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Russian oil and gas sector in 2017

Yuri Bobylev ()

Published Papers from Gaidar Institute for Economic Policy

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 sector; oil production; oil prices; oil and gas export (search for similar items in EconPapers)
JEL-codes: L71 L72 (search for similar items in EconPapers)
Pages: 11 pages
Date: 2018, Revised 2018
New Economics Papers: this item is included in nep-cis, nep-ene and nep-tra
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Handle: RePEc:gai:ppaper:ppaper-2018-306