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Write a 4 pages paper on how does oil and gas market effect on world economic. There is no contention or doubt that oil and gas are the major sources of energy in the world, despite the invention of o
Write a 4 pages paper on how does oil and gas market effect on world economic. There is no contention or doubt that oil and gas are the major sources of energy in the world, despite the invention of other sources of energy like Nuclear and geothermal energy, oil and gas remain the most crucial and fundamental source of energy. The economy of most countries in the world is dependent upon oil and natural gas. this has been greatly evidenced by the effect of global oil and gas prices on the prices of other basic commodities and the cost of living. This vehemently indicates that the global economy is inextricably bound with the global oil and gas market. Political crisis and interrupting in major petroleum producing countries has often had tremendous effect on global prices of all other industrial commodities. This is because oil and gas energy is the backbone of industrial activities and development. . Other factors affecting the global oil market include technical factors, pricing and marketing, Environmental issues, national security, and public policy choices and debates in global oil markets. According to a report released by the International Energy Agency in the year 2011, the top ten oil producers accounted for 63% of the oil produced worldwide. These giant oil producers who have a large share of the Market greatly influence the international oil market. It is also projected that USA is going to overtake Russia as the largest oil producer by 2017. The greatest share of oil production is in the Middle East and political crisis in the last few years has seen a significant increase in global oil and gas prices.
