Template-Type: ReDIF-Paper 1.0
Author-Name:Bobylev Yuri
Author-Name-First: Yuri 
Author-Name-Last:Bobylev 
Author-Workplace-Name: Gaidar Institute for Economic Policy 
Title: Russian oil and gas sector in 2017
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.
Classification-JEL: L71, L72
Keywords:  Russian economy, oil and gas sector, oil production, oil prices, oil and gas export
Creation-Date: 2018
Revision-Date:2018
Length: 11 pages
File-URL: https://www.iep.ru/files/RePEc/gai/ppaper/ppaper-2018-306.pdf
File-Format: application/pdf
File-Function: Revised version, 2018
Handle: RePEc:gai:ppaper:ppaper-2018-306