The Center on Global Energy Policy hosted a lecture by Thane Gustafson, Professor of Government at Georgetown University and IHS Senior Director for Eurasian Energy. Two decades after the end of the Soviet Union, the legacy of Soviet-era oil assets has begun to run down. The next generation of Russian oil will be more demanding and higher-cost. This has serious implications for the Russian state, which depends on oil revenues as never before. The lecture discussed whether there is a crisis ahead, or if higher global prices, arctic offshore, and/or US-style ‘tight oil’ come to the rescue. This event was co-sponsored with the Harriman Institute at Columbia University.