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Current State and Prospects for the World Oil Market

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.

Andrey S. Kaukin – Head of Department for System Analysis of Sectoral Markets of the Russian Presidential Academy of National Economy and Public Administration; Head of Sectoral Markets and Infrastructure Department of the Gaidar Institute, Candidate of Economic Sciences (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Eugenia M. Miller – Senior Researcher of the Russian Presidential Academy of National Economy and Public Administration (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

OPEC+ agreements on joint efforts to limit production have become a significant stabilizing factor on the global oil market. 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.

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