Analysis and assessment of the Russian oil industry

The article presents the analysis and assessment of one of the leading sector of Russian industry in the last 3–5 years, reviews its strengths and drawbacks. The requirements of modern international economic conditions indicate the need for production improvement, and are especially relevant when conducting a policy of import substitution. For implementation of this task some current criteria for a successful development of the industry that are common to many developed countries have been identified. These criteria are the quality of the produced fuel, the intensity of crude oil refining, the ratio between the number of processing plants in the country and the volume of oil production, industry infrastructure, as well as the attracting of external capital and the main directions of investment flows. To determine the effectiveness of functioning indicators in developed and developing countries, the development trends in the direction of financial flows in the sector, including the amount of funds and the peculiarities of processes designed to update the technical park have been identified. The data were taken from official domestic and foreign sources. The possible future path of growth affecting the basic concepts for qualitative development of the refining sector of the economy are described. The urgency to apply the state industrial policy is grounded.