Browsing by Author "Shmyrina, Anastasia"

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Consequences of the crisis on the world oil market for the Ukrainian and global economies
(National Aviation University, 2021) Shmyrina, Anastasia; Шмиріна, Анастасія
A number of factors have led to the current staggering decline in world oil prices. The most obvious of these is the COVID-19 coronavirus pandemic, which has engulfed the planet and led to a rapid decline in the world's hydrocarbon fuel consumption. There are other powerful factors, some of which are less obvious, that influenced the formation of the current dynamics of prices in the world oil market. Such factors often include international competition from major oil producers and, in particular, the inability of global oil market players such as Saudi Arabia and Russia to agree in a timely manner on a coordinated policy of limiting oil production and, consequently, oil sales on the world market. The latest trends in the global energy balance should also be included in the category of rather strong and long-lasting factors that will affect the future dynamics of oil consumption in the world. It is, first of all, about increasing the share of renewable energy sources in its total consumption, including at the expense of oil products. Moreover, this factor will continue to work after overcoming the negative consequences for the world economy of the COVID-19 coronary pandemic. And it will manifest itself, if not in reducing oil consumption, then at least in limiting the growth rate of its production in the long run.