Současná situace na ropném trhu

Title in English Contemporary Situation on the Oil Market


Year of publication 2006
Type Article in Periodical
Magazine / Source Politická ekonomie
MU Faculty or unit

Faculty of Economics and Administration

Field Economy
Keywords Oil; oil market; price of oil; oil consumption; OPEC; USA; China
Description The paper deals with questions connected with the present situation on the world oil market. First, we shortly focus on the context and the historical development of the prices of oil and the reactions of the market subjects. We discus general factors on the oil market. And then we apply these factors to the current situation on the market. We try to find the main contemporary causes of the growth of the oil prices. We come to the conclusion that the main causes are connected with the growing demand on the market in contrary to (for example) the shocks in the 1970s that were caused by limited supply. Consequently, we concentrate on the impacts of the growth of the oil prices on the world economy. We found out that the impact is still very limited because the whole world economy is growing strongly and even the impact on the price level is very narrow. At the end of the paper we mention prognosis about the future of the oil market.

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