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World’s Oil Market in May-August 2020

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 Center for Real Sector 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.

Plunge in the oil prices seen in H1 2020, induced by the coronavirus infection was coupled with the lack of an agreement on the prolongation of OPEC+ deal. The latter has aggravated competition on the global oil market and led to a significant growth in commercial stocks of crude oil and oil products. The situation stabilized following the resumption on OPEC+ deal on cutting production coupled with the gradual easing of quarantine measures in a number of countries. Further dynamics in the oil industry will depend on compliance with the OPEC+ agreement and revival of demand.

Key words: oil, production of oil, OPEC+, oil depots, coronavirus.