Impact of the Current Rise of World Oil Prices on the International Economy

摘要

The destabilization of the oil market brought about by the events in the Gulf isa vigorous reminder that the oil of the Middle East is of strategic importance and will continue to be a major stake among the key players in the world economy for many years to come. Drawing on limited means of information like the radio and TV broadcasts or the written press since the beginning of the crisis, and given the currency of the situation, the author attempts in this paper, to explain what he would qualify as the determining factors which have to a great extent contributed to this crisis and the distintegration of the oil market. He will also try to draw parallels between this crisis and oil crises of the past and later analyze the behavior of some key players in order to put into perspective the internal and external factors as well as the role of these players in the defense of their strategic interests. As to the impact of higher oil prices, the author also looks into that for some producing as well as consuming nations, highlighting both positive and negative aspects and also will explore some solutions which could be implemented or have a potential of being implemented in the institution of some form of order surrounding the oil market.