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DOI: 10.5593/SGEMSOCIAL2016/B25/S07.112

THE POSITIONS AND PROSPECTS OF RUSSIA IN THE GLOBAL OIL MARKET IN TERMS OF ITS STRUCTURAL TRANSFORMATION

V. Minashkin, Zh. Khudoynatov
Monday 3 October 2016 by Libadmin2016

References: 3rd International Multidisciplinary Scientific Conference on Social Sciences and Arts SGEM 2016, www.sgemsocial.org, SGEM2016 Conference Proceedings, ISBN 978-619-7105-76-6 / ISSN 2367-5659, 24-31 August, 2016, Book 2 Vol. 5, 857-864 pp, DOI: 10.5593/SGEMSOCIAL2016/B25/S07.112

ABSTRACT

Tendencies in the oil market transformation are currently one of the main geopolitical factors across the globe. Statistical research of the oil market and its structure plays a key role in the light of increased competition for new exploration fields, distribution channels and markets between major companies and countries. The results are widely used in many areas from making commercial decisions on companies’ level to foreign policy consider-ations of countries and unions.
The article investigates the structural changes in the main indicators of the global oil mar-ket in recent years. It analyzes the contribution of individual countries and regions in the total volume of proven oil reserves, its production, consumption, exports and imports. Individual and generalizing indicators of structural changes are used to quantify the dy-namics of the processes.
The trends of the global oil market that have been identified and studied in the article began to emerge in recent years and presumably will continue in the medium term. The key determinants of the market developments and its current structural changes are for-mulated. The position of the Russian Federation concerning the change in the global oil market is stated. Technological and operational problems that hinder the development of the Russian oil complex at the current stage are presented.

Keywords: The global oil market, mining and oil consumption, oil exports, Russian oil complex.


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