Global Refining Industry in Retrospect, and Evaluation of Russia-EU Petroleum Products' Trade Perspectives

Oil-refining industry plays a significant role in the development of the world fuel and energy complex. In the meantime, at the current stage of this industry's development quality changes are taking place in it. Taking into account the traditional siting of refinery capacity close to consumption centers, many countries consider the possibility of building their own oil refineries to satisfy the growing domestic demand for oil products. Other countries consider the possibility of developing refineries not only for the national market, but also for export of petroleum products. Such a tendency can be observed in Russia. The article deals with current state and relevant issues of development of oil refining industry on the global scale, with the latter being largely driven by consumer demand changes. Particular attention is given to Baltic Sea region countries that are considered as potential markets for diesel fuel exports in the context of the capacity increase of oil refining in Russia. Keywords: Russia, oil, petroleum products, diesel, refining, international trade, EU, energy market JEL Classifications: F16, F63, O52, R12, L16, L7