Development of Russian lubricants market under sanction pressure
- Authors: Chernyaev M.V.1, Kudryashov A.M.1
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Affiliations:
- RUDN University
- Issue: Vol 31, No 4 (2023): EDUCATION. SCIENCE. DIGITALIZATION
- Pages: 779-790
- Section: INDUSTRIAL ORGANIZATION MARKETS
- URL: https://journals.rcsi.science/2313-2329/article/view/324307
- DOI: https://doi.org/10.22363/2313-2329-2023-31-4-779-790
- EDN: https://elibrary.ru/QYPGKQ
- ID: 324307
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Abstract
The oil and gas sector is one of the key sectors in the structure of the economy of the Russian Federation, as well as petroleum products industry, and particularly oil lubricants and components for their production. According to official statistics, the share of exports of petroleum products in monetary terms was 29 % in 2021, and in some years the figure was more than 50 %. Because of global events in recent years, including the impact of the COVID-19 pandemic and the consequences of sanction pressure, significant changes have occurred in the global and Russian lubricants markets, which have led to the emergence of turbulence in the markets, and resulted in uncertainty about the further development. The main purpose of this study is to identify the main trends in the development of the lubricants market in Russia in 2023. Within the framework of the study, the concept of “oil lubricants” and the main technological features of their composition and production process are determined. The analysis of the main geopolitical events and changes that occurred in 2022 and their impact on the lubricants market was carried out. In particular, the influence of the latter on the market dynamics of the main raw material component to produce lubricants, as well as its cost both in retrospect and 2023 expectations (taking into account expected consumption volumes in the domestic and foreign markets) was studied. The study gives a brief description of the market segments, as well as analyzes the main brands that were present on the Russian market in 2022 and changes in their composition due to recent events in the industry. Based on the results of investigation, a comprehensive conclusion about the state of Russian lubricants market at the current time and the prospects for its development in 2023 was formulated.
About the authors
Maxim V. Chernyaev
RUDN University
Email: chernyaev-mv@rudn.ru
ORCID iD: 0000-0003-4638-5623
SPIN-code: 1500-2438
Candidate of Economic Sciences, Associate Professor, Deputy Dean Faculty of Economics
6 Miklukho-Maklaya St, Moscow, 117198, Russian FederationArtem M. Kudryashov
RUDN University
Author for correspondence.
Email: 1142220373@rudn.ru
ORCID iD: 0000-0001-9482-7954
SPIN-code: 4035-0241
Postgraduate Student, Department of National Economics of the Economic Faculty
6 Miklukho-Maklaya St, Moscow, 117198, Russian FederationReferences
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