{"id":9425,"date":"2015-06-25T06:24:57","date_gmt":"2015-06-25T11:24:57","guid":{"rendered":"http:\/\/olduvai.ca\/?p=9425"},"modified":"2015-06-25T06:24:57","modified_gmt":"2015-06-25T11:24:57","slug":"what-would-a-saudi-russian-partnership-mean-for-world-energy","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=9425","title":{"rendered":"What Would A Saudi-Russian Partnership Mean For World Energy?"},"content":{"rendered":"

What Would A Saudi-Russian Partnership Mean For World Energy?<\/a><\/h3>\n

What happens when two nations, that together account for more than fourth quarter of global oil production, begin collaborating on future energy projects?<\/p>\n

Russian President Vladimir Putin met Saudi Prince Mohammad in St. Petersburg on June 18 at a meeting in which Saudi Arabia and Russia, the world\u2019s leading two oil giants, decided to form a working group for joint energy projects.<\/p>\n

\u201cAt the end of the year, in October, we will summon a meeting of the intergovernmental commission, which hasn\u2019t operated for five years,\u201d Russia\u2019s Energy Minister Aleksandr Novak said recently\u00a0at the St Petersburg economic forum<\/a>. He further clarified that his country was not looking to replace its existing oil and gas partners but wanted to create newer ones. \u201cThere are no specific projects in the energy field yet, we only have an agreement to create a working group between our ministry and the Saudi Arabian oil ministry, which, together our companies will work on specific projects,\u201d\u00a0the Energy Minister told<\/a>\u00a0reporters.<\/p>\n

\"\"<\/p>\n

Image Source:\u00a0Forbes<\/a><\/p>\n

What are these \u2018specific\u2019 projects that Russia is talking about? Why are the two biggest producers of oil in the world now cooperating? Is this a natural response to the U.S. and EU sanctions that have targeted Russia\u2019s oil and gas industry, specifically its arctic exploration and unconventional drilling sector?<\/p>\n

Related:\u00a0The Front-Runners In Fusion Energy<\/strong><\/a><\/p>\n

\"\"<\/a><\/p>\n

(Click to enlarge)<\/p>\n

Russia \u2013 Hedging its risk and shifting its focus towards Asia<\/strong><\/p>\n

In May, Russia\u2019s oil output reached a record 10.78 million barrels a day, which was very close to the Soviet era production of 1987. \u201cRussian output has proven to be pretty resilient to the fall in prices, and they will not have a problem keeping production up for the next year or two,\u201d said\u00a0James Henderson<\/a>\u00a0of Oxford Institute of Energy Studies. Russia\u2019s economy is heavily dependent on oil and gas revenues as they account for more than 50% of the federal budget.<\/span><\/p>\n

 <\/p>\n

…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

What Would A Saudi-Russian Partnership Mean For World Energy? What happens when two nations, that together account for more than fourth quarter of global oil production, begin collaborating on future energy projects? Russian President Vladimir Putin met Saudi Prince Mohammad in St. Petersburg on June 18 at a meeting in which Saudi Arabia and Russia, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3,5],"tags":[6711,263,6710,595,5332,660,694,701],"class_list":["post-9425","post","type-post","status-publish","format-standard","hentry","category-energy-2","category-geopolitics","tag-aleksandr-novak","tag-energy","tag-mohammad","tag-oil-production","tag-oilprice-com","tag-putin","tag-russia","tag-saudi-arabia"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9425","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9425"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9425\/revisions"}],"predecessor-version":[{"id":9426,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9425\/revisions\/9426"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9425"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9425"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9425"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}