The role of OPEC in the sustainable development of the world oil market
UDC: 330:622.276
DOI: 10.33285/1999-6942-2022-4(208)-55-63
Authors:
FILIMONOVA IRINA V.
1,2,
NEMOV VASILY YU.1,
PROVORNAYA IRINA V.1,
KARTASHEVICH ALEXEY A.1
1 Trofimuk Institute of Petroleum Geology and Geophysics SB RAS, Novosibirsk, Russian Federation
2 Novosibirsk State Technical University, Novosibirsk, Russian Federation
Keywords: OPEC+ agreement, Middle East, world oil market, supply and demand, oil reserves and production, oil prices, shale oil
Annotation:
The article considers the features of the reserves regional distribution and analyzes the oil production structure by macro-regions of the world, highlighting the role of OPEC countries. The prerequisites for the conclusion of the OPEC+ deal and the main causes of the imbalance of the world oil market related to the changes in the supply structure are investigated. Graphical confirmations are given for the correlation between the growth rates of shale oil production in the United States and the volatility of oil prices, especially at the end of 2014 and the beginning of 2020. OPEC countries' oil exports have been analyzed, and priority supply directions have been identified. The main factors that will continue to influence the balance of oil supply and demand in the world and, as a result, the level of oil prices in the long term is systematized.
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