Oil is a vital commodity in the world. What affects its price? The price of the oil is driven by two key factors, supply and demand. When the supply of the oil into the markets increase, the price will fall. When the supply decreases, then the oil price will rise. The supply is driven by three factors. OPEC: OPEC stands for The Organization of the Petroleum Exporting Countries. The OPEC has fourteen members and sets production quotas for them. […]