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The Oil and Gas Sector in Q1 2013

Author

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  • Yuriy Bobylev

    (Gaidar Institute for Economic Policy)

Abstract

In 2012 and the 1st quarter of 2013, the situation on the global oil market was characterized by prevalence of high global prices on oil. In March, the deal on purchasing of TNK-BP Company by Rosneft, a state-owned oil company was completed. As a result, Rosneft has become one of the largest oil companies in the world, while the share of state-owned companies in the Russian oil sector has considerably increased. A negative impact on the Russian gas sector has been made by a change in the situation on the European gas market, namely, growth in gas supply from other gas-producing countries and a lower level of “spot” prices on gas as compared to the Gasprom’s long-term contract prices. That situation resulted both in a decrease in the Russian gas export and the need to reduce gas selling prices on the international market..

Suggested Citation

  • Yuriy Bobylev, 2013. "The Oil and Gas Sector in Q1 2013," Russian Economic Development, Gaidar Institute for Economic Policy, issue 4, pages 50-52, April.
    • Handle: RePEc:gai:recdev:113
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    More about this item

    Keywords

    Oil Sector; Gas Sector;

    JEL classification:

    • L71 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Mining, Extraction, and Refining: Hydrocarbon Fuels
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • Q30 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - General

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