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

"Price chaos" on the world oil market or how sanctions of the western countries against Russia destroy the world oil pricing system

UDC: 339.13
DOI: 10.33285/1999-6942-2023-10(226)-47-56

Authors:

¹ National University of Oil and Gas "Gubkin University", Moscow, Russia

Keywords: world oil pricing system, price indicators (benchmarks), commodity exchanges, price agencies, "commoditization" and "financialization", "gray market" of oil

Annotation:

This article is devoted to the transformation of the pricing structure in the world oil market in the context of the sanctions policy of the United States and the Western countries to restrict the export of Russian oil to the world oil market and the consequences to which these sanctions may lead, including price chaos and reconstruction of the entire oil trading system in the world oil market, including the system of transport and logistics routes. Russia is forced to transfer to the so-called "gray schemes" of Russian oil sales, thus increasing uncertainty in the oil market and price turbulence.

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