Global Oil Market : Main Trends

Implementation of OPEC+ oil output cut agreements has led to stabilization of the world oil prices in the $60-70 per barrel range. In H2 2019, the oil prices pushed closer to the lower bound of this range. In December 2019, members of OPEC+ decided to cut further the oil production from January 1, 2020. Amid growing oil production seen in the countries outside the cut deal such measure should prolong stabilizing effect on the oil market and prevent a significant price slump