The Role of the Foreign Economic Component in the Russian Oil Industry Development

The article explores the problems and prospects of the Russian oil industry development from the position of international trade and cooperation. The theoretical basis consists of investigations into changes in the global economic structure and its centre shifting to Asia in the context of developing economies gaining strength. The authors use the data from statistical bulletins, program documents and periodical literature. We reveal the geo-economic challenges facing the Russian oil industry. The paper discusses the specifics of the foreign economic component of the oil industry in Russia, substantiates its importance for the Russian economy and identifies the priorities for its development. It establishes the forward-looking avenues for the Russian oil industry's participation in the international division of labour (in particular, diversification of the export structure with a significant increase in the share of the Asian-Pacific region countries, import substitution in the sphere of oil mining technologies) and pioneering forms of diversification of Russia's participation in the international fuel and energy complex.