Oil demand is highly dependent on global economic growth, some economists say that high oil prices have a significant negative impact on global growth.
Organization of Petroleum Exporting Countries (OPEC) was formed to keep the oil price at the level of the benefit of all its members.
In recent months the price of oil has dropped dramatically, exceeding the decline below $ 54 a barrel.
Prices were in January 1999 has reached a low barrier, reaching $ 16 (rates in the entire article in dollars per barrel of oil), after an increase in oil production from Iraq coincided with the Asian financial crisis, which led to the decline in demand .
Prices then increased rapidly, to more than double by September 2000 amounted to $ 35, then dropped again until the end of 2001, then headed to the increase in Mttrd, and amounted to 40-50 by September 2004, and in October 2004 the price of crude light up futures Weathered $ 53 in November delivery contracts and $ 55 in December contracts.
Crude oil prices rose to a record high above $ 60 in June 2005, and this trend has continued in early August 2005, futures rose to about $ 65, as demand for gasoline rally continued despite the high prices, reached price of crude oil peaked in July in 2006 he won more than $ 77, and in December 2006 was about $ 63.
In September 2007, Texas crude surpassed the $ 80, multiple factors caused the rise in these prices, including that an increase in OPEC production was lower than expected, falling stock prices in the United States at less than expectations of experts, and changes in federal oil policies, offering six lines pipes attacked by leftist groups in Mexico, and in October 2007 the US light crude rose above $ 90 for the first time, due to a combination of tension in eastern Turkey, and the devaluation of the dollar.
January 2008, the price reached $ 100, but prices have not been able to stay above the $ 100 mark until the end of February.
Broke Oil $ 110 barrier on March 12, 2008 and the barrier of $ 125 on May 9, 2008, and reached $ 130 at May 21, 2008, and $ 135 at May 22, 2008, and reached $ 140 at June 26, 2008 and $ 145 in the July 3, 2008.
July 11, 2008, oil prices rose to a new record high of $ 147.27 after a recent escalation of anxiety after Iranian missile tests, but oil prices fell more than $ 20 over the next two weeks, to go back to around $ 125 a barrel in July 24, 2008, and the form of reduced demand for oil in the United States the most powerful factor in the decline.
Continued to decline, reaching its lowest price in three months, about $ 112 a barrel, in the August 11, 2008, and September 15, the price of oil fell below $ 100 for the first time in seven months, and in October 11 came to $ 77.70 per barrel as stock markets fell global, reaching below $ 70 on October 16, 2008, and as of November 18, 2008, the price of a barrel of oil to $ 54 a barrel.
Oil prices, such as prices of all commodities, are subject to large fluctuations over time, especially those associated with the cycle of business When the increasing demand for a commodity such as oil beyond the productive capability, the price will rise very sharply because both demand and supply is inelastic largely in the short term, Fmsthlkua oil may Asdmoa of high oil prices dramatically, but their habits determine their consumption to him, they take time to adjust, but that both companies and individuals they figure out ways to reduce oil consumption in response to higher prices, and higher prices encourage new investments in finding sources New.
When supply exceeds demand, on the other hand, prices should collapse until the marginal cost of production becomes greater than the price, setting off oil wells with closure because it has become uneconomical, at least temporarily, and thus decreases the supply increases the price again.
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