Distribution Of Natural Oil Rent In The Russian Economy

Abstract

The article is devoted to specific features of assigning oil rents and the impact of oil and gas revenues on the quality of life in Russia. The research object is the distribution mechanism of oil revenues, the research subject – the impact of oil revenues on the country's welfare. Russia has 6% of the world's proven oil reserves. The main problem of the Russian oil resource base is still the gradual deterioration of its structure with an increase in the share of hard-to-recover reserves and an increase in the oil production cost. For the removal of the oil rent, the fiscal mechanism is used. The maximum level of oil rents in Russia was reached in 2008, due to the binding of Mineral Extraction Tax to the oil world price and the peak oil prices. Oil and gas revenues for many years played a key role for the budget of our country. In different periods, the share of oil and gas revenues ranged from 17.2% to 27.8% of the consolidated budget of the Russian Federation. In 2018, this share was 24.2%. To assess the impact of rental income on the national welfare, the authors studied the dependence of Russian GDP and Human Development Index on oil and gas revenues, developed an economic and mathematical model for predicting GDP depending on oil and gas revenues, and a regression model that reflects the dependence of the Human Development Index on the forecast of oil and gas revenues.