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Post-Soviet Russian oil and gas part 1: Privatisation and nationalisation

The Russian hydrocarbons industry has evolved greatly over the past three decades. In the first of a two-part series for Petroleum Economist's 90th anniversary, we look at the post-Soviet period and how control of oil and gas went from the state to private hands and back again.

It is a period of turbulent change for Russian oil and gas. In some areas, the industry could take years, if not decades, to recover from the self-included crises caused by Moscow’s invasion of Ukraine. In others, the sector has shown surprising resilience to unprecedented sanctions and the economic and political turmoil resulting from the conflict. Of course, turbulent change is nothing new for Russia, and oil and gas has often been at the heart of that change since the fall of the Soviet Union. Collapse, privatisation and renationalisation Following the break-up of the USSR, Russia’s oil industry essentially fell apart. Soviet oil production—the highest in the world in the 1980s—dropped by

Also in this section
China creates two-tier oil dynamic
25 July 2025
There is a bifurcation in the global oil market as China’s stockpiling contrasts with reduced inventories elsewhere
Trump’s Russia threat rings hollow
24 July 2025
The reaction to proposed sanctions on Russian oil buyers has been muted, suggesting trader fatigue with Trump’s frequent bold and erratic threats
US oil sector faces complicated path
24 July 2025
Trump energy policies and changing consumer trends to upend oil supply and demand
Brazil looks to solve its energy security travails
24 July 2025
Despite significant crude projections over the next five years, Latin America’s largest economy could be forced to start importing unless action is taken

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