Oil Market: Low Prices Retained

Russian Economic Developments. Moscow, 2016, pp. 25-27

3 Pages Posted: 23 Dec 2016

See all articles by Yuri Bobylev

Yuri Bobylev

Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration

Date Written: December 23, 2016

Abstract

Low world crude oil prices have resulted in scaling back oil production on high-cost oil deposits and in contraction of investment in the development of unconventional deposits. At the same time, reduction of crude oil extraction from the cost-intensive deposits, first of all, in the US, is offset by the built up production by leading OPEC countries who strive to increase their market share. In 2016, Iran and Saudi Arabia have significantly raised their crude oil output. Russia has also built up production, which hit all-time high since 1990. In 2017, one should expect relatively low oil prices to remain. At the same time, some growth is feasible in comparison with the current year.

Keywords: Russian economy, oil and gas sector, oil prices

JEL Classification: P24, E52

Suggested Citation

Bobylev, Yuri, Oil Market: Low Prices Retained (December 23, 2016). Russian Economic Developments. Moscow, 2016, pp. 25-27, Available at SSRN: https://ssrn.com/abstract=2889453 or http://dx.doi.org/10.2139/ssrn.2889453

Yuri Bobylev (Contact Author)

Gaidar Institute for Economic Policy ( email )

Gazetny pereulok, 3-5
Moscow, 125993
Russia

Russian Presidential Academy of National Economy and Public Administration ( email )

Vernadsky Avenue 82
119571
Russia

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