| In January 2010, the prices for Crude oil and gasoline | | | | and supply; oil prices too are also influenced and result |
| fell. Crude oil was sold at $77.74 per barrel. China has | | | | in major swings and fluctuation in prices. When |
| become the world's largest oil consuming country | | | | demand for Crude oil exceeds the production capacity |
| followed by the United States of America. The other | | | | of major oil producing countries such as Saudi Arabia, |
| major oil consuming countries are India, Japan, Brazil, | | | | Nigeria, Venezuela, Iran and Kuwait, there is a rise in |
| France, Mexico, etc. These countries consume nearly | | | | the price of the Crude oil. The end users face difficulty |
| 2.1 million barrels to 20.7 million barrels per day. Those | | | | due to the increase in the price. |
| counties, which are not into oil production or those, | | | | Digging oil wells, extracting oil from the earth's surface |
| which are unable to meet the domestic needs require | | | | and refining it involves huge investment and the oil |
| Crude oil imports. The oil demand in future is likely to | | | | refineries implement new technologies and use |
| increase due to the transportation sector and | | | | advanced techniques and machines to meet the |
| numerous other industries. | | | | growing demand for Crude oil, which is not quite |
| In the year 2009, the percentage of Crude oil imports | | | | possible if the price is not increased. Meanwhile other |
| played a significant role as the United States of | | | | industries and individual consumers cut back on the oil |
| America imported 91.2% of Crude oil from 15 major | | | | consumption leading to a slight change in the |
| Crude oil exporting countries. To name a few, they are | | | | percentage of Crude oil imports and Crude oil exports. |
| Algeria, Angola, Kuwait, United Kingdom, Russia, Saudi | | | | With the increase in price, the oil industries will |
| Arabia, Iraq, and Brazil. No tariff duties are levied by the | | | | implement new techniques and increase the |
| U.S on the Crude oil imports from Columbia, Mexico | | | | productivity level of oil, which will slowly restore the |
| and Canada and counties that have signed an | | | | demand supply balance. |
| agreement with U.S. The cutback led to recession and | | | | Organization of the Petroleum Exporting Countries |
| lower Crude oil prices. There are major fluctuations in | | | | (OPEC) ensures a fair return on investments for the |
| the demand and supply of Crude oil. The major oil | | | | investors in the petroleum industry and regular income |
| producing countries like Saudi Arabia did not earn much | | | | for the oil producers. It also regulates and controls the |
| revenue last year and the profits were just marginal | | | | oil markets thus ensuring that consumers are supplied |
| when compared to its profits from Crude oil exports in | | | | with petroleum and by-products on a regular basis. |
| the previous years. | | | | OPEC member countries manage half of the world's |
| Just the way, the price of other commodities gets | | | | Crude oil exports and most of the oil reserves belong |
| influenced by a lot of factors with regards to demand | | | | to them. |