Author: Aleksandr V. Krasnikov

Abstract:

Fuel and energy complex and, especially, its oil and gas industries are the most developed sectors of the Russian economy. The oil sector plays an important role in forming the state’s budget revenues and the country’s trade balance. The article analyzes the development of the Russian market of oil and oil products. Particularly, it considers oil extraction, processing, exports as well as domestic and world prices for oil and oil products. Measures aimed at further development of the Russian oil sector in conditions of sanctions are presented and proved. Arguments for the country’s need for high-tech industrialization and deep processing of oil are given. The paper highlights the necessity to change the structure of the Russian export to ensure the domination of final products with higher added value that can be produced due to the high resource potential of the country.

Keywords: fuel and energy complex; oil sector; oil-extracting and oil-processing industry; investment; innovation; sanction.