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New Sanctions May Reduce Russian Oil Output
New sanctions on Russian energy industry by the Western are taking effect gradually. Analysts consider that for short-term, the sanctions will bring amount of uncertainties to Russian oil and gas industry. For long-term, sanctions may result in shortage of capitals and technologies and reduce Russian oil output. Russian will have no oil to sell.
Russian is the second largest oil exporter and the largest gas exporter in the world. Energy industry is main economic artery for Russia. In the past 15 years, Russian oil output rose substantially which promoted Russian economy to realize great-leap-forward development. The data show that since 2010, daily Russian oil output has already exceed more than 10 million barrels, almost closed to Saudi Arabia, the largest oil exporter.
However, some analyst consider that except for instant impact caused by the Western, for current developing trend of Russian energy industry, on one hand, output in traditional oilfields, Siberia is falling gradually. On the other hand, uncertainty of tax policy makes investors hesitate about developing new oilfield in the Arctic Pole. Negative effects caused by aspects will slow down the growing trend of Russian oil output.
Recently, Leon the vice-president of Lukoil, the second largest Russian oil corporation warned that Russian oil output would begin to fall in 2015. In this week, IEA predicts that Russian oil put will decrease by 90 thousand barrels per day.
According to the points of analysts, the sanctions of the Western limit the channel that Russian oil and gas enterprises financing or receive new technologies which is vital for oil exploitation.
The new sanctions of the Western also enhance the limitation that allow Rosneft, the largest Russian oil enterprise, Gazprom and other energy giants to enter into capital market for financing. Moreover, for oil development in deepwater, oil exploitation in the Arctic Pole and Russian shale oil, EU will not provide services about drilling, testing, logging, etc to Russia.
