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What drives crude oil prices?
An analysis of 7 factors that influence oil markets, with chart data updated monthly and quarterly
May 7, 2019 | Washington, DC
U.S. Energy Information Administration
Independent Statistics & Analysis www.eia.gov
vk.com/id446425943Crude oil prices react to a variety of geopolitical and economic events
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Global financial collapse |
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Low spare |
OPEC production |
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quota unchanged |
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Iran-Iraq War |
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capacity |
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U.S. spare |
Saudis abandon |
9-11 attacks |
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capacity |
swing producer role |
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exhausted |
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Asian financial crisis |
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Iranian |
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OPEC cuts targets |
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revolution |
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4.2 mmbpd |
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Iraq invades Kuwait |
OPEC cuts targets |
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Arab Oil Embargo |
1.7 mmbpd |
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Sources: U.S. Energy Information Administration, Thomson Reuters
May 7, 2019 |
2 |
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World oil prices move together due to arbitrage
Sources: Bloomberg, Thomson Reuters
May 7, 2019 |
3 |
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Crude oil prices are the primary driver of petroleum product prices
Sources: EIA Short Term Energy Outlook, Thomson Reuters
May 7, 2019 |
4 |