World’s Oil Market in Q1 2021

Ситуация на мировом рынке нефти в первом квартале 2021 г

Andrey Kaukin and Miller Eugenia
Additional contact information
Miller Eugenia: Russian Presidential Academy of National Economy and Public Administration

Russian Economic Development, 2021, issue 5, 9-13

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 (search for similar items in EconPapers)
JEL-codes: E3 L71 Q3 (search for similar items in EconPapers)
Date: 2021
References: Add references at CitEc
Citations: View citations in EconPapers (4)

Downloads: (external link)
http://www.iep.ru/files/RePEc/gai/recdev/r2150.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gai:recdev:r2150

Access Statistics for this article

Russian Economic Development is currently edited by Alexei Vedev

More articles in Russian Economic Development from Gaidar Institute for Economic Policy Contact information at EDIRC.
Bibliographic data for series maintained by Olga Beloborodova ( this e-mail address is bad, please contact ).