Global Oil Market: Output Cuts and Prices

Monitoring of Russia's Economic Outlook. Moscow. IEP. 2017, No. 23, pp. 11-13

3 Pages Posted: 23 Jan 2018

See all articles by Yuri Bobylev

Yuri Bobylev

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

Date Written: 2017

Abstract

Global crude oil prices surged in 2017 on the back of the production-cut agreement between OPEC and a group of non-members including Russia. In January–November 2017, Russian crude oil was traded at an average of $52/bbl in the global market, adding $10 to the previous year’s price. In late November, the agreement was extended until the end of 2018. The crude oil price in 2018 is therefore projected to stay above the 2017 average.

Keywords: Russian economy, oil&gas sector, oil market

JEL Classification: L71, L72, O13, O47, Q32

Suggested Citation

Bobylev, Yuri, Global Oil Market: Output Cuts and Prices (2017). Monitoring of Russia's Economic Outlook. Moscow. IEP. 2017, No. 23, pp. 11-13, Available at SSRN: https://ssrn.com/abstract=3102922 or http://dx.doi.org/10.2139/ssrn.3102922

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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