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Global Oil Market: Main Trends

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). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

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.

Key words: oil, prices of oil, OPEC+.