Insight
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.
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?
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The companies lose slower than the state
- Upstream producers exchange rate model
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- Oil price fall hits the Russian state but not production.: Image 1
- Oil price fall hits the Russian state but not production.: Image 2
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