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Oil Market: New Reality

Author

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  • Yu. Bobylev

    (Gaidar Institute for Economic Policy)

Abstract

Amid low crude oil prices resulting from the excessive supply over demand, oil production at high-cost deposits began falling, drastically decreased investments in the development of non-traditional deposits including shale oil in US. However, falling oil production at the high-cost deposits is off set by the oil production growth in leading OPEC member states, which aim for expanding their oil market share. Russia has also increased oil supplies: in 2015, its oil production peaked its maximum over the period since 1990 and the oil export has reached its all-time record. Moreover, due to the litting of sanctions on Iran one should expect a signifi cant increase of supplies from that country. On the whole, the oil market outlook is characterized by predominance of factors, which will contribute to preservation of low world oil prices.

Suggested Citation

  • Yu. Bobylev, 2016. "Oil Market: New Reality," Russian Economic Development, Gaidar Institute for Economic Policy, issue 2, pages 59-62, February.
    • Handle: RePEc:gai:recdev:693
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    Keywords

    Russian Economy; oil market;

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