Development of world oil refining in the context of the coronavirus pandemic
The article is devoted to the analysis of the changes that are taking place in the global oil refining industry under the influence of the current recession in the world economy. Despite the recovery of the global economy after the pandemic, nevertheless, the risks of an intensification of the geopo...
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| Format: | Article |
| Language: | English |
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Publishing House of the State University of Management
2023-03-01
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| Series: | Вестник университета |
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| Online Access: | https://vestnik.guu.ru/jour/article/view/4252 |
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| author | A. P. Solomonov |
| author_facet | A. P. Solomonov |
| author_sort | A. P. Solomonov |
| collection | DOAJ |
| description | The article is devoted to the analysis of the changes that are taking place in the global oil refining industry under the influence of the current recession in the world economy. Despite the recovery of the global economy after the pandemic, nevertheless, the risks of an intensification of the geopolitical conflict have led to an unprecedentedly difficult situation in the energy markets. Newly emerging restrictions in international trade, including in the form of sanctions, have led to risks of unstable development of the oil refining industry. In turn, the uncertainty in the dynamics of world oil prices, as shown in the article, as well as the trends in the transition to a low-carbon economy, make it difficult to predict the development of the oil and gas industry, including oil refining. The serious changes observed in the structure of fuel production and consumption in the United States will have a significant impact on the development of the industry under study in the future, where there is already a shortage of refining capacity and unstable dynamics of prices for petroleum products. The introduction of additional capacities in the world oil refining, as noted in the article, will not have a significant positive impact on the oil product markets in the short term. |
| format | Article |
| id | doaj-art-3c0a607d12564ec7aa3c18cc0e131ee1 |
| institution | Kabale University |
| issn | 1816-4277 2686-8415 |
| language | English |
| publishDate | 2023-03-01 |
| publisher | Publishing House of the State University of Management |
| record_format | Article |
| series | Вестник университета |
| spelling | doaj-art-3c0a607d12564ec7aa3c18cc0e131ee12025-02-04T08:28:15ZengPublishing House of the State University of ManagementВестник университета1816-42772686-84152023-03-0102879410.26425/1816-4277-2023-2-87-942709Development of world oil refining in the context of the coronavirus pandemicA. P. Solomonov0Ryazan State Radio Engineering University named after V.F. UtkinThe article is devoted to the analysis of the changes that are taking place in the global oil refining industry under the influence of the current recession in the world economy. Despite the recovery of the global economy after the pandemic, nevertheless, the risks of an intensification of the geopolitical conflict have led to an unprecedentedly difficult situation in the energy markets. Newly emerging restrictions in international trade, including in the form of sanctions, have led to risks of unstable development of the oil refining industry. In turn, the uncertainty in the dynamics of world oil prices, as shown in the article, as well as the trends in the transition to a low-carbon economy, make it difficult to predict the development of the oil and gas industry, including oil refining. The serious changes observed in the structure of fuel production and consumption in the United States will have a significant impact on the development of the industry under study in the future, where there is already a shortage of refining capacity and unstable dynamics of prices for petroleum products. The introduction of additional capacities in the world oil refining, as noted in the article, will not have a significant positive impact on the oil product markets in the short term.https://vestnik.guu.ru/jour/article/view/4252world oil refiningglobal crisisoil productsexportoil refineryproduction capacitiesinternational tradecrack spreadrefining margin |
| spellingShingle | A. P. Solomonov Development of world oil refining in the context of the coronavirus pandemic Вестник университета world oil refining global crisis oil products export oil refinery production capacities international trade crack spread refining margin |
| title | Development of world oil refining in the context of the coronavirus pandemic |
| title_full | Development of world oil refining in the context of the coronavirus pandemic |
| title_fullStr | Development of world oil refining in the context of the coronavirus pandemic |
| title_full_unstemmed | Development of world oil refining in the context of the coronavirus pandemic |
| title_short | Development of world oil refining in the context of the coronavirus pandemic |
| title_sort | development of world oil refining in the context of the coronavirus pandemic |
| topic | world oil refining global crisis oil products export oil refinery production capacities international trade crack spread refining margin |
| url | https://vestnik.guu.ru/jour/article/view/4252 |
| work_keys_str_mv | AT apsolomonov developmentofworldoilrefininginthecontextofthecoronaviruspandemic |