«Problems of economics and management of oil and gas complex»

On sovereignization of crude oil price indicators of Russian exported grades

UDC: 339.5
DOI: -

Authors:

¹ National University of Oil and Gas "Gubkin University", Moscow, Russia
² Saint Petersburg International Mercantile Exchange, Moscow, Russia

Keywords: international crude oil trading, crude oil price indicator, benchmarks, crude oil price index for tax purposes, Urals, ESPO

Annotation:

Constant destabilization of energy markets including oil markets is a hallmark of today’s economy. Because of focused actions of US administration and governments of a number of US allies the world witnesses, successive creation of crude oil grey export segments. Steadfast efforts are made to reduce to such status all the volumes supplied to the world market by a number of key oil-producing nations including Russia. Dilution of business practices established in international trade of oil over past decades resulted not only in redirection of large streams of physical commodity but also in disruption in such pivotal sphere as crude oil price identification. In this situation – against the background of rising uncertainty, prohibitions and restrictions – the use by Russia of foreign price indicators either for tax purposes or for making export deals generate a number of grave risks. The author of the article considers the current status in this field and analyzes potential for setting Russian price indicators of exported grades for uses listed above. The conclusion is made that steps aimed at setting crude oil price indicators used for making contracts in physical markets may be undertaken simultaneously with decisions on creation of a domestic price index for taxation of Russian oil industry.

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