INTERNATIONAL OIL TRADE AND ITS PRICE MECHANISM
Abstract
The article is devoted to the issue of pricing system and value chain formation in international oil trade, this chain includes such operations as exploration and development of oil fields, transportation, production and sale of products for a typical oil and gas complex. It has been determined that oil is a global, strategic, specific mono-commodity and a number of key commodity features of oil have been singled out, these features determine the development trends of international oil flows. conditions It is formulated under which the price of oil can be considered world. systematization of pricing factors in international oil trade Three factor blocks have been identified: fundamental, geopolitical, financial. It is emphasized that the key pricing factors in international oil trade are demand, supply and stock levels. generalization of theoretical approaches to the periodization of the development of the price mechanism in international oil trade Four evolutionary stages identified: the first – before 1947; the second – from 1947 to 1971; the third – from 1971 to 1986; the fourth – from 1986 to the present. These stages are distinguished by the following criteria: dominant type of oil market, pricing principle, main price regulator, main participants in pricing, nature of competition, competition points, demand dynamics, main cost dynamics factor, marker oil grades, price calculation system, dominant world price types , nature of oil foreign trade operations, dominant types of oil foreign trade contracts. It is proved that international trade in oil was gradually transformed from trade in "physical" oil to trade in "paper" oil - oil contracts, which led to significant diversification of international trade instruments, organizational and institutional structure and the formation of a new (mostly non-oil) price mechanism. Currently, the price of oil is determined in the context of competition in the global market for financial instruments between oil (to a lesser extent) and oil (to a greater extent) derivatives. Futures are defined as the main contractual form in international oil trade.
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