Current State and Prospects for the World Oil Market

Mpnitoring of Russia's Economic Outlook. Moscow. IEP, No. 7, pp. 27-33, 2020

7 Pages Posted: 3 Jun 2020

See all articles by Yuri Bobylev

Yuri Bobylev

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

Andrey Kaukin

Gaidar Institute for Economic Policy; Russian Foreign Trade Academy

Evgenia Miller

Russian Presidential Academy of National economy and public administration

Date Written: May 5, 2020

Abstract

Despite the adherence to the commitments according to the OPEC+ deal on the joint efforts to cut production, during Russia’s three-year participation in the deal as a whole the annual crude oil production in the country increased by 2.4% on the back of stabilized world crude oil prices. Collapse of the OPEC+ deal has created risks for the outbreak of the price wars, which threaten the private Russian companies with losses being unable to ramp up production without opening new projects. The renewal of the deal meant that Russia could avoid a feasible imposition of duties by the US and Canada, attacks on customary market outlets by Saudi Arabia; overloading of storage capacities.

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

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

Suggested Citation

Bobylev, Yuri and Kaukin, Andrey and Miller, Evgenia, Current State and Prospects for the World Oil Market (May 5, 2020). Mpnitoring of Russia's Economic Outlook. Moscow. IEP, No. 7, pp. 27-33, 2020. Available at SSRN: https://ssrn.com/abstract=3593829

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

Andrey Kaukin

Gaidar Institute for Economic Policy ( email )

Moscow, 125993
Russia

Russian Foreign Trade Academy

4a Pudovkin str.
Moscow, 119285
Russia

Evgenia Miller

Russian Presidential Academy of National economy and public administration ( email )

Vernadskogo Prospect 82
Moscow, 119571
Russia

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