TURBULENCE IN OIL PRICES AS A CHALLENGE TO THE SUSTAINABILITY OF DEVELOPMENT OF THE OIL INDUSTRY IN RUSSIA

Oil is one of the most important resources in the modern world, it is the main fuel, and its cost has a direct impact on the global environment and our economy. One of the most pressing problems in the oil industry in modern Russia is the problem of instability of oil prices. It leads to instability in development of the Russian oil industry, which in turn negatively affects many economic and social processes in the country. The purpose of this study is to justify measures that help smoothing the effect of oil price turbulence, which will allow the oil industry to function effectively and sustainably. The main indicators of the oil industry in Russia are analyzed and compared with the similar global indicators. The main results of the analysis of functioning of the oil and gas companies in the modern conditions of the national economy development are presented. As of 2018, the leading oil production companies in the oil and gas sector are: Rosneft (197.2 million tons, an increase of 4.5 %), LUKOIL (82.1 million tons, an increase of 0.37 %), Surgutneftegaz (60.9 million tons, an increase of 0.66 %), Gazpromneft (39.5 million tons, an increase of 0 %), Tatneft (29.6 million tons, an increase of 2.42 %). At the end of 2018, the share of oil and gas revenues in the Federal budget of the Russian Federation was 46.4 % (the growth rate compared to the previous year was 17.1 %). It is noted that in the conditions of turbulence in oil prices, domestic oil industry enterprises face a difficult task to smooth out the negative consequences and form measures that will allow them to function effectively and sustainably. The principles of sustainable development of oil industry enterprises are formulated, which allow ensuring a balance between natural-economic and socioeconomic development, as well as to minimize the negative consequences of oil price turbulence.

oil industry, oil prices, Federal budget revenues, principles of sustainable development, predictability, Brent oil, innovative economic growth models, vertically integrated companies, OPEC, competitiveness of oil and gas companies.

Koshman A. V., Rodionov D. G. Turbulence in oil prices as a challenge to the sustainability of development of the oil industry in Russia. Business. Education. Law, 2020, no. 3, pp. 69–76. DOI: 10.25683/VOLBI.2020.52.333.