Modern trends of global oil market development

Abstract

Oil – a valuable energy resource, has an enormous impact on the world economy. According to the latest statistics global oil reserves will last 42 years, but with the development of new technologies it made possible the development of hard-to-reserves, which will help to extend the use of such a valuable energy resource for the long term. This article describes the main trends in the global oil market and analyzes the current situation on the world oil market.