Historical oil price dynamics

World oil prices recovered after a fall caused by oversupply. In 2014–2016, the cost of “black gold” has significantly decreased — from 107.1 dollars per barrel. in the 1st half of 2014 to 51.2 dollars per barrel. in 2015 and 41.9 dollars per barrel. in 2016.

In 2016, exporting countries decided to rectify the situation and artificially reduce the amount of oil produced.

As a result of negotiations, OPEC member states (organizations of oil exporting countries) signed an agreement that obliged them to reduce their production by 1.2 million barrels. per day. Another 11 countries outside the organization agreed to reduce it by 558,000 barrels. per day. Russia reduced oil production by 300,000 barrels. relative to the level of October 2016

After taking these measures, oil prices rose significantly. Already in 2017, BRENT oil rose from $ 44 per barrel. in 2016 to 53.5 dollars per barrel. in January-November 2017, the price of Russian URALS oil in January-November 2017 averaged $ 52.1 per barrel, an increase of $ 10 per barrel. compared with 2016. In November 2017, the price of URALS reached $ 61 per barrel.