What is the structure of the world oil market?

The oil industry is a large and fast depleting industry. The main market oil producing countries and organizations such as Opec and Opec+, and a few other non-Opec countries indicate that their current production rates (reserves) are slowly being eaten up. This is shown by (graph 1) The structure of the world oil market is set to be oligopolistic as the oil market is dominated buy few suppliers, such as Opec and Opec + and the North …

…per day per capita. Overall if the prices do set to increase then it would benefit the middle east more then any one as they will under power many of oil consuming countries, which may back fire by leading on to war. However as the oil price are controlled by Opec and as they are the largest oil producing organisation, they will slowly increase the price which will benefit them more for the foreseeable future.