Is there a general bank of crude that the world's oil goes into and then is bought by different countries in markets?

Similar questions: general bank crude world's oil bought countries markets.

Yes, that's why "drill baby drill" is so stupid .

PamPerdue wrote: "There's no need to bring all of the oil into a general bank. Most of the traders will never see the oil itself. "Yeah but there is fantasy that oil drilled from American wells is made available to only Americans and thus would make us more independent of the middle eastern dominated world market, and that was more purposeful "misinformation.' Raping America is not going to bring down oil prices or make us independent of the world marketplace.

There are a few major trading floors: New York Mercantile (NYMEX) in New York and the the Intercontinental Exchange in London being key. They don't trade the actual oil there; they trade contracts on the oil. When the contracts come due, the oil tankers are directed to major hubs to deliver the actual oil.

There's no need to bring all of the oil into a general bank. Most of the traders will never see the oil itself.

No. However, the OPEC cartel does limit supply from their member nations to ensure a minimum price (and thus profit).

No, the "market" is much more spread out than that. It's a complicated system of contracts. To save shipping costs, most oil comes from nearby countries.So the oil in Alaska, for example, goes to Japan because it's closer that the refineries in Southern California.

Oil from Venezuela gets shipped to the Southern US states. Most of the Middle East oil goes to Europe. Russia's oil goes to Europe and Asia.

Mexican oil goes to California, etc. The contracts sell the oil for a fixed price. The price quoted in the news is the spot market price when a refinery or oil company had more demand than their contracts provide for and need to buy more oil on the open market. Supply and demand bounce the price up and down.

When there's more oil on the spot market, the price goes down. When the supply goes down, the price goes up. It's a commodity.

So the oil never goes to a central facility. But the spot oil prices are quoted around the world because there's worldwide demand, just like corn, sugar or rice.

What determines the crude oil demand and supply.

I cant really gove you an answer,but what I can give you is a way to a solution, that is you have to find the anglde that you relate to or peaks your interest. A good paper is one that people get drawn into because it reaches them ln some way.As for me WW11 to me, I think of the holocaust and the effect it had on the survivors, their families and those who stood by and did nothing until it was too late.