Determinant of oil prices: Russia, Saudi Arabia and United States/ Windralela Wakilin

Oil is the most important energy that used in this modern economy and its volatility affected the economy condition whether increasing or decreasing. Previous researchers have been discuss that the determinations of oil prices are based on the macroeconomic. Supply of crude oil, demand of crude oil, local exchange currency and energy intensity is the other factors that affecting the oil prices and this factors will be discuss through this paper. The results of this paper. that discussing the factors that can lead to the determinations of oil prices, could contribute and helping to solving the oil prices volatility and the other energy developers to find other alternative of energy that recyclable and the resources are not deflated. Russia, Saudi Arabia and United States are the countries chosen as their role as the biggest producers of oil worldwide. and chosen 15 years of period from 2001 to 2016.