Russian Oil Supply

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Russia has come to the forefront of hopes for increasing world oil supplies and abating historically high prices. While production rose from slightly more than 6 million barrels of oil per day in 1998 to over 9 million barrels per day in 2004, long-term continuation of such a dramatic rate of growth cannot be expected. An understanding of Russian oil supply is reached in Russian Oil Supply starting with an investigation of the petroleum geology of the nation's two principal producing basins: the Volga-Ural and West Siberia. To this is added a review of the engineering technologies applied over the Soviet period and the impact they continue to have on productive capacity today. The collapse of the USSR in 1991 generated a fundamental change in the economics of Russian oil production. The transition from a command to largely market-driven industry created an opportunity to study supply in response to changes since independence in the after-tax net income earned at the wellhead by oil companies. That analysis provides an objective foundation for bounding near-term responses in supply to higher world prices and changes in the controlled price of oil on the domestic market. The performa

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