of expulsion from the European market. Possible evolution of the Russian gas market amid impediments to exports
New Logistics of Russian Oil Business
Russia’s New Energy Strategy: on Paper and in Fact

All reports for: 2015 , 14 , 13 , 12 , 11 , 10 , 09 , 08 , 07

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