The global oil market analysis | ||
| Iraqi Journal For Economic Sciences | ||
| Article 1, Volume 0, Issue 50, October 2017, Pages 7-53 | ||
| Author | ||
| Dr. Ahmed Ibrahi Ali | ||
| Abstract | ||
| The oil market has undergone substantial changes since June 2014, and the sharp fall in oil price has been driven by a number of factors on demand and supply sides. The Paper will address the current situation and the outlook of oil market based on: world economic prospect and the pattern of growth, highlighting the increasing contribution of developing economies in world economy, and the demand of developing economies for energy in general, and crude oil, in particular. Also, the paper would present the latest expansion of Non-OPEC supply of oil and the residual demand for OPEC Crude to assess the effect of excess supply on price. In addition to the income effect, weakening global demand for oil cannot be separated from the ongoing restructuring of energy sources, and global trend decline of energy intensity. Although, empirical verification would be the core of the research efforts, a theoretical approach will be presented and thoroughly discussed | ||
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