OECD Economics Department Working Papers

Working papers from the Economics Department of the OECD that cover the full range of the Department’s work including the economic situation, policy analysis and projections; fiscal policy, public expenditure and taxation; and structural issues including ageing, growth and productivity, migration, environment, human capital, housing, trade and investment, labour markets, regulatory reform, competition, health, and other issues.

The views expressed in these papers are those of the author(s) and do not necessarily reflect those of the OECD or of the governments of its member countries.

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Realising the Oil Supply Potential of the CIS

The Impact of Institutions and Policies

This paper provides an overview of the political economy of oil in the CIS. It briefly situates the region's oil sector potential in the global context, before analysing the structural features of the oil sectors by country. It examines the ways in which CIS oil industries have been organised and governed since 1991, as well as questions of transport infrastructure and export routes, which are especially critical for Central Asia's landlocked producers. The paper finally considers the causes and likely consequences of the recent shift towards greater state ownership and control in Russia and Kazakhstan, the region's most important oil producers. The paper's central argument is that these changes have increased the risk that the full hydrocarbon potential of the CIS may not be developed in a timely and economically efficient way.


Keywords: Russia, Uzbekistan, privatisation, corruption, property rights, pipelines, state ownership, growth, oil, Azerbaijan, energy, CIS, Kazakhstan, political economy, Turkmenistan, Caspian
JEL: Q41: Agricultural and Natural Resource Economics; Environmental and Ecological Economics / Energy / Energy: Demand and Supply; Prices; O57: Economic Development, Innovation, Technological Change, and Growth / Economywide Country Studies / Comparative Studies of Countries; P28: Economic Systems / Socialist Systems and Transitional Economies / Socialist Systems and Transitional Economies: Natural Resources; Energy; Environment; L71: Industrial Organization / Industry Studies: Primary Products and Construction / Mining, Extraction, and Refining: Hydrocarbon Fuels
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