Wednesday, March 11, 2009

The price cycles of the oil from the ´90´ of the 20th century to present time

After the end of the war between Iraq and Iran the organization of OPEC attemped to stabilize the prices of the oil on a high niveau. The housholds began to limit their consumption, the producers of the car industry began to produce automobiles with low consumptiom of fuel. The prices of oil decreased to 10 dollars for barell.

About 4 years later the situation has changed. Iraq´s dictator Saddám Husajn attacked Kuwajt. The prices of oil was 35 dollars for barell. After the end of this war it decreased to 15 dollars for barell.

In 1997 the financial cricis come to Asia. The GDP reached red numbers. The
ecomomic growth was low, the demand for oil decreased and theprices of oil, too. In 1998 the price of oil reached the lowest level of all times,11,28 USD for barell.

In 2006 the development of the prices of oil was stabilized. It was around 50 – 70 dollars for barell. The reason of increasing the prices was the economic growth in China, India and USA.

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