Russia's Oil and Gas Sector in 2009
Russian Economy in 2009: Trends and Outlooks, Issue 31, Moscow, 2010
21 Pages Posted: 21 Oct 2012
Date Written: January 30, 2010
Oil and gas sector remains the backbone of the Russian economy and produces the lion’s share of the state budget revenues and of the trade balance. Acute oil price fluctuations which took place on the free market, reduction in demand for gas, as well as objective fall in the oil and gas extraction in Russia, cuts in their production on the old existing oil deposits and significantly larger costs required for the development of the new deposits especially in the undeveloped regions which lack any type of infrastructure had main impact on its development in 2009.
Keywords: Russian economy, Russia's oil and gas sector, oil production, oil export, oil prices
JEL Classification: L71, L72
Suggested Citation: Suggested Citation