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The Russian Oil Economy

Jennifer I. Considine, University of Dundee, UK and William A. Kerr, Van Vliet Professor, University of Saskatchewan, Canada
In this unique work, Jennifer Considine and William Kerr contend that while OPEC currently dominates the international oil market, Russia will be a key player in the future international energy market. Indeed, Russia’s petroleum resources rival those of Saudi Arabia.

More than almost any other industry, future performance is often determined by the influence of decisions made in the past. This book provides a detailed history of the development of the Russian oil economy in order to build up a comprehensive and discerning picture of its future role and significance in the global energy market of the 21st century.
Extent: 384 pp
Hardback Price: $175.00 Web: $157.50
Publication Date: 2002
ISBN: 978 1 84064 758 7
Availability: In Stock
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  • eISBN: 978 1 84376 557 8

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In this unique work, Jennifer Considine and William Kerr contend that while OPEC currently dominates the international oil market, Russia will be a key player in the future international energy market. Indeed, Russia’s petroleum resources rival those of Saudi Arabia.

More than almost any other industry, future performance is often determined by the influence of decisions made in the past. This book provides a detailed history of the development of the Russian oil economy in order to build up a comprehensive and discerning picture of its future role and significance in the global energy market of the 21st century.

The authors of this path-breaking treatment of the Russian oil economy present:
• an assessment of the effects of the political and macroeconomic development of the Russian Federation and former Soviet Union on the resources, reserves and infrastructure of the current oil industry
• an economic evaluation of the contemporary policies and institutions in the Russian Federation, including policy recommendations and forecasts
• detailed statistics on all aspects of the Russian oil industry, including reserves, production, five-year planning targets, government policy, and tax rates, from 1860–2001.

The Russian Oil Economy will be of enormous interest to a wide-ranging audience, encompassing oil industry executives and analysts, investment bankers, energy consultants, energy policymakers, and those involved in the study, teaching and research of energy, Russian history and transition.
‘The book can definitely be recommended to anyone studying various aspects of oil production in Russia as it provides a detailed chronological account of developments related to the oil industry and trade, placing them in the broader context of political, ideological, and economic situation.’
– Liia G. Karsakova, Comparative Sociology

‘The Russian Oil Economy is a book which was probably not intended for lawyers, and it is precisely for this reason that they should read it. It is a refreshing look at the developments which a lawyer sees mostly through the prism of a succession of normative acts. . . It is bound to be a very useful reference book both for a researcher and for anybody interested in the history of Russian oil.’
– Max Bannikov, International Energy Law and Taxation Review

‘This is a useful book for anyone trying to understand how the oil industry in Russia got to its present position. . . this book does provide a sound basis on which future views may be developed.’
– Philip Barnes, The Journal of Energy Literature

‘The Russian Oil Economy is a fine book that tells the history of the petroleum industry from its very start until the beginning of the 21st century . . . Considine and Kerr know their material well . . . [They] succeed in weaving the general history into the development of the petroleum industry. There is no lack of political and historical perspective, which generally makes for an interesting read.’
– Eckhard Janeba, The Journal of Energy and Development

‘This impressive intellectual endeavour tells you everything you wanted to know about the Russian oil industry but were afraid to ask. Even for those of us who haven't been afraid to ask, it has a wealth of information for anyone who wants to follow this interesting industry through the vagaries of its convoluted past.’
– Carol Dahl, Colorado School of Mines, US

‘. . . a timely review of the sometime triumphs and repeated failures of Russian oil industry planning. As this comprehensive volume makes clear, the interaction between Russia and global oil markets has often been critical. Over the last century, Russia has played a leading role in oil economics, and as the authors demonstrate, Russia’s untamed power may yet bring turmoil to western oil companies and middle-eastern governments. Despite the spottiness of economic reforms in the 1990s and the incomplete privatization of the oil industry described by Considine and Kerr, the ascendancy of Putin is leading to another surge in Russian oil exports and OPEC’s effort to stabilize prices appears to hang in the balance. The Russian Oil Economy is one of the few studies that puts these events into perspective while offering insights into the outcome.’
– Adam Siemenski, Deutsche Bank Securities, US

‘In the old days we used to discuss international oil and energy in terms of WOCA, the World Outside the Communist Areas. This was because no-one knew what was happening within the USSR (or China). Now, Jennifer Considine and William Kerr have provided us with a book that tells us more than we could ever have imagined we would ever know about the Oil Economy of Russia. The final nail, it might be said, in the coffin of WOCA.’
– Ian Skeet, Oxford Energy Forum, Oxford Institute for Energy Studies, UK
Contents: Preface 1. Introduction 2. Risky Business – Oil in the Russian Empire 3. The Command Oil Economy 4. An Industry Fit for a Superpower 5. Malaise at the End of the Command Era 6. Desperate Measures 7. The New Wild West 8. Russian Oil in the 21st Century Appendix A. The Early Regional Development of the Russian Oil Industry, 1860–1975 B. Reserve Classifications of the Soviet Union C. Long-Distance Oil Pipelines in Russia, 1908–1988 D. Internal Oil Pricing Policies of the Soviet Union References Index