Submit Infographics

Home  »  Economy Graphs • Graphs • Static   »   Reason Behind Oil Price Hike

Reason Behind Oil Price Hike

syria-crisis-oil-rockets-infographic-2013

Petroleum, a critical concern for many nations, is vital to many industries and is of importance to the maintenance of industrial civilization in its current configuration.

Oil accounts for a large percentage of the world’s energy consumption, ranging from as low of 32% for Europe and Asia, up to a high of 53% for the Middle East.

Present crisis in Syria indicates a future hike in the petrol price of petroleum. This has added tension both in Libya as well as in Egypt.

US production lines help to offset oil price spikes, with price increases in Brent crude oil having been mitigated by US crude oil production. Market fears have been assuaged by the rise in production, which has climbed by more than 2 million barrels per day over the last year. Yet money managers continue to raise their bets that the price of crude oil will grow. In addition, President Obama’s refusal to agree to the Keystone XL Pipeline to expand US oil drilling programs increases the dependency on Middle East oil, and heightens the importance of avoiding a disruption of supply routes.

It is conceivable that the conflicts in Syria, Egypt and Libya will have a spill-over effect across the Middle East. The impact in Saudi Arabia and Iran, the region’s two biggest exporters of oil and two of the largest oil producers globally, could trigger a precipitous rise in oil trading prices.

Categories : Economy Graphs, Graphs | Published by : graphs | Date : Oct 1, 2013
Tags: instablity in middle east, political unrest in syria, reasons for hike in oil prices, rise in oil prices, Syria oil crisis

Credits

Source : http://uk.saxomarkets.com/
Add missing credits


Related Posts

Tips for Central Heating
How Social Media has Transformed the Entire World




Copyright 2023 Graphs.net
i i i
  • Contact
  • Terms of Use
  • Privacy Policy
Scroll Up