Russian oil price-setting mechanism evolving toward world standard

As a result of the privatization process under the direction of former President Boris Yeltsin, Russia's petroleum assets have changed hands over the past 9 years from a centrally controlled state monopoly to an oligopoly of 11 major, regionally defined oil companies.This transfer of wealth into private hands, however, and the end of government-set oil prices have created an infant market for competition among producers, refiners, bankers, traders, and metropolitan areas that may eventually lead to global integration.1 Click here to enlarge imageAccording to Andrei Sergeev, a petroleum trader in Moscow, oil prices depend on the distance between the producing site and the refinery. Fo...

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