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World’s Oil Market in Q1 2021
[Ситуация На Мировом Рынке Нефти В Первом 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

One of the main factors behind the reduction in oil supply and, consequently, the increase in oil prices in Q1 2021 was the voluntary decision of Saudi Arabia under the OPEC+ agreement to further reduce its production by 1 mbpd. This fact resulted in a record overall conformity with the original decision, which came to 115% in February 2021. A potential risk factor for the oil prices dynamic is the decision taken at the 15th OPEC+ meeting to raise production targets in Q2 2021, coupled with a rapid increase in the number of coronavirus cases reported in Asian countries.

Suggested Citation

  • 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.
    • Handle: RePEc:gai:recdev:r2150
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    Citations

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    Cited by:

    1. Volovik Nadezhda & Izryadnova Olga, 2021. "Структура Экономического Роста: Внешний Спрос В Первом Квартале 2021 Г," Russian Economic Development (in Russian), Gaidar Institute for Economic Policy, issue 7, pages 4-9, July.
    2. Volovik Nadezhda & Izryadnova Olga, 2021. "Structure of Economic Growth: External Demand in Q1 2021 [Структура Экономического Роста: Внешний Спрос В Первом Квартале 2021 Г]," Russian Economic Development, Gaidar Institute for Economic Policy, issue 7, pages 4-9, July.
    3. 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.
    4. Kaukin Andrey & Miller Eugenia, 2021. "Ситуация На Мировом Рынке Нефти Во Втором Квартале 2021 Г," Russian Economic Development (in Russian), Gaidar Institute for Economic Policy, issue 8, pages 17-22, August.

    More about this item

    Keywords

    oil; world oil market; oil production; oil prices; OPEC+; coronavirus; vaccination;
    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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