Understanding Oil Prices
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Understanding Oil Prices
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Author : Salvatore Carollo
language : en
Publisher: John Wiley & Sons
Release Date : 2011-11-22
Understanding Oil Prices written by Salvatore Carollo and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-11-22 with Business & Economics categories.
It’s a fair bet that most of what you think you know about oil prices is wrong. Despite the massive price fluctuations of the past decade, the received wisdom on the subject has remained fundamentally unchanged since the 1970s. When asked, most people – including politicians, financial analysts and pundits – will respond with a tired litany of reasons ranging from increased Chinese and Indian competition for diminishing resources and tensions in the Middle East, to manipulation by OPEC and exorbitant petrol taxes in the EU. Yet the facts belie these explanations. For instance, what really happened in late 2008 when, in just a few weeks, oil prices plummeted from $144 dollars to $37 dollars a barrel? Did Chinese and Indian demand suddenly dry up? Did Middle East conflicts magically resolve themselves? Did OPEC flood the market with crude? In each case the answer is a definitive no – quite the opposite in fact. Industry expert Salvatore Carollo explains that the truth behind today’s increasingly volatile oil market is that over the past two decades oil prices have come untethered from all classical notions of supply and demand and have transcended any country’s, consortium’s, cartel’s, or corporate entity’s powers to control them. At play is a subtler, more complex game than most analysts realise (or are unwilling to admit to), a very dangerous game involving runaway financial speculation, self-defeating government policymaking and a concerted disinvestment in refinery capacity among the oil majors. In Understanding Oil Prices Carollo identifies the key players in this dangerous game, exploring their competing interests and motivations, their moves and countermoves. Beginning with the 1976 oil embargo and moving through the 1986 Chernobyl incident, the implementation of the US Clean Air Act Amendments of 1990, and the precipitous expansion of the oil futures market since the turn of the century, he traces the vast structural changes which have occurred within the oil industry over the past four decades, identifying their economic, social and geopolitical drivers, and analysing their fallout in the global economy. He explores the oil industry’s decision to scale down refining capacity in the face of increasing demand and the effects of global shortages of petrol, diesel, jet fuel, fuel oil, chemical feedstocks, lubricants and other essential finished products, and describes how, beginning in the year 2000, the oil futures market detached itself almost completely from the crude market, leading to the assetization of oil, and the crippling impact reckless speculation in oil futures has had on the global economy. Finally he proposes new, more sophisticated models that economists and financial analysts can use to make sense of today’s oil market, while offering industry leaders and government policymakers prescriptions for stabilising the market to ensure a relatively steady flow of affordable oil. A concise, authoritative guide to understanding the complex, oft misunderstood oil markets, Understanding Oil Prices is an important resource for energy market participants, commodity traders and investors, as well as business journalists and government policymakers alike.
Trading And Price Discovery For Crude Oils
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Author : Adi Imsirovic
language : en
Publisher: Palgrave Macmillan
Release Date : 2021-06-18
Trading And Price Discovery For Crude Oils written by Adi Imsirovic and has been published by Palgrave Macmillan this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-06-18 with Business & Economics categories.
This is a book about the international oil market. It takes a historical perspective on how the market emerged, developed, and became what it is today—the biggest commodity market in the world. It is mature and complex, but far from perfect. Throughout most of its 150-year history, the oil market has been monopolised by companies and governments. For only a fraction of that, oil traded in a relatively free market. As a result, we had to live with ‘big oil’, economic shocks, high oil prices, instability and wars. Using a simple concept of market power, this book will explain the meaning of ‘oil price’ and how it is established while offering a valuable lesson for other commodities. Market power is the key to understanding the ‘price of oil’. This book uses a simple concept of price-makers and price-takers to examine the evolution of oil markets, their structure, and prices. The early decades of the oil industry were competitive with low barriers to entry. Barely 25 years later, the Standard Oil company created a refining monopoly, buying oil at its own ‘posted’ price. In the following century, the cartel of major oil companies, helped by their governments, did the same at the international level. OPEC helped producing governments regain control of their own resources, but the organisation was never able to retain a similar level of control. After 1986 price collapse, OPEC abdicated the price-making function in favour of the market. While it never gave up attempts to influence prices, OPEC had to link their official prices to one of the global oil benchmarks. Modern international oil markets function because of oil benchmarks such as Brent, WTI and Dubai. This book showcases: • How oil traders played a prominent role in development of the industry • How policies of consuming nations helped oil cartels • Why and how the US price of oil was negative • How AI has changed the way markets operate and the way in which the markets are likely to change in future This book explores how oil markets grew, functioned, and have occasionally failed to do their job. The ecosystem of derivatives or ‘paper barrels’ trading in far greater volume than physical oil plays a very important role in mitigating risk. With this core tenant, setting the ‘price of oil’ is explained in detail.
Crude Volatility
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Author : Robert McNally
language : en
Publisher: Columbia University Press
Release Date : 2017-01-17
Crude Volatility written by Robert McNally and has been published by Columbia University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-01-17 with Business & Economics categories.
As OPEC has loosened its grip over the past ten years, the oil market has been rocked by wild price swings, the likes of which haven't been seen for eight decades. Crafting an engrossing journey from the gushing Pennsylvania oil fields of the 1860s to today's fraught and fractious Middle East, Crude Volatility explains how past periods of stability and volatility in oil prices help us understand the new boom-bust era. Oil's notorious volatility has always been considered a scourge afflicting not only the oil industry but also the broader economy and geopolitical landscape; Robert McNally makes sense of how oil became so central to our world and why it is subject to such extreme price fluctuations. Tracing a history marked by conflict, intrigue, and extreme uncertainty, McNally shows how—even from the oil industry's first years—wild and harmful price volatility prompted industry leaders and officials to undertake extraordinary efforts to stabilize oil prices by controlling production. Herculean market interventions—first, by Rockefeller's Standard Oil, then, by U.S. state regulators in partnership with major international oil companies, and, finally, by OPEC—succeeded to varying degrees in taming the beast. McNally, a veteran oil market and policy expert, explains the consequences of the ebbing of OPEC's power, debunking myths and offering recommendations—including mistakes to avoid—as we confront the unwelcome return of boom and bust oil prices.
The Results Of Opec Freezing Oil Output
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Author : Alycia Clingerman
language : en
Publisher:
Release Date : 2021-04-20
The Results Of Opec Freezing Oil Output written by Alycia Clingerman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-04-20 with categories.
In the meantime- the Industries Oil and Gas Safety Conference is set to kick off April 25-27, 2016 @ Houston Astro, Minute Maid Park. The conference promises to help the industry get breakthrough technology that will help the industry cut emissions, improve gas transmission and pipeline integrity design. This conference is organized by the industry for the industry. In this Oil Industry book, you will discover: - EU calls on Producers and Consumers Nation to Seize on the Current Low Oil Price Scenario to Remove - Harmful Environmental Subsidies - 4 OPEC supports COP21, Clean Energy Not Possible in the Foreseeable Future - GE Announces Three New Technologies for Oil Refineries - World Economy Growth to Remain Moderate - 74 Oil Companies account for zo percent of Crude Oil - Imports from Persian Gulf in 2015 - EU Expressed - Willingness to Share Its Experience in the Area of Energy Efficiency with Its OPEC Partners - And so much more! Get your copy today!
Oil Prices And The Global Economy
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Author : Mr.Rabah Arezki
language : en
Publisher: International Monetary Fund
Release Date : 2017-01-27
Oil Prices And The Global Economy written by Mr.Rabah Arezki and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-01-27 with Business & Economics categories.
This paper presents a simple macroeconomic model of the oil market. The model incorporates features of oil supply such as depletion, endogenous oil exploration and extraction, as well as features of oil demand such as the secular increase in demand from emerging-market economies, usage efficiency, and endogenous demand responses. The model provides, inter alia, a useful analytical framework to explore the effects of: a change in world GDP growth; a change in the efficiency of oil usage; and a change in the supply of oil. Notwithstanding that shale oil production today is more responsive to prices than conventional oil, our analysis suggests that an era of prolonged low oil prices is likely to be followed by a period where oil prices overshoot their long-term upward trend.
Opec And Oil Price
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Author : Sahan Malakar
language : en
Publisher:
Release Date : 2019-08-08
Opec And Oil Price written by Sahan Malakar and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-08-08 with categories.
This book is about relationship between OPEC and oil price. Because of OPEC's actions as a cartel and actions of OPEC's member countries, oil prices fluctuate a lot. If any trader wants to make profit in oil trading, he/she should have a good understanding of how OPEC works. This book elaborates past actions of OPEC and its member countries and discussed how oil price reacted to developments in OPEC and in OPEC's member countries. This book consists of 83 practical examples, which will be helpful for traders to understand the complex relationship between OPEC and oil price.
Beyond Market Assumptions Oil Price As A Global Institution
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Author : Andrei V. Belyi
language : en
Publisher: Springer Nature
Release Date : 2020-03-26
Beyond Market Assumptions Oil Price As A Global Institution written by Andrei V. Belyi and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-03-26 with Business & Economics categories.
This book defines oil price as a social institution that exists beyond supply-demand mechanisms. Discussing oil markets in the context of the broader sociology of prices, it covers a number of theoretical and practical dimensions, such as new market uncertainties and trends, and social perceptions of energy security and of power. Further, based on case studies it explores the implications for OPEC, Russia, and Central and Eastern Europe, as well as for the energy transition and for international investment arbitration. Featuring contributions from leading academics, researchers and business professionals, the book offers an interdisciplinary perspective on the oil price. “This book brings together an impressive team of scholars with fresh perspectives on the oil price. Even as the world attempts energy transition, oil consumption continues and the oil price is likely to become even more unpredictable and unclear than in the past. This book helps make sense of this challenging topic.” -Indra Overland is a Research Professor and Head of Centre for Energy Research, Norwegian Institute of International Affairs (NUPI) “A revealing and multidimensional analysis of oil price fluctuations in a market that seeks less uncertainty. This book discusses market and price evolution in the context of market theories, history and real-time market analysis. A welcome and timely contribution to our understanding of global energy markets.” Dr. Sara Vakhshouri is Founder and President of SVB Energy International and Professor of Energy Security at the Institute of World Politics.
The New Global Oil Market
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Author : Siamack Shojai
language : en
Publisher: Praeger
Release Date : 1995-02-14
The New Global Oil Market written by Siamack Shojai and has been published by Praeger this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995-02-14 with Business & Economics categories.
In the emerging post-Cold War new world order, the economics and politics of the oil industry will be quite different. New approaches and mechanisms are under way to deal with new challenges and old difficulties, such as environmental imperatives and the uncertainty of prices and availability. This edited volume provides an authoritative and comprehensive view of changing oil markets through informative discussions on global oil reserves, production and consumption trends, futures markets, refining, the political economy, and global environmental concerns. A very useful tool for researchers, scholars, and businesspeople in energy and environmental policy economics, political economics, economics of natural resources, and regional economics.
Trading And Price Discovery For Crude Oils
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Author : Adi Imsirovic
language : en
Publisher: Springer Nature
Release Date : 2021-05-19
Trading And Price Discovery For Crude Oils written by Adi Imsirovic and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-05-19 with Business & Economics categories.
This is a book about the international oil market. It takes a historical perspective on how the market emerged, developed, and became what it is today—the biggest commodity market in the world. It is mature and complex, but far from perfect. Throughout most of its 150-year history, the oil market has been monopolised by companies and governments. For only a fraction of that, oil traded in a relatively free market. As a result, we had to live with ‘big oil’, economic shocks, high oil prices, instability and wars. Using a simple concept of market power, this book will explain the meaning of ‘oil price’ and how it is established while offering a valuable lesson for other commodities. Market power is the key to understanding the ‘price of oil’. This book uses a simple concept of price-makers and price-takers to examine the evolution of oil markets, their structure, and prices. The early decades of the oil industry were competitive with low barriers to entry. Barely 25 years later, the Standard Oil company created a refining monopoly, buying oil at its own ‘posted’ price. In the following century, the cartel of major oil companies, helped by their governments, did the same at the international level. OPEC helped producing governments regain control of their own resources, but the organisation was never able to retain a similar level of control. After 1986 price collapse, OPEC abdicated the price-making function in favour of the market. While it never gave up attempts to influence prices, OPEC had to link their official prices to one of the global oil benchmarks. Modern international oil markets function because of oil benchmarks such as Brent, WTI and Dubai. This book showcases: • How oil traders played a prominent role in development of the industry • How policies of consuming nations helped oil cartels • Why and how the US price of oil was negative • How AI has changed the way markets operate and the way in which the markets are likely to change in future This book explores how oil markets grew, functioned, and have occasionally failed to do their job. The ecosystem of derivatives or ‘paper barrels’ trading in far greater volume than physical oil plays a very important role in mitigating risk. With this core tenant, setting the ‘price of oil’ is explained in detail.
The Price Of Oil
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Author : Roberto F. Aguilera
language : en
Publisher: Cambridge University Press
Release Date : 2016
The Price Of Oil written by Roberto F. Aguilera and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Business & Economics categories.
This book explains why oil prices rose so spectacularly in the past and examines how they will be suppressed in the future.