Ruble crash may force Russian oil producers to offload foreign assets
The ruble's collapse and slump in oil prices are forcing firms to shrink their overseas interests
The ruble has shed 60% of its value against the greenback over the past two years, slashing costs in an industry that generally sells crude for dollars and pays for its workforce and equipment with the domestic currency. But funds for costlier investment commitments overseas may become scarce if the price of oil remains low. "Whereas in Russia the devaluation helps us, in other countries it’s difficult to meet huge investment commitments if the oil price equals $30 a barrel,” Lukoil’s vice president Leonid Fedun told reporters recently. “So companies, and not only Russian ones, are likely to leave costly projects all over the globe. Their current task is not to develop but to survive.” Lukoi
Also in this section
18 February 2026
The global gas industry is no longer on the backfoot, hesitantly justifying the value of its product, but has greater confidence in gas remaining a core part of the global energy mix for decades
18 February 2026
With marketable supply unlikely to grow significantly and limited scope for pipeline imports, Brazil is expected to continue relying on LNG to cover supply shortfalls, Ieda Gomes, senior adviser of Brazilian thinktank FGV Energia,
tells Petroleum Economist
17 February 2026
The 25th WPC Energy Congress, taking place in Riyadh, Saudi Arabia from 26–30 April 2026, will bring together leaders from the political, industrial, financial and technology sectors under the unifying theme “Pathways to an Energy Future for All”
17 February 2026
Siemens Energy has been active in the Kingdom for nearly a century, evolving over that time from a project-based foreign supplier to a locally operating multi-national company with its own domestic supply chain and workforce
