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

Valery F. Anisimov, Yuri V. Truntsevsky, Valery V. Bessel, Saltanat Yessetova


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, ОECD, 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.

Keywords: oil industry; regional oil economy; global oil economy.

JEL Classifications: Q40; Q41; Q47


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