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

Crude oil pricing current problems

UDC: 338.45:662
DOI: 10.33285/1999-6942-2023-12(228)-71-78

Authors:

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

Keywords: crude oil pricing, global crude oil market model, market price indicators, reference grades of oil, differential, netback, Brent, WTI, Urals, dedollarization, petrodollar, sanctions restrictive measures

Annotation:

The article analyzes the actual problems of oil pricing, caused by the beginning of transformation of the oil market global model due to the sanctions restrictive measures against the Russian economy and oil and gas industry introduced by the Western Coalition of the United States, which started changing the pricing structure for Russian oil. The author of the article analyzes the problem of linking the price of Russian oil to Western benchmark standards. Brent, WTI, Dubai still remain the world’s leading price benchmarks, but the ongoing process of de-dollarization of the world trade relations creates challenges for oil producers and exporters in the further use of petrodollars and price indicators nominated in dollars. In the context of increasing uncertainty in the world commodity market, Russia, as one of the main oil producers and exporters, should actively develop its own market price indicators in the national currency, on the basis of which independent energy resources pricing will be established in future.

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