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

Formation of a system of spot hubs in Russia in the context of fragmentation of the hydrocarbons global commodity market as a mechanism for ensuring Russia’s energy sovereignty

UDC: 338.45:662.6
DOI: -

Authors:

¹ National University of Oil and Gas "Gubkin University", Moscow, Russia
² GSP-Komplektaciya, Saint Petersburg, Russia

Keywords: global oil commodity market, spot hubs, commodity exchanges, spot quotes, independent oil pricing, benchmarks, price indicators, futures, transport and logistics centers

Annotation:

The authors of the article consider topical issues of the relationship and mutual influence of spot and forward trading centers for oil and petroleum products on the global oil commodity market in the context of the need to form Russian spot hubs for the purpose of independent pricing of Russian oil and petroleum products. In conditions of increasing fragmentation of the global oil market, Russia has a unique opportunity to create Russian price benchmarks that will allow moving away from being tied to Western price indicators that have dominated the market for the last fifty years. In order to strengthen energy security, Russia needs to create its own transport and logistics hubs and price hubs to determine fair prices for Russian oil and petroleum products.

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