The Oil and Gas Sector

Yuri Bobylev

Russian Economic Development, 2012, issue 10, 49-53

Abstract: Since the beginning of 2012, the situation in the oil and gas sector has been characterized by the persistence of high global oil and natural gas prices. According to preliminary estimates, the average price of Brent crude oil in January-September 2012 amounted to $ 112.4 per barrel, which translated into high profits of Russian oil and gas companies and considerable revenues of the state budget. Oil production and petroleum products exports have significantly increased. Russia’s authorities are planning to introduce additional tax measures designed to stimulate the development of new oil fields. At the same time, the tax burden on the gas sector is expected to be increased in order to enhance the capture of natural gas rent and to augment the revenues of the state budget.

Keywords: Oil Sector; Gas Sector (search for similar items in EconPapers)
JEL-codes: L71 O13 Q30 (search for similar items in EconPapers)
Date: 2012
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