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Crude Oil Price - Crude Oil Production

Crude oil AKA "black gold" is one of the world's most crucial and demanded products. There are many factors which play into determining crude oil price. Not only do economic factors such as demand and supply chain play a big role, but also the political scene contributes a lot in setting the price. Nation Economies, exchange currencies and Shipping markets depend heavily on oil prices, therefore the Organization of Petroleum Exporting Countries (OPEC) was formed to create balance and bring stability to the markets around the globe. OPEC is formed by nations who contribute the most to this economy and they have been the main determiners of crude oil price for the past few decades. Recent events have shown the world how the crude oil market can vary from year to year. From 2014 to 2020 the price of a crude oil barrel went from $105 to $30. Therefore companies and managers need to think about the future so they can make smarter decisions that can put them and their companies in a better position compared to competitors

Crude oil price
Crude oil production