Under the auspices of the department chair Asst. Prof. Dr. Ghanim M. Farman, Department of Petroleum Engineering (DPE) held a symposium titled “Factors affecting oil price in World Market” in which Lect. Dr. Amel Habeeb Assi, a lecturer at the department, has presented the lecture on Tuesday (27th February 2024) in the Postgraduates’ Hall.
A number of students have attended the symposium that tackled the factors affecting oil prices: Law of Supply and Demand is considered one of the most significant factors that heavily affect it as far as the changes that occur in oil prices are concerned. It is known that long-term contracts of oil control the oil to a large extent, due to the contract being concluded between the Seller and the Buyer.
Political turmoil or the stability of a country’s political situation are regarded key factors that heavily affect the movement of Oil and Energy Prices directly, specifically what happens in the Middle East region.
In the long-term, demand for Crude Oil is expected to decline as countries move towards low-carbon energy sources to combat Climate Change. The demand for gasoline and diesel may decline as more drivers switch to electric vehicles.
The symposium tackled the role of the “OPEC +” alliance, which came 56 years after the establishment of the Organization of the Petroleum Exporting Countries (OPEC), and included – in addition to the 13 main members of the organization – 10 other countries with the aim of reducing oil production to improve its prices in the markets.
