Russia's Oil and Gas Sector in 2013

Russian Economy in 2013. Trends and Outlooks. (Issue 35). Gaidar Institute Publishers, Moscow, 2014, pp. 250-263

17 Pages Posted: 7 Oct 2014

See all articles by Yuri Bobylev

Yuri Bobylev

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

Date Written: October 7, 2014

Abstract

Oil and gas comprise the main sector of the Russian economy that continues to play a key role in shaping the state budget revenues and the balance of trade. In 2013, against the background of continuing high global prices for oil and gas, petroleum production in Russia reached its highest level since 1990, and the export of oil and petroleum products reached a historic high. However, there was then a slowdown in petroleum production and a worsening of conditions for its production. In 2013, in order to create appropriate conditions for the further development of the oil and gas sector legislative solutions were adopted involving tax incentives for the development of resources where oil recovery was difficult, the differentiation of gas production taxation and the application of a special tax regime for deposits being developed on the continental shelf, together with a liberalisation of the export of liquefied natural gas (LNG).

Keywords: Russian economy, Russia's oil and gas sector, oil production, oil prices, export of oil

JEL Classification: L71, L72

Suggested Citation

Bobylev, Yuri, Russia's Oil and Gas Sector in 2013 (October 7, 2014). Russian Economy in 2013. Trends and Outlooks. (Issue 35). Gaidar Institute Publishers, Moscow, 2014, pp. 250-263, Available at SSRN: https://ssrn.com/abstract=2506551 or http://dx.doi.org/10.2139/ssrn.2506551

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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