The Importance Of Oil Price In Market Economy - UK Essays.
This essay will explain why the price of crude oil has fallen so dramatically. Also, it will analyse the impact the fall in the price will have on major oil producing nations. Moreover, it will explore the effect that the fall in price will have on major oil companies and their supply companies.According to (Oil :Crisis and Collusion, 2011), OPEC was organized with the purpose of manipulating the oil prices by controlling oil supplies to the market. It controls approximately 80% of the world’s oil reserves and 40% of the world’s production among their 12 member states.Oil Price Charts. Oilprice.com, in cooperation with its partners, offers over 150 crude oil blends and indexes from all around the world, providing users with oil price charts, comparison tools.
Oil prices are likely to remain on the rise because of the rising extraction costs and the frequent unrest in the Middle East countries which are the major oil producers. With the growing global economy, demand will be high and this will make the oil prices to shoot upward as countries complete for a barely growing supply of oil (Maugeri, 2006).The Relationship Between Oil Prices and Economic Growth Essay From the middle of twentieth century, due to exceptional importance of the crude oil in the supply of the world's energy demands, it has become one of the major indicators of economic activities of the world.
Macroeconomic Variables of Oil Prices - research papers examine factors that affect oil prices. Impact of Oil Prices on U.S. Economy - Research Papers look at the rapid increase of rising rates of inflation on oil during the 1970's and 1980's. OPEC - Brought into the oil industry by the Gulf nations wishing for more control and stability of oil production and pricing.
