Abstract
Global crude oil prices surged in 2017 on the back of the production-cut agreement between OPEC and a group of non-members including Russia. In January–November 2017, Russian crude oil was traded at an average of $52/bbl in the global market, adding $10 to the previous year’s price. In late November, the agreement was extended until the end of 2018. The crude oil price in 2018 is therefore projected to stay above the 2017 average.
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