Report: Russia may be the next ‘energy superpower’

3 Oct 2017   Russia

Russia could exploit its position on the oil market given recent geopolitical turmoil and end the year as the “energy superpower,” a market report read. Russia is a member of a committee monitoring the effort to drain the surplus on the five-year average of global crude oil inventories and the largest contributor among parties that aren’t a member of the Organization of Petroleum Exporting Countries. The OPEC-led effort helped put a floor under the price of Brent crude oil at around $50 per barrel, tacitly supporting the economies of oil producers hit hard by last year’s market collapse. With oil prices holding steadily above $50 per barrel, the Russian government said Friday it revised its estimate for the […]

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