Eugene M. Khartukov World Energy Analysis & Forecasting Group Moscow
The oil city Nefteyugansk, in the Khanty Mansiisk Autonomous Okrug in Western Siberia, developed in conjunction with Russia's oil producing industry. Amoco Corp. opened a camp there in spring 1994 (foreground). Photo courtesy of Amoco.
Over the past several years, economics of the Russian oil industry has undergone considerable change reflecting the radical transformation of the country's core industry from a wholly state-run and heftily subsidized distribution system toward a formally privatized, cash-strapped, and quasi-market entrepreneurship.
All-out price liberalization, launched by the Russian go...