Russian Oil and Gas Sector in 2012
Russian Economy in 2012. Trends and Outlooks. Issue 34. Moscow 2013
20 Pages Posted: 29 Aug 2013
Date Written: August 28, 2013
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 2012 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 economy, oil world prices, oil production structure, oil and gas exports, tax regulation of the oil and gas sector
JEL Classification: L71, L72
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