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Financial Risks of Russian Oil Companies in Conditions of Volatility of Global Oil Prices

Author

Listed:
  • Sergey O. Chikunov

    (Veteran in Electric Energy Sector, Peoples Friendship University, I.M. Sechenov First Moscow State Medical University, Moscow, Russian Federation)

  • Vadim V. Ponkratov

    (Financial University under the Government of the Russian Federation, Moscow, Russian Federation,)

  • Alexander A. Sokolov

    (Federal State Budget Educational Institution of Higher Education MIREA - Russian Technological University, Moscow, Russian Federation,)

  • Andrey S. Pozdnyaev

    (Bauman Moscow State Technical University, Moscow, Russian Federation,)

  • Irina V. Osinovskaya

    (Tyumen Industrial University, Tyumen, Russian Federation,)

  • Marina I. Ivleva

    (Plekhanov Russian University of Economics, Moscow, Russian Federation)

Abstract

The development of scientific approaches to assessing and diagnosing the financial risks of oil industry in the Russian Federation becomes a high priority task in conditions of high level of volatility in oil prices in the world energy market and preservation of sanctions regime. The article shows the main threats to financial stability of oil companies in Russia. Using cluster analysis, a system of indicators is proposed that determines the level of financial risk of oil companies in Russia. Based on the method of expert assessments and fuzzy sets, the classification of financial risk levels of oil industry is proposed. The integrated financial risk level of oil industry was calculated and scenarios of its development for 2018 2020 were forecast by means of regression modeling. The system of measures to improve the stability of oil companies and prevent functional financial risks is argued. The practical implementation of research results will be the basis for timely diagnosis of financial risks and qualitative development of preventive measures to neutralize them in the oil industry of Russia.

Suggested Citation

  • Sergey O. Chikunov & Vadim V. Ponkratov & Alexander A. Sokolov & Andrey S. Pozdnyaev & Irina V. Osinovskaya & Marina I. Ivleva, 2019. "Financial Risks of Russian Oil Companies in Conditions of Volatility of Global Oil Prices," International Journal of Energy Economics and Policy, Econjournals, vol. 9(3), pages 18-29.
    • Handle: RePEc:eco:journ2:2019-03-3
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    References listed on IDEAS

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    Cited by:

    1. Alan Karaev & Vadim Ponkratov & Andrey Masterov & Elena Kireeva & Maria Volkova, 2020. "Cross-country Analysis of the Comparative Efficiency of Government Support for Coal and Lignite Production," International Journal of Energy Economics and Policy, Econjournals, vol. 10(5), pages 220-227.
    2. Marina V. Vasiljeva & Vadim V. Ponkratov & Larisa A. Vatutina & Maria V. Volkova & Marina I. Ivleva & Elena V. Romanenko & Nikolay V. Kuznetsov & Nadezhda N. Semenova & Elena F. Kireeva & Dmitrii K. G, 2022. "Crude Oil Market Functioning and Sustainable Development Goals: Case of OPEC++-Participating Countries," Sustainability, MDPI, vol. 14(8), pages 1-23, April.
    3. Bartosz Lamasz & Natalia Iwaszczuk, 2020. "Crude Oil Option Market Parameters and Their Impact on the Cost of Hedging by Long Strap Strategy," International Journal of Energy Economics and Policy, Econjournals, vol. 10(1), pages 471-480.
    4. García-Miguel, Carmen & San Martín, Jesús, 2021. "Covering fractals with constant radius tiles: Distribution functions and their implications for resource management," Chaos, Solitons & Fractals, Elsevier, vol. 143(C).

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    More about this item

    Keywords

    Oil Industry; Oil Companies; Financial Risks; Oil Prices; Financial Stability of Oil Industry;
    All these keywords.

    JEL classification:

    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
    • Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply; Prices
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L52 - Industrial Organization - - Regulation and Industrial Policy - - - Industrial Policy; Sectoral Planning Methods

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