Russia's Oil and Gas Sector in 2011
Russian Economy in 2011, Trends and Outlooks, Issue 33, Moscow 2012
20 Pages Posted: 13 Oct 2012 Last revised: 17 Apr 2015
Date Written: February 10, 2012
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.
Keywords: Russian oil and gas sector, Russian economy
JEL Classification: L71, L72
Suggested Citation: Suggested Citation