Trends in development of the Russian oil industry under sectoral sanctions

A basis of effective functioning of economy is the innovative development connected with the need to carry out research works in the priority areas. The Russian market of oil and oil products considerably influences development rates of economy and is the catalyst of innovative activity. Experience of foreign countries testifies that in oil branch the commitment to innovations is the general tendency of development. The article presents fundamental reasons of modern risks for branch including: globalization consequences, complication of the competitive environment, transition to the market of services, changes in pricing and introduction of sectoral economic sanctions. The performed comparative analysis of the largest transnational corporations of the world on the basis of «Fortune Global 500» rating confirmed the high efficiency of the branch in modern economic development. However decline in oil and gas companies profits in 2014 dictates substantial increase of investment activity in the field of research and development. The study of the Russian market of oil and oil products was carried out on various indicators: production, transportation, processing and realization of oil and processing products. The author concludes that in the conditions of negative state of world oil market, the innovative reorganization of an oil and gas complex has to be transformed into the knowledge-intensive innovative production ensuring economic, energy, ecological security and creating the socially oriented competitive sector of economy on the basis of new technological processes implementation.