Oil Effect on World Economy

Abstract

The paper presents the macroeconomic effects of the oil trade on the world economy, taking into account a number of factors that characterise it: evolution of oil price, as well as dynamics of oil exports, economic increase based on oil of the producing and consuming countries, attempts to diversify their economies in order to get rid of the oil dependence, tendencies and length of these processes, co-operation and role of the countries that are involved in the exchange affairs that deal with this fundamental product called: “the blood of economy”.