Features of oil pricing in the global market under modern conditions

The article analyses the features of oil pricing as a key resource of the global economy. It examines the evolution of oil pricing mechanisms and highlights the methods of oil trading, including futures contracts, long-term and short-term transactions, as well as agreements between producers and consumers. The main stages of the development of global oil trade are covered, along with the identification of problems related to uncertainties in the functioning of international oil institutions, including risks for OPEC and the impact of sanctions. Special attention is paid to the pricing of Russian Urals crude oil, the dynamics of its prices, and the shift in export directions. The article notes Russia's relatively successful reorientation toward Asian oil markets, which has minimized losses and enabled the conclusion of long-term agreements with key partners. Based on the research findings, the role of market competition, changes in participant strategies, and the transformation of modern international cooperation in shaping oil pricing is emphasized.