Abstract
The paper describes the role of crude oil as a factor of progress in global economy. Periods of applying different pricing systems in the crude oil sector and the dynamics of world’s crude oil prices are highlighted. Factors affecting crude oil prices are dwelt on to show how the impact of each factor changes. A methodology of oil price forecast is suggested and a forecast of prospective prices is given. The impact of crude oil prices on the economy of industrialized countries and Russia is retraced.
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