BMI View: Russia may be pumping post-Soviet record levels of oil and is likely to continue to see a shortterm increase in both oil and gas production; however, we warn that a high level of investment will be required to maintain this. It also faces pressure to diversify its gas markets, in view of slower demand growth expected from its core market in Europe and growing competition from other global gas suppliers. There have been promises made to reform Russia’s tax and regulatory system, upon which further development of the oil and gas sector hinges. The realisation of Russia’s oil …
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