countries/regions over the period 1979-2011Q2, to discriminate - between supply-driven and demand-driven oil-price shocks and to …-consequences of a supply-driven oil-price shock are very different from those of an oil-demand shock driven by global economic …-exporting countries that possess large proven oil/gas reserves. However, in response to an oil-demand disturbance, almost all countries in …

main results are as follows: (i) While global demand shocks account for the largest share of oil price fluctuations … commodities is mainly explained by global demand shocks. (iii) The increase in oil prices over the last decade is mainly driven by … the strength of global demand. However, speculation played a significant role in the oil price increase between 2004 and …