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Global Oil Market: Price Stabilization

Yury N. Bobylev – Head of Mineral Sector Economics Department of the Gaidar Institute; Leading Researcher of the Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences (Moscow, Russia). E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Agreements between OPEC, Russia and a number of other countries (OPEC+) not affiliated with this organization on joint measures aimed at limitation of oil production became a meaningful factor providing its impact on oil prices in the world. Implementation of these agreements contributed to the growth of global prices up to USD 60–70/barrel. In the beginning of July 2019, OPEC+ countries took a decision to prolong existing limitations of oil production for the next nine months. This measure should serve as a stabilizing factor for the world oil market amid increase of production in the USA and slowdown of the global economic growth.

Key words: oil, oil production, global oil market, global oil prices, OPEC, OPEC+.