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Transformation of European Oil Market: Prospects and Trends

Author

Listed:
  • I. A. Kopytin

    (Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences)

Abstract

The exogenous political shock caused by an unprecedented sanction yoke imposed on Russia by the West has noticeably accelerated the repartition of Europe’s oil market. This process develops in the context of a decreasing demand for oil in major European economies. It is shown that the world’s major vertically integrated oil and gas companies are one of the main beneficiaries of this repartition. Not only do they boost oil exports to Europe but they also rely on their European oil treatment facilities in the context of exacerbated competition. The expansion of the export niche of major US and European companies in the market in decline results not only from market competition but also from the sanctions imposed by the EU and G7 on importing Russian oil and oil products. Expected environmental regulation shocks will make the competition in the European oil market even more intensive.

Suggested Citation

  • I. A. Kopytin, 2024. "Transformation of European Oil Market: Prospects and Trends," Studies on Russian Economic Development, Springer, vol. 35(6), pages 920-927, December.
    • Handle: RePEc:spr:sorede:v:35:y:2024:i:6:d:10.1134_s107570072470045x
    DOI: 10.1134/S107570072470045X
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