Retrospective analysis and development prospects of the global petroleum products market

The article provides a retrospective analysis of the global petroleum products market, including key price trends and their prerequisites. The volume of global crude oil exports in 2023 amounted to USD 1.29 trillion, which is 52.5% higher than in 2019. Despite price volatility, the total export volume remained virtually unchanged compared to 2022. The study focuses on leading exporters and importers, such as Saudi Arabia and China, and analyzes the impact of geopolitical factors, including the Russia-Ukraine conflict, on pricing. Brent oil prices are projected to decline to around USD 19 per barrel in 2024. The results of the study highlight the importance of strategic decisions for sustainable market development, given the current geopolitical and economic instability.