OIL MARKET TENDENCIES
The article analyzes the dynamics of supply and demand in the oil market, the evolution of pricing, duration of contracts and the development of types of transactions with oil. Among the factors affecting the level of oil prices, the factors, which have already lost influence, are highlighted. The current state of the oil market from supply and demand point of view, the role of oil in modern world, changes in the structure of the energy balance, that occurred over the past four decades, are discussed. The article outlines trends in volumes and costs of oil extraction and refining. The dependence of oil prices from crude oil production is established. The increasing part of the curve indicates that the proportion of reserves difficult to recover is dramatically rises in total world production. Decreased elasticity of production volumes with respect to the price is observed. This fact suggests that the global economy is either already at the threshold of wide-scale transformations, or is approaching this point. Such transformations will be associated with changes in the technological structure, the role and importance of currently used energy sources. The trends are of great importance for a long-term planning of Russia economic development, because the contribution of the energy sector in the GDP remains significant.
Crude oil production, oil prices, elasticity of supply, structure of energy balance, energy conservation, alternative energy sources.
Issue number: 7
Authors: Matsko N. A., Kharitonova M. Yu.
About authors: Matsko N. A., Doctor of Technical Sciences, Leading Researcher,
Federal Research Center «Computer Science and Control» of Russian Academy
of Sciences Institute for Systems Analysis, 117312, Moscow, Russia,
Kharitonova M. Yu., Candidate of Technical Sciences, Researcher,
Institute of Chemistry and Chemical Technology of Siberian Branch
of Russian Academy of Sciences, Scientific Employee, 660036, Krasnoyarsk, Russia.
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