Iraqi Dinar 123 News: – The oil industry is playing an important role in the economic development and national GDP growth with the provision of funds for the development, exploration and production in the oil industry. The most important key element in global oil market prices is OPEC, but there are many other elements that directly or indirectly affect the oil prices.
The global economic growth rate is also a major factor to determine the demand and supply globally. The major large economic countries such as American group, European countries, United States, China, India, Japan and many other international countries that consumes oil in large quantities. Interference of rumors and speculators in the financial institutions and oil markets play a dominant role in the variation of oil prices. The low and high exchange rates of U.S dollar against the international currencies also affect the global oil prices in the international oil market. Some seasonal changes and regular maintenance of oil refineries is also a factor in the global oil prices fluctuation. When OPEC took decision in 2008, the world went through a downturn very critical financial crisis. The oil prices dropped in July 2007 from 147 dollar barrels and reached at 34 barrels at the end of 2008. The oil prices improved slowly and reached at 116 U.S dollars per barrel in the month of June 2014.