أ.م.د. محمد علي حميد مجيدJOURNAL OF ADMINISTRATION AND ECONOMICS
2019, Volume 8, Issue 31, Pages 453-490

Abstract

Abstract :The changes which are happened upon the international oil market in the current century have reflected on all the players in the market. On the one hand, industrialized countries are no longer the main drivers of global demand for oil after rising demand from developing countries in return for falling demand in industrialized countries.The rise in global oil reserves was also the biggest share by developing countries, especially OPEC countries, which accounted for more than 90% of the increase in global reserves during the period 2000-2016. On the other hand, the production of rock oil is no longer economically feasible because of the modern technology of industrialized countries, especially the United States of America. In spite of the growth of large oil reserves in developing countries (the first record of oil production), but shared the increase of production with industrialized countries by about half.