Scientific and economic journal

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

ISSN 1999-6942

Problems of economics and management of oil and gas complex
Launching of JSC "Vostok Oil" project as a driver of Russia in the development of the Northern Sea Route and the creation of a new world hub of energy resources

UDC: [911.3:33](98)(045)
DOI: 10.33285/1999-6942-2022-2(206)-5-12

Authors:

KATYUKHA PAVEL B.1,
RYABENKO L.P.2

1 National University of Oil and Gas "Gubkin University", Moscow, Russia
2 Russian Presidential Academy of National Economy and Public Administration (RANEPA), Moscow, Russia

Keywords: world oil pricing system, benchmarks, benchmark oil grade, differential, Brent, WTI, Urals, ESPO, London Intercontinental Exchange, ICE Brent futures, oil mixture BFOET, price indicator, "Vostok Oil" project

Annotation:

The unique geographical position of Russia and the possibility of direct access to the Northern Sea Route let the country a chance to change its positions in the world energy market in the coming decades and to influence the change in the current pricing system for Russian oil as well as become an indicator of prices for other world oil grades. Russia is looking for an acceptable way to form independent pricing for Russian oil, when the market cost will be determined not by the world's leading price agencies, but by the main players. Access to Northern Sea Route and the uniqueness of low-sulfur oil from the "Vostok Oil" fields are expressed not only by huge reserves, but also in premium quality of Russian crude oil, which gives a chance to become a marker grade of oil in the world.

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