Aside from country-specific factors, such as good harvests and stable food prices, there are a few global reasons for this situation related to the energy sector, currencies, capacity utilization and technology. First, despite the OPEC-plus agreement to cut oil production, oil prices are unlikely to rise significantly higher given the reduced cost of extracting shale oil in the United States where oil output exceeded 10 million barrels per day, the highest level since 1970 (United States Energy Information Agency, 2018) as well as the dramatic decline in renewable energy prices such that the average cost of electricity from certain renewables now falls within the range of that produced with fossil fuels. The update better reflects the current structure of economies. Largely reflecting the increase in China's weight, the shift in the base year resulted in increased aggregate growth by approximately 0.2 percentage points compared with the previous base year.