Global Oil Market: Main Trends 2018

Monitoring of Russia's Economic Outlook. Trends and Challenges of Socio-economic Development. Moscow. IEP. 2018. No. 22, pp. 9-12

4 Pages Posted: 6 Feb 2019

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 29, 2018

Abstract

Russian crude oil gained 33.5% in value from the previous year, selling at an average of $70.9 per barrel in the period between January and November 2018. The increase stemmed from, among other things, a cooperative agreement to limit oil production, known as OPEC+. Global oil prices dropped considerably in recent months. The parties to the agreement decided in December 2018 to cut their oil production early in 2019. The agreement may, however, have a far less pronounced effect because of increase in the U.S. shale oil production. Oil prices in 2019 are projected to be far below the average seen in 2018.

Keywords: Russian Economy, Russian Oil and Gas Industry, Oil Prices, OPEC+

JEL Classification: P24, E52

Suggested Citation

Bobylev, Yuri, Global Oil Market: Main Trends 2018 (December 29, 2018). Monitoring of Russia's Economic Outlook. Trends and Challenges of Socio-economic Development. Moscow. IEP. 2018. No. 22, pp. 9-12, Available at SSRN: https://ssrn.com/abstract=3324994 or http://dx.doi.org/10.2139/ssrn.3324994

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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