global oil market

The global oil market involves the production, distribution, and sale of crude oil, which fuels transportation, industry, and energy. Prices are determined by supply and demand; when oil is plentiful and demand is low, prices drop, and vice versa. Major oil-producing countries and companies influence the market through decisions on how much oil to produce. External factors like geopolitical events, technological advances, and alternative energy shifts also impact oil availability and costs. The market is complex, but fundamentally, it reflects the balance between how much oil is available and how much people need it worldwide.