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MACROECONOMIC ASPECTS OF THE OIL PRICE FORMATION: INFLUENCE ON GLOBAL ECONOMIC SECURITY
Abstract
Modern industrial society requires the presence of a particularly important natural resource, such as oil, which is an in-demand energy source. Millions of dollars are invested into oil production, refining and transportation. This study intends to analyze macroeconomic aspects of the oil price formation: influence on global economic security. To do so, a descriptive-analytical method is utilized and several sources are considered. Given the results, low prices threaten the stability of oil industry, which is still the key factor for the world economy performance. On the other hand, speaking of the drivers for oil prices dynamics, it is to mention the increasing role of financial structures, more specifically, hedge funds, banks, and investment companies, because such financial structures hold shares of the largest oil companies and are interested in keeping oil prices high. Therefore, based on the results of the research studies conducted, it can be said that global energy trends show the following key factors: reliability of energy supply, energy security, energy efficiency and harmonization with the environment.
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DOI: http://dx.doi.org/10.21902/Revrima.v3i36.5995
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