The Impact of the Oil and Oil Products Market on Economic Development: A National Aspect

Abstract

Based on analytical reviews, volatility will continue to persist in commodity markets, especially in oil markets, in 2019. Oil prices are projected to rise slightly in the near future and will average about $70.0 per barrel, compared with $71.0 in 2018. At the same time, the risks to oil and other commodity prices are mainly reduced, given the slowdown in demand growth and increased supply. Despite volatility, prices are expected to be slightly different from their current indicators by the end of 2019. The above indicates the relevance of the chosen topic, since oil for Kazakhstan is a natural resource that has an impact on the state economy as a whole. Oil does and will predetermine the further development of the national economy. In accordance with the adopted strategy for the development of manufacturing industries, the oil and gas sector should become the basis of the country's economic growth based on its deep processing and manufacturing of high value-added products. This article provides an overview of theoretical approaches to assessing the role of natural resources in the development of countries, as well as the stages of development of world oil markets. An analysis is conducted of the impact of various factors on the development of world oil markets and their volatile characteristics. The development of the Kazakhstani oil market is examined and evaluated.Keywords: Oil, Oil Products, Dutch Disease, Raw Materials Curse, Economic Development, National Economy, Economic Growth, Manufacturing Industry.JEL Classifications: L71, N55, 013, P28DOI: https://doi.org/10.32479/ijeep.9964