The factors affecting fluctuations in global crude oil prices in the
light of economic theory
Abdel Azim Abdel Wahed Al Shukri
Hussein Majed Thamer
Al-Qadisiyah University – College of Administration and Economics
Corresponding Author: Hussein Majed Thamer
Abstract : The set of economic and non-economic factors has a significant impact in determining crude oil prices
through the interaction of forces affecting the oil market, such as oil-producing and consuming countries , The first
group plays a major role in determining the prices of crude oil as a depleted economic resource according to the
interaction of supply and demand forces, and the stability of the global oil market depends on basic factors, The most
important of which is the interaction between supply and demand and the balance between them by withdrawing or
adding to the global stockpile of crude oil, A disruption to one or more of these factors would inevitably cause a
disruption in the global crude oil market, It may happen that the price path of crude oil is the result of a balance
between supply and demand for it, or that the price of oil is the influence in the occurrence of this balance, and
changing any of them will necessarily lead to a change in the other, which will be successive streams one after the
other, Events have shown that changes in oil market conditions and supply and demand responses to price changes
have an important relationship with the behavior and implications of the policy of OPEC and non-OPEC producers
and exporters, Thus, the process of determining crude oil prices at present and in the future depends, in an essential
part, on what is caused by supply and demand factors in the global crude oil market, In addition to the presence of
other factors that have an impact on prices, so in this research we will clarify these factors and the extent of their
impact through three demands:
The first requirement: the economic factors affecting the volume of the total international oil supply.
The second requirement: the economic factors affecting the global demand for crude oil .
The third requirement: non-economic factors affecting the price of crude oil
