oil trade

Oil trade involves buying and selling crude oil and its products globally. Countries with abundant oil resources export surplus oil to others that need it for energy, transportation, and industry. Prices are influenced by production levels, geopolitical stability, supply and demand, and market speculation. Major players include oil-producing nations, multinational corporations, and trading firms that operate through pipelines, ships, and futures contracts. The global oil market's flow affects gasoline prices, energy costs, and economic stability, making it a vital component of the world economy.