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Russia's Oil and Gas Sector in 2011Yuri BobylevGaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration Ilya FedorovGaidar Institute for Economic Policy February 10, 2012 Russian Economy in 2011, Trends and Outlooks, Issue 33, Moscow 2012 Abstract: Oil and gas production remain the core sector of Russia economy, which has a leading role in generating federal budget revenue and this country’s balance of trade. The factors that exerted the most significant influence on the development of the oil and gas sector of the Russian economy in 2011 were the situation on the world oil market; the situation on the European gas market; and the objective deterioration of the conditions for the extraction of oil and natural gas, which is associated with a declining production at the ‘old’ deposits and the considerably higher costs of the development of new ones, especially in unpopulated areas with no infrastructure.
Number of Pages in PDF File: 20 Keywords: Russian oil and gas sector, Russian economy JEL Classification: L71, L72 Accepted Paper SeriesDate posted: October 13, 2012 ; Last revised: November 22, 2012Suggested CitationContact Information
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