RUSSIA GRAPPLING WITH ECONOMIC AND POLITICAL CHALLENGES

Lucian Pugliaresi LPI Consulting Inc. Washington, D.C. Russia remains the key to any substantial improvement in production in the Commonwealth of Independent States during the next 5-7 years. Despite a decline in oil reserves and the increasing complexity of oil fields' Russia still has one of the richest hydrocarbon bases in the world. The C.I.S. as a whole is at the stage of oil resource development that the U.S. was in the early 1960s. At the end of 1990, the C.I.S. had produced only

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