Russia's Oil&Gas Development and Exports Trends Oil Industry Gas
Eleventh Japan–Russia Energy and Environment Dialogue in Niigata R1-GROMOV Russia’s Oil&Gas Development and Exports Trends Alexey GROMOV, PhD, Principal Director on Energy Studies Institute for Energy and Finance The Eleventh Japan-Russia Energy and Environment Dialogue (JREED) Niigata, Japan 30th January 2019 1 Oil Industry Global oil market context Russian oil production and export trends up to 2023 2 Gas Industry EU Gas market trends Russian gas production and export trends up to 2023 1 ©ERINA Eleventh Japan–Russia Energy and Environment Dialogue in Niigata R1-GROMOV OPEC+ Agreement has a crucial role to stabilize the global oil market 90 $/bbl Brent WTI 80 70 60 OPEC+ Agreement Update 50 (June 2018) OPEC+ Agreement 40 Update (December 2018) OPEC+ OECD commercial Agreement stocks reduction 30 Decrease (December during 2015 2016) 20 01/15 03/15 05/15 07/15 09/15 11/15 01/16 03/16 05/16 07/16 09/16 11/16 01/17 03/17 05/17 07/17 09/17 11/17 01/18 03/18 05/18 07/18 09/18 11/18 • OPEC+ Agreement (December 2016) to cut collective oil production of 1,8 MMb/d supported global oil prices and reduced price volatility in 1Q2017- 1Q2018. • The threat of US sanctions against Iranian oil exports led to OPEC+ Agreement Update in June 2018 (increase collective oil production of 1 MMb/d). • New OPEC+ Agreement Update (December 2018) to cut collective oil production of 1,2 MMb/d has to reduce the oil market volatility in 2019 2 OPEC+ Agreement Update in December 2018 lead to gradually balancing the global oil market in 2019 Changes in global liquid fuels market balance Mbd 2.0 1.6 1.2 -0,4 -0,4 0.8 -0,8 0,75 0.4 0,7 +0,2 +0,2 +0,4 0,4 0,35 +0,4 -0,1 0,1 0.0 -0,2 +0,3 +1,2 -0,1 +0,3 -0,5 +0,3 -0.4 +0,2 -0,0 +0,2 Доп.
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