WORLD PETROLEUM PRODUCTION AND PRICES COMPARATIVE ANALYSIS FOR 2009 - 2019 AZERBAIJAN AND OPEC COUNTRIES

Abstract

Due to the dominant role of oil as an energy source, the global oil market is the most important of the world energy markets. Crude oil is a global commodity and its price is determined by supply and demand factors worldwide. The increase in oil prices causes a shift in trade relations and income transfer from import to exporter countries. Taking into account the impact of OPEC on oil prices, this research will be carried out on world oil production and prices. In this direction, comparative analysis of the Republic of Azerbaijan and OPEC countries will be made between 2000-2019. The aim of this thesis study is to examine world oil production and prices. In this direction, it is aimed to analyze these variables in the process covering 2009-2019 for OPEC and Azerbaijan and OPEC countries. The universe of the research is the world oil industry. As an example, oil revenues and oil prices in OPEC countries and Azerbaijan will be examined. For this, domestic or foreign studies, research, web pages, studies about companies will be examined and analyzed.