World’s Oil Market in Late 2020

Мировой рынок нефти в конце 2020 г

Andrey Kaukin and Miller Eugenia
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Miller Eugenia: The Russian Presidential Academy of National Economy and Public Administration

Russian Economic Development, 2021, issue 1, 7-10

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 (search for similar items in EconPapers)
Date: 2021
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