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The Oil and Gas Sector

Author

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  • Yuriy Bobylev

    (Gaidar Institute for Economic Policy)

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.

Suggested Citation

  • Yuriy Bobylev, 2012. "The Oil and Gas Sector," Russian Economic Development, Gaidar Institute for Economic Policy, issue 10, pages 49-53, September.
    • Handle: RePEc:gai:recdev:9
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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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