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Oil is one of the most important commodities in the world, with a great impact on the global economy.
Os oil prices can influence not only the energy market, but also the economy of a country and even the world economy. In this article, we'll explore how oil prices produced the global economy and what are the main factors that influence these prices.
What is oil and why is it important?
O oil It is a liquid substance found underground. It is a fossil energy source and is mainly used to produce gasoline and diesel, which power our cars and trucks. Petroleum is also used to produce plastics, chemicals, fertilizers and many other products. It is a vital resource for the global economy as it is the main energy source used all over the world.
How have oil prices shaped the global economy?
Os oil prices have a major impact on the global economy. When oil prices rise, production costs for companies that depend on oil increase, which can lead to higher prices for consumers. This can lead to higher survival, which can hurt the economy.
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Os higher oil prices can affect the performance of economic growth, as companies have less money to invest in new projects. On the other hand, when oil prices fall, production costs for companies that depend on oil go down, which can lead to lower prices for consumers. This can lead to a shorter person and can spur economic growth.
What influences?
There are several factors that influence the oil prices. The first factor is supply and demand. When demand for oil is greater than supply, prices tend to rise. On the other hand, when oil supply is greater than demand, prices tend to fall.
Oil supply is influenced by factors such as crude oil production, oil reserves and the production of other types of energy. Oil demand is influenced by the global economy, the economic growth and the demand for petrochemical products.
Another important factor influencing oil prices is geopolitics. When there are political conflicts in regions oil producers, like the Middle East, this could affect oil supplies and therefore prices. In addition, weather events such as hurricanes or droughts can affect oil production and, consequently, prices.
Government policy and technology can also influence oil prices
Technology has also been an important factor in oil market. With the development of new technologies, such as horizontal drilling and hydraulic fracturing, it has become possible to access oil in areas previously inaccessible or not economically viable. This increased the supply of oil in the global market, which can have a significant impact on prices.
The policies of oil producing countries can also have an impact on prices. The Organization of Petroleum Exporting Countries (OPEC), for example, has a huge influence on the global oil market, as its members are responsible for around 40% of world oil production.
OPEC may decide to reduce or increase oil production to control global market prices. Others oil producing countries can also take measures to control production and oil prices, which may affect the global market.
