After oil was discovered in the late 19th century, oil prices were primarily determined first by the major petroleum companies and then by the oil-exporting nations, who joined forces in the Organization of Petroleum Exporting Countries (OPEC). In the 1960s, the market-oriented pricing system was adopted and since then oil prices are primarily formed by supply and demand. Oil prices are characterized by permanent price fluctuations. Especially rapid price rises and longer-term fluctuations are at the focus of many scientific work.
Because oil is an indispensable resource for the global economy, the question arises after the economic impacts of such price developments. While oil- exporting countries benefit from strong price rises, oil- importing countries, with emerging countries leading the way, are negatively affected. The interplay of these opposite effects and the global economic situation are crucial for the net effect on global economy.
Table of Contents
I. Outline
II. List of figures
III. List of tables
IV. List of abbreviations
1 Introduction
1.1 Research problem
1.2 Course of investigation
2 Oil price dynamics
2.1 Oil price formation
2.1.1 Oil prices as dynamic market prices
2.1.2 Oil supply and demand
2.1.3 Role of expectations and speculation in price formation
2.2 Oil prices from 1970s until today
3 Oil and the global economy
3.1 Usage and relevance of crude oil and refined products
3.2 Importance of oil for transportation
3.3 Oil use in the industrial sector and other usage
3.4 Relevance of oil for emerging markets
4 Economic impacts of oil price dynamics
4.1 Concerns about longer-term fluctuations and sharp price rises
4.2 Consequences for oil exporters and importers
4.2.1 Negative influences on oil- importing countries
4.2.2 Special vulnerability of emerging markets
4.2.3 Positive influences on oil-exporting countries
4.3 Net effect on global economy
5 Conclusion
5.1 Summary
5.2 Critical acclaim
5.3 Outlook
V. Glossary
VI. List of references
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