Petroleum products are one of the main influencers of global and local economies. As primary energy sources, they play an important role in industries, production, transportation, and energy supply. The pricing of petroleum products directly affects inflation rates, transportation costs, and the cost of goods production.
Oil-producing countries such as Iran, Saudi Arabia, and Russia rely on petroleum exports as their primary source of revenue. Moreover, the dependency of oil-consuming countries on these resources makes global oil price fluctuations significantly impact their economies.
With the development of renewable energy sources, the future role of petroleum products is expected to diminish. Such changes could have substantial effects on the global economy and on countries heavily reliant on oil revenue.
