In 1999, the global economy is returning back to the level it was in before the crisis. At the time of the growth of the economy, the price of crude oil is also increasing. In 2000 we have a price of $ 46.75 per barrel of crude oil. Unfortunately, the growth of the economy did not take place for a long time, because already in 2001, there was a stagnation of the global economy, which then had a slight decline.
In 2001, the price of crude oil on the global market fell at a price of $ 25.88 per barrel. In this period, a high price sensitivity to global demand for crude oil was observed. As the economy slows down, the demand for oil is reduced, which also causes a decline in prices while the growth of the economy always increases demand for crude oil and thus creates short shocks in the oil market.
US oil supplies to Afghanistan in 2001 and Iraq in 2003 have also affected oil prices.
The price of oil has grown because of the state of war in Iraq. The movement of the army entails increased oil consumption, which destabilizes the supply and demand relationship. After the war in Iraq, it became clear that the Middle East became a very important geopolitical center. In the 2000s, the price of oil grew as a result of the growth of the world economy. From 2005 to 2008, the steady growth of the world economy continues, but the supply of oil on the world market has remained at the level of 2005. In the 2000s, oil companies on both sides of the Atlantic achieved record profits due to high oil prices.
Different stakeholders try to take advantage of occasional high oil prices to generate higher revenue. In countries of oil producers such as Russia, Venezuela, China, India in the 2000s, there was a noticeable trend towards the nationalization of the oil industry and the difficulty of the penetration of foreign companies.
In 2008, the World Financial Crisis emerged that has ruined financial markets, unemployment is rising, industrial production is falling, and there is a surplus in a supply of crude oil versus the quantity produced. Oil prices fall from $ 147 to $ 43.66 a barrel. After the 2008 crisis, the Asian and European markets are beginning to recover slowly in 2012, but insufficient to keep oil demand at pre-crisis levels from 2008.