Template-type: ReDIF-Article 1.0
Author-Name: Kaukin Andrey
Author-Workplace-Name: The Russian Presidential Academy of National Economy and Public Administration; Gaidar Institute for Economic Policy
Author-Name: Miller Eugenia
Author-Workplace-Name: The Russian Presidential Academy of National Economy and Public Administration
Title: World’s Oil Market in Late 2020
Title: Мировой рынок нефти в конце 2020 г.
Abstract: The refusal to sharply increase oil output by the OPEC+ deal participants and the news of the launch of vaccinations against the coronavirus were positively received by the world oil market: on December 10, for the first time since March 2020, Brent crude futures rose above $50 per barrel. The risks threatening oil price recovery and market balancing have been the additional containment measures adopted in a number of countries in response to the “second wave” of the pandemic and the resulting demand shrinkage. The upward trend may be sustained by the start of mass-vaccination programs and the subsequent confirmation of their effectiveness, as well as the continued concerted actions by the OPEC+ participants.
Keywords: crude oil, global oil market, oil production, oil prices, OPEC+, pandemic second wave, Covid-19 vaccination
Journal: Russian Economic Developments
Year: 2021
Issue: 1
Month: January
Pages: 7-10
File-URL: http://www.iep.ru/files/RePEc/gai/recdev/r2102.pdf
File-Format: Application/pdf
Handle: RePEc:gai:recdev:r2102