The highest oil price in the world was in 2008. As the most critical strategic resource and basic raw material in the world, the price adjustment of oil is influenced by many factors, such as supply and demand, exchange rate of clearing currency, international situation, market prospect of economic development, climate problems, stock market conditions and so on. Different countries and structures have contradictory views on oil prices.
Oil-producing countries and developed countries, represented by the Organization of Petroleum Exporting Countries, feel that today's international oil price has nothing to do with the fundamentals of supply and demand stocks, but is entirely caused by market hotspots. Al-badri, chairman of the Organization of Petroleum Exporting Countries (OPEC), believes that active speculative personal behavior is the "black fire" behind pushing up oil prices, and there will be no shortage of oil in the oil market. The current 53-day oil reserve level is enough to cope with the increase of energy supply in summer.
However, representatives of capitalist countries and major international oil companies represented by the International Energy Agency believe that the growing demand of developed countries is the primary reason for the persistently high oil prices, and the Organization of Petroleum Exporting Countries should upgrade its oil production and manufacturing level. High-tech enterprises that study recent oil prices feel that financial factors exceed product factors. As the US dollar is the key settlement currency for crude oil trading, the fall of the US dollar, the financial crisis and the stock market crash have stimulated speculative assets to enter the product market, including futures, and pushed up oil prices.
According to the demand, the three oil dilemmas in history caused the oil price to rise by 250%, 160% and 200% respectively in a short period of time, especially the first two dilemmas caused important damage to the global economy, caused the international economic depression and suppressed the oil demand. This time, the effect of soaring oil prices is limited. The global economy has not declined significantly because of high oil prices, and the global demand for oil is still strong. In particular, the increase in demand from oil-producing countries has become the main key to higher oil prices. According to the new world energy statistics of BP in 2008, the oil consumption market in the Middle East has increased by 4.4%, far exceeding the 2.3% increase in the Asia-Pacific region.