The Impact of World Factors on Oil and Petroleum Products Price in Russia

In this paper an empirical study of the Russian oil and oil products market was carried out to determine its dependence on the world economy, in particular, on the world Brent price and the world factors. This issue is of substantial significance for the Russia, that is the oil-exporting country, and for the particular organisations due to the awareness of the consequences of changes in the certain world factors will allow them to calculate the possible losses in advance and later work out the economic development program. As a result of the research, it was revealed that the oil price is largely determined by changes in the world oil price, due to the specifics of the tax policy in this area. As a result of the analyzing the numerous factors, it was revealed that the oil and the oil products price is more influenced by financial factors and supply and demand factors in the physical oil market. Thus, in the process of evaluating a multiple regression models, a statistically significant positive effect of the world portfolio investments and a negative effect of the difference between production and consumption in the world oil market were revealed.