Abstract
A noted British specialist on Russia's economy reviews the rise of direct state control in that country's oil industry in light of international experience. The author notes Russia's unusual position among major oil-exporting countries in the extent of private ownership of its oil industry. The expansion of the country's state-controlled companies is analyzed and discussed, along with the relationship between state and private oil companies operating in Russia. The paper presents arguments to the effect that in current Russian circumstances the political elite's objectives of maintaining a monopoly on power and siphoning off resource rents may be served as well or better by private companies controlled by allies than by state concerns. It is suggested that any judgement that the oil industry will in time be wholly or very largely nationalized is therefore premature. Journal of Economic Literature, Classification Numbers: L720, P260, P280, Q400. 3 tables, 37 references.
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