Saudi Arabia, Russia show highest reduction in government income from oil and gas

Yesterday, it was announced that Saudi Arabia and Russia propose to halt production at January 2016 levels.

Rystad Energy’s recent government income study shows that in fact Saudi Arabia and Russia are the most effected by low oil prices in terms of government oil and gas revenue. For Saudi Arabia, 2016 income is expected to be US$250 billion lower than in 2014. This has a tremendous effect on the economy given that oil and gas revenue made up around 45% of total GDP in 2014. Rystad Energy estimates that the Russian income from oil and gas has reduced by around US$150 billion from 2014. The study has also shown that it is the OPEC countries that show the highest dependency on oil and gas income in their total GDP.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...