A socially oriented non-financial development institution and a major organizer of international conventions, congress, exhibitions, business, social and sporting, public, and cultural events.

The Roscongress Foundation is a socially oriented non-financial development institution and a major organizer of international conventions; exhibitions; and business, public, sporting, and cultural events. It was established in pursuance of a decision by the President of the Russian Federation.

The Foundation was established in 2007 with the aim of facilitating the development of Russia’s economic potential, promoting its national interests, and strengthening the country’s image. One of the roles of the Foundation is to comprehensively evaluate, analyse, and cover issues on the Russian and global economic agendas. It also offers administrative services, provides promotional support for business projects and attracting investment, and helps foster social entrepreneurship and charitable initiatives.

Each year, the Foundation’s events draw participants from 208 countries and territories, with more than 15,000 media representatives working on-site at Roscongress’ various venues. The Foundation benefits from analytical and professional expertise provided by 5000 people working in Russia and abroad. In addition, it works in close cooperation with 160 economic partners; industrialists’ and entrepreneurs’ unions; and financial, trade, and business associations from 75 countries worldwide.

The Roscongress Foundation has Telegram channels in Russian (t.me/Roscongress), English (t.me/RoscongressDirect), and Spanish (t.me/RoscongressEsp). Official website and Information and Analytical System of the Roscongress Foundation: roscongress.org.

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News
13.04.2020

Pendulum Swings: Oil During Pandemic

The Roscongress Foundation held an online discussion entitled ‘Petroleum Pendulum: Are Global Oil Market Volumes Shifting? Russia’s Answer’.

Global oil markets are currently undergoing significant fluctuations. A sudden change in oil prices and a growing pandemic of coronavirus create new challenges for the global petroleum industry.

Participants of this online conference discussed key prospects of the existing situation and the outcomes of the historic virtual meeting of OPEC+ that took place yesterday. The discussion brought together the country’s leading experts in oil and gas markets, representatives of industry associations and consulting groups. The conference was moderated by Alexey Bobrovsky, Head of Economic Programme, Russia-24.

Maksim Nechaev, Director for Consulting of IHS Markit Russia summed up the OPEC+ meeting: “There is still nothing to celebrate. <…> OPEC and OPEC+ countries demand volume reductions spread evenly.”

OPEC+ ministers reconvened for the second emergency meeting on Sunday evening and reached the ultimate consensus to take the volume down in May and June.

Participants of the online conference ‘Petroleum Pendulum: Are Global Oil Market Volumes Shifting? Russia’s Answer’ also addressed potential ways to resolve the situation.

 “Taxation (for the oil industry) should be reduced. I would like to remind you that petroleum companies in Russia ought to pay 85% in taxes. If you account for all the cross flows, in Saudi Arabia tax is just 25%. In the USA, there are basically no taxes for petroleum production. They technically exist, but at the same time there are government support programmes. The cross each other out,” said Ruslan Tankayev, General Director of InfoTEK-Terminal and Leading Expert of the Union of Oil and Gas Producers of Russia.

The video is available on the Roscongress TV YouTube channel. If you have questions for our experts, you can leave them in the comments below.   

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