The International Oil Market: The Future of Relations between Producers and Consumers
- Fereidun Fesharaki
https://link.springer.com/chapter/10.1007/978-1-349-10373-7_2
Part of the Macmillan International Political Economy Series book series (IPES)
Abstract
Much has happened in the oil market since the Tehran Conferences in 1971, when the price of oil increased for the first time in more than 15 years. The shift in control of oil resources from the oil companies to the producing governments, the oil price shocks of 1973-4 and 1979-80, and the massive slide in oil demand in the early 1980s have resulted in structural changes in the oil market which have fundamentally altered the relationship between producers and consumers. These structural changes have not yet come to an end. While the oil industry and the governments (on both sides) remain preoccupied with short-term supply/demand and price questions, the underlying changes slowly continue to change the structure of the oil market.
Keywords
Gross Domestic Product Future Market Spot Market Official Price OPEC Country
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
https://link.springer.com/chapter/10.1007/978-1-349-10373-7_2
References
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