The impact of oil industry indicators on the economic well-being of the Russian population

Subject. The article investigates factors of the oil industry that affect the economic well-being of the Russian population. Objectives. The purpose is to examine possible impact of oil industry indicators on the well-being of the Russian population and develop an econometric model to predict the dynamics of living standards of Russians. Methods. We applied correlation and regression analysis to develop an econometric model within the framework of this study. On its basis , we selected factors of the oil industry that affect the level of economic well-being of the Russian population. The study rested on statistical data from open sources for the period from 2000 to 2023. Results. The paper identifies factors of economic activity of the industry that affect Russia’s GDP per capita. We developed an econometric model to determine the magnitude of the impact of oil industry indicators on the well-being of the country's population. Conclusions. The price of oil and the level of demand for it on the international market, as well as investments in the development of new oil fields, are significant factors that have a significant impact on the well-being of the population.