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
Date Written: December 29, 2018
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: Suggested Citation