Russia Experiences Record Year in Oil, Gas

The company logo of Russian natural gas producer Gazprom is seen on an advertisement installed on the roof of a building in St. Petersburg, November 14, 2013. REUTERS/Alexander Demianchuk
The company logo of Russian natural gas producer Gazprom is seen on an advertisement installed on the roof of a building in St. Petersburg, November 14, 2013. REUTERS/Alexander Demianchuk
TT

Russia Experiences Record Year in Oil, Gas

The company logo of Russian natural gas producer Gazprom is seen on an advertisement installed on the roof of a building in St. Petersburg, November 14, 2013. REUTERS/Alexander Demianchuk
The company logo of Russian natural gas producer Gazprom is seen on an advertisement installed on the roof of a building in St. Petersburg, November 14, 2013. REUTERS/Alexander Demianchuk

The year 2017 witnessed record levels in oil and natural gas production and gas exports to Europe, which is the most important market for Russian gas.

Russia's successes have not stopped at this point as the country seeks to become a bigger player in the liquefied natural gas (LNG) market and export more crude oil and gas to China, the world's largest energy consumer.

The most important things in the energy sector currently between Russia and China are due to the Russian-Chinese rapprochement, which resulted in more pipelines between them and more crude oil exports, replacing Saudi Arabia as the top exporter to China.

With the beginning of 2018, the two countries doubled China’s ESPO crude import capacity to 30 million tons annually, or about 600,000 barrels a day.

The development of the ESPO crude network will help increase Russia's exports to Asia. The pipeline will directly supply China with oil from eastern Russia as well as a direct pipeline to the Russian port of Kozmino to export ESPO crude via ships to the rest of Asian countries.

Russia exported 54 million metric tons from January till November 2017 to China, 15.5 percent more compared to the same period in 2016.

Saudi Arabia, the world's most committed to cutting global output, remains second with China's imports of Saudi oil this year growing by 0.1 percent.

“Russia's gas exports to Europe and Turkey rose by 8.1 percent to a record high 193.9 billion cubic meters (bcm) in 2017,” head of Gazprom Alexei Miller said in a statement on Wednesday, despite EU efforts to cut its reliance on Russian energy.

Gazprom, run by Miller, a close ally of Russian President Vladimir Putin, supplies more than a third of the European Union's gas.

However, the European Commission has called on EU member states to curb their reliance on Russian energy following Moscow's 2014 annexation of Crimea from Ukraine and a clash over gas deliveries between Kiev and Moscow that saw Gazprom cut off supply.

Gazprom said its gas deliveries to its largest customer, Germany, jumped by 7.1 percent to 53.4 bcm last year, a new record high.

To help safeguard its market share, Gazprom has quietly agreed price deals with big customers and caved in to EU rules it once flouted. Gazprom sources said they have drawn lessons from recent defeats on the European gas market.

Lithuania, which began importing LNG from Norway in 2014 and became the first ex-Soviet state to buy US natural gas in August, refused to renew its contract in 2015.

The company faces more trouble, analysts said, as its major long-term contracts expire between 2021 and 2035. Poland, a gas client since 1944, has said it will not renew its contract in 2022.

On the other hand, Russian natural gas production rose to an all-time high in 2017, supported by increased exports to Europe as well as rising domestic demand.

Government data published Tuesday showed that output jumped 7.9 percent to beat a 2011 record.

With plans to expand into China and new liquefied natural gas plants, the country may close the gap on the US, which leapfrogged Russia to the top spot in global production of the fuel nine years ago, according to Bloomberg.

In terms of its production of oil, Russia’s oil output increased to an average 10.98 million barrels a day in 2017, up 0.1 percent from the previous year.



GASTAT: Saudi Women's Participation in Labor Force Reaches 36.2%

The General Authority for Statistics (GASTAT) logo
The General Authority for Statistics (GASTAT) logo
TT

GASTAT: Saudi Women's Participation in Labor Force Reaches 36.2%

The General Authority for Statistics (GASTAT) logo
The General Authority for Statistics (GASTAT) logo

The General Authority for Statistics (GASTAT) said Tuesday that the unemployment rate among Saudis in Q3 of 2024 was 7.8%, an increase of 0.7 percentage points over Q2 of this same year, and a year-on-year decrease of 1 percentage point from Q3 2023.

The Labor Market Bulletin for the third quarter of 2024 also shows that the Saudi and non-Saudi labor force stood at 66.6%, a 0.4 percentage point increase over Q2 of 2024.
Among Saudis, the labor force grew by 0.7 percentage points, to reach 51.5%, marking a year-on-year increase of 0.7 percentage points. The employment-to-population ratio among Saudis went up by 0.2 percentage points, reaching 47.4%, or an annual growth of 1.1 percentage points.
The bulletin also highlighted the growth of Saudi women's participation in the labor force, which increased by 0.8 percentage points, to 36.2%, in the mentioned period.
The employment-to-population ratio among Saudi women rose by 0.5 percentage points, reaching 31.3%. Among Saudi women aged 15–24, participation in the labor force increased by 1 percentage point, to 18%, while the employment-to-population ratio among this age group rose by 0.6 percentage points, to 13.6%, in Q3 of 2024.
Participation in the labor force among young Saudi men increased by 1.1 percentage points, to 34.6%.
Among Saudi men in general, participation in the labor force increased by 0.6 percentage points, to 66.9%, and the employment-to-population ratio reached 63.7%.
Among Saudi men and women in the prime working-age group (25–54 years), participation in the labor force rose by 0.7 percentage points, to 69.4%, and the employment-to-population ratio increased by 0.3 percentage points, to 64.8%.