The OPEC+ format as a tool for budget system stabilization to promote structural modernization and ensure the technological sovereignty of Russia’s oil and gas industry
Subject. The article deals with official documentation of OPEC and federal budgets of Russia for 2017–2024. Objectives. The aim is to establish a link between agreement implementation within the OPEC+ format and changes in the market value of oil in the context of increasing the reliability of revenue planning as part of the budget system, in order to promote structural modernization and ensure the technological sovereignty of Russian oil and gas industry. Methods. The study employs methods of comparative analysis and synthesis of OPEC and budget system documents. Results. The tax maneuver failed to neutralize the dependence of oil and gas revenues on the US dollar exchange rate against the Russian ruble and the price of Urals crude oil, which remain one of key instruments for generating oil and gas revenues along with the tax rate, base, and export duty rate. And neither the tax maneuver led to a noticeable development of oil refining and petrochemistry and contributed to energy security. Therefore, a change in tax and customs legislation is required, which is better implemented in conditions of stable and predictable oil prices. The OPEC+ agreement contributes to smoothing out the consequences of serious fluctuations in oil prices and increasing the predictability of pricing in the oil market, thus, it will help stabilize federal budget revenues in the course of amending legislation. Conclusions. The OPEC+ agreement implementation enables to increase the reliability of forecasting within the budget system. This simplifies the task of oil refining and petrochemical industry development.
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