Who Controls Oil Prices
The gist
The price of oil is mainly influenced by global supply and demand, with key roles played by major oil-producing countries and organizations like OPEC.
Explain like I'm 5
Imagine oil is like a big jar of cookies shared by many friends; the price changes depending on how many cookies there are and how many friends want them, and some friends decide together how many cookies to share.
Big picture
Oil prices affect the cost of many things worldwide, so understanding who influences these prices helps explain economic shifts and energy policies.