New challenges for the development of the oil market

Abstract

The article considers the current situation in the oil market and the issues that determine the search for the most relevant pricing mechanisms for international oil grades. As noted in the study, the volume of oil available for calculating the North Sea Brent standard is decreasing, and trading liquidity in the ports of the North Sea is decreasing. Peaks in the production of most fields are long behind, and more and more light oil from various regions of the world is being delivered to Europe. Despite many scenarios for the transition of energy to low-carbon sources, oil demand will continue to grow, at least until 2040. This determines the long-term relevance of issues of ensuring balance in the global oil market.