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Oil price fall hits the Russian state but not production.

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Report summary

The Russian state is hit first and hardest by falling oil prices, which are down 30% on July’s prices. The state loses over US$2.2 billion per US$1/bbl fall in the Urals price on an annual basis. Upstream producers, however, have been protected by the nearly 40% Rouble depreciation since the beginning of the year. Attached, is a model to show the impact of varying exchange rates on producers with Rouble cost bases.

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    Oil price fall hits the Russian state but not production.

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Table of contents

  • Oil price fall hits the Russian state but not production
  • The state loses the most
  • The Rouble devaluation has helped upstream producers
  • However in times of fluctuating oil prices the situation is less comfortable
  • Impact on onstream but high cost projects?
    • Upstream producers exchange rate model

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