Who determines the price of crude oil and how?

The market plays a role too. OPEC affects supply. Supply can affect the price with respect to demand.





If demand is low then they can decrease supply.


If demand is high then they can increase supply but if they don't then the price will rise because of demand.





People and entities through the commodities market buy oil and supply/demand works there as well. If there are a lot of buyers then the price is going to increase. If there aren't a lot of buyers then the price is going to remain the say or it could decrease.





Right now energy is the hottest sector in the market so there are a lot of players in the market for oil.Who determines the price of crude oil and how?
Crude oil prices are determined by global supply and demand conditions in international markets. The production policies of the Organization of Petroleum Exporting Countries (OPEC) help determine global supply availability and these policies have an important influence on world oil prices. As a cartel, OPEC attempts to maintain oil prices by restricting its production. Its ability to do so depends on prevailing market conditions, the degree of co-operation from non-OPEC oil producing countries, and its own cohesiveness.


Ontario imports virtually all its crude oil, either from Western Canada or from offshore. Ontario refineries must compete with other users for this oil and must therefore pay world prices.


The benchmark price for oil is based on a particular crude - West Texas Intermediate (WTI). This is a relatively expensive crude and its price is higher than the price of much of the crude that supplies Ontario.


Crude oils command different prices because they vary in quality. In particular, the value of the products that can be made varies from crude to crude. The relationship between the prices of various crudes remains relatively constant. As a result, changes in the price of WTI are matched by changes in the price of other crudes.Who determines the price of crude oil and how?
Mainly OPEC, cause they are run by the producers of crude oil. Really they can set whatever price they want.
Having a standing army in the middle east sure goes a long way!@