Abstract
The article analyzes the state of the world oil market. It is shown that modern problems and dilemmas of the oil market development are mediated by institutional and technological shifts on a global scale, within the contours of which the structure and mechanism of oil market pricing are formed corresponding to the changes. Analysis of the dynamics of quantitative indicators characterizing fluctuations in the oil market made it possible to reveal the essence of the transformation, assess the changes taking place in the world oil market, and show the role of OPEC from the standpoint of the regulating factor of temporary shocks in the short term. The main directions of the transformation of the world oil market have been identified in connection with the change in the role of the main players, caused by changes in the macroeconomic and geopolitical situation, the dynamics of the dollar exchange rate and the state of financial markets, the spread of the coronavirus infection COVID-19, and increased international competition. It is shown that a new circle of leading market participants is being formed and strengthened, their role in achieving market equilibrium is changing. The main players in the oil market, the United States, Saudi Arabia and Russia, have not only resource and geological potential, but also a wide range of related factors, including a mechanism for making strategic decisions. The current situation on the world oil market complicates the conditions for Russia’s activity on it, maintaining its leading positions. An analysis of Russia’s competitive advantages in the world oil market, based on significant resource potential, showed their institutional basis: a developed export infrastructure, a diversified distribution system, integral partnerships united in a petrochemical cluster. It is shown that thanks to the crisis, the Russian oil sector has received every reason to reassess the energy strategy, the prospects of the industry, its structure and reorganization tasks, taking into account the need to ensure the stability of the industry to any external influences.
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