Main Trends in the Oil Sector in 2018–2019

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

Amid raising global oil prices, crude oil production in Russia in 2018 hit an all-time high for the post-Soviet period. Under the first stage of tax maneuver in force in the oil industry, production and export of fuel oil moved down resulting in contraction of oil refining volumes but refining depth went up notably. Year 2019 saw the launch of the second stage of the tax maneuver in force in the oil industry and the tax on extra revenue was adopted.

Key words: oil, oil sector, oil prices, oil export, tax maneuver.