World Oil Market - New Challenges and Increasing Risks in the Context of Resulting Consequences for the Competitiveness of the EU

Macroeconomic consequences of the global financial crisis have affected all territorial and commodity segments of the global economy. The resulting stagnation of the economic growth has translated in a fall of commodity prices. It had been initially assumed that cheap inputs will increase the international competitiveness of their biggest consumers, in particular that of EU member states. However, the present situation on the oil market, which is a result of the synergic effect of variety of factors, with the most crucial being the enhanced extraction of shale gas and oil shale, a decline in economic growth in China, the lifting of sanctions against Iran and a polarizing political conflict between Ukraine and Russia, along with the reluctance of OPEC to flexibly respond to the changing conditions, puts this prism into a question. The aim of this paper is to critically assess the most important factors affecting the development of global oil market, identify the role of Chinese economy in this process and point out the available adaptation options that can support the competitiveness of the EU.