Development of the world market of oil and petroleum products in the conditions military aggressions of russia against Ukraine

Abstract

This article examines the economic consequences of the Russian invasion of Ukraine, examining the volume of world trade and the prices of petroleum products. The development trends and conditions of trade, the dynamics of the world oil price are analyzed. Prognostic assessments of the development of the world market of petroleum products are provided.
The problems and prospects of the formation of the world market of petroleum products are highlighted. It is well-founded that the war that Russia launched against Ukraine has global consequences for the national economies of the countries of the world. Among the consequences that Europeans feel the most is the rise in energy prices.
It was determined that for many years Russia was the largest supplier of coal, oil and gas to Europe. The authors found that the war caused prices to rise as Russia cut gas supplies to some member states, forcing Europe to look for reserves and forcing Europeans to pay more for gasoline and household heating. High energy prices are also a challenge for industry, which consumes large volumes of Russian gas.
The Russian invasion of Ukraine was a serious shock to commodity markets. The market of oil and oil resources was no exception. Prices have risen sharply for all energy products and some food products. This, in turn, has raised concerns about energy and food security.
In response to price increases, politicians often try to ease consumer needs through subsidies or tax cuts; however, these are generally ineffective remedies and may exacerbate supply shortages. Past commodity price shocks have produced policy and market responses that have led to increased sources of supply and, in the case of oil price shocks, to greater efficiency in consumption and diversion from oil. Over time, the recent surge in prices is likely to once again stimulate more efficient energy use and a faster transition away from fossil fuels, especially if supported by appropriate policy measures.