Factors affecting determining crude oil prices - Economist

Elements of determining oil prices

The US Energy Information Administration has identified the factors that affect oil prices:

Elements of Determining Oil Prices

1- The supply is from OPEC countries, and they number 13 countries and produce about 40% of global production.

2- The supply is from outside OPEC, which represents about 60% of the total global supply.

3- Demand from developed countries.

4- Demand from the rest of the world, which includes a large percentage that is not covered by OPEC.

5- Stock levels of importing countries, the most important of which are US stocks, and they are issued every Wednesday.

6- The reserves and stocks of the producing countries.

7- The state of global financial markets.

8- The price of the dollar because it is the strongest currency in the world and on the basis of which the price of oil is determined. Often when the "dollar price" rises against other currencies, oil prices will drop.

9- Determining the price of "Brent Crude" and "West Texas Intermediate Crude".