The oil sector and oil companies in the economic strategy of some oil-exporting countries

The aim of the article is to explore the relationship between the economic strategy of an oil-exporting country and the organizational and economic structure of the oil sector and oil companies on the example of some countries-significant net exporters of oil, primarily Russia and Saudi Arabia, as well as the specifics of environmental protection measures within the oil industry of these countries. In recent years, coordination between these two countries has played a major role in stabilizing the oil market and protecting the interests of OPEC oil-exporting countries, as well as Russia under the OPEC + agreement. However, for a broader understanding of the problem under study, the authors make a number of comparisons with the experience of the United Arab Emirates (the UAE), Iran, Norway, and in some cases the United States, since the North American structure of the oil industry is very different from the industry structure of the countries mentioned above. Although a number of authors from research centers in the United Kingdom, the United States and other countries considered the subject under study, and especially oil companies with state capital participation, we want to look more deeply and, in part, take a fresh look at the specifics of the organization of the oil sector and the activities of oil companies in selected OPEC countries and Russia. On the one hand, it is necessary to identify how important is the possibility of state control of the oil sector for transition economies of developing countries-oil exporters, what are the main mechanisms of the governmental economic strategy of these states in the oil sector. On the other hand, it is important for us to clarify what, at both the macro and microeconomic levels, are the advantages of the organizational and economic structure of the leading oil companies in Russia and in the OPEC countries concerned, and the relationship of this organizational structure with the mechanism of environmental impact and costs of environmental activities. The problem under consideration involves certain aspects of the study. In our opinion, these are, above all, objective macroeconomic aspects of a country's development, features of state regulation of the economy, historical factors of capital formation and companies, geological features of oil development and marketing, environmental policy within the oil industry. In the research the methods of macro and microeconomic analysis, structural analysis, statistical analysis, historical and political analysis are used. The results of this research can be used in further researches of Russia and OPEC states strategies in the oil sector and for the improvement of the international economic cooperation between oil-exporting and oil-importing countries. © 2019, International Multidisciplinary Scientific Geoconference. All rights reserved.

International Multidisciplinary Scientific Geoconference
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  • 1 Peoples’ Friendship University of Russia (RUDN University), Russian Federation
  • 2 The Institute of Oriental Studies of the Russian Academy of Sciences, Russian Federation
Commerce; Developing countries; Environmental protection; Environmental regulations; Laws and legislation; Petroleum industry; Environmental activities; Environmental policy; Industry structures; International economics; Micro-economic levels; Microeconomic analysis; Organizational structures; United Arab Emirates; Environmental impact
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