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United States crude oil prices averaged $30 a barrel in 2003 due to political instability within various oil producing nations. It rose 19% from the average in 2002. [ 13 ] The 2003 invasion of Iraq marked a significant event for oil markets because Iraq contains a large amount of global oil reserves . [ 14 ]
Energy Information Administration: Chronology of World Oil Market Events; Commodity Research Bureau. The CRB Commodity Yearbook 2003, 2003.; OtherSources include: Associated Press (AP), Dow Jones (DJ), Japan Times, Los Angeles Times (LAT), New York Times (NYT), Oil Daily (OD), Reuters, USA Today (USAT), Wall Street Journal (WSJ), Washington Post (WP), World Markets Research Center (WMRC).
Indications of a world oil glut lead to a rapid decline in world oil prices early in 1982. OPEC appears to lose control over world oil prices. March: Damascus closes Iraq's 400,000 bbl/d (64,000 m 3 /d) trans-Syrian oil export pipeline to show support for Iran. March 11: U.S. boycotts Libyan crude. May 24:Iran recaptures Khorramshahr.
World crude oil demand grew an average of 1.76% per year from 1994 to 2006, with a high of 3.4% in 2003–2004. World demand for oil is projected to increase 37% over 2006 levels by 2030, according to the 2007 U.S. Energy Information Administration's (EIA) annual report. [23]
Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...
Oil prices could soar more than 60% by early next year if conflict in the Middle East continues to escalate, according to Citi. The bank said oil prices could go as high as $120 per barrel in the ...
The prices of raw materials were depressed and declining from, roughly, 1982 until 1998. From the mid-1980s to September 2003, the inflation-adjusted price [citation needed] of a barrel of crude oil on NYMEX was generally under $25/barrel.
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