A historical overview of the evolution of the oil pricing stages for the period (1859-2020)

Abstract

Oil as an international strategic commodity, its prices have gone through many changes and developments historically in the oil markets since the beginning of its circulation until now, which has been reflected on the economic, political and social conditions...etc. in the countries of the world. Therefore, countries are interested in how to price it in international markets. This research deals with a theoretical analysis of the historical development of oil prices and the stages of its pricing for the period 18592020- AD. The research aims to show the role of international oil companies and the Organization of Petroleum Exporting Countries in its pricing, and the researchers reached many results, the most important of which are: that oil prices have undergone many changes since the beginning until now And the pricing process of crude oil in its early stages depended on the declared prices due to the complete control of the international oil companies over the oil industry Oil prices and how they are priced have taken on a monopolistic character, while the producing countries did not have any role in determining its prices until the beginning of the seventies of the last century as a result of its monopoly by the major international oil companies. The establishment of the Organization of the Petroleum Exporting Countries and its interference in the oil market helped reduction the dominance of the international oil companies that monopolize the oil market.