The future of oil prices between economic challenges and geopolitical turmoil

Abstract

The research attempts to emphasize that the future of oil prices is affected by a set of economic and geopolitical challenges that include a wide range of economic factors، perhaps the most prominent of which is the slowdown in global economic growth، which leads to a decrease in demand for oil، in addition to the shift to renewable energy، which leads to a decrease in demand for oil. Technological developments also affect oil production and lead to fluctuations in prices، In addition to economic factors، geopolitical turmoil also impacts crude oil demand. These challenges include conflicts in oil-producing regions، tensions between countries، and future expectations، particularly the decline in prices and price fluctuations caused by geopolitical turmoil and changes in supply and demand. The research problem was that although oil is an economic commodity، its price is determined by a combination of economic and political factors. The research was based on the hypothesis that economic challenges and geopolitical disturbances have the greatest impact on shaping crude oil prices. The research goal was to anticipate the future of crude oil prices in light of economic and geopolitical variables. While the research objective was to identify crude oil prices and the main factors affecting them، the research methodology relied on using the inductive methodology of the economic reality of crude oil prices by analyzing the available data and statistics across historical stages، and adopting the deductive methodology from the historical development of prices and deducing the effects resulting from them to prove the scientific facts desired from the research and the possibility of simulating them on the Iraqi reality.