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RUSSIA AND THE WORLD ENERGY MARKET: RESULTS OF 2023

https://doi.org/10.48137/26870703_2024_25_1_33

Abstract

2023 was a very important year for both global and Russian energy markets. In addition to the aftermath of the coronavirus pandemic and, consequently, the reduction of business activity in the world’s largest economies, the oil and gas market continued to undergo a significant transformation, caused, among other things, by the introduction of restrictive measures aimed at the Russian hydrocarbon industry. The article examines the most significant events that influenced the price fluctuations in the oil and gas markets. The authors study the measures taken by European countries to avoid the energy crisis and assess their effectiveness. The study also considers the prospects of Russia’s interaction with Asian countries in the sphere of oil and gas supplies. Special attention is paid to the interaction with China and India.

About the Authors

I. S. Krishtal
Plekhanov Russian University of Economics
Russian Federation

Krishtal Igor S., Candidate of Economic Sciences, Associate Professor of the Department of Political Economy and History

36, Stremyanny lane, Moscow, 117997



D. D. Vyshegorodtsev
Research of the Institute of CIS
Russian Federation

Vyshegorodtsev Daniil D., Researcher at the Department of Economic

Moscow, 119180, Bolshaya Polyanka str., 7/10, build. 3



References

1. Decree of the President of the Russian Federation of 27.12.2022 No. 961 «On the application of special economic measures in the fuel and energy sector in connection with the establishment by some foreign states of a ceiling price for Russian oil and oil products» // http://publication.pravo.gov.ru/Document/View/0001202212270015, accessed 15.02.2024. (In Russ.)

2. Decree of the Government of the Russian Federation from 28.01.2023 No. 118 «On measures to implement the Decree of the President of the Russian Federation from December 27, 2022 No. 961» // http://government.ru/docs/all/145778/, accessed 20.02.2024. (In Russ.)

3. Komlev S., Shapin A., 2023. European gas market. Shaky equilibrium persists // Gazprom. 2023. No. 9. Pp. 18–22. (In Russ.)

4. Graph of oil price. Brent // https://www.profinance.ru/charts/brent/ll77, accessed 29.02.2024. (In Russ.)

5. Oil price chart. Urals // https://www.profinance.ru/charts/urals_med/ll77, accessed 29.02.2024. (In Russ.)

6. Central European Gas Hub AG (CEGH) // https://www.cegh.at/, accessed on 03.03.2024. (In Eng.)

7. IEA (2023), Oil Market Report – December 2023, IEA, Paris // https://www.iea.org/reports/oil-market-report-december-2023, accessed 03.03.2024. (In Eng.)

8. U.S. Energy Administration // https://www.eia.gov/, accessed on 03.03.2024. (In Eng.)


Review

For citations:


Krishtal I.S., Vyshegorodtsev D.D. RUSSIA AND THE WORLD ENERGY MARKET: RESULTS OF 2023. Geoeconomics of Energetics. 2024;(1):33-49. (In Russ.) https://doi.org/10.48137/26870703_2024_25_1_33

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ISSN 2687-0703 (Print)