oil market, microeconomics, supply and demand, Brent, energy security, geopolitical risks
Abstract
The global oil market remains one of the most significant and strategically important sectors of the world economy. As a fundamental commodity, oil plays a crucial role in shaping macroeconomic dynamics while also reflecting core principles of microeconomics such as supply, demand, elasticity, pricing mechanisms, and consumer behavior. This article explores the structure and functioning of the global oil market through a microeconomic lens, examining the forces that influence price formation, market equilibrium, and competitive structures. Particular attention is paid to the additional factors affecting the oil market in Ukraine, including geopolitical challenges, energy policy transformations, technological shifts, and integration into global energy networks. The article also discusses future development trends of the oil sector amid the global energy transition and increasing emphasis on sustainability.
Author Biography
Dmytro Nikytenko, National University of Water and Environmental Engineering, Rivne
