global oil market

As global commodities, oil and petroleum products (including gasoline and diesel) are subject to the price swings in free markets and can be dramatically influenced by perceptions about future supply and demand.

• Global demand for petroleum products has reached around 87 million barrels per day. ExxonMobil is the largest non-government owned company in the energy industry — yet we produce only about 3 percent of the world's oil and about 2 percent of the world's energy.
• Per the U.S. Department of Energy, crude oil prices averaged about $98 a barrel from January to March 2008, up about 35 percent over the average 2007 price of about $72 per barrel. Geopolitical tensions, growing worldwide demand, market speculation and a weakened dollar contributed to the increase. Crude oil buyers, however, are able to purchase supplies they need.

Using energy efficiently, investing in technology, and promoting access and global diversity of supplies are vital to long-term energy security.

• The world market for oil is highly interconnected and diversified. This diversity enhances U.S. energy security — along with open international trade and strengthening partnerships between producing and consuming nations. America imported about 60 percent of its petroleum supplies from over 35 countries in 2007. Approximately two-thirds of the crude oil Americans consumed in 2007 was produced in North and South America.  

The weakening of the dollar compared to other currencies has contributed to relatively higher oil prices in the United States in recent years.

• From January 2002 to March 2008, the price of Brent crude increased in nominal dollar terms by about 430 percent, compared to about 200 percent in Euros, reflecting the weakness of the dollar. The dollar was worth 1.1 Euros in 2000 and is now worth only about 0.6 Euros.