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The Importance of Oil on the International Market


  • Irina PETRUCA

    () (Faculty of Economics and Business Administration, „Al. I. Cuza” University, Iasi, Romania)


The purpose of this paper is to emphasize the importance of oil on the international market, its role and influence on the world economy. If oil had a remarkable continuity of its use in history, we see that today all modern industry depends on this "black gold", as it is rightly named. Hydrocarbons in the form of oil and its derivatives have become the main source of energy for most of the countries. It is a product that cannot be ignored neither in politics, nor in industry or economy. We can say that it is the product with the strongest influence in these sectors.

Suggested Citation

  • Irina PETRUCA, 2011. "The Importance of Oil on the International Market," Review of Economic and Business Studies, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, issue 8, pages 309-320, December.
  • Handle: RePEc:aic:revebs:y:2011:i:8:petrucai

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    Influence; oil; international market;

    JEL classification:

    • F19 - International Economics - - Trade - - - Other
    • F20 - International Economics - - International Factor Movements and International Business - - - General
    • F50 - International Economics - - International Relations, National Security, and International Political Economy - - - General
    • F51 - International Economics - - International Relations, National Security, and International Political Economy - - - International Conflicts; Negotiations; Sanctions
    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General


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