50Received 02.04.2025. Revised 30.10.2025. Accepted 30.12.2025.
Abstract. The article examines the history of Russia’s strategy in the global oil market in the last fifty years. The analysis compares the strategy of increasing oil production with the strategy which focuses on controlling global oil prices implemented with the beginning of cooperation with OPEC in 2016. Sanctions introduced against Russian oil sector in 2022 resulted in significant changes in the strategy of the Russian oil producers which managed to restructure their operations and redirect export flows from traditional European markets to emerging markets like India and China. The strategy of Russia on the global oil market has hence shifted and currently requires a clear focus on maximizing the diversification of markets and sales channels. The strategy to increase oil production implemented before 2016 contributed to economic growth, including through the powerful multiplier effect of the oil sector on related industries, investment and regional development. The strategy of controlling global oil prices implemented between 2016 and 2022 ensured the stability of the budget system of the Russian Federation by smoothing revenue volatility and aligning production with market conditions. Based on the analysis, the key priorities for the development of the Russian oil sector in the short and medium term have been identified. These priorities include further diversification of export flows, increase in oil and oil products consumption inside the country, accelerated growth of domestic shipbuilding and expansion of the fleet of own oil tankers, development of Northern Sea Route as a global transport corridor, examining the possibilities of acquiring refining capacities in key markets-consumers of Russian oil and further cooperation within BRICS to establish independent payment mechanics that reduce settlement risks and enhance financial sovereignty.
Keywords: oil, petroleum products, sanctions, price ceiling, discount, diversification of exports, energy strategy, Russia, OPEC
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