World Trade Organization (WTO) and Its Impact on Crude Oil Markets (Challenges and Opportunities)

Globalization in general and economic globalization in particular is an important issue in all countries. The process focuses more on the criteria of trading goods having strategic status، including energy carriers، especially crude oil which its inclusion in the World Trade Organization has made various issues. Since oil price is influenced by psychological factors and supply and demand، its inclusion in WTO affects directly and indirectly these factors. Supply and demand for crude oil could be directly affected by principles such as national behaviors and constraints. In addition، the General Agreements on Tariffs and Trade (GAT)، the General Agreement on Trade in Services (GATS) and the Agreement on Technical Barriers to Trade (TBT) could direct engineering services companies to being competitive.