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Prospects of Development of the Oil Industry in the Global Economy and in the Regional Economies

Author

Listed:
  • Valery F. Anisimov

    (Yugra State University, Khanty-Mansiysk, Russian Federation)

  • Yuri V. Truntsevsky

    (Institute of Legislation and Comparative Law Under the Government of the Russian Federation, Moscow, Russian Federation,)

  • Valery V. Bessel

    (Gubkin Russian State University of Oil and Gas, Moscow, Russian Federation,)

  • Saltanat Yessetova

    (NARXOZ University, Almaty, Kazakhstan.)

Abstract

This article analyzes global and regional development perspectives of the oil business. This study uses statistical, financial methods, as well as comparative approach to analyze modern state of the oil industry in the world and oil industry markets in various regions (OPEC, ?ECD, Russia, etc.). Results show that current situation in the oil market is characterised by domination of those factors, which will facilitate maintenance of relatively low oil prices. The study develops oil market regulation model. This model takes into account the following main factors: i) Energy sector development strategies of developing countries, ii) Geopolitical uncertainties, iii) Difficulties in forecasting the international geopolitical situation, iv) Competition for energy sources, v) The main regulators, which influence both the activity of oil companies and the markets generally.

Suggested Citation

  • Valery F. Anisimov & Yuri V. Truntsevsky & Valery V. Bessel & Saltanat Yessetova, 2020. "Prospects of Development of the Oil Industry in the Global Economy and in the Regional Economies," International Journal of Energy Economics and Policy, Econjournals, vol. 10(1), pages 265-279.
    • Handle: RePEc:eco:journ2:2020-01-38
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    References listed on IDEAS

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    More about this item

    Keywords

    oil industry; regional oil economy; global oil economy.;
    All these keywords.

    JEL classification:

    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General
    • Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply; Prices
    • Q47 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy Forecasting

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