Oil and Gas Sector in 2017

Yury Bobylev – Head of Mineral Sector Economics Department of the Gaidar Institute; Leading Research fellow of the Institute for Applied Economic Studies, Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences. Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

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. Natural gas production and exports rose. 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 increased. The oil and gas sector products still constitute over have of the Russian exports.

Key words: oil, the oil and gas sector, production and export of oil, production and export of natural gas, tax maneuver and the OPEC.