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

THE REAL COST OF OIL IS THE KEY TO UNDERSTANDING THE PROBLEMS OF THE RUSSIAN ECONOMY

UDC: 330.354
DOI: 10.33285/1999-6942-2021-4(196)-14-18

Authors:

¹ National University of Oil and Gas "Gubkin University", Moscow, Russian Federation

Keywords: oil, oil price, inflation, ruble exchange rate, currency, macroeconomics, economic growth, growth factors, economic model, economics, energy, economic policy

Annotation:

Based on the analysis of oil prices over the past and a half century, its real value today has been an assessed. The author analyzes fluctuations in the oil market through the prism of economic crises in Russia, as a result of which he determines the dissonance of key trends in the development of the global and Russian fuel and energy complex. The paradigm is substantiated in accordance with which the period of high oil conditions at the beginning of the 2000s was an abnormal surge, and the current failure of quotations was the return of the oil market to its natural state. In accordance with the proposed paradigm, the stages of evolution of "oil management" policy in Russia are identified and analyzed, its effectiveness is assessed, and the framework for finding solutions to the identified problems is determined.

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