Template-type: ReDIF-Article 1.0
Author-Name: Kaukin Andrey
Author-Workplace-Name: Russian Presidential Academy of National Economy and Public Administration; Gaidar Institute for Economic Policy
Author-Name: Miller Eugenia
Author-Workplace-Name: Russian Presidential Academy of National Economy and Public Administration
Title: World’s Oil Market in Q1 2021
Title: Ситуация на мировом рынке нефти в первом квартале 2021 г.
Abstract: One of the main factors behind the reduction in oil supply and, consequently, the increase in oil prices in Q1 2021 was the voluntary decision of Saudi Arabia under the OPEC+ agreement to further reduce its production by 1 mbpd. This fact resulted in a record overall conformity with the original decision, which came to 115% in February 2021. A potential risk factor for the oil prices dynamic is the decision taken at the 15th OPEC+ meeting to raise production targets in Q2 2021, coupled with a rapid increase in the number of coronavirus cases reported in Asian countries.
Keywords: oil, world oil market, oil production, oil prices, OPEC+, coronavirus, vaccination
Classification-JEL: L71, E3, Q3
Journal: Russian Economic Developments
Year: 2021
Issue: 5
Month: May
Pages: 9-13
File-URL: http://www.iep.ru/files/RePEc/gai/recdev/r2150.pdf
File-Format: Application/pdf
Handle: RePEc:gai:recdev:r2150