Russian Oil and Gas Sector in 2017

9 Pages Posted: 31 Jul 2018

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 11, 2018

Abstract

The oil and gas sector is playing an important role in the income generation for the state budget and Russia’s trade balance. In 2017, the volumes of crude oil production somewhat fell owing to Russia’s commitments to curb production as a result of the oil output cut agreement between some OPEC and non-OPEC countries. Under the so-called tax maneuver in force in the oil industry, refining depth went up, production and export of fuel oil moved down and export of crude oil, a highly lucrative source of state budget revenues, increased. In 2017, natural gas production and export hit an all-time peak. Despite the plunge of oil and gas world prices, the oil and gas sector continues to constitute over a half of Russian exports.

Keywords: Russian economy, oil and gas industry, output

JEL Classification: L71, L72, O47, O13, Q32

Suggested Citation

Bobylev, Yuri, Russian Oil and Gas Sector in 2017 (July 11, 2018). Available at SSRN: https://ssrn.com/abstract=3211967 or http://dx.doi.org/10.2139/ssrn.3211967

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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