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Factors and conditions of transformation of the world oil market

https://doi.org/10.51176/1997-9967-2021-2-71-85

Abstract

The article analyzes the global oil market, determines what factors and conditions affect its transformation. The situation in the oil market is developing in such a way that the price is the main indicator in the transformation of the world oil market. The article focuses on global oil production and global oil consumption, which are dependent on the price environment. That is, the conjectural factor that is most well-known in the development of the oil market and is associated with changes in world production (supply), consumption (demand), which dictates price offers. At the same time, there are significant price fluctuations and caused by other factors that affect the transformation of the world oil market, such as: economic factors, geopolitical factors, as well as technological factors.
The purpose of the article is to determine the transformational factors of the world oil market in the conditions of shock conditions that occurred in the conditions of price “collapses” in the market, leading to sharp and significant changes in the entire world economic system.
Methodological tools of scientific articles are based on an integrated approach of analysis of the world oil market based on scientific research methods, which include methods of system approach, comparative analysis, synthesis, empirical research - systematization, economic and statistical groups, as well as historical-logical method.

About the Authors

K. A. Turkeeva
Institute of Economics CS MES RK
Kazakhstan

Turkeeva Kulyash Amirkulovna - Leading researcher, Candidate of Economics sciences, asistant professor

Almaty, 050010. Kurmangazy, 29

Tel: +77011651156 



A. Sh. Suleimenova
Institute of Economics CS MES RK
Kazakhstan

Suleimenova Arailym Shaimuratovna - corresponding author, Al-Farabi Kazakh National University and Institute of Economics of the Ministry of Education and Science of Kazakhstan, PhD student (Econ.) 

Almaty



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For citations:


Turkeeva K.A., Suleimenova A.Sh. Factors and conditions of transformation of the world oil market. Economics: the strategy and practice. 2021;16(2):71-85. (In Russ.) https://doi.org/10.51176/1997-9967-2021-2-71-85

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ISSN 1997-9967 (Print)
ISSN 2663-550X (Online)