Russia’s Energy Sector Set To Thrive In 2017
The Organization of the Petroleum Exporting Countries (OPEC) and other major oil producing countries, including Russia, decided to cut production during the first half of 2017. Since the OPEC meeting in late November 2016, crude oil prices have been rising, and traded at 18-month highs to kick off the New Year.
As oil prices continue to rebound, Russia will bring in billions of dollars into the federal budget and billions in revenues for energy companies. How will Russia bring in billions to the energy sector? Well, Putin has been strengthening its diplomatic ties with Japan, Qatar, Iran and potentially the U.S. Consequently, this could highly benefit the previously weakened Russian economy.
Before getting into how Russia’s diplomatic moves could bring in billions in 2017, let’s take a look at what one energy expert thinks about the Russian energy sector.
Written by Nikolai Kuznetsov at Forbes.com