Prospects for development of the oil market in the world

Abstract

Crude oil and natural gas were in the twentieth century and are still the most important strategic resources, which determine many aspects of politics and the world economy. The price level and the availability of oil and gas has a huge impact on the economic situation of all countries of the world. The developments in the oil market were the cause of many wars. The use of oil on an industrial scale it was observed at the end of the nineteenth century and once was considered the most effective source of energy for universal use. Since then, a steady increase of its share in the energy balances of the World. Growing automotive industry in the early twentieth century was also an important factor in increasing the use of oil, which is then processed in many emerging refineries. All this led to the development of the oil industry, which has become an alternative to coal as the main fuel so far. However, a major breakthrough in the use of oil occurred only after the Second World War, when began to rapidly develop such industries as chemical-based oil or plastics industry. This article presents information on traditional and prospective areas where oil deposits in the world and its resources as well as international trade, price formation in the market and prospects of development of the oil market in the world.