Oil and Gas Sector in Russia in 2014
Russian Economy in 2014. Trends and Outlooks. (Issue 36), 2015
12 Pages Posted: 1 Nov 2015
Date Written: October 31, 2015
Oil and gas industry remains the basic sector of Russian economy playing the key role in shaping revenues of the state budget and the country’s trade balance. In 2014 the national crude oil output reached its maximum over the period since 1990. In the second half of the year the sector’s performance felt a negative impact of the lowering world prices for oil and the financial and technological sanctions introduced against Russia. Legislative acts providing for tax incentives in order to encourage the development of hard-to-recover oil reserves and for the differentiated taxation of natural gas production have come into effect and the principal decisions regarding restructuring of the system of oil sector’s taxation have been taken.
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
Suggested Citation: Suggested Citation