{"id":7344,"date":"2022-01-21T22:30:00","date_gmt":"2022-01-21T17:00:00","guid":{"rendered":"https:\/\/polscienceweb.com\/?post_type=portfolio&#038;p=7344"},"modified":"2022-01-22T00:51:55","modified_gmt":"2022-01-21T19:21:55","slug":"why-is-the-price-of-oil-rising","status":"publish","type":"portfolio","link":"https:\/\/polscienceweb.com\/index.php\/portfolio\/why-is-the-price-of-oil-rising\/","title":{"rendered":"Why is the price of oil rising?"},"content":{"rendered":"\n<h4 class=\"has-text-align-center wp-block-heading\"><strong>Oil Rises to 7-Year High\u00a0<\/strong><\/h4>\n\n\n<div class=\"has-text-align-center wp-block-post-date\"><time datetime=\"2022-01-21T22:30:00+05:30\">21st January 2022<\/time><\/div>\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<details class=\"wp-block-verse\" style=\"font-size: 18px; text-align: justify;\">\n<summary class=\"wo-block-verse\" style=\"font-size: 18px; text-align: center;\">Read more<br><br><\/summary>\n\n\n\n<p class=\"wp-block-verse\" style=\"font-size: 18px; text-align: justify;\"\n>The escalation of hostilities between the Iran-aligned group (Houthis of Yemen) and Saudi Arabia led coalition, the recent attack by Yemen\u2019s Houthis on fuel trucks in Abu Dhabi, and the tensions between Russia, the world\u2019s second-largest oil producer, and Ukraine have disrupted the supply chains.\u00a0<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p class=\"wp-block-verse\" style=\"font-size: 18px; text-align: justify;\"><strong>For the complete backstory&nbsp;<\/strong><\/p><p class=\"wp-block-verse\" style=\"font-size: 18px; text-align: justify;\">What\u2019s happening between Ukraine and Russia? &#8211; <a href=\"https:\/\/polscienceweb.com\/index.php\/2021\/12\/12\/whats-happening-between-ukraine-and-russia\/\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a><\/p><p class=\"wp-block-verse\" style=\"font-size: 18px; text-align: justify;\">After Houthis drone attacks in UAE, Saudi launches airstrikes in Yemen &#8211; <a href=\"https:\/\/polscienceweb.com\/index.php\/portfolio\/after-houthis-drone-attacks-in-uae-saudi-launches-airstrikes-in-yemen\/\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a><\/p><\/blockquote>\n\n\n\n<p class=\"wp-block-verse\" style=\"font-size: 18px; text-align: justify;\"\n>Oil, coal and natural gas are the fossil fuels used. Any disruption in one changes the price of the other. Like other commodities, the fundamental reason behind the rise is supply and demand in the market.\u00a0<\/p>\n\n\n\n<div style=\"height:13px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Supply-side reasons for the oil price rise &#8211;\u00a0<\/strong><\/h2>\n\n\n\n<ol class=\"wp-block-verse\" style=\"font-size: 18px; text-align: justify;\"\n><li>Less drilling by US shale gas producers.<\/li><li>Disruption in the crude supplies due to hurricanes in the Gulf of Mexico.<\/li><li>The monopoly of OPEC countries to fix the prices in the manner favourable to them.<\/li><li>Lower than expected natural gas supplies from Russia.<\/li><li>Geopolitical tensions in the middle east comprised of oil-producing nations.<\/li><\/ol>\n\n\n\n<div style=\"height:18px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Demand-side reasons for the oil price rise &#8211;\u00a0<\/strong><\/h2>\n\n\n\n<ol class=\"wp-block-verse\" style=\"font-size: 18px; text-align: justify;\"\n><li>The supply chain issue of coal in China has increased the oil demand, aggravating the situation.<\/li><li>Winter also tends to put pressure on prices.<\/li><li>Demand has spiked suddenly as economies reopen as life returns to normal following the great scare of Covid19.&nbsp;<\/li><\/ol>\n\n\n\n<div style=\"height:22px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Impact of rising in crude oil prices &#8211;<\/strong><\/h2>\n\n\n\n<ol class=\"wp-block-verse\" style=\"font-size: 18px; text-align: justify;\"\n><li>Increase in the country\u2019s import bill.<\/li><li>It increases inflation and its overall consequences for the economy.<\/li><li>The rise in oil prices also increases the input cost for refining, lubricants, aviation, tyres, etc., impacting their profits.<\/li><\/ol>\n\n\n\n<\/details>\n\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-text-align-center\">Source: <a href=\"https:\/\/www.forbes.com\/sites\/daneberhart\/2021\/11\/13\/why-are-oil-prices-so-high-when-the-us-remains-one-of-the-worlds-largest-producers\/?sh=61fd0f52ddfc\">Forbes<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil Rises to 7-Year High\u00a0 Read more The escalation of hostilities between the Iran-aligned group&hellip;<\/p>\n","protected":false},"author":1,"featured_media":7343,"comment_status":"closed","ping_status":"closed","template":"","portfolio-category":[428,430,426],"class_list":["post-7344","portfolio","type-portfolio","status-publish","has-post-thumbnail","hentry","portfolio-category-428","portfolio-category-january-2022","portfolio-category-newsfeed"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why is the price of oil rising? 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