The Russian Oil Economy

A timely review of the sometime triumphs and repeated failures of Russian oil industry planning. As this comprehensive volume makes clear, the interaction between Russia and global oil markets has often been critical. Over the last century, Russia has played a leading role in oil economics, and as the authors demonstrate, Russia’s untamed power may yet bring turmoil to western oil companies and middle-eastern governments. Despite the spottiness of economic reforms in the 1990s and the incomplete privatization of the oil industry described by Considine and Kerr, the ascendancy of Putin is leading to another surge in Russian oil exports and OPEC’s effort to stabilize prices appears to hang in the balance. The Russian Oil Economy is one of the few studies that puts these events into perspective while offering insights into the outcome.

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