Before revision:  We observed a remarkably high correlation of 0.85, unmatched by any former study addressing the correlation between oil price and major economic indicators .
After revision:  We demonstrate that this correlation does not depend on the balance of payments nor on the nominal value of trade or trade agreements; it is instead linked to the way the Global Value Chains (GVCs) shape global trade. Our study suggests that transport played an important structural role in shaping GVCs .