At the present stage of development fossil fuel and primarily oil and gas continue to be the main sources of energy and, as numerous studies show, they will remain in the medium term, despite significant investments to the intensification of energy transition to renewable energy. Over the past 50 years, oil has been the main source of fuel and energy in the global energy sector, but recently its share has been constantly decreasing and oil will gradually lose its dominant position in the energy sector. However, the demands of oil given its widespread use as not only fuel, but also as a valuable raw material in various industries, will remain sufficient high.
The article presents the results of the analysis of the world oil production and consumption, shows the dynamics of its deficit or surplus in production in various regions of the world. Despite the fact that in many regions of the world there has been a steady trend of outstripping the growth of oil consumption over its production, due to the large surplus of oil production in the Middle East and CIS countries, the stability of the global oil market remains.
It is shown in the article that Russia being one of the world’s main oil producers and the main producer among the CIS countries, is and in the medium term will remain one of the defining players on the oil market. The conducted studies, taking into account the analysis of consumption growth and the dynamics of export-import flows of oil, show the objective need to reorient oil exports from Russia to the countries of the Asia-Pacific region (APR), given the pace of development of its economy, population growth and the increasing deficit on its oil markets.
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