Among these the most important market seems to be the oil market and more specifically the crude oil market. Crude oil has a share of 34% of the world's primary energy consumption and is likely to remain the same for many more decades. BRIC countries are large oil consumers and since 2011 have surpassed the United States (US) in oil consumption. Their strong representation in the crude oil market justifies a further analysis on each country's status. According to Hamilton (2009) the crude oil price development was strongly correlated to the financial meltdown. Thus, understanding the impact of oil price fluctuations can create a path towards a sustainable future growth
The target of this paper is to examine O'Neill's growing theory by investigating the crude oil market for Brazil, Russia, India and China. Furthermore analysing the effect of oil price fluctuat]]>