INFLUENCE OF CONFLICT-GENIC FACTORS ON THE NATURE OF THE INTERNATIONAL OIL MARKET (Part 1)

Abstract

The article explores the key role of oil in the global economy and politics, emphasizing its importance as an instrument of geopolitical pressure. The factors influencing pricing are analyzed, including conflicts between exporters (OPEC, Russia) and importers (USA, EU), as well as the consequences of sanctions and military actions (for example, the war in Iraq). The author notes that sharp price fluctuations (falling to $35 in 2020 due to the COVID-19 pandemic and rising to $122 in 2022 after sanctions against Russia) reflect the market's dependence on geopolitics. Special attention is paid to the US strategy of diversifying oil imports (Canada, Mexico, the Middle East) and conflicts over control of resources. The connection of the oil market with financial crises is emphasized, including the role of the dollar as the main settlement currency. The article is based on data from the EIA, the US Federal Reserve and academic research.