Download or read book Crude Volatility written by Robert McNally and published by Columbia University Press. This book was released on 2017-01-17 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Trading and Price Discovery for Crude Oils written by Adi Imsirovic and published by Springer Nature. This book was released on 2021-05-19 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book The Evolution of Oil Markets written by Joe Roeber and published by Brookings Institution Press. This book was released on 1993 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Price of Oil written by Roberto F. Aguilera and published by Cambridge University Press. This book was released on 2016 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explains why oil prices rose so spectacularly in the past and examines how they will be suppressed in the future.
Download or read book The Evolution of OPEC written by Albert L. Danielsen and published by New York ; Toronto : Harcourt Brace Jovanovich. This book was released on 1982 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Understanding Oil Prices written by Salvatore Carollo and published by John Wiley & Sons. This book was released on 2011-11-22 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Stability Within Uncertainty written by Anthony Ernest Reinsch and published by Calgary : Canadian Energy Research Institute. This book was released on 1988 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a brief discussion of world oil market developments since the early 1970s, identifying the fundamental characteristics and features of the market through to the end of this century. It also examines the history and current structure of world oil demand, analyzed in terms of demand for crude oil products in the various regions. A number of key factors and fundamental trends in crude oil consumption are identified, which can be expected to play an important role in future oil demand. In addition, the study provides an examination of the history and current structure of world crude oil supply, emphasizing the methodology employed in representing crude oil production, reserves additions and productive capacity development within the analytical framework. A series of sensitivity cases are presented together with the reference case crude oil market scenario generated by the integration of the demand- and supply-side analyses. Finally, the study's authors draw together the critical conclusions arising from the analysis.
Download or read book Monetary Policy and the Oil Market written by Naoyuki Yoshino and published by Springer. This book was released on 2016-03-04 with total page 155 pages. Available in PDF, EPUB and Kindle. Book excerpt: While oil price fluctuations in the past can be explained by pure supply factors, this book argues that it is monetary policy that plays a significant role in setting global oil prices. It is a key factor often neglected in much of the earlier literature on the determinants of asset prices, including oil prices. However, this book presents a framework for modeling oil prices while incorporating monetary policy. It also provides a complete theoretical basis of the determinants of crude oil prices and the transmission channels of oil shocks to the economy. Moreover, using several up-to-date surveys and examples from the real world, this book gives insight into the empirical side of energy economics. The empirical studies offer explanations for the impact of monetary policy on crude oil prices in different periods including during the subprime mortgage crisis of 2008–2009, the impact of oil price variations on developed and emerging economies, the effectiveness of monetary policy in the Japanese economy incorporating energy prices, and the macroeconomic impacts of oil price movements in trade-linked cases. This must-know information on energy economics is presented in a reader-friendly format without being overloaded with excessive and complicated calculations. enUsed="false" QFormat="true" Name="Subtle Emphasis"/>
Download or read book The Evolution of World Oil Markets written by and published by . This book was released on 1987 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Understanding Oil Prices written by Salvatore Carollo and published by John Wiley & Sons. This book was released on 2011-12-27 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book The Evolution of World Oil Markets written by Morris Albert Adelman and published by . This book was released on 1987 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Oil Market in the 1980s written by Dimitri Aperjis and published by . This book was released on 1982 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Oil Economics and Policy written by Alberto Clo and published by Springer Science & Business Media. This book was released on 2013-03-09 with total page 269 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 20th century society, oil has played a fundamental role not only from the economic point of view, but also from the point of view of the political relationships established between major Western countries and oil-producing countries. A survey into oil history, its market dynamics and price evolution, is essential for a deeper understanding of modern industry and world economy, as world development depends on oil supplies, prices, and its political accessibility. Oil Economics and Policy follows the historical development of the oil industry, and inevitably also covers many aspects of energy resource economy. In so doing, it pays particular attention to one aspect, namely, the fixing of oil prices. This is mainly in order to attempt to understand whether, and by how much, the structural transformations that the oil industry has undergone during the various phases of its existence - and the various market structures deriving from them - have influenced the dynamics of oil prices. Alberto Clô is Professor of Industrial Economics at the University of Bologna. Minister of Industry and Trade during Lamberto Dini's government (January 1995-May 1996), he has been a member both of national and international scientific boards and of ministerial committees. He is author of numerous writings on industrial and energy economies and editor-in-chief of the journal Energia.
Download or read book Global Implications of Lower Oil Prices written by Mr.Aasim M. Husain and published by International Monetary Fund. This book was released on 2015-07-14 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: The sharp drop in oil prices is one of the most important global economic developments over the past year. The SDN finds that (i) supply factors have played a somewhat larger role than demand factors in driving the oil price drop, (ii) a substantial part of the price decline is expected to persist into the medium term, although there is large uncertainty, (iii) lower oil prices will support global growth, (iv) the sharp oil price drop could still trigger financial strains, and (v) policy responses should depend on the terms-of-trade impact, fiscal and external vulnerabilities, and domestic cyclical position.
Download or read book Oil Prices and the Global Economy written by Mr.Rabah Arezki and published by International Monetary Fund. This book was released on 2017-01-27 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Evolution of Crude Oil Price Term Structure written by Georgi Marinov and published by LAP Lambert Academic Publishing. This book was released on 2011-04 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: The focus of the book is on the lessons that can be learned by "reading" the crude oil price term structure correctly - i.e. in formation of trading strategies or making forecasts. The analysis goes back to the period when trading crude oil was becoming popular and traces the conditions that led to the inevitable need for creating oil futures and markets where they are traded. The main aim of the book is to go into the details of the crude oil price term structure in order to understand how it reflects the prevailing market conditions and how the various market participants use it in their strategic decision-making activities. This book could be helpful to students who are interested in crude oil and the economics behind crude oil and crude oil products; to post-graduate students and researchers who are interested in deepening their knowledge of term structure as used in the crude oil industry; to professionals who want to explore the practical implications of concepts such as "contango" and "backwardation" and the hints one can get by interpreting correctly the crude oil price term structure for building a successful trading strategy.
Download or read book Beyond Market Assumptions Oil Price as a Global Institution written by Andrei V. Belyi and published by Springer Nature. This book was released on 2020-03-26 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
