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Oil and Gas Sector in Russia in 2015

Author

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  • Bobylev Yuri

    (Gaidar Institute for Economic Policy)

Abstract

Oil and gas industry remains the basic sector of Russian economy playing the key role in shaping the state budget revenues and the country’s trade balance. In 2015, the oil sector’s development was marked by positive dynamics. Due to investments made in the previous years, the crude oil production in Russia has reached peak levels since 1990 and crude oil export hit all time maximum. Restructuring of the oil sector taxation system has been launched. The reform envisages significant reduction of the economic role of export duties. Low global crude oil prices together with financial and technological sanctions imposed on Russia have hampered the development of this sector.

Suggested Citation

  • Bobylev Yuri, 2016. "Oil and Gas Sector in Russia in 2015," Published Papers ppaper-2016-267, Gaidar Institute for Economic Policy, revised 2016.
    • Handle: RePEc:gai:ppaper:ppaper-2016-267
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    File URL: https://www.iep.ru/files/RePEc/gai/ppaper/ppaper-2016-267.pdf
    File Function: Revised version, 2016
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    More about this item

    Keywords

    Russian economy; oil and gas sector; oil production; oil prices;
    All these keywords.

    JEL classification:

    • L71 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Mining, Extraction, and Refining: Hydrocarbon Fuels
    • L72 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Mining, Extraction, and Refining: Other Nonrenewable Resources

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