The Impact Of The Oil Market On The Socio-Economic Development Of Russia

Abstract

Currently, the oil and gas complex is a determining factor in any state's economic development. Oil and gas are employed in nearly every area of the economy, distributing economic advantages and serving as the foundation for commercial products. In this context, strong control of the oil and gas complex, particularly state regulation, is required. For competitive environment study, the market concentration indices CR-3, CR-4, Herfindahl-Hirschman index, Hall-Teidman index, and Lind index were produced. After studying the competitive landscape of the Russian oil sector from 2015 to 2019,it was discovered that the Russian oil market was somewhat concentrated in 2015-2016, and highly concentrated in 2017-2019; the Russian oil market was a monopolistic competition market for the whole time under study. The influence of integration procedures on indices of the country's socioeconomic progress was also examined in the research. GDP, economic growth, consolidated budget revenues, international trade balance, and oil and gas condensate production were all identified as factors impacting the country's socio-economic development. Integration procedures on the oil market have a fairly significant impact on GDP and consolidated budget revenues, according to the research, while they have a modest impact on the volume of oil production with gas condensate. At the same time, oil market integration has no major influence on economic growth or the international trade balance.