World Oil Market: Prices Have Stabilized

Abstract

OPEC+ agreements aimed at cutting oil production have became a significant factor affecting world oil prices. Implementation of these agreements led to the rise of global oil prices to $60-70 per barrel. In early July OPEC+ decided to extend current restrictions on oil production for another nine months. On the back of growing oil production in the US and slowdown of the global economic growth this decision will be a stabilizing factor for the world oil market.