Purpose This paper aims to clarify the relationship between oil product prices and factors describing the most crucial emerging trends in fuel consumption. The work is aimed to test the hypothesis that the proliferation of alternative fuel cars is a significant factor in determining the level of motor fuel prices. The influence of technical standards of oil products on the model parameters is also analysed. Design/methodology/approach The hypothesis testing is carried out on the basis of an econometric analysis of information regarding the North-West European commodity market and the data on the registration of alternative fuel passenger vehicles. Time series are analysed for the presence of a structural shift in the parameters of the model as a result of changes in the requirements of technical regulations for fuel. Findings The results suggest a different nature of the influence of the proliferation of alternative fuel passenger vehicles – it has little effect on diesel prices, whilst the indicators under study have a negative effect on the prices of motor gasoline. The construction of oil product price models has confirmed the impact of tightening the technical requirements for the parameters of dependence equations. Practical implications The obtained results can be used in forecasting price indicators in oil refining for strategic and investment purposes. Originality/value This paper fulfils an identified need to take into account the emerging global trends in fuel consumption to obtain reliable parameters for oil product price modelling.
The carbon border adjustment mechanism (CBAM) leads not only to the expected environmental changes, but also to the transformation of market environment. The study estimates the losses of the oil refining sector from the introduction of CBAM for the export of oil products from Russia to the countries of the European Union. An approach to assess the impact of CBAM on the cost of oil products has been formed and the mechanisms of its impact on the economy of Russian oil refineries have been identified. The study was carried out on the basis of actual data on the volume of greenhouse gas emissions in accordance with the current rules of the European emissions trading system. Decomposition of assessments of the CBAM impact was carried out into direct and indirect effects, as well as the effect of adaptation. It is shown that with the introduction of the CBAM mechanism, the prices of oil products in the domestic market will be determined not only by the logistical factor, but also by the requirements for environmental friendliness of oil refining. The introduction of CBAM will have a significant impact on the economics of oil refining, including refineries that do not export to the EU. The total impact of CBAM on the economy of Russian oil refineries will be about 250 mln dollars.
Purpose The purpose of this paper is to identify the most effective operational model for oilfield service companies in developing markets (e.g. Russian market). It proposes the comparative analysis of oilfield service industry regulation in several developed and developing markets, specifies industry and interaction between energy and service companies and advises the effective operation model applicable to the Russian market. Design/methodology/approach This paper’s methodology is based on collecting information and generalizing the experience of international oilfield service companies in developed and developing markets, thus identifying types of service company’s operational models and factors that determine the choice of strategy and operational model in different countries and markets, as well as identifying the most effective model for the developing market (e.g. Russian market). Findings The paper provides the case study for operational models implementation and calculation of their financial effect. It suggests that the integrated operational model is the most effective solution in developing markets in the case of operational risks and financial effect. Research limitations/implications Because of the great number of segments, types of works and projects in international oilfield service industry, only the drilling segment was chosen as the analysis object. This segment is the key segment in oilfield sector with 35% global share of total oilfield works. Originality/value This paper fulfils an identified need to study how oilfield service companies are able to increase profitability and decrease market access barriers using correct operational models that reflect different market specifics.
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