Prospects for Global Energy Market in Volatile Environment

Abstract

Abstract Decarbonization of the global energy market has been underway for several years, but recently the COVID-19 pandemic and the special military operation in Ukraine have had a significant impact on the pace of the energy transition and the balance of power in international energy trade. In this regard, the key players in the energy market are now face a particularly acute need to respond flexibly and timely to the challenges posed by the unstable political and epidemiological situation. Russia is not an exception with its significant role in the global energy market as it is one of the largest producers, exporters and consumers of energy resources. The article outlines  the current trends in the energy market, provides forecast figures for some indicators regarding the future trends in the energy sector, and analyzes Russia’s competitive advantages in the global energy market with the opportunities and limitations of the industry’s development.