On the Formation of a Strategic Reserve of Crude Oil in Russia to Ensure Economic Security and Macroeconomic Stability

Abstract

The article demonstrates the difficulty of reconciling conflicting goals when developing SDS is demonstrated: minimizing cost and optimizing storage for a timely response to requests both for commercial purposes and the needs of the State. The special role of the magnitude of the savings public strategic stocks is characterized and risks of their creation and storage are mentioned. The need in accounting for information limitations while analyzing the tasks of the State system of reserves due to problems of openness of data on stocks is pointed out. The feasibility of establishing a strategic oil reserve in Russia is considered. The comparative analysis of different views on the formation of a strategic reserve of crude oil in Russia is made. The foreign experience in the creation and use of both commercial and public strategic reserve is studied. The experience of petroleum storing in the system of Russia state reserve is emphasized. The effects of instability of the energy market on making decisions about establishing strategic oil reserves are shown. The ways of forming oil commercial reserves are examined. It is recommended to create commercial oil reserves on the basis of public-private partnerships. The option of using oil strategic reserves as a tool of the oil market stabilization is supported.

Keywords

• strategic reserve
• commercial stocks
• the state reserve
• oil
• mobilization reserve
• market regulator
• public-private partnership