THE STATE OF THE WORLD OIL MARKET AND ITS IMPACT ON UKRAINE
Journal Title: Международный научный журнал "Интернаука" - Year 2018, Vol 2, Issue 7
Abstract
For today oil as power medium is on the top of life cycle and has the greatest level of competitiveness. The requirements of world economy in oil with every year grow, and as a market of these strategic commodities co-operates with other markets (currency, fund, investments, labours and others like that), the state of him influences on development of all world economy instrumental in the economy growing or draws the offensive of recession. The economy of countries especially suffers from the state of affairs of oil market - importers of oil, among which and Ukraine. The last decades proved that power safety of these countries of associated with is not so much with the guarantees of trouble-free deliveries of oil, how with the acceptable standard of prices. For Ukraine, where the own booty of oil provides 16,1% modern necessities of economy only, price stability of oil market is the determining constituent of power safety of the state and important factor of providing of steady development and increase of competitiveness of economy. Forming of integral vision and successive embodiment of national power strategy, minimization of negative external influences on an economy need analysis of conformities to law of functioning of national market of oil products in the context of world tendencies, evaluation of accordance of his state, 4 to national interests of the state and determination of prospects of subsequent development. Ukraine belongs to the group of energy dependent countries, which is primarily due to the inability to produce the required quantity of qualitative oil products. In particular, in 2016 Ukraine had to import more than 80% of oil products, import of crude oil and gas condensate increased by 2,5 times compared to the previous year. Its own oil extraction has been gradually decreased over the last few years, the possibilities of increasing production volumes are limited due to the fact that the main deposits in Ukraine are exhausted, and potential sources of increasing in oil extraction for the domestic market are not mastered due to the lack of investments. In total, Ukrainian oil, extraction has been fallen by over 45% for the last 10 years.
Authors and Affiliations
Andriy Zhmurkevych, Marta Peleshak
Keywords
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