Global Oil Market: Main Trends
Monitoring of Russia's Economic Outlook. IEP. Moscow, No. 1, pp. 9-11, 2020
3 Pages Posted: 27 Mar 2020
Date Written: March 3, 2020
Implementation of OPEC+ oil output cut agreements has led to stabilization of the world oil prices in the $60-70 per barrel range. In H2 2019, the oil prices pushed closer to the lower bound of this range. In December 2019, members of OPEC+ decided to cut further the oil production from January 1, 2020. Amid growing oil production seen in the countries outside the cut deal such measure should prolong stabilizing effect on the oil market and prevent a significant price slump.
Keywords: Russian Economy, OPEC+ Oil Cut Agreements, Global Oil Market, Oil Production
JEL Classification: L71, L72
Suggested Citation: Suggested Citation