Which conditions change the world price of oil and natural gas? Can anyone explain to me that. I want to receive serious answers!
2006-12-05 08:01:52 · 5 answers · asked by Anonymous in Social Science ➔ Economics
Supply vs Demand.
The two work together to set prices. The OPEC oil cartel artificially manipulates the supply of oil by trying to reduce total worldwide sales of oil and all countries use oil for chemicals, plastics and of course fuel. Demand can increase due to weather, increased economic output in growing countries and by fear that supplies will be curtailed.
The trading of oil futures on the commodity markets are commonly a better indicator of day to day concern about the future price of oil that any current real condition. Hope this helps.
2006-12-05 08:11:10 · answer #1 · answered by davidvario 3 · 0⤊ 0⤋
instability in oil and gas producing nations increases prices. Lower or higher demand lowers or raises prices. Production levels set by OPEC changes prices. There are a lot of factors.
2006-12-05 08:05:30 · answer #2 · answered by Anonymous · 0⤊ 0⤋
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2016-11-30 04:30:02 · answer #3 · answered by ? 4 · 0⤊ 0⤋
demand and supply determines all prices, including natural resources, such as oil and gas.
instabilities of supply would increase them (wars/natural disasters etc)
increase in demand would increase them (developing nations -china , india etc)
2006-12-05 08:13:08 · answer #4 · answered by Yura 2 · 0⤊ 0⤋
it's capitalism. everything is based on supply and demand.
2006-12-05 08:09:45 · answer #5 · answered by Anonymous · 0⤊ 0⤋