Title: Oil: What Drives the Price of the World’s Primary Energy Source? - Commodity.com
Headings: Oil: What Drives the Price of the World’s Primary Energy Source?
Oil: What Drives the Price of the World’s Primary Energy Source?
What Is Oil, How Is Oil Used & Why It's Critical To The World Economy
Last Updated: March 18, 2021
Why Is Crude Oil Valuable?
How Much Oil Is Used Per Day?
A Brief History of Oil
What Are the Different Types of Crude Oil?
Which Countries Produce the Most Oil?
Top Countries by Oil Reserves
Oil Pricing: How Much Is Oil Trading at Today?
Popular Oil Company Stock Prices
What Affects The Price of Oil?
Supply and Demand
New Resources
Consumption Patterns
Global Events
Crude Oil vs Natural Gas
Get Breaking News About Oil in Your Inbox
Regulated Brokers: Where Can I Trade Crude Oil?
Further Reading
FAQ
How is crude oil formed?
Where does crude oil come from?
What is crude oil used for?
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Content: However, extraction costs are typically higher for new resources which means these oils are only competitive in lower-supply and higher-price environments. Consumption Patterns
In 2019, the International Energy Agency (IEA) predicts increasing global demand for crude oil due to: An increasing world population
Increased energy consumption in developing countries
Growth in transportation, petrochemical, and aviation industries. Even though the Organisation for Economic Cooperation and Development (OECD) countries are reducing their road transportation oil consumption on a per-vehicle basis, the growing automobile fleet in developing countries far outpaces those minor reductions. Global Events
Many unforeseen events can also impact the price of crude oil, either increasing or decreasing it. After the Iranian revolution in the late 1970s, the price of oil rose sharply. The 2020 outbreak of the COVID-19 pandemic saw crude oil plummet to a negative price per barrel. The IEA expects crude oil consumption to be much lower in 2020. World Liquid Fuels Production and Consumption Balance. This chart shows how COVID-19 shocked the forecast of crude oil consumption.