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Oil market amid low prices

Author

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  • Yuri Bobylev

    (Gaidar Institute for Economic Policy)

Abstract

Global oil marker is characterized by low oil prices resulting from an excessive supply over demand1. Under the effect of low prices oil production on cost-intensive oilfields began falling, drastically decreased investments in the development of unconventional petroleum deposits including shale oil in the US. Over recent months, it is observed that the oil production is shrinking in the United States. Contraction of cost-intensive crude production creates preconditions for a reduction of excessive oil supply and consequently oil price hike. However, risks remain emanating from the OPEC member states who strive to increase their market share. Presently, reduction of oil production on the cost-intensive oilfields is counterbalanced by the production growth in the OPEC. Russian oil sector demonstrates positive dynamics and rather high investment activity which allows to reckon on preserving gains achieved in the oil production in the near-term.

Suggested Citation

  • Yuri Bobylev, 2015. "Oil market amid low prices," Russian Economic Development, Gaidar Institute for Economic Policy, issue 11, pages 38-40, November.
    • Handle: RePEc:gai:recdev:609
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    Keywords

    Russian Economy; Oil market;

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