Understanding of these fields is important, as all of these industries are involved in the global demand for oil. This branch of economics also includes a broad number of connected fields, including international shipping, agriculture, manufacturing, transport, and so forth. Political events can have an impact on oil supply as well as demand, and in turn, oil supply and demand can influence politics. In this case, supply and demand are both influenced by political concerns.
Many experts boil down economic activities to a balance between supply and demand. As with economics in general, there are a number of approaches to petroleum economics.
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