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Russian oil and gas sector in 2017

Author

Listed:
  • Bobylev Yuri

    (Gaidar Institute for Economic Policy)

Abstract

The oil and gas sector is playing an important role in the income generation for the state budget and Russia’s trade balance. In 2017, the volumes of crude oil production somewhat fell owing to Russia’s commitments to curb production as a result of the oil output cut agreement between some OPEC and non-OPEC countries. Under the so-called tax maneuver in force in the oil industry, refining depth went up, production and export of fuel oil moved down and export of crude oil, a highly lucrative source of state budget revenues, increased. In 2017, natural gas production and export hit an all-time peak. Despite the plunge of oil and gas world prices, the oil and gas sector continues to constitute over a half of Russian exports.

Suggested Citation

  • Bobylev Yuri, 2018. "Russian oil and gas sector in 2017," Published Papers ppaper-2018-306, Gaidar Institute for Economic Policy, revised 2018.
    • Handle: RePEc:gai:ppaper:ppaper-2018-306
    as

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    File URL: https://www.iep.ru/files/RePEc/gai/ppaper/ppaper-2018-306.pdf
    File Function: Revised version, 2018
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    More about this item

    Keywords

    Russian economy; oil and gas sector; oil production; oil prices; oil and gas export;
    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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