The International Energy Agency and its Role in the Global Oil Market

Abstract

The energy is very essential way to fulfill man various need. It is the main nerve for economical and industrial development. Since the beginning of the world and most war that man made through history is to invade the new energy and develop it. Coal is the oldest source of energy and was exploit in economic way during industrial evolution since the beginning of eighteenth century in Britain. The share of coal was dominated the total world consumption of energy so nineteenth century was called coal century.However, the second half of nineteenth century witnessed emerge a new source of energy was called oil. Which that mean begin a new age of capitalism conflict of obsession on oil field that concentrated in the middle east especially Arab Gulf countries. Each of it want to secure their need of crude oil and fighting with each other to control oil sources.Great capitalism countries especially Britain, United States of America, and France managed to dominate international oil industry by utilize oil and getting their oil companies enormous income. Since the beginning of second half of twentieth century large company oil was emerged especially (seven sister) in the international oil market and middle East region as the largest monopolistic organization on international level.