The Oil and Gas Sector in Q1 2013

Russian Economic Developments. 2013, #4

3 Pages Posted: 1 May 2013 Last revised: 18 Jun 2013

See all articles by Yuri Bobylev

Yuri Bobylev

Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration

Date Written: April 29, 2013

Abstract

In 2012 and the 1st quarter of 2013, the situation on the global oil market was characterized by prevalence of high global prices on oil. In March, the deal on purchasing of TNK-BP Company by Rosneft, a state-owned oil company was completed. As a result, Rosneft has become one of the largest oil companies in the world, while the share of state-owned companies in the Russian oil sector has considerably increased. A negative impact on the Russian gas sector has been made by a change in the situation on the European gas market, namely, growth in gas supply from other gas-producing countries and a lower level of “spot” prices on gas as compared to the Gasprom’s long-term contract prices. That situation resulted both in a decrease in the Russian gas export and the need to reduce gas selling prices on the international market.

Keywords: Oil Sector, Gas Sector

JEL Classification: L71, O13, Q30

Suggested Citation

Bobylev, Yuri, The Oil and Gas Sector in Q1 2013 (April 29, 2013). Russian Economic Developments. 2013, #4. Available at SSRN: https://ssrn.com/abstract=2258295 or http://dx.doi.org/10.2139/ssrn.2258295

Yuri Bobylev (Contact Author)

Gaidar Institute for Economic Policy ( email )

Gazetny pereulok, 3-5
Moscow, 125993
Russia

Russian Presidential Academy of National Economy and Public Administration ( email )

Vernadsky Avenue 82
119571
Russia

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