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Oil is one of the most important natural wealth sought by a number of countries such as in Oman and Gcc countries the world, and the discovery of oil for the first time marked a turning point and a major shift in the economies of the countries in which it was discovered; The reasons for the drop in oil prices, the International Energy Agency reports that oil prices have seen a marked decline in the world markets, which has affected the economy of a number of countries, especially those exporting oil, and the reports indicated that what actually happened and affected that the markets have seen a surplus of Oil in terms of supply, which has led to large volumes and thus lower oil prices to their lowest levels.effect on global GDP.Unprecedented economic policies when taxes are imposed on goods and services, and low oil prices negatively affect oil companies, The main reasons for this significant decline are the decline in global demand for oil as production volumes remain stable.To predict demand, forecasts for travel from AAA are used to determine potential gasoline use.

Oil is one of the most important natural wealth sought by a number of countries such as in Oman and Gcc countries the world, and the discovery of oil for the first time marked a turning point and a major shift in the economies of the countries in which it was discovered; The reasons for the drop in oil prices, the International Energy Agency reports that oil prices have seen a marked decline in the world markets, which has affected the economy of a number of countries, especially those exporting oil, and the reports indicated that what actually happened and affected that the markets have seen a surplus of Oil in terms of supply, which has led to large volumes and thus lower oil prices to their lowest levels. That is, if the supply is greater than the required quantities, it will lead to a recession, The decline in oil prices has affected both producing countries and consuming countries. Unprecedented economic policies when taxes are imposed on goods and services, and low oil prices negatively affect oil companies, The main reasons for this significant decline are the decline in global demand for oil as production volumes remain stable.
The reasons of decline of the price of oil:
Lower oil prices will encourage central banks to pursue a concessional monetary policy by lowering interest rates, which could mean increased demand for credit facilities.
The oil price forecast has shown such volatility in prices because of the changes in oil supply, dollar value, OPEC’s actions, and global demand.
Second is access to future supply, That depends on oil reserves. It includes what's available in refineries .
Third is oil demand, Demand rises during the summer vacation driving season. To predict demand, forecasts for travel from AAA are used to determine potential gasoline use. During the winter, weather forecasts are used to determine potential home heating oil use. effect on global GDP.

From a global perspective, political instability in the Middle East causes oil prices to fluctuate
in truth, many factors affect the direction of both interest rates and oil prices. Sometimes those factors are related, sometimes they affect each other, and sometimes there's no rhyme or reason to what happens. The effect of decline the price of oil in oman and Gcc countries the