The oil output cut agreement between some OPEC and non-OPEC countries, including Russia, pushed global crude oil prices to USD 50–55 a barrel in the first few months of 2017. The oil output boost in the United States and in some other countries has become an increasingly greater challenge...

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...