What drives crude oil prices?
What drives crude oil prices?
An analysis of 7 factors that influence oil markets, with chart data updated monthly and quarterly
January 9, 2018 | Washington, DC
U.S. Energy Information Administration
Independent Statistics & Analysis
Crude oil prices react to a variety of geopolitical and economic events
Global financial collapse
Iran-Iraq War
U.S. spare capacity exhausted
Saudis abandon swing producer role
Low spare capacity
9-11 attacks
Asian financial crisis
OPEC production quota unchanged
Iranian revolution
Arab Oil Embargo Iraq invades Kuwait
OPEC cuts targets 4.2 mmbpd
OPEC cuts targets 1.7 mmbpd
Sources: U.S. Energy Information Administration, Thomson Reuters
January 9, 2018
2
World oil prices move together due to arbitrage
Sources: Bloomberg, Thomson Reuters
January 9, 2018
3
Crude oil prices are the primary driver of petroleum product prices
Sources: EIA Short Term Energy Outlook, Thomson Reuters
January 9, 2018
4
Economic growth has a strong impact on oil consumption
Sources: U.S. Energy Information Administration, IHS Global Insight
January 9, 2018
5
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