Global Oil Market: Main Trends

Abstract

The oil output cut agreement between some OPEC and non-OPEC countries, including Russia, pushed global crude oil prices to USD 50–55 a barrel in the first few months of 2017. The oil output boost in the United States and in some other countries has become an increasingly greater challenge which can neutralize the effect of the agreement. The global market is volatile, and there are risks that crude oil prices will plunge.