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118-560: The agency covered securities issuance, trading, supervision of exchanges, issuers, professional market participants and their Self-Regulatory Organisations; the Russian Federation Pension Fund ; the State management company. A major social role of FFMS was to promote public understanding of securities laws and their practical application. The FFMS was established by President Vladimir Putin 's Decree No. 314 dated 9 March 2004 "On

236-766: A KGB foreign intelligence officer for 16 years, rising to the rank of lieutenant colonel . He resigned in 1991 to begin a political career in Saint Petersburg. In 1996, he moved to Moscow to join the administration of President Boris Yeltsin . He briefly served as the director of the Federal Security Service (FSB) and then as secretary of the Security Council of Russia before being appointed prime minister in August 1999. Following Yeltsin's resignation, Putin became acting president and, in less than four months,

354-487: A full-scale invasion of Ukraine , which prompted international condemnation and led to expanded sanctions . In September 2022, he announced a partial mobilization and forcibly annexed four Ukrainian oblasts into Russia . In March 2023, the International Criminal Court issued an arrest warrant for Putin for war crimes related to his alleged criminal responsibility for illegal child abductions during

472-641: A plagiarist according to Western standards. One book from which he copied entire paragraphs is the Russian-language edition of King and Cleland 's Strategic Planning and Policy (1978). Balzer wrote on the Putin thesis and Russian energy policy and concludes along with Olcott that "The primacy of the Russian state in the country’s energy sector is non-negotiable", and cites the insistence on majority Russian ownership of any joint-venture, particularly since BASF signed

590-615: A war in eastern Ukraine through several military incursions, resulting in international sanctions and a financial crisis in Russia . He also ordered a military intervention in Syria to support his ally Bashar al-Assad during the Syrian civil war , ultimately securing permanent naval bases in the Eastern Mediterranean . In February 2022, during his fourth presidential term, Putin launched

708-524: A 'grand bargain' with them. This bargain allowed the oligarchs to maintain most of their powers, in exchange for their explicit support for—and alignment with—Putin's government. The Moscow theater hostage crisis occurred in October 2002. Many in the Russian press and in the international media warned that the deaths of 130 hostages in the special forces' rescue operation during the crisis would severely damage President Putin's popularity. However, shortly after

826-508: A barrel, the lowest since the financial crisis of 2007–2008 began. The price sharply rebounded after the crisis and rose to US$ 82 a barrel in 2009. On 31 January 2011, the Brent price hit $ 100 a barrel briefly for the first time since October 2008, on concerns that the 2011 Egyptian protests would "lead to the closure of the Suez Canal and disrupt oil supplies". For about three and half years

944-402: A considerable period of time". Goldman Sachs , for example, has called this structural shift, the "New Oil Order"—created by the U.S. shale revolution . Goldman Sachs said that this structural shift was "reshaping global energy markets and bringing with it a new era of volatility " by "impacting markets, economies, industries and companies worldwide" and will keep the price of oil lower for

1062-569: A few in his class of about 45 pupils who were not yet members of the Young Pioneer ( Komsomol ) organization. At the age of 12, he began to practice sambo and judo. In his free time, he enjoyed reading the works of Karl Marx , Friedrich Engels , and Lenin. Putin attended Saint Petersburg High School 281 with a German language immersion program. He is fluent in German and often gives speeches and interviews in that language. Putin studied law at

1180-465: A furor among the German press corps. When asked about the incident in a January 2016 interview with Bild , Putin claimed he was not aware of her phobia, adding, "I wanted to make her happy. When I found out that she did not like dogs, I of course apologized." Merkel later told a group of reporters, "I understand why he has to do this – to prove he's a man. He's afraid of his own weakness. Russia has nothing, no successful politics or economy. All they have

1298-502: A high level of price stability until 1972, according to Yergin. There were two major energy crisis in the 1970s : the 1973 oil crisis and the 1979 energy crisis that affected the price of oil. Starting in the early 1970s—when domestic production of oil was insufficient to satisfy increasing domestic demands—the US had become increasingly dependent on oil imports from the Middle East. Until

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1416-471: A low of $ 26 on 8 May 2003. The price rose to $ 80 with the U.S.-led invasion of Iraq. There were major energy crises in the 2000s including the 2010s oil glut with changes in the world oil market . Starting in 1999, the price of oil rose significantly. It was explained by the rising oil demand in countries like China and India. A dramatic increase from US$ 50 in early 2007, to a peak of US$ 147 in July 2008,

1534-496: A member of the Saint Petersburg city government, was one of the suspects, was dropped. On 30 December 2000, yet another case against the prosecutor general was dropped "for lack of evidence", despite thousands of documents having been forwarded by Swiss prosecutors. On 12 February 2001, Putin signed a similar federal law which replaced the decree of 1999. A case regarding Putin's alleged corruption in metal exports from 1992

1652-734: A number of factors affecting the global price of oil. These have included the Organization of Arab Petroleum Exporting Countries led by Saudi Arabia resulting in the 1973 oil crisis , the Iranian Revolution in the 1979 oil crisis , Iran–Iraq War (1980–88), the 1990 Invasion of Kuwait by Iraq , the 1991 Gulf War , the 1997 Asian financial crisis , the September 11 attacks , the 2002–03 national strike in Venezuela 's state-owned oil company Petróleos de Venezuela, S.A. (PDVSA) , Organization of

1770-609: A number of factors, including "rising petro-nations’ oil production, the U.S. shale oil boom, and swelling North American oil inventories," according to Market Watch . The 1 November 2018 U.S. Energy Information Administration (EIA) report announced that the US had become the "leading crude oil producer in the world" when it hit a production level of 11.3 million barrels per day (bpd) in August 2018, mainly because of its shale oil production. US exports of petroleum—crude oil and products—exceeded imports in September and October 2019, "for

1888-514: A peak of c. US$ 65 during the 1990 Persian Gulf crisis and war. The 1990 oil price shock occurred in response to the Iraqi invasion of Kuwait , according to the Brookings Institution. There was a period of global recessions and the price of oil hit a low of c.  $ 15 before it peaked at a high of $ 45 on 11 September 2001, the day of the September 11 attacks , only to drop again to

2006-517: A plunge in U.S. oil import requirements and a record high volume of worldwide oil inventories in storage, and a collapse in oil prices that continues into 2016. Between June 2014 and January 2015, according to the World Bank , the collapse in the price of oil was the third largest since 1986. In early 2015, the US oil price fell below $ 50 per barrel dragging Brent oil to just below $ 50 as well. The 2010s oil glut —caused by multiple factors—spurred

2124-564: A potential successor. Following the September 1999 Russian apartment bombings and the invasion of Dagestan by mujahideen , including the former KGB agents, based in the Chechen Republic of Ichkeria , Putin's law-and-order image and unrelenting approach to the Second Chechen War soon combined to raise his popularity and allowed him to overtake his rivals. While not formally associated with any party, Putin pledged his support to

2242-546: A private taxi driver to earn extra money, or considered such a job. On 28 June 1991, Putin became head of the Committee for External Relations of the Mayor's Office , with responsibility for promoting international relations and foreign investments and registering business ventures. Within a year, Putin was investigated by the city legislative council led by Marina Salye . It was concluded that he had understated prices and permitted

2360-554: A prolonged period. Others say that this cycle is like previous cycles and that prices will rise again. A 2020 Energy Economics article confirmed that the "supply and demand of global crude oil and the financial market" continued to be the major factors that affected the global price of oil. The researchers using a new Bayesian structural time series model, found that shale oil production continued to increase its impact on oil price but it remained "relatively small". Major benchmark references, or pricing markers, include Brent , WTI ,

2478-586: A report released on 15 February 2016 by Deloitte LLP—the audit and consulting firm—with global crude oil at near ten-year low prices, 35% of listed E&P oil and gas companies are at a high risk of bankruptcy worldwide. Indeed, bankruptcies "in the oil and gas industry could surpass levels seen in the Great Recession." The global average price of oil dropped to US$ 43.73 per barrel in 2016. By December 2018, OPEC members controlled approximately 72% of total world proved oil reserves, and produced about 41% of

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2596-509: A scale that most oil exporters had not anticipated" resulting in "turmoil in prices." The United States oil production was greater than that of Russia and Saudi Arabia, and according to some, broke OPEC's control of the price of oil. In the middle of 2014, price started declining due to a significant increase in oil production in USA, and declining demand in the emerging countries. According to Ambrose Evans-Pritchard , in 2014–2015, Saudi Arabia flooded

2714-498: A sharp downward spiral in the price of oil that continued through February 2016. By 3 February 2016 oil was below $ 30— a drop of "almost 75% since mid-2014 as competing producers pumped 1–2 million barrels of crude daily exceeding demand, just as China's economy hit lowest growth in a generation." The North Sea oil and gas industry was financially stressed by the reduced oil prices, and called for government support in May 2016. According to

2832-414: Is a Russian politician and former intelligence officer who has served as President of Russia since 2012, having previously served from 2000 to 2008. Putin also served as Prime Minister of Russia from 1999 to 2000 and again from 2008 to 2012. At 24 years, 10 months and 28 days, he is the longest-serving Russian or Soviet leader since the 30-year tenure of Joseph Stalin . Putin worked as

2950-466: Is not based on promises." Putin was barred from a third consecutive term by the Constitution . First Deputy Prime Minister Dmitry Medvedev was elected his successor. In a power-switching operation on 8 May 2008 , only a day after handing the presidency to Medvedev, Putin was appointed Prime Minister of Russia , maintaining his political dominance. Putin has said that overcoming the consequences of

3068-812: Is this." In a speech in February 2007 at the Munich Security Conference , Putin complained about the feeling of insecurity engendered by the dominant position in geopolitics of the United States and observed that a former NATO official had made rhetorical promises not to expand into new countries in Eastern Europe. On 14 July 2007, Putin announced that Russia would suspend implementation of its Treaty on Conventional Armed Forces in Europe obligations, effective after 150 days, and suspend its ratification of

3186-638: Is very opaque with very low oil trade physically. Brent price is used widely to fix the prices of crude oil, LPG , LNG , natural gas, etc. trade globally including Middle East crude oils. There is a differential in the price of a barrel of oil based on its grade—determined by factors such as its specific gravity or API gravity and its sulfur content—and its location—for example, its proximity to tidewater and refineries. Heavier, sour crude oils lacking in tidewater access—such as Western Canadian Select—are less expensive than lighter, sweeter oil —such as WTI. The Energy Information Administration (EIA) uses

3304-652: The Financial Times and the Washington Post , argued that the rise in oil prices prior to the financial crisis of 2007–2008 was due to speculation in futures markets . Up until 2014, the dominant factor on the price of oil was from the demand side—from "China and other emerging economies". By 2014, production from unconventional reservoirs through hydraulic fracturing in the United States and oil production in Canada, caused oil production to surge globally "on

3422-597: The Adapted Conventional Armed Forces in Europe Treaty , which treaty was shunned by NATO members abeyant Russian withdrawal from Transnistria and the Republic of Georgia . Moscow continued to participate in the joint consultative group, because it hoped that dialogue could lead to the creation of an effective, new conventional arms control regime in Europe. Russia did specify steps that NATO could take to end

3540-572: The Federal Security Service (FSB), the primary intelligence and security organization of the Russian Federation and the successor to the KGB. In 1999, Putin described communism as "a blind alley, far away from the mainstream of civilization". On 9 August 1999, Putin was appointed one of three first deputy prime ministers, and later on that day, was appointed acting prime minister of the Government of

3658-433: The Mayor of Leningrad . Putin claims that he resigned with the rank of lieutenant colonel on 20 August 1991, on the second day of the 1991 Soviet coup d'état attempt against Soviet president Mikhail Gorbachev . Putin said: "As soon as the coup began, I immediately decided which side I was on", although he noted that the choice was hard because he had spent the best part of his life with "the organs". In May 1990, Putin

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3776-598: The OPEC Reference Basket (ORB)—introduced on 16 June 2005 and is made up of Saharan Blend (from Algeria ), Girassol (from Angola ), Oriente (from Ecuador ), Rabi Light (from Gabon ), Iran Heavy (from Iran ), Basra Light (from Iraq ), Kuwait Export (from Kuwait ), Es Sider (from Libya ), Bonny Light (from Nigeria ), Qatar Marine (from Qatar ), Arab Light (from Saudi Arabia ), Murban (from UAE ), and Merey (from Venezuela ), Dubai Crude , and Tapis Crude (Singapore). In North America

3894-475: The Oxford Institute for Energy Studies describes how analysts offered differing views on why the price of oil had decreased 55% from "June 2014 to January 2015" following "four years of relative stability at around US$ 105 per barrel". A 2015 World Bank report said that the low prices "likely marks the end of the commodity supercycle that began in the early 2000s" and they expected prices to "remain low for

4012-663: The Permanent Arbitration Court in The Hague . On 7 October 2006, Anna Politkovskaya , a journalist who exposed corruption in the Russian army and its conduct in Chechnya , was shot in the lobby of her apartment building, on Putin's birthday. The death of Politkovskaya triggered international criticism, with accusations that Putin had failed to protect the country's new independent media. Putin himself said that her death caused

4130-623: The Presidential Staff , a post which he retained until May 1998, and chief of the Main Control Directorate of the Presidential Property Management Department (until June 1998). His predecessor in this position was Alexei Kudrin and his successor was Nikolai Patrushev , both future prominent politicians and Putin's associates. On 3 April 1997, Putin was promoted to 1st class Active State Councillor of

4248-488: The Russian economy grew on average by seven percent per year, driven by economic reforms and a fivefold increase in the price of oil and gas. Additionally, Putin led Russia in a conflict against Chechen separatists , reestablishing federal control over the region. While serving as prime minister under Medvedev, he oversaw a military conflict with Georgia and enacted military and police reforms . In his third presidential term, Russia annexed Crimea and supported

4366-500: The destruction battalion of the NKVD . Later, he was transferred to the regular army and was severely wounded in 1942. Putin's maternal grandmother was killed by the German occupiers of Tver region in 1941, and his maternal uncles disappeared on the Eastern Front during World War II. On 1 September 1960, Putin started at School No. 193 at Baskov Lane, near his home. He was one of

4484-490: The oil price , generally refers to the spot price of a barrel (159 litres) of benchmark crude oil —a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude , Dubai Crude , OPEC Reference Basket , Tapis crude , Bonny Light , Urals oil , Isthmus , and Western Canadian Select (WCS). Oil prices are determined by global supply and demand , rather than any country's domestic production level. The global price of crude oil

4602-530: The record-high energy prices were driven by a global surge in demand as the world recovered from the COVID-19 recession . By December 2021, an unexpected rebound in the demand for oil from United States, China and India, coupled with U.S. shale industry investors' "demands to hold the line on spending", has contributed to "tight" oil inventories globally. On 18 January 2022, as the price of Brent crude oil reached its highest since 2014—$ 88, concerns were raised about

4720-555: The "COVID-19 demand shock" represented a bigger contraction than that experienced during the Great Recession during the late 2000s and early 2010s. As demand for oil dropped to 4.5m million bpd below forecasts, tensions rose between OPEC members. At a 6 March OPEC meeting in Vienna, major oil producers were unable to agree on reducing oil production in response to the global COVID-19 pandemic . The spot price of WTI benchmark crude oil on

4838-486: The 15th anniversary party of Gazprom , its employees threatened Ukraine with a stoppage of flow. On 4 April 2008 at the NATO Bucharest summit , invitee Putin told George W. Bush and other conference delegates: "We view the appearance of a powerful military bloc on our border as a direct threat to the security of our nation. The claim that this process is not directed against Russia will not suffice. National security

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4956-669: The 1930s, died in infancy, and Viktor, born in 1940, died of diphtheria and starvation in 1942 during the Siege of Leningrad by Nazi Germany 's forces in World War II . Putin's mother was a factory worker, and his father was a conscript in the Soviet Navy , serving in the submarine fleet in the early 1930s. During the early stage of the Nazi invasion of the Soviet Union , his father served in

5074-456: The 1973 OPEC oil embargo targeting nations that had supported Israel during the Yom Kippur War , resulting in the 1973 oil crisis , the Iranian Revolution in the 1979 oil crisis , the financial crisis of 2007–2008 , and the more recent 2013 oil supply glut that led to the "largest oil price declines in modern history" in 2014 to 2016. The 70% decline in global oil prices was "one of

5192-597: The East German communist regime commended Putin with a bronze medal for "faithful service to the National People's Army ". Putin has publicly conveyed delight over his activities in Dresden, once recounting his confrontations with anti-communist protestors of 1989 who attempted the occupation of Stasi buildings in the city. "Putin and his colleagues were reduced mainly to collecting press clippings , thus contributing to

5310-675: The FFMS was a part of the Russian Government . The FFMS had 13 regional authorities: in St. Petersburg , Ekaterinburg , Novosibirsk , Nizhny Novgorod , Rostov , Vladivostok , Krasnoyarsk , Oryol , Omsk , Samara , Chelyabinsk , Saratov and Irkutsk . There were thirteen departments and three independent divisions within the FFMS: Vladimir Putin Vladimir Vladimirovich Putin (born 7 October 1952)

5428-832: The Gazprom Nord Stream - Yuzhno-Russkoye deal in 2004 with a 49–51 structure, as opposed to the older 50–50 split of British Petroleum 's TNK-BP project. In 1975, Putin joined the KGB and trained at the 401st KGB School in Okhta, Leningrad . After training, he worked in the Second Chief Directorate ( counterintelligence ), before he was transferred to the First Chief Directorate , where he monitored foreigners and consular officials in Leningrad. In September 1984, Putin

5546-584: The German Democratic Republic or of the USSR. He explained that many documents were left to Germany only because the furnace burst but many documents of the KGB villa were sent to Moscow. After the collapse of the Communist East German government , Putin was to resign from active KGB service because of suspicions aroused regarding his loyalty during demonstrations in Dresden and earlier, although

5664-609: The KGB and the Soviet Army still operated in eastern Germany. He returned to Leningrad in early 1990 as a member of the "active reserves", where he worked for about three months with the International Affairs section of Leningrad State University , reporting to Vice-Rector Yuriy Molchanov , while working on his doctoral dissertation. There, he looked for new KGB recruits, watched the student body, and renewed his friendship with his former professor, Anatoly Sobchak , soon to be

5782-523: The KGB villa in Dresden for the official authorities of the would-be united Germany to prevent demonstrators, including KGB and Stasi agents, from obtaining and destroying them. He then supposedly burnt only the KGB files, in a few hours, but saved the archives of the Soviet Cultural Center for the German authorities. Nothing is told about the selection criteria during this burning; for example, concerning Stasi files or about files of other agencies of

5900-459: The Kremlin. Khodorkovsky was arrested, Yukos was bankrupted, and the company's assets were auctioned at below-market value, with the largest share acquired by the state company Rosneft . The fate of Yukos was seen as a sign of a broader shift of Russia towards a system of state capitalism . This was underscored in July 2014, when shareholders of Yukos were awarded $ 50 billion in compensation by

6018-650: The Leningrad State University named after Andrei Zhdanov (now Saint Petersburg State University ) in 1970 and graduated in 1975. His thesis was on "The Most Favored Nation Trading Principle in International Law". While there, he was required to join the Communist Party of the Soviet Union (CPSU); he remained a member until it ceased to exist in 1991. Putin met Anatoly Sobchak , an assistant professor who taught business law , and who later became

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6136-494: The NYM on 6 March 2020 dropped to US$ 42.10 per barrel. On 8 March, the 2020 Russia–Saudi Arabia oil price war was launched, in which Saudi Arabia and Russia briefly flooded the market, also contributed to the decline in global oil prices. Later on the same day, oil prices had decreased by 30%, representing the largest one-time drop since the 1991 Gulf War . Oil traded at about $ 30 a barrel. Very few energy companies can produce oil when

6254-608: The Petroleum Exporting Countries (OPEC) , the 2007–08 global financial collapse (GFC) , OPEC's 2009 cut in oil production, the Arab Spring 2010s uprisings in Egypt and Libya, the ongoing Syrian civil war (2011–present), and the 2013 oil supply glut that led to the "largest oil price declines in modern history" in 2014 to 2016. The 70% decline in global oil prices was "one of the three biggest declines since World War II, and

6372-441: The RAF in West Germany. Klaus Zuchold, who claimed to be recruited by Putin, said that Putin handled a neo-Nazi , Rainer Sonntag, and attempted to recruit an author of a study on poisons. Putin reportedly met Germans to be recruited for wireless communications affairs together with an interpreter. He was involved in wireless communications technologies in South-East Asia due to trips of German engineers, recruited by him, there and to

6490-492: The Russian Federation by President Yeltsin . Yeltsin also announced that he wanted to see Putin as his successor. Later on that same day, Putin agreed to run for the presidency. On 16 August, the State Duma approved his appointment as prime minister with 233 votes in favor (vs. 84 against, 17 abstained), while a simple majority of 226 was required, making him Russia's fifth prime minister in fewer than eighteen months. On his appointment, few expected Putin, virtually unknown to

6608-409: The Russian Federation —the highest federal state civilian service rank . On 27 June 1997, at the Saint Petersburg Mining Institute , guided by rector Vladimir Litvinenko , Putin defended his Candidate of Science dissertation in economics, titled Strategic Planning of the Reproduction of the Mineral Resource Base of a Region under Conditions of the Formation of Market Relations . This exemplified

6726-455: The SVAR model—"oil supply shocks were the dominant force during the 2014–15 oil price decline". By 2016, despite improved understanding of oil markets, predicting oil price fluctuations remained a challenge for economists, according to a 2016 article in the Journal of Economic Perspectives , which was based on an extensive review of academic literature by economists on "all major oil price fluctuations between 1973 and 2014". A 2016 article in

6844-472: The Saint Petersburg branch of the pro-government Our Home – Russia political party, the liberal party of power founded by Prime Minister Viktor Chernomyrdin . In 1995, he managed the legislative election campaign for that party, and from 1995 through June 1997, he was the leader of its Saint Petersburg branch. In June 1996, Sobchak lost his bid for re-election in Saint Petersburg, and Putin, who had led his election campaign, resigned from his positions in

6962-415: The System and Structure of Federal Executive Branch Agencies". FFMS received the functions of the former Federal Fund Market Commission of Russia (Федеральная комиссия по рынку ценных бумаг), as well as some responsibilities of the former Ministry of Labour and Social Development of Russia and former Ministry of Antitrust Policy of Russia as well as the Russian Ministry of Finance . On September 1, 2013,

7080-465: The US, for the first time since the downfall of the USSR. In December 2007, United Russia —the governing party that supports the policies of Putin—won 64.24% of the popular vote in their run for State Duma according to election preliminary results. United Russia's victory in the December 2007 elections was seen by many as an indication of strong popular support of the then Russian leadership and its policies. On 11 February 2008, while Putin addressed

7198-481: The United States, mostly in the Midwest and Gulf Coast regions. WTI has an API gravity of around 39.6 (specific gravity approx. 0.827) per barrel (159 liters) of either WTI/ light crude as traded on the New York Mercantile Exchange (NYMEX) for delivery at Cushing, Oklahoma . Cushing, Oklahoma , a major oil supply hub connecting oil suppliers to the Gulf Coast, has become the most significant trading hub for crude oil in North America. In Europe and some other parts of

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7316-430: The West. However, a 2023 investigation by Der Spiegel reported that the anonymous source had never been an RAF member and is "considered a notorious fabulist" with "several previous convictions, including for making false statements". According to Putin's official biography, during the fall of the Berlin Wall that began on 9 November 1989, he saved the files of the Soviet Cultural Center (House of Friendship) and of

7434-411: The Yom Kippur War/Arab oil embargo (1973–1974)"—explain changes in the price of oil." Killian stated that, by 2008, there was "widespread recognition" that "oil prices since 1973 must be considered endogenous with respect to global macroeconomic conditions," but Kilian added that these "standard theoretical models of the transmission of oil price shocks that maintain that everything else remains fixed, as

7552-464: The benchmark price refers to the spot price of West Texas Intermediate (WTI), also known as Texas Light Sweet, a type of crude oil used as a benchmark in oil pricing and the underlying commodity of New York Mercantile Exchange's oil futures contracts. WTI is a light crude oil , lighter than Brent Crude oil. It contains about 0.24% sulfur, rating it a sweet crude, sweeter than Brent. Its properties and production site make it ideal for being refined in

7670-443: The city administration. He moved to Moscow and was appointed as deputy chief of the Presidential Property Management Department headed by Pavel Borodin . He occupied this position until March 1997. He was responsible for the foreign property of the state and organized the transfer of the former assets of the Soviet Union and the CPSU to the Russian Federation. On 26 March 1997, President Boris Yeltsin appointed Putin deputy chief of

7788-572: The co-author of the Russian constitution . Putin was influential in Sobchak's career in Saint Petersburg, and Sobchak was influential in Putin's career in Moscow. In 1997, Putin received a degree in economics ( kandidat ekonomicheskikh nauk ) at the Saint Petersburg Mining University for a thesis on energy dependencies and their instrumentalisation in foreign policy. His supervisor was Vladimir Litvinenko , who in 2000 and again in 2004 managed his presidential election campaigns in St Petersburg. Igor Danchenko and Clifford Gaddy consider Putin to be

7906-478: The commission for the preparation of agreements on the delimitation of the power of the regions and head of the federal center attached to the president, replacing Sergey Shakhray . After Putin's appointment, the commission completed no such agreements, although during Shakhray's term as the head of the Commission 46 such agreements had been signed. Later, after becoming president, Putin cancelled all 46 agreements. On 25 July 1998, Yeltsin appointed Putin director of

8024-408: The custom in Russia whereby a young rising official would write a scholarly work in mid-career. Putin's thesis was plagiarized . Fellows at the Brookings Institution found that 15 pages were copied from an American textbook. On 25 May 1998, Putin was appointed First Deputy Chief of the Presidential Staff for the regions, in succession to Viktoriya Mitina . On 15 July, he was appointed head of

8142-428: The dynamics of the price of oil, according to a 1992 European Journal of Operational Research article. A widely cited 2008 The Review of Economics and Statistics , article by Lutz Killian, examined the extent to which "exogenous oil supply shocks"—such as the Iranian revolution (1978–1979), Iran–Iraq War (1980–1988), Persian Gulf War (1990–1991), Iraq War (2003), Civil unrest in Venezuela (2002–2003), and perhaps

8260-407: The early 1970s, the price of oil in the United States was regulated domestically and indirectly by the Seven Sisters. The "magnitude" of the increase in the price of oil following OPEC's 1973 embargo in reaction to the Yom Kippur War and the 1979 Iranian Revolution , was without precedent. In the 1973 Yom Kippur War , a coalition of Arab states led by Egypt and Syria attacked Israel . During

8378-408: The early 1980s, concurrent with the OPEC embargo, oil prices experienced a "rapid decline." In early 2007, the price of oil was US$ 50. In 1980, globally averaged prices "spiked" to US$ 107.27, and reached its all-time peak of US$ 147 in July 2008. The 1980s oil glut was caused by non-OPEC countries—such as the United States and Britain—increasing their oil production, which resulted in a decrease in

8496-470: The ensuing 1973 oil crisis , the Arab oil-producing states began to embargo oil shipments to Western Europe and the United States in retaliation for supporting Israel. Countries, including the United States, Germany, Japan, and Canada began to establish their own national energy programs that were focused on security of supply of oil, as the newly formed Organization of Petroleum Exporting Countries (OPEC) doubled

8614-624: The establishment of the Parliamentary elections and a Regional Government. Throughout the Second Chechen War , Russia severely disabled the Chechen rebel movement; however, sporadic attacks by rebels continued to occur throughout the northern Caucasus. On 14 March 2004, Putin was elected to the presidency for a second term, receiving 71% of the vote. The Beslan school hostage crisis took place on 1–3 September 2004; more than 330 people died, including 186 children. The near 10-year period prior to

8732-514: The export of metals valued at $ 93 million in exchange for foreign food aid that never arrived. Despite the investigators' recommendation that Putin be fired, Putin remained head of the Committee for External Relations until 1996. From 1994 to 1996, he held several other political and governmental positions in Saint Petersburg. In March 1994, Putin was appointed as first deputy chairman of the Government of Saint Petersburg . In May 1995, he organized

8850-464: The first time on record, based on monthly values since 1973." When the price of Brent oil dropped rapidly in November 2018 to $ 58.71, more than 30% from its peak, —the biggest 30-day drop since 2008—factors included increased oil production in Russia, some OPEC countries and the United States, which deepened global over supply. In 2019 the average price of Brent crude oil in 2019 was $ 64, WTI crude oil

8968-429: The four alliance members outside the original treaty, Estonia, Latvia, Lithuania, and Slovenia, join it." In early 2007, " Dissenters' Marches " were organized by the opposition group The Other Russia , led by former chess champion Garry Kasparov and national-Bolshevist leader Eduard Limonov . Following prior warnings, demonstrations in several Russian cities were met by police action, which included interfering with

9086-423: The general public, to last any longer than his predecessors. He was initially regarded as a Yeltsin loyalist; like other prime ministers of Boris Yeltsin , Putin did not choose ministers himself, his cabinet was determined by the presidential administration. Yeltsin's main opponents and would-be successors were already campaigning to replace the ailing president, and they fought hard to prevent Putin's emergence as

9204-463: The government more problems than her writings. In January 2007, Putin met with German Chancellor Angela Merkel at his Black Sea residence in Sochi , two weeks after Russia switched off oil supplies to Germany. Putin brought his black Labrador Konni in front of Merkel, who has a noted phobia of dogs and looked visibly uncomfortable in its presence, adding, "I'm sure it will behave itself", causing

9322-474: The ground". Oil prices are determined by global forces of supply and demand , according to the classical economic model of price determination in microeconomics. The demand for oil is highly dependent on global macroeconomic conditions. According to the International Energy Agency , high oil prices generally have a large negative impact on global economic growth . In 1974, in response to

9440-469: The imported refiner acquisition cost, the weighted average cost of all oil imported into the US, as its "world oil price". The price of oil remained "relatively consistent" from 1861 until the 1970s. In Daniel Yergin 's 1991 Pulitzer prize-winning book The Prize: The Epic Quest for Oil, Money, and Power , Yergin described how the "oil-supply management system"—which had been run by "international oil companies"—had "crumbled" in 1973. Yergin states that

9558-570: The imprisonment and suppression of political opponents , intimidation and censorship of independent media in Russia , and a lack of free and fair elections . Russia has consistently received very low scores on Transparency International 's Corruption Perceptions Index , The Economist Democracy Index , Freedom House 's Freedom in the World index, and the Reporters Without Borders Press Freedom Index . Putin

9676-486: The large surplus in production, the price for future delivery of US crude in May became negative on 20 April 2020, the first time to happen since the New York Mercantile Exchange began trading in 1983. In April, as the demand decreased, concerns about inadequate storage capacity resulted in oil firms "renting tankers to store the surplus supply". An October Bloomberg report on slumping oil prices—citing

9794-538: The longest lasting since the supply-driven collapse of 1986." By 2015 the United States was the 3rd-largest producer of oil moving from importer to exporter. The 2020 Russia–Saudi Arabia oil price war resulted in a 65% decline in global oil prices at the beginning of the COVID-19 pandemic . Structural drivers affecting historical global oil prices include are "oil supply shocks , oil-market-specific demand shocks , storage demand shocks", "shocks to global economic growth ", and "speculative demand for oil stocks above

9912-554: The market with inexpensive crude oil in a failed attempted to slow down US shale oil production, and caused a "positive supply shock" which saved consumers about US$ 2 trillion and "benefited the world economy". During 2014–2015, OPEC members consistently exceeded their production ceiling, and China experienced a marked slowdown in economic growth. At the same time, U.S. oil production nearly doubled from 2008 levels, due to substantial improvements in shale " fracking " technology in response to record oil prices. A combination of factors led

10030-399: The mountains of useless information produced by the KGB", Russian-American Masha Gessen wrote in their 2012 biography of Putin. His work was also downplayed by former Stasi spy chief Markus Wolf and Putin's former KGB colleague Vladimir Usoltsev. Journalist Catherine Belton wrote in 2020 that this downplaying was actually cover for Putin's involvement in KGB coordination and support for

10148-599: The newly formed Unity Party , which won the second largest percentage of the popular vote (23.3%) in the December 1999 Duma elections , and in turn supported Putin. On 31 December 1999, Yeltsin unexpectedly resigned and, according to the Constitution of Russia , Putin became Acting President of the Russian Federation . On assuming this role, Putin went on a previously scheduled visit to Russian troops in Chechnya. The first presidential decree that Putin signed on 31 December 1999

10266-539: The period preceding Putin's rule. In 2005, the National Priority Projects were launched to improve Russia's health care , education , housing , and agriculture . The continued criminal prosecution of the wealthiest man in Russia at the time, president of Yukos oil and gas company Mikhail Khodorkovsky , for fraud and tax evasion was seen by the international press as a retaliation for Khodorkovsky's donations to both liberal and communist opponents of

10384-555: The previous year's oil crisis, the RAND Corporation presented a new economic model of the global oil market that included four sectors—"crude production, transportation, refining, and consumption of products"—analyzed separately for six regions: the United States, Canada, Latin America, Europe, the Middle East and Africa, and Asia. The study listed exogenous variables that can affect the price of oil: "regional supply and demand equations,

10502-466: The price largely remained in the $ 90–$ 120 range. From 2004 to 2014, OPEC was setting the global price of oil. OPEC started setting a target price range of $ 100–110/bbl before the 2008 financial crisis —by July 2008 the price of oil had reached its all-time peak of US$ 147 before it plunged to US$ 34 in December 2008, during the financial crisis of 2007–2008 . Some commentators including Business Week ,

10620-714: The price of oil in the early 1980s, according to The Economist . When OPEC changed their policy to increase oil supplies in 1985, "oil prices collapsed and remained low for almost two decades", according to a 2015 World Bank report. In 1983, the New York Mercantile Exchange (NYMEX) launched crude oil futures contracts, and the London-based International Petroleum Exchange (IPE)—acquired by Intercontinental Exchange (ICE) in 2005— launched theirs in June 1988. The price of oil reached

10738-522: The price of oil is this low. Saudi Arabia, Iran, and Iraq had the lowest production costs in 2016, while the United Kingdom, Brazil, Nigeria, Venezuela, and Canada had the highest. On 9 April, Saudi Arabia and Russia agreed to oil production cuts. By April 2020 the price of WTI dropped by 80%, down to a low of about $ 5. As the demand for fuel decreased globally with pandemic-related lockdowns preventing travel, and due to excessive demand for storage of

10856-453: The price of oil. During the 1979 oil crisis , the global oil supply was "constrained" because of the 1979 Iranian Revolution —the price of oil "more than doubled", then began to decline in "real terms from 1980 onwards, eroding OPEC's power over the global economy," according to The Economist . The 1970s oil crisis gave rise to speculative trading and the WTI crude oil futures markets. In

10974-473: The real price of imported crude oil increases, are misleading and must be replaced by models that allow for the endogenous determination of the price of oil." Killian found that there was "no evidence that the 1973–1974 and 2002–2003 oil supply shocks had a substantial impact on real growth in any G7 country, whereas the 1978–1979, 1980, and 1990–1991 shocks contributed to lower growth in at least some G7 countries." A 2019 Bank of Canada (BOC) report, described

11092-473: The rise of Putin after the dissolution of Soviet rule was a time of upheaval in Russia. In a 2005 Kremlin speech, Putin characterized the collapse of the Soviet Union as the "greatest geopolitical catastrophe of the twentieth century". Putin elaborated, "Moreover, the epidemic of disintegration infected Russia itself." The country's cradle-to-grave social safety net was gone and life expectancy declined in

11210-492: The rising cost of gasoline—which hit a record high in the United Kingdom. According to Our World in Data , in the nineteenth and early twentieth century the global crude oil prices were "relatively consistent." In the 1970s, there was a "significant increase" in the price of oil globally, partially in response to the 1973 and 1979 oil crises. In 1980, globally averaged prices "spiked" to US$ 107.27. Historically, there have been

11328-532: The role of Organization of the Petroleum Exporting Countries (OPEC)—which had been established in 1960, by Iran , Iraq , Kuwait , Saudi Arabia and Venezuela — in controlling the price of oil, was dramatically changed. Since 1927, a cartel known as the " Seven Sisters "—five of which were headquartered in the United States—had been controlling posted prices since the so-called 1927 Red Line Agreement and 1928 Achnacarry Agreement , and had achieved

11446-679: The service was abolished and its functions transferred to the Central Bank of Russia in accordance with the Presidential Decree number 645 25.7.2013. From March 23, 2004, to May 10, 2007, Oleg Vyugin was the Head of the FFMS. His four deputies was: Vladislav Streltsov, Sergei Kharlamov, Bembya Khulkhachiev and Vladimir Gusakov. He was followed by Vladimir Milovidov from May 10, 2007. He was followed by Dmitry Pankin from 2011. Headquartered in Moscow ,

11564-460: The siege had ended, the Russian president enjoyed record public approval ratings—83% of Russians declared themselves satisfied with Putin and his handling of the siege. In 2003, a referendum was held in Chechnya , adopting a new constitution which declares that the Republic of Chechnya is a part of Russia; on the other hand, the region did acquire autonomy. Chechnya has been gradually stabilized with

11682-476: The suspension. "These include [NATO] members cutting their arms allotments and further restricting temporary weapons deployments on each NATO member's territory. Russia also want[ed] constraints eliminated on how many forces it can deploy in its southern and northern flanks. Moreover, it is pressing NATO members to ratify a 1999 updated version of the accord, known as the Adapted CFE Treaty , and demanding that

11800-438: The technology of refining, and government policy variables". Based on these exogenous variables, their proposed economic model would be able to determine the "levels of consumption, production, and price for each commodity in each region, the pattern of world trade flows, and the refinery capital structure and output in each region". A system dynamics economic model of oil price determination "integrates various factors affecting"

11918-507: The terrorist Red Army Faction , whose members frequently hid in East Germany with the support of the Stasi. Dresden was preferred as a "marginal" town with only a small presence of Western intelligence services. According to an anonymous source who claimed to be a former RAF member, at one of these meetings in Dresden the militants presented Putin with a list of weapons that were later delivered to

12036-405: The three biggest declines since World War II, and the longest lasting since the supply-driven collapse of 1986." By 2015, the United States had become the third-largest producer of oil and resumed exporting oil upon repeal of its 40-year export ban. The 2020 Russia–Saudi Arabia oil price war resulted in a 65% decline in global oil prices at the beginning of the COVID-19 pandemic . In 2021,

12154-548: The total global crude oil supply. In June 2018, OPEC reduced production. In late September and early October 2018, the price of oil rose to a four-year high of over $ 80 for the benchmark Brent crude in response to concerns about constraints on global supply. The production capacity in Venezuela had decreased. United States sanctions against Iran , OPEC's third-biggest oil producer, were set to be restored and tightened in November. The price of oil dropped in November 2018 because of

12272-521: The travel of the protesters and the arrests of as many as 150 people who attempted to break through police lines. On 12 September 2007, Putin dissolved the government upon the request of Prime Minister Mikhail Fradkov . Fradkov commented that it was to give the President a "free hand" in the run-up to the parliamentary election. Viktor Zubkov was appointed the new prime minister. On 19 September 2007, Putin's nuclear-capable bombers commenced exercises near

12390-514: The usefulness of a structural vector autoregressive (SVAR) model for conditional forecasts of global GDP growth and oil consumption in relation to four types of oil shocks. The structural vector autoregressive model was proposed by the American econometrician and macroeconomist Christopher A. Sims in 1982 as an alternative statistical framework model for macroeconomists. According to the BOC report—using

12508-502: The war . In April 2021, after a referendum , he signed into law constitutional amendments that included one allowing him to run for reelection twice more, potentially extending his presidency to 2036. In March 2024, he was reelected to another term. Under Putin's rule , the Russian political system has been transformed into an authoritarian dictatorship with a personality cult . His rule has been marked by endemic corruption and widespread human rights violations , including

12626-437: The world economic crisis was one of the two main achievements of his second premiership. The other was stabilizing the size of Russia's population between 2008 and 2011 following a long period of demographic collapse that began in the 1990s. The Russo-Georgian War that both started and finished in August 2008 was imagined by Putin and communicated to his staff as early 2006. Price of oil The price of oil , or

12744-601: The world, the price of the oil benchmark is Brent Crude as traded on the Intercontinental Exchange (ICE, into which the International Petroleum Exchange has been incorporated) for delivery at Sullom Voe . Brent oil is produced in coastal waters ( North Sea ) of UK and Norway. The total consumption of crude oil in UK and Norway is more than the oil production in these countries. So Brent crude market

12862-445: Was $ 57, the OPEC Reference Basket (ORB) of 14 crudes was $ 59.48 a barrel. On 8 March 2020 global oil prices fell precipitously when Saudi Arabia announced unexpected price cuts at the onset of the COVID-19 recession . In the face of cratering demand Russia responded in kind, resulting in a sudden price war . The resulting low prices represented a threat to the fiscal health of oil-exporting countries. The IHS Market reported that

12980-427: Was appointed as an advisor on international affairs to the mayor of Leningrad Anatoly Sobchak . In a 2017 interview with Oliver Stone , Putin said that he resigned from the KGB in 1991, following the coup against Mikhail Gorbachev, as he did not agree with what had happened and did not want to be part of the intelligence in the new administration. According to Putin's statements in 2018 and 2021, he may have worked as

13098-410: Was born on 7 October 1952 in Leningrad, Soviet Union (now Saint Petersburg, Russia), the youngest of three children of Vladimir Spiridonovich Putin (1911–1999) and Maria Ivanovna Putina ( née  Shelomova ; 1911–1998). His grandfather, Spiridon Putin (1879–1965), was a personal cook to Vladimir Lenin and Joseph Stalin . Putin's birth was preceded by the deaths of two brothers: Albert, born in

13216-577: Was brought back by Marina Salye , but she was silenced and forced to leave Saint Petersburg. While his opponents had been preparing for an election in June 2000, Yeltsin's resignation resulted in the presidential elections being held on 26 March 2000; Putin won in the first round with 53% of the vote. The inauguration of President Putin occurred on 7 May 2000. He appointed the minister of finance , Mikhail Kasyanov , as prime minister. The first major challenge to Putin's popularity came in August 2000, when he

13334-445: Was criticized for the alleged mishandling of the Kursk submarine disaster . That criticism was largely because it took several days for Putin to return from vacation, and several more before he visited the scene. Between 2000 and 2004, Putin set about the reconstruction of the impoverished condition of the country, apparently winning a power-struggle with the Russian oligarchs , reaching

13452-410: Was elected to his first term as president. He was reelected in 2004 . Due to constitutional limitations of two consecutive presidential terms, Putin served as prime minister again from 2008 to 2012 under Dmitry Medvedev . He returned to the presidency in 2012, following an election marked by allegations of fraud and protests , and was reelected in 2018 . During Putin's initial presidential tenure,

13570-490: Was followed by a decline to US$ 34 in December 2008, as the financial crisis of 2007–2008 took hold. By May 2008, The United States was consuming approximately 21 million bpd and importing about 14 million bpd—60% with OPEC supply 16% and Venezuela 10%. In the middle of the financial crisis of 2007–2008 , the price of oil underwent a significant decrease after the record peak of US$ 147.27 it reached on 11 July 2008. On 23 December 2008, WTI crude oil spot price fell to US$ 30.28

13688-425: Was relatively consistent in the nineteenth century and early twentieth century. This changed in the 1970s, with a significant increase in the price of oil globally. There have been a number of structural drivers of global oil prices historically, including oil supply, demand, and storage shocks, and shocks to global economic growth affecting oil prices. Notable events driving significant price fluctuations include

13806-574: Was sent to Moscow for further training at the Yuri Andropov Red Banner Institute . From 1985 to 1990, he served in Dresden , East Germany , using a cover identity as a translator. While posted in Dresden, Putin worked as one of the KGB's liaison officers to the Stasi secret police and was reportedly promoted to lieutenant colonel . According to the official Kremlin presidential site,

13924-475: Was titled "On guarantees for the former president of the Russian Federation and the members of his family". This ensured that "corruption charges against the outgoing President and his relatives" would not be pursued. This was most notably targeted at the Mabetex bribery case in which Yeltsin's family members were involved. On 30 August 2000, a criminal investigation (number 18/238278-95) in which Putin himself, as

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