Template-Type: ReDIF-Article 1.0
Author-Name:Yu. Bobylev
Author-Name-First:Yu.      
Author-Name-Last: Bobylev
Author-Workplace-Name:  Gaidar Institute for Economic Policy
Title:  OIL MARKET: NEW REALITY
Abstract:  Amid low crude oil prices resulting from the excessive supply over demand, oil
production at high-cost deposits began falling, drastically decreased investments
in the development of non-traditional deposits including shale oil in
US. However, falling oil production at the high-cost deposits is off set by the oil
production growth in leading OPEC member states, which aim for expanding
their oil market share. Russia has also increased oil supplies: in 2015, its oil
production peaked its maximum over the period since 1990 and the oil export
has reached its all-time record. Moreover, due to the litting of sanctions on
Iran one should expect a signifi cant increase of supplies from that country.
On the whole, the oil market outlook is characterized by predominance of factors,
which will contribute to preservation of low world oil prices.
Classification-JEL: 
Keywords: Russian Economy, oil market
Journal: Russian Economic Developments
Year: 2016
Issue: 2
Month: February
Pages: 59-62
File-URL: http://www.iep.ru/files/RePEc/gai/recdev/693Bobylev.pdf
File-Format: Application/pdf
Handle: RePEc:gai:recdev:693