Development of the global market of petroleum products in the conditions of geopolitical instability

The article considers the key features of development of the global oil products market in the context of geopolitical instability. The authors analyze the main characteristics of the oil market in the leading exporting countries. The features of the development of this market in the current conditions of high turbulence are demonstrated. The global petroleum products market is a complex dynamic trading system of crude oil processing products. Its condition is determined by the balance of supply and demand, the capacities of oil refineries and logistic chains. The article examines the basic factors that have a direct impact on the pricing process of the oil products market, with sanctions restrictions being the most significant. Special attention is paid to the adaptation of refining capacities to new conditions, including modernization of production facilities and development of low-carbon areas. The impact of geopolitical tensions and logistical imbalances on regional markets and global trade is studied. Based on the analysis, strategic vectors of further market evolution aimed at ensuring sustainability and competitiveness in the context of global decarbonization are identified. The article provides a forecast of oil product prices based on these factors. Additionally, the authors analyze the impact of the geopolitical crisis on the oil and gas industry in the Russian Federation. The article outlines the role of international corporations, particularly OPEC, in shaping global oil prices.