The recent volatility in the energy market has caught the world's attention. The price of petroleum (WTI / Light Crude) on the New York Mercantile Exchange (NYMEX) kept reaching record highs. The demand for oil is dependent on global economic conditions.

Large quantities of the world's oil are controlled by the OPEC countries. The Organization of the Petroleum Exporting Countries (OPEC) is consisted of twelve nations. They are Iran, Iraq, Kuwait, Qatar, Saudi Arabia, the United Arab Emirates, Libya, Algeria, Nigeria, Angola, Venezuela and Ecuador. Collectively OPEC member countries hold about 75% of the global oil reserves. OPEC members currently supply about 40% of the world’s oil.

The oil price has climbed from its $16 per barrel in January 1999 to $147.28 on July 2008. Soon after the Asian financial crisis which reduced demand, prices increased rapidly. By September 2000, a barrel of oil was costing $35. The oil price retrieved until the end of 2001. Then in October 2004, light crude futures contracts on the NYMEX for November delivery exceeded $53 per barrel. Crude price continued to soar in 2005 to $60 per barrel. In July 2006, the price hit over $77. In October 2007, US light crude rose above $90 a barrel. On January 2, 2008, the price was $100. On July 11th, 2008, the oil prices reached an all time high of $147.27.