Oil is one of the essential resources in the world and has a direct influence on the international commodity market. Emerging industrial markets such as Latin America, China and India tend to significantly influence the prices of oil since they require more and more to support their economic growth and the resultant rise in energy consumption. Crude oil being a valuable commodity is, however, limited and the supply cannot be increased further. It is becoming increasingly difficult to establish and develop new oil reserves in recent years. As a result, there has been a tremendous and continuous increase in the prices of oil throughout the whole continent. It has a strong influence on international economic development. So far, crude oil is the world’s most important source of energy, and its price has, therefore, a direct impact on industrial and economic development. The continuous increase in the prices year in year out has had an adverse effects on how businesses are done. This special issue therefore will provide empirical and primary research on issues related to oil prices and its effects on economic development.

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