• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 5 days European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 4 days "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 7 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 2 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 8 days Demonising fossil fuels has caused major grid problem in Australia
  • 7 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 7 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"

Breaking News:

India Limits Fuel Exports

Are Oil Prices Heading Back To $120?

Are Oil Prices Heading Back To $120?

Last week’s sell-off by speculators…

Will Colombia’s New President Upend Its Oil Industry?

Will Colombia’s New President Upend Its Oil Industry?

Colombia has just elected leftist…

Sanctions Force Foreign Executives At Rosneft To Quit

European-born executives at Rosneft quit the Russian oil giant days before the EU sanctions banning European citizens from working at the state-held Russian firm entered into force, Reuters reported on Friday, quoting six sources with knowledge of the matter.

The departure of the five now-former executives at Rosneft could stall the development plans of the Russian oil giant and the ambition of its CEO, Igor Sechin, to have a multi-national executive team to lead various divisions at the company.  

Rosneft’s vice presidents Eric Liron, Zeljko Runje, Didier Casimiro, Avril Conroy, and Otabek Karimov—who are citizens of Belgium, France, Croatia, and Uzbekistan—resigned from Rosneft days before the sanctions against Russia and dealings with Russian oil firms entered into force on May 15, according to Reuters’ sources.

All these managers joined Rosneft either in 2012 or 2013, including Croatian Runje, who moved to Rosneft from Exxon’s Russian branch ten years ago.

The sanctions and the departure of foreign executives are expected to slow the development growth at Russia’s largest oil producer, Rosneft, and its ongoing projects, especially those for hard-to-recover oil deposits, which need foreign equipment and expertise, which Russia is now losing because of the sanctions.

Russia’s oil production is already falling and will continue dropping in the coming months and years as Moscow will not be able to redirect to China and India all the volumes it is losing in the West, analysts say. Sanctions and embargoes over Putin’s war in Ukraine will cripple Russian oil production for years to come. Restrictions, combined with the lack of access to Western technology to pump harder-to-recover oil and enhance production from maturing wells will hit Russia’s oil industry not only in the near term but also in the long term, analysts say. Many wells may never be revived to pump crude again, they add.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads from Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • Carlos Amarilo on May 21 2022 said:
    A part from executives departure from Rosneft, I never hear so many disinformation in one news. Seems oil was discovered first time one year ago.
  • Mamdouh Salameh on May 21 2022 said:
    Dear Ms Paraskova

    Why do you keep repeating the same unsubstantiated claims day after day? I am starting to think that you do it either because you are told to follow a certain political line by providing disinformation about Russia or you are out of your depth. However, I tend to subscribe to the former suggestion.

    Either way you might learn a lot about oil and economics from reading my comments.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News