Oil Market Trends and Forecasts

The relevance of the article is due to the decline in oil consumption in the world, as well as changes in the demand structure for oil products. However, today oil is one of the main primary energy sources in the world. Currently, there is a tendency to increase the use of oil in the chemical industry as a raw material. This is considered more cost-effective and efficient than using pure hydrocarbons. The crisis related to the COVID-19 factor had a significant impact on the oil and oil products market. Consequently, this article is aimed at identifying the prospects for the development of the oil market. The leading approach to the study of this problem is the analysis of current indicators of the world oil market, which allows us to comprehensively consider current market trends and prospects for its development. The article presents the portion of energy resources in the world balance structure, the dynamics of the world oil production, the structure of the world oil production by regions of the world, the volume and structure of the world oil demand, and forecasts of oil prices. The article has a practical value for companies working in the oil and gas sector, for public and private investors. Forecast of average crude oil prices in 2021-2025, USD/bbl. Source: authors' assessment.

Oil, oil products, oil trade, oil market, oil prices, oil exports