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Oil and Gas Budget Revenues in Russia after Crisis in 2015


  • Alexey Mikhaylov

    (Department of Financial Markets and Banks, Financial University under the Government of the Russian Federation, Moscow, Russia)


The paper propose the energy market crisis impact on the Russian budget revenues in 2015. We develop the model to forecast the impact of oil prices on budget revenues in Russia. The practical significance of this work lies in the structuring of existing knowledge on oil crisis impact on the Russian budget. Brent crude oil prices were in the range of 115-79 dollars per barrel in 2014. The cyclical strengthening of US dollar and political factors have led to an increase in supply in the oil market by more than 20%. In 2015, we saw a decline in oil prices below $ 40 per barrel. The strengthening of the United States dollar was a major factor in the decline, as it was in the middle of 2001, when the price fell by about a one third before starting a long-term sharp increase.

Suggested Citation

  • Alexey Mikhaylov, 2019. "Oil and Gas Budget Revenues in Russia after Crisis in 2015," International Journal of Energy Economics and Policy, Econjournals, vol. 9(2), pages 375-380.
  • Handle: RePEc:eco:journ2:2019-02-43

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    References listed on IDEAS

    1. Engemann, Kristie M. & Kliesen, Kevin L. & Owyang, Michael T., 2011. "Do Oil Shocks Drive Business Cycles? Some U.S. And International Evidence," Macroeconomic Dynamics, Cambridge University Press, vol. 15(S3), pages 498-517, November.
    2. Driesprong, Gerben & Jacobsen, Ben & Maat, Benjamin, 2008. "Striking oil: Another puzzle?," Journal of Financial Economics, Elsevier, vol. 89(2), pages 307-327, August.
    3. Hamilton, James D, 1983. "Oil and the Macroeconomy since World War II," Journal of Political Economy, University of Chicago Press, vol. 91(2), pages 228-248, April.
    4. Du, Limin & He, Yanan, 2015. "Extreme risk spillovers between crude oil and stock markets," Energy Economics, Elsevier, vol. 51(C), pages 455-465.
    5. Estrella, Arturo, 1998. "A New Measure of Fit for Equations with Dichotomous Dependent Variables," Journal of Business & Economic Statistics, American Statistical Association, vol. 16(2), pages 198-205, April.
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    1. repec:eco:journ2:2019-04-23 is not listed on IDEAS
    2. repec:eco:journ2:2019-05-6 is not listed on IDEAS

    More about this item


    oil price forecasting; budget revenues; oil and gas impact.;

    JEL classification:

    • E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation: Models and Applications
    • F20 - International Economics - - International Factor Movements and International Business - - - General
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets


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