Moscow, Russian Federation
The article describes the features of the oil market, taking into account the value of the oil industry for Russian economy. The author identifies the main factor determining the price of oil on the world market which is futures trading settlement. In the terms of falling quotations on derivatives there is reduction of capital costs which is the reason of the suspension of the projects developing new oil fields and the decrease in production efficiency of explored fields. Under these circumstances, the only option for companies is a significant reduction in costs due to investment. Later, however, it may be expressed in the reduction of production volumes that can shake the quotes and put a price on the highest level.
oil, oil market, pricing, capital expenditures, costs, futures speculation, the theory of supply and demand, quotes.
Нефтяная отрасль имеет важное значение для экономической жизни России. Однако в условиях снижения цен на черное золото возникают закономерные вопросы: выгодно ли сегодня производить разведку новых месторождений и добычу нефти российским компаниям, насколько зависят цены на нефть от затрат нефтедобывающих организаций, какие факторы влияют на процесс ценообразования. Нефтедобыча и ее переработка относится к числу ведущих отраслей российской экономики, обеспечивающих более 1/3 ВВП страны, что обусловливает актуальность исследований на данную тему.
1. Andreev A.F., Berezina S.A., Martynov V.G., Matveev F.R., Pel'meneva A.A., Shpakov V.A., Shpakova Z.F. Uchebnoe posobie [Tutorial]. Moscow, RGU nefti i gaza im. I.M. Gubkina Publ. 2011. 224 p.
2. Dunaev V.F. Ekonomika predpriyatiy (organizatsiy) nef- tyanoy i gazovoy promyshlennosti [Economy enterprises (organizations) of the oil and gas industry]. Moscow, TsentrLitNefteGaz Publ., 2015. 330 p.
3. Linnik Yu.N. Teoriya i praktika prognozirovaniya tsen na energoresursy [Theory and practice of energy price forecasting]. Moscow, INFRA-M Publ., 2016. 339 p.
4. Andrey Korablev «Tovarnyy chek» [«Sales receipt»]. Zhurnal «Vokrug sveta» [The magazine «Around the World»]. 2016, I. 11.
5. Gazeta.ru [Gazeta.ru]. Kogda v Rossii zakonchitsya neft’ [When will oil in Russia]. Available at: https://www.gazeta.ru/ business/2016/03/17/8128217.shtml (accessed 12 November 2016).
6. Investitsionnaya kompaniya «Ay Ti Invest» [Investment Company «ITinvest»]. F’yuchersy na neft’ [Crude oil futures]. Available at: http://www.itinvest.ru/education/articles/futures/ na-neft/ (accessed 11 November 2016)
7. Internet-portal «Delovaya zhizn’» [Internet portal «Business life»]. Sebestoimost’ dobychi nefti po stranam v 2016 g. [Cost of oil production by countries in 2016]. Available at: http://bs-life.ru/makroekonomika/sebestoimost-dobichinefti2015. html (accessed 15 November 2016).
8. Konsaltingovaya gruppa «Malina» [«Raspberry» Consulting Group]. Sebestoimost’ dobychi nefti [Cost of oil production]. Avai lable at : ht tp: / /mal ina-group.com/mneniya/ isledovaniya/517-cebestoimost-dobychi-nefti-po-stranammira- istochnik-cebestoimost-dobychi-nefti-po-stranam-mirav- 2015-godu/ (accessed 15 November 2016).
9. Ministerstvo Finansov RF [The Ministry of Finance of the Russian Federation]. Ispolnenie federal’nogo byudzheta i byudzhetov byudzhetnoy sistemy Rossiyskoy Federatsii za 2015 god [Execution of the federal budget and the budgets of the budgetary system of the Russian Federation for 2015]. Available at: http://minfin.ru/common/upload/library/ 2016/09/main/Ispolnenie_budzheta_2015.pdf (accessed 24 October 2016).
10. PAO «NK «Rosneft’» [PJSC «NC» Rosneft «]. Konsolidirovannaya finansovaya otchetnost’ PAO «NK «Rosneft’» [The consolidated financial statements of PJSC «NC» Rosneft »]. Available at: https://www.rosneft.ru/Investors/statements_ and_presentations/Statements/ (accessed 15 November 2016).
11. Rambler novosti [Rambler news]. Zapusk f’yuchersa na Urals pozvolit otvyazat’ tsenu [Launch futures for Urals allow untie pr ice] . Avai lable at : ht tps: / /news. rambler . ru/ economics/35198653-zapusk-fyuchersa-na-urals-pozvolitotvyazat- tsenu/?updated=news#welcome (accessed 15November 2016).
12. Svobodnaya baza dannykh Knoema [Free Knoema database]. Statistika nefti [Oil statistics]. Available at: https://knoema. com/vhzbeig/oil-statistics-production-costs-breakevenprice (accessed 24 October 2016).
13. Federal’naya sluzhba gosudarstvennoy statistiki [Rosstat]. Available at: http://www.gks.ru/wps/wcm/connect/rosstat_ main/rosstat/ru/statistics/accounts/#(accessed 21 October 2016).
14. International Energy Agency [International Energy Agency]. Otchet o rynke nefti [Report on the oil market]. Available at: https://www.iea.org/media/omrreports/RussianOMR.pdf (accessed 15 November 2016).
