Problems of financing of technological innovation in oil production market

The article presents the results of the study of pricing problems in the world oil market in terms of dependence of the oil supply on the state of oil production companies. The authors attempted to examine the degree of dependence of oil production on such factors as the number of enterprises in the industry, average annual number of staff in them, production drilling volume, average daily production rate per well, degree of wear of fixed assets of companies, the number of commissioned production facilities, renewal of fixed assents of companies, profitability level, business activity of the enterprises in the industry. The study is based on the data characterizing the development of oil market within a relatively steady period. The global oil market is a delicate exchange market mechanism sensitive to changes in pricing trends in global commodity and financial markets. World oil pricing trends depend on many political, economic, seasonal, regional factors as well as the situation with the tanker fleet, etc. The aggravation of the crisis and expectations of businesses about the future dynamics of global oil prices impact currency exchange rates, stock quotes, retail and wholesale prices. The COVID-19 pandemics caused decrease in manufacturing and other economic activity which determine oil export volumes. The current situation forces most of oil cartel countries to reduce quotes. The state of oil production industry, supply and demand relation, stabilization of oil prices remain the key aspects of pricing in the oil market.

1. Ross N. Secrety vudayuschikhsya investorov: sovetu ot Y.Baffeta, B. Grekhema, F. Fishera, T. Rou Praisa i D. Templtona [Secrets of Outstanding Investors: Tips from Warren Buffett, Benjamin Graham, Phil Fisher, Thomas Row Price and George Templeton]. Moscow: Vilyams, 2009. 405 p.

2. Chow G.C. Tests of Equality Between Sets of Coefficients in Two Linear Regressions. Econometrica. 1960. Vol. 28. No. 3. Pp. 591–605. DOI: 10.2307/1910133

3. Goldfeld S.M., Quandt R.E. Some Tests for Homoscedasticity. Journal of the American Statistical Association. 1965. Vol. 60. No. 310. Pp. 539–547. DOI: 10.2307/2282689

4. Breusch T.S., Pagan A.R. A Simple Test for Heteroskedasticity and Random Coefficient Variation. Econometrica. 1979. Vol. 47. No. 5. Pp. 1287–1294. DOI: 10.2307/1911963

5. White H. A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity. Econometrica. 1980. Vol. 48. No. 4. Pp. 817–838. DOI: 10.2307/1912934

6. Federal State Statistics Service. Available at : https://www.gks.ru

7. Organization of the Petroleum Exporting Countries (OPEC). Available at: https://www. opec.org/

8. International Energy Agency (IEA). Available at: http://www.iea.org/

9. Gazprom neft. Available at: https:// digital.gazprom-neft.ru

10. Savitskaya G.V. Ekonomicheskii analiz [Economic analysis]. Moscow: INFRA-M, 2018. 649 p.

11. Leszczynski А.F., Podlepa V.А. The use of the elements of analysis of variance in the task of assessing the quality of clustering of economic and financial information. Financial management. 2016. No. 2. Pp. 77–84.

12. Borodach Y.V. On the issue of pricing at the world oil market in modern conditions. Vestnik of Pushkin Leningrad State University. 2015. Vol. 6. No. 4. Pp. 99–109.

13. Zhukov S.V., Maslennikov A.O. World Oil Derivatives Market: Development Amid Stricter Regulation. Russian Journal of Money and Finance. 2017. No. 12. Pp. 91–96.

14. Gorelova G.V., Katsko I.А. Теоriya veroyatnostei i matematicheskaya statistika v primerakh i zadachakh s primeneniem Excel [Probability theory and mathematical statistics in examples and tasks using Excel]. Rostov-on-Don: Feniks, 2015. 474 p.

15. Кlimovets О.V. Competitive advantages of oil exporting countries in the context of hydrocarbon price volatility. Меzhdunarodnuyi zhurnal eksperimental’nogo obrazovaniya = International Journal of Experimental Education. 2015. No. 3-3. Pp. 375–377.

16. Lapinovа S.А., Zherdeva K.A., Ocharin Assessment methods and analysis of the mutual influence of oil futures and oil spot prices. Аudit i finansovyi analiz = Audit and financial analysis. 2017. No. 2. Pp. 87–93.

17. Cifarelli G., Paladino G. Oil price dynamics and speculation: A multivariate financial approach. Energy Economics. 2010. Vol. 32. No. 2. Pp. 363–372.

18. Huang S., Haizhong A., Xuan H., Xiaoliang J. Co-movement of coherence between oil prices and the stock market from the joint time-frequency perspective. Applied Energy. 2018. Vol. 221. Pp. 122–130.

19. Ji Q., Zhang H. Y., Zhang D. The impact of OPEC on East Asian oil import security: A multidimensional analysis. Energy Policy. 2019. Vol. 126. Pp. 99–107. DOI: 10.1016/j.enpol.2018.11.019

20. Schwarz T., Lenz H.J., Dominik W. Long-Term Projections for Commodity Prices – The Crude Oil Price Using Dynamic Bayesian Networks. Operations Research Proceedings Operations Research Proceedings (GOR (Gesellschaft für Operations Research e.V.)). Springer: Cham, 2017. Pp. 81–87.

21. Sioshansi F., Webb J. Transitioning from conventional to electric vehicles: The effect of cost and environmental drivers on peak oil demand. Economic Analysis and Policy. 2019. Vol. 61. Pp. 7–15.