IDEAS home Printed from https://ideas.repec.org/a/eco/journ2/2019-03-9.html
   My bibliography  Save this article

Problems and Prospects of Development of the Oil Exchange Market in the Russian Federation

Author

Listed:
  • Marina V. Vasiljeva

    (Autonomous Non-Profit Organization Publishing House Scientific Review (Nauchnoe Obozrenie), Russia,)

  • Vadim V. Ponkratov

    (Financial University under the Government of the Russian Federation, Russia,)

  • Elena Y. Kharlamova

    (State Center Interphysica , Russia)

  • Nikolay V. Kuznetsov

    (State University of Management, Russia)

  • Maksim S. Maramygin

    (Ural State Economic University, Russia)

  • Maria V. Volkova

    (Bauman Moscow State Technical University, Russia.)

Abstract

In the context of speculatively priced Russian oil on the world energy market, the oil exchange market development in the Russian Federation is updated. The purpose of the article was to rationalize conditions ensuring the crude oil market pricing by means of exchange trade development. The main objective of the scientific search was to justify state oil purchase as the main factor in improving the Russian oil exchange market liquidity at the present stage of its development. An optimal level of the ratio of public expenditures for oil exchange purchase to Russia s GDP was determined. The optimal amount of public expenditures for oil exchange purchase for the second quarter of 2018 amounted to 2,384.64 billion rubles. The optimal amount of public expenditures for oil exchange purchase is 89.9 million tons per quarter. State procurement of such oil volumes as of today could ensure an increase in the oil exchange market liquidity. The research results may lay the groundwork for enhancing the state strategy efficiency to improve the pricing of Russia s energy resources. Some practical focus areas substantiated in the article would contribute to the exchange market development at the present stage as a factor in the formation of an actual market price for Russian oil.

Suggested Citation

  • Marina V. Vasiljeva & Vadim V. Ponkratov & Elena Y. Kharlamova & Nikolay V. Kuznetsov & Maksim S. Maramygin & Maria V. Volkova, 2019. "Problems and Prospects of Development of the Oil Exchange Market in the Russian Federation," International Journal of Energy Economics and Policy, Econjournals, vol. 9(3), pages 77-86.
    • Handle: RePEc:eco:journ2:2019-03-9
    as

    Download full text from publisher

    File URL: https://www.econjournals.com/index.php/ijeep/article/download/7378/4358
    Download Restriction: no
    File URL: https://www.econjournals.com/index.php/ijeep/article/view/7378/4358
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Fracasso, Andrea & Nguyen, Hien T. T. & Schiavo, Stefano, 2018. "The evolution of oil trade: A complex network approach," Network Science, Cambridge University Press, vol. 6(4), pages 545-570, December.
    2. Almaz Akhmetov, 2015. "Measuring the Security of External Energy Supply and Energy Exports Demand in Central Asia," International Journal of Energy Economics and Policy, Econjournals, vol. 5(4), pages 901-909.
    3. Benkovskis, Konstantins & Wörz, Julia, 2018. "What drives the market share changes? Price versus non-price factors," Structural Change and Economic Dynamics, Elsevier, vol. 45(C), pages 9-29.
    4. repec:hhs:bofitp:2013_018 is not listed on IDEAS
    5. Kapustin, Nikita O. & Grushevenko, Dmitry A., 2018. "Exploring the implications of Russian Energy Strategy project for oil refining sector," Energy Policy, Elsevier, vol. 117(C), pages 198-207.
    6. Lyu, Changjiang & Wang, Kemin & Zhang, Frank & Zhang, Xin, 2018. "GDP management to meet or beat growth targets," Journal of Accounting and Economics, Elsevier, vol. 66(1), pages 318-338.
    7. Kilian, Lutz & Zhou, Xiaoqing, 2018. "Modeling fluctuations in the global demand for commodities," Journal of International Money and Finance, Elsevier, vol. 88(C), pages 54-78.
    8. Paoli, Leonardo & Lupton, Richard C. & Cullen, Jonathan M., 2018. "Useful energy balance for the UK: An uncertainty analysis," Applied Energy, Elsevier, vol. 228(C), pages 176-188.
    9. Cruise, James R. & Flatley, Lisa & Zachary, Stan, 2018. "Impact of storage competition on energy markets," European Journal of Operational Research, Elsevier, vol. 269(3), pages 998-1012.
    10. Xin Yao & Qiang Liu, 2017. "Effect of Crude Oil Futures Trading on Spot Market Volatility: A Panel Data–Based Counterfactual Prediction Analysis," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 53(4), pages 918-931, April.
    11. Nina Potekhina & Yulia Shulinina & Natalia Kuzmina & Ludmila Potalisina & Inessa Sannikova, 2016. "Correlational-regression Analysis Application for the Forecast of the Specialists with Higher Education Requirement in Russian Economy," International Journal of Economics and Financial Issues, Econjournals, vol. 6(2), pages 617-620.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Meiramkul Saiymova & Aliya Shakharova & Aliya Rakaeva & Madina Serikova & Aslan Tasmaganbetov & Yuliya Tyurina & Zhibek Bimagambetova, 2020. "Energy Security, Economics and Environment in the Eurasian Economic Union: Current and Future Scenarios," International Journal of Energy Economics and Policy, Econjournals, vol. 10(4), pages 293-299.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Gennady Osipov & Svetlana Karepova & Elena Chizhevskaya & Maxim Gnatyuk & Alexander Semin & Oksana Mikhayluk, 2018. "Directions To Improve The Effectiveness Of Russia s Energy Export Policy," International Journal of Energy Economics and Policy, Econjournals, vol. 8(6), pages 227-239.
    2. Zhang, Jing, 2019. "Oil and gas trade between China and countries and regions along the ‘Belt and Road’: A panoramic perspective," Energy Policy, Elsevier, vol. 129(C), pages 1111-1120.
    3. Zhang, Zhikai & Wang, Yudong & Xiao, Jihong & Zhang, Yaojie, 2023. "Not all geopolitical shocks are alike: Identifying price dynamics in the crude oil market under tensions," Resources Policy, Elsevier, vol. 80(C).
    4. Beyer, Robert C.M. & Franco-Bedoya, Sebastian & Galdo, Virgilio, 2021. "Examining the economic impact of COVID-19 in India through daily electricity consumption and nighttime light intensity," World Development, Elsevier, vol. 140(C).
    5. Costola, Michele & Lorusso, Marco, 2022. "Spillovers among energy commodities and the Russian stock market," Journal of Commodity Markets, Elsevier, vol. 28(C).
    6. Wadim Strielkowski & Anna Sherstobitova & Patrik Rovny & Tatiana Evteeva, 2021. "Increasing Energy Efficiency and Modernization of Energy Systems in Russia: A Review," Energies, MDPI, vol. 14(11), pages 1-19, May.
    7. Liu, Zhen & Tang, Yuk Ming & Chau, Ka Yin & Chien, Fengsheng & Iqbal, Wasim & Sadiq, Muhammad, 2021. "Incorporating strategic petroleum reserve and welfare losses: A way forward for the policy development of crude oil resources in South Asia," Resources Policy, Elsevier, vol. 74(C).
    8. Naeem, Muhammad Abubakr & Karim, Sitara & Uddin, Gazi Salah & Junttila, Juha, 2022. "Small fish in big ponds: Connections of green finance assets to commodity and sectoral stock markets," International Review of Financial Analysis, Elsevier, vol. 83(C).
    9. Lutz Kilian & Nikos Nomikos & Xiaoqing Zhou, 2023. "Container Trade and the U.S. Recovery," International Journal of Central Banking, International Journal of Central Banking, vol. 19(1), pages 417-450, March.
    10. Li, Zheng-Zheng & Meng, Qin & Zhang, Linling & Lobont, Oana-Ramona & Shen, Yijuan, 2023. "How do rare earth prices respond to economic and geopolitical factors?," Resources Policy, Elsevier, vol. 85(PA).
    11. Baumeister, Christiane & Guérin, Pierre, 2021. "A comparison of monthly global indicators for forecasting growth," International Journal of Forecasting, Elsevier, vol. 37(3), pages 1276-1295.
    12. Gilles Dufrénot & William Ginn & Marc Pourroy, 2023. "ENSO Climate Patterns on Global Economic Conditions," AMSE Working Papers 2308, Aix-Marseille School of Economics, France.
    13. David S. Jacks & Martin Stuermer, 2021. "Dry bulk shipping and the evolution of maritime transport costs, 1850–2020," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 61(2), pages 204-227, July.
    14. Qian, Chenqi & Zhang, Tianding & Li, Jie, 2023. "The impact of international commodity price shocks on macroeconomic fundamentals: Evidence from the US and China," Resources Policy, Elsevier, vol. 85(PB).
    15. Annamaria de Crescenzio & Etienne Lepers, 2021. "Extreme capital flow episodes from the Global Financial Crisis to COVID-19: An exploration with monthly data," OECD Working Papers on International Investment 2021/05, OECD Publishing.
    16. Candelon, Bertrand & Moura, Rubens, 2021. "A Multicountry Model of the Term Structures of Interest Rates with a GVAR," LIDAM Discussion Papers LFIN 2021007, Université catholique de Louvain, Louvain Finance (LFIN).
    17. Alfred A. Haug & Syed Abul Basher, 2019. "Exchange rates of oil exporting countries and global oil price shocks: a nonlinear smooth-transition approach," Applied Economics, Taylor & Francis Journals, vol. 51(48), pages 5282-5296, October.
    18. Nooman Rebei & Rashid Sbia, 2021. "Transitory and permanent shocks in the global market for crude oil," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 36(7), pages 1047-1064, November.
    19. Simona Delle Chiaie & Laurent Ferrara & Domenico Giannone, 2022. "Common factors of commodity prices," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 37(3), pages 461-476, April.
    20. James D. Hamilton, 2019. "Measuring Global Economic Activity," NBER Working Papers 25778, National Bureau of Economic Research, Inc.

    More about this item

    Keywords

    Oil Market; Oil Exchange Market; Participants in Oil Exchange Trade; Oligopolistic Oil Market; Russian Oil Industry;
    All these keywords.

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • L52 - Industrial Organization - - Regulation and Industrial Policy - - - Industrial Policy; Sectoral Planning Methods
    • O24 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Trade Policy; Factor Movement; Foreign Exchange Policy

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eco:journ2:2019-03-9. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Ilhan Ozturk (email available below). General contact details of provider: http://www.econjournals.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.