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

See all articles by Yuri Bobylev

Yuri Bobylev

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

Date Written: July 7, 2017

Abstract

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

Bobylev, Yuri, Russian Oil and Gas Sector in 2016 (July 7, 2017). Russian Economy in 2016. Trends and Outlooks. 2017. Moscow. IEP, issue 38, pp. 192-202, Available at SSRN: https://ssrn.com/abstract=2998514 or http://dx.doi.org/10.2139/ssrn.2998514

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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