World and Russian fuel and energy market development perspectives and drivers

Abstract

The fuel and energy sector of the world economy and of Russia in particular is surviving heavy and high-speed transformations which inevitably will touch everyone. This article aims to analyze the modern tendencies of Russian worldwide natural resources perspectives of development and to understand the potential of economic drivers. Therefore, the current picture of oil and gas market for Russia and others countries was evaluated. Possible risks for Russian Federation including entrepreneurial difficulties were studied. Using econometric methods, the features influencing the amount of oil extracting were defined. The research allowed us to conclude that the major significant variable influencing oil extraction is “Well yield per day”. According to this result we may state the initiating of new oil fields is of great need in Russia.