The Oil and Gas Sector’s Development
Russian Economic Developments. Moscow, 2015, #4, pp. 32-36
5 Pages Posted: 8 May 2015
Date Written: May 6, 2015
In 2014, Russia’s crude oil output hit its record high since 1990. At the same time, the growth rates of oil production and oil exports are displaying an obvious slowdown. Besides, some additional negative factors have emerged that impose still more constraints of the oil sector’s further development: the plummeting world prices for oil and the financial and technological sanctions introduced against Russia. Since 2015, the oil sector’s taxation system has been undergoing structural transformations designed to significantly play down the economic role of export duties.
Keywords: Russian economy, oil production, gas production
JEL Classification: P24, E52
Suggested Citation: Suggested Citation