The oil market in 2017 finished quite optimistic. Black gold in December for the first time in 2.5 years reached the mark of $ 66 per barrel of Brent brand, having overcome the shock drop of 2014-2015. At the same time, experts disagree on forecasts for 2018, indicating a range of oil prices from $ 50 to $ 70 per barrel.
OPEC and a number of non-member countries in late 2016 agreed to reduce oil production levels in October , totaling 1.8 million barrels per day, of which 300,000 drop from Russia. The agreement was first concluded for the first half of 2017, then extended until the end of March 2018, and then until the end of 2018. However, the participants of the agreement do not exclude the revision of its parameters in June.
2017 oil was significant period of growth in oil quotations . The first sharp jump, immediately $2, oil in late September in less than a day, rising to $59 per barrel of Brent against the background of the conflict between Iraq and Iraqi Kurdistan. In November, on the eve of the extension of the OPEC + deal, quotations for the first time since July 2015 rose to $ 60, and in late December, oil overcame a mark of $ 66 after the explosion of the oil pipeline in Libya.