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Efremov N., Efremova M., Kurakova A.

Cooperation areas of the Russian Federation and Organization of Petroleum Exporting Countries (OPEC)

Keywords: petroleum market, international cooperation, energy dialogue, petroleum exporting countries, geopolitics

The history and prospects for further development of relations between the Russian Federation and one of influential international organizations – Organization of Petroleum Exporting Countries (OPEC) are discussed in the article. Although Russia is not among member countries of this organization, it is one of the largest suppliers of oil to the world market, which determines the need for continuous dialogue. Despite quite a long duration of energy dialogue between Russia and OPEC, there are still a fairly large number of problems associated with the process of regulating world oil prices: the policy of the US aimed at increasing its influence in the oil market, multidirectional interests of oil-exporting countries, lack of clear rules for regulating the oil market etc. Disputes about the need for Russia to join the Organization of Petroleum Exporting Countries do not stop, but currently existing conditions of membership are unlikely to allow our country to effectively defend its position. The prospects for further energy dialogue between Russia and OPEC are not obvious. On the one hand, it is necessary, since world oil prices are unstable and largely depend on coordinated positions of exporting countries. On the other hand, constant pressure of the USA on the Middle East countries in order to reduce world oil prices, and thus have an economic impact on the Russian economy, does not allow to organize any effective relations with the leaders of the world oil market, primarily with Saudi Arabia.

References

  1. Muzhzhavleva T.V., Kurakova A.V. Tsenovaya determinanta mezhdunarodnykh rynkov uglevodorodnogo syr’ya i ee vliyanie na ekonomiku Rossii [Price determinants of international hydrocarbon markets and its impact on the Russian economy]. Bukhgalterskii uchet, analiz, nalogooblozhenie i audit: metodologiya poznaniya, perspektivy razvitiya i tsifrovaya obrazovatel’naya sreda: materialy Vseros. nauch.-prakt. konf. (Cheboksary, 10-12 aprelya 2018 g.) [Proc. of Rus. Sci. Conf. «Accounting, analysis, taxation and audit: methodology of knowledge, development prospects and digital educational environment»]. Cheboksary, Chuvash University Publ., 2018, pp. 140–143.
  2. Organization of petroleum exporting countries: site. Available at: https://www.opec.org/ opec_web (Accessed 6 Oct. 2018).
  3. Organizatsiya stran-eksporterov nefti (OPEK) [Organization of petroleum exporting countries]. Available at: http://www.mid.ru/procie-universal-nye-organizacii/-/asset_publisher/ km9HkaXMTium/content/id/2517342 (Accessed 6 Oct. 2018).

About authors

Efremov Nikolay
candidate of economics, economic theory and international economic relations department head, Chuvash State University, Russia, Cheboksary (mirek@chuvsu.ru)
Efremova Marina
candidate of economics, economic theory and international economic relations department associate professor, Chuvash State University, Russia, Cheboksary (mirek@chuvsu.ru)
Kurakova Anna
economic theory and international economic relations department undergraduate, Chuvash State University, Russia, Cheboksary (a.nna.kurakova@mail.ru)

Article link

Efremov N., Efremova M., Kurakova A. Cooperation areas of the Russian Federation and Organization of Petroleum Exporting Countries (OPEC) [Electronic resource] // Oeconomia et Jus. – 2018. – №4. P. 1-6. – URL: http://oecomia-et-jus.ru/en/single/2018/4/1/.