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World’s Oil Market in Q2 2021
[Ситуация На Мировом Рынке Нефти Во Втором Квартале 2021 Г]

Author

Listed:
  • Kaukin Andrey

    (Russian Presidential Academy of National Economy and Public Administration; Gaidar Institute for Economic Policy)

  • Miller Eugenia

    (Russian Presidential Academy of National Economy and Public Administration)

Abstract

The revision of the oil output baseline for the UAE made it possible to reach a compromise in the negotiations to extend the OPEC+ agreement. In return, the UAE supported the proposal to extend the current deal until the end of 2022, and to increase the total oil production by OPEC+ countries by 400,000 barrels per day (bpd) during that period. This will allow Russia to return to the pre-crisis oil production level of 10.5 mn barrels per day as early as May 2022, by increasing output by 100,000 bpd from August 2021. However, the threat of negative effects on the oil market of potential worldwide infection outbreaks caused by new coronavirus strains is still there. The work was carried out within the framework of the RANEPA state order (topic «Assessment of the impact of market and fiscal factors of price dynamics on the consumption of petroleum products»).

Suggested Citation

  • Kaukin Andrey & Miller Eugenia, 2021. "World’s Oil Market in Q2 2021 [Ситуация На Мировом Рынке Нефти Во Втором Квартале 2021 Г]," Russian Economic Development, Gaidar Institute for Economic Policy, issue 8, pages 17-22, August.
    • Handle: RePEc:gai:recdev:r2184
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    File URL: http://www.iep.ru/files/RePEc/gai/recdev/r2184.pdf
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    References listed on IDEAS

    as
    1. Kaukin Andrey & Miller Eugenia, 2021. "World’s Oil Market in Q1 2021 [Ситуация На Мировом Рынке Нефти В Первом Квартале 2021 Г]," Russian Economic Development, Gaidar Institute for Economic Policy, issue 5, pages 9-13, May.
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    Cited by:

    1. Kaukin Andrey & Miller Eugenia, 2021. "Динамика Промышленного Производства В Мае-Июле 2021 Г.: Факторы Роста," Russian Economic Development (in Russian), Gaidar Institute for Economic Policy, issue 9, pages 27-32, September.
    2. Kaukin Andrey & Miller Eugenia, 2021. "Industrial Production Dynamics in May-July 2021: Growth Factors [Динамика Промышленного Производства В Мае-Июле 2021 Г.: Факторы Роста]," Russian Economic Development, Gaidar Institute for Economic Policy, issue 9, pages 27-32, September.

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    More about this item

    Keywords

    oil; world oil market; oil production; oil prices; OPEC+; coronavirus;
    All these keywords.

    JEL classification:

    • L71 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Mining, Extraction, and Refining: Hydrocarbon Fuels
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • Q3 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation

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