Release:2017, Vol. 3. №3
About the author:Aleksei A. Ustyuzhanin, Postgraduate Student, University of Tyumen; firstname.lastname@example.org
This article discusses the impact of the volatility of oil prices on the income of economic entities associated with the sale of oil, as well as the importance of the price of oil to stabilize the exchange rate of the national currency. The urgency of the topic is due to the crisis phenomena in the Russian economy caused by the volatility of the oil price and the ruble exchange rate, the inaccessibility of foreign borrowed capital due to sanctions in a number of industries, and the growth of costs for the military-industrial complex.
This paper aims to confirm the hypothesis that the economic instability in the Russian Federation is due in large part to fluctuations in the price of oil and the ruble exchange rate, as well as finding ways to stabilize the national economy. The author analyzed dependencies between the change in the price of oil, the ruble exchange rate against the US dollar and the volume of oil exports by the Russian Federation.
The revealed correlation between these values led to the conclusion that in order to raise the price of oil and stabilize the ruble exchange rate, it is necessary to reduce the aggregate supply of oil on the world market. The analysis of the factors influencing the price of oil in the world market shows that the Russian Federation does not have levers of influence capable of sufficiently raising energy prices. The article suggests ways of stabilizing the economic situation in the country, based on domestic macroeconomic policy, and analyzes the possible consequences of implementing these scenarios of economic development. Information for the analysis within the framework of this article was statistical data obtained from open sources.