The role of Middle East countries in world oil prices formation

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Nikonenko U. M. № 2 (51) 141-149 Image Image

It has been found out the dependence of world oil prices on the oil policy of Middle East countries which possess the considerable store of oil and satisfy more than a third of its world demand, therefore they influence its formation determinatively with the help of various factors, in particular such as fundamental ones – correlation between demand and offer, from geopolitical risks, the amount of oil store in Middle East countries, speculations on oil market, investments in the oil producing industry, OPEC decisions concerning the possibilities of either its producing increase or reduction etc. OPEC tactics of keeping the key positions at the world oil market by means of suppressing the «shale gas revolution» in the USA has been revealed.

Keywords: oil, oil crisis, oil exporting countries, oil price, world oil demand, oil offer, OPEC, Middle East countries.

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