How did oil price change in recent centuries? Read about the major milestones in the history of oil, who are the main oil producers, and what defines its price. One of the most valuable assets on Earth, oil has a great impact on the global financial market. The price of oil depends on a large variety of factors, and this definitive guide explains what exactly drives the value of this resource. We will take a detailed look at the history of oil price formation, find out who produces it, and discuss a few aspects which play a role in the oil market. History of oil price in 1861-2014 Before we plunge into the long history of oil price formation, let’s overview the major milestones in oil production until the Second World War: About 3 thousand years B.C., people in the Middle East are starting to use oil as fuel, […]