Petroleum: Market analysis and its importance in the Colombian global economy

The goal of this research is to monitor and examine how the global oil market operates, with a focus on how important it is to the Colombian economy. A theoretical framework that describes the history of oil, the properties of the substance, its derivative products, the stages of the production process, and its effects on the environment is presented as a means of generating precise comprehension. Later, the global market will be covered through a qualitative and quantitative analysis of the primary factors affecting the global market, as well as its key actors, using the databases provided by the Organization of Petroleum Exporting Countries (OPEC) and the Observatory of Economic Complexity (OEC). Next, the document focuses on the Colombian historical context, as well as its organizational and regulatory framework, and then, with a clear and concise idea of the functioning of oil in the world, it covers and analyzes the dynamics of the national market through the databases provided by the National Hydrocarbons Agency (ANH) and the National Administrative Department of Statistics (DANE). Finally, the price of oil is examined as one of the most important elements affecting the oil sector and the national economy, as well as a future projection of President of the Republic of Colombia Gustavo Petro's proposal aimed at decarbonizing the country's economy.