Oil Price Developments Drivers, Economic Consequences and Policy Responses

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The research paper examines the significant impact of fluctuating crude oil prices on global economic performance, highlighting a dramatic rise from historical lows of $2.50-$3.00 per barrel in the 1960s to $89.82 today. It explores the causes of recent price spikes, primarily driven by demand, low excess capacity, and concerns over supply disruptions. The analysis addresses the effects on oil-importing countries, potential policy responses to stabilize economies, and the role of OPEC, emphasizing the volatility and uncertainty inherent in the oil market.