Open AccessOil Industry in Russia: Retrospective Review, Current State and Development Prospects
Author(s) -
Evgenii Konnikov,
Yulia Dubolazova,
Olga Zavrichko,
Ekaterina Malevskaia-Malevich
Publication year - 2020
Publication title -
iop conference series materials science and engineering
Language(s) - English
Resource type - Journals
eISSN - 1757-899X
pISSN - 1757-8981
DOI - 10.1088/1757-899x/940/1/012027
Subject(s) - sanctions , petroleum industry , state (computer science) , economics , economic sanctions , relevance (law) , financial crisis , economy , economic policy , business , international trade , political science , macroeconomics , engineering , algorithm , environmental engineering , computer science , law
Relevance of the issue selected for the research is directly correlated with Russia’s specialization in oil product exports. The oil industry competitiveness has become the foundation of the country’s economy and living standards. However, current macroeconomic uncertainty significantly affects this industry and despite the nationwide support, the consequences are seen in lower oil production both in physical and financial terms. This article analyzes changes in Russia’s oil industry during the world economic crisis (2008-2009), as well as during the period of economic sanctions against Russia (2014 till present). The estimated changes in output and return on sales in the period of macroeconomic uncertainty were assessed by means of the factor analysis. The development prospects of the oil industry in Russia were assessed by means of the retrospective analysis.
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