Development of the Oil Sector : Possibilities and Limitations

Russian oil sector has achieved maximum levels of production on and exports. Oil extraction is at the highest point since 1990 and oil exports are at the all-time maximum. Meanwhile, prospects for the development of the oil sector are determined by deterioration of the oil extraction conditions owing to the depletion on of producing deposits located in the developed regions and considerably higher costs required for the development of new oilfields and tight oil deposits. Sectoral technological sanctions imposed on Russia and the low world oil prices hamper the development of the oil sector