Oil Price

Introduction The history of petroleum industry has duration of more than 5000 years. ab initio cover was used to make the boats water proof in Middle East countries and used for some other purposes analogous medicating and for painting different things. The importance of oil in the starting time time was at a slow speed entirely once it was identified then it becomes one of the most grievous thing among human. The reason for the concept of oil making companies (collectively oil industry) was developed when the actual outpution of oil was not fitting to meet the subscribe of oil. The oil industry become in truth important industry in the world because, a minor(ip) increase in the oil price may slip away to increase in the price of many other commodities. Statistics The statistics says that around 30 trillion barrel oil is consumed all all over the world and out of which 25% is consumed by United States of America. to a fault the projected world oil look at is said to be increased to 118 barrels per day in 2030 from 80 billion barrels in 2003. [ (Economywatch, 2009) ] Factors affecting lowbred oil price general Oil production is controlled by OPEC (Organization of the Petroleum Exporting Countries). all over period, OPEC controls the price of the crude oil and tries to keep it at $30/barrel.

However, due to a number of factors oil price has foregone beyond $70 per barrel. Organization of the Petroleum Exporting Countries controls the oil production and oil price all over the world. barely there are certain other factors which determines the price of crude oil. Some of the factors are:- * Changes in global demand and submit: in case of every product the price of the product is determined by the demand of that product. If the supply is stable and when the demand increases the price of the product will also increase, and if the supply is change magnitude and the demand is constant, then price will fall. Price and demand have a inverse relation and price and supply have a direct relation. * Global equity market place: the price... If you want to get a full essay, order it on our website: Ordercustompaper.com

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