Yeltsin orders privatization move for Russian oil

Journal Article · Mon Nov 09 04:00:00 EST 1992 · Oil and Gas Journal; (United States)

OSTI ID:6938562

Russia's battered oil industry will undergo the most drastic changes since the 1917 Bolshevik revolution is a draft decree by President Boris Yeltsin is implemented despite stiff opposition by Communists and ultranationalists. The proposal specifies the oil production, refining, and distribution would no longer be exempt from Russia's move toward privatization. Yeltsin's advisers have concluded that shuffling petroleum related ministries and appointed new chiefs led only to more administrative chaos while failing to stop the 4 year plunge in crude oil production. Sharp price increases haven't been effective in protecting the petroleum industry from nationwide hyperinflation, thus weakening the incentives designed to stimulate oil flow. Russia's crude and condensate production plummeted from nearly 11.4 million b/d in 1988 to a little more than 11 million b/d in 1989, 10.36 million b/d in 1990, and 9.22 million b/d in 1991.

• OSTI ID: 6938562
• Journal Information: Oil and Gas Journal; (United States), Journal Name: Oil and Gas Journal; (United States) Vol. 90:44; ISSN 0030-1388; ISSN OIGJAV
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020700* -- Petroleum-- Economics
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29 ENERGY PLANNING, POLICY, AND ECONOMY
294002 -- Energy Planning & Policy-- Petroleum
ASIA
CONDENSATES
DEVELOPED COUNTRIES
ECONOMIC POLICY
ENERGY SOURCES
EUROPE
FINANCIAL INCENTIVES
FLUIDS
FORECASTING
FOSSIL FUELS
FUELS
GAS CONDENSATES
GOVERNMENT POLICIES
INDUSTRY
LIQUIDS
NATURAL GAS LIQUIDS
PETROLEUM
PETROLEUM INDUSTRY
PLANNING
PRICES
RESOURCE DEVELOPMENT
STIMULATION
USSR
VISCOSITY
WELL STIMULATION