DEVELOPMENT OF THE OIL PRODUCTION INDUSTRY IN RUSSIAN FEDERATION: PROBLEMS AND PROSPECTS

Abstract

Introduction. The article examines the current problems faced by the oilproducing industry of the Russian Federation, divided into groups of factors: foreign economic, foreign policy, domestic, and environmental. The key vectors of potential development of the industry are considered, which will reduce oil production costs, increase sales volumes in the context of external restrictions, and resolve issues with the finite reserves of current fields. Materials and methods. The statistical data are based on Rosstat reports, reports on the results of the fuel and energy complex of the Russian Federation for 2023, as well as open sources. Based on the application of methods of analysis, comparison, graphical interpretation of information, a systems approach, the article analyzes the current state of the industry, considers problem areas and development prospects. Research results. The main groups of factors that are considered as problem areas are highlighted: foreign economic, foreign policy, intra-system, environmental. It was revealed that factors within each of the groups have a mutual influence on each other: supply and demand determine the price, price affects the size of investments. Unprecedented decisions in the field of political restriction of access to European sales markets and the establishment of an upper price threshold have created conditions for a total reorientation both to other consumers and to other logistic sales channels. Discussion and conclusion. The solution to issues in the field of technology lies in several planes: this includes stimulating the development and implementation of new technological solutions. The formation of new strategic partnerships and economic ties allows us to maintain third place in the world in oil production. The potential for digitalization of the oil production industry to optimize production and reduce costs is also noted in this research.