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Russian oil dilemma
3/19/2016 0:00
[rtl]Translation - Khalid Qasim
While the world focuses its attention on the freezing of oil production between Russia and OPEC talks, discussions take place behind closed doors in the Kremlin will have afar greater on Russian energy industry impact.
Petrodollars that support the national budget of Russia began to fade. When crude oil prices were high high The income simply means encouraging companies such as Rosneft and Lukoil to increase production more. But should the Kremlin and those companies identify ways to share the prize, even if the measures may hurt production in the long term.
Despite the confirmation of President Vladimir Putin 's government control over oil and gas production, but a large part of the industry remains independent and is managed through a delicate balance that maximizes revenue taxes and supports growth. This strategy has succeeded over the ten years after production growth to a record level and supplied about half of budget revenues. But the collapse in crude prices ruined balance and leaving Russia to confront the deficit and a second year of recession.
In the face of this decline, curb Russian producers of investment required to maintain the flow of oil and gas, a process that could accelerate if the Kremlin has increased the level of taxes. However, the profits of these companies is a source tempting revenue extra, especially that the weak ruble offset the impact of lower crude prices , denominated indollars. Is
expected to announce Rosneft, the largest Russian oil company, net income of $ 6.6 billion last year , up 40 percent from the the previous year. The Lukoil saw a revenue decline of 9.5 percent to $ 4.27 billion for the year 2015. On
the other hand, Royal Deutsch Shell announced the largest European oil company decreased by 53 percent in dollar - denominated net income for last year. He ran theKremlin cautiously taxes for oil producers system, where select higher rates for the bulk of the fields and low cost that date back to the Soviet era , while taxing less on new costly projects such as heavy crude or offshore oil.
Demanded that Russian oil companies to be left alone, and it seems their request has been received acceptance of the government. The Kremlin , where he was very clear that raising taxes is not an attractive option and will not do so unless it 's inability tobalance the general budget. The government still able to cut costs and borrowing and raise money from privatization and to demand higher profits from companies controlled by the state.
Expects the Russian Energy Ministry that the oil expansion , which lasted seven years ,will end this year, as production stabilizes near last year 's levels. The ministry put theworst possible scenario if prices continue at $ 40 a barrel by the year 2020, the production may fall by 14 percent in 5-10 years. The
expected increase in oil prices in the second half of this year may ease pressure on public Russian budget. The Brent crude rose above $ 40 a barrel recently reached after Russia and some OPEC members to an interim agreement to freeze production.Stephen Baiarman site Bloomberg Business[/rtl]
[rtl]http://www.alsabaah.iq/ArticleShow.aspx?ID=112654[/rtl]
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