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The Oil and Gas Sector

Author

Listed:
  • Yuriy Bobylev

    (Gaidar Institute for Economic Policy)

Abstract

The world market in 2012 was characterized by the persistence of high global oil and natural gas prices. The average price of Russian Urals crude oil on the European market, according to preliminary estimates, amounted to $ 110.3 per barrel, and that of Russian natural gas – to $ 418,2 per 1,000 m?, which translated into high profits of Russian oil and gas companies and considerable revenues of the state budget. Oil production in Russia in 2012 will amount to approximately 516m tons, which is the historic high of the last twenty-two years. Some additional tax measures designed to stimulate the development of new hydrocarbon deposits have been introduced.

Suggested Citation

  • Yuriy Bobylev, 2013. "The Oil and Gas Sector," Russian Economic Development, Gaidar Institute for Economic Policy, issue 1, pages 59-63, January.
    • Handle: RePEc:gai:recdev:58
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    File URL: http://www.iep.ru/files/RePEc/gai/recdev/58Bobylev.pdf
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    More about this item

    Keywords

    Oil Sector; Gas Sector;

    JEL classification:

    • L71 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Mining, Extraction, and Refining: Hydrocarbon Fuels
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • Q30 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - General

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