Russian Oil and Gas Sector in 2016
Russian Economy in 2016. Trends and Outlooks. 2017. Moscow. IEP, issue 38, pp. 192-202
14 Pages Posted: 17 Jul 2017
Date Written: July 7, 2017
The oil and gas sector is among principal sectors of the Russian economy and is the driving force in shaping the state budget revenues and the trade balance. In 2016, Russia’s crude oil production hit an all-time peak since 1990, and crude oil exports were close to an all-time high. Under the so-called tax maneuver in force in the oil industry, refining depth went up noticeably, production and export of fuel oil moved down and export of crude oil, a highly lucrative source of the budget revenues, increased.
Keywords: Russian economy, oil and gas sector, oil production, oil prices, oil and gas export
JEL Classification: L71, L72
Suggested Citation: Suggested Citation