ABSTRACT
Until 1992, the Russian oil sector formed the background of the USSR oil industry. In the 1980 and 1990s, Russia accounted for about 91 per cent of USSR oil production. Over the last several decades of the USSR’s existence, the fast growth of oil production and the large-scale oil exports were used as sources of funds supporting the functioning and development of the inefficient socialist economy and raising the standard of living. In 1987, oil production in Russia peaked at 569.5 mln tons. In 1988, oil production remained at about the same level – 568.8 mln tons. However, the following years saw a steep decline in oil production. In 1996, oil production dropped to 301.3 mln tons or 52.9 per cent of the Soviet maximum level.
