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Současná situace na ropném trhu
[Contemporary situation on the oil market]

Author

Listed:
  • Martina Vašendová
  • Libor Žídek

Abstract

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 discuss 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.

Suggested Citation

  • Martina Vašendová & Libor Žídek, 2006. "Současná situace na ropném trhu [Contemporary situation on the oil market]," Politická ekonomie, Prague University of Economics and Business, vol. 2006(4), pages 529-541.
    • Handle: RePEc:prg:jnlpol:v:2006:y:2006:i:4:id:572:p:529-541
    DOI: 10.18267/j.polek.572
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    More about this item

    Keywords

    oil market; oil; price of oil; oil consumption; OPEC; USA; China;
    All these keywords.

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration

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