Shift of the world energy sector development paradigm: consequences for Russia

Abstract

The current stage of society development is characterized by rapid changes in the global fuel and energy complex (FEC). Supply chains, added value chains, and the structure of global markets are changing under the influence of the exhaustion of easily available resources, price fluctuations, the emergence of equipment and technologies for extracting previously inaccessible energy resources. Russia is one of the largest countries, and one of the richest in energy resources. The profound changes taking place in the world fuel and energy markets are a challenge for Russia, which can both dramatically accelerate its development (acting as an “open window of opportunity”), and throw it back to the periphery of the world economy. In these circumstances, it is very important to understand the essence of these changes and to find the best way for the country to respond to these changes. The purpose of the article is to identify the essence of the profound changes taking place in the global energy sector and to find the optimal ways of responding to them both for the Russian fuel and energy sector and the Russian economy as a whole..