Directions To Improve The Effectiveness Of Russia’s Energy Export Policy

Gennady Osipov, Svetlana Karepova, Elena Chizhevskaya, Maxim Gnatyuk, Alexander Semin, Oksana Mikhayluk

Abstract


The importance of a fuel and energy complex (FEC) of the Russian Federation (RF) for the economy together with volatility of the global energy market conjuncture updates the need to develop scientific approaches to improving the effectiveness of energy export policy. Key factors destructive to an energy balance in the context of the current state and development of the fuel and energy complex in Russia have been identified. Using the regression method, the article rationalizes the nature of dependence of Russia’s gross domestic product (GDP) on energy balance indicators taking into account the factors of the current economic and geopolitical situation. Based on simulation modeling, values of a favorable ratio of exports to production and consumption of oil and gas that would contribute to an increase in the growth rates of Russia’s GDP have been calculated. A quantitative estimation of the GDP growth and the level of energy intensity reduction in the national economy have been presented, while observing favorable ratios of the exports to the production and consumption of oil and gas. A set of focus areas to increase the effectiveness of Russia’s energy export policy has been proposed.

Keywords: Energy Export Policy, Energy Resources, Energy Exports, Energy Balance, Energy Intensity of the Economy, Export Potential, Oil, Gas

JEL Classifications: L520; O110; O470

DOI: https://doi.org/10.32479/ijeep.7055


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