Working Papers
A Study of the Relationship between Spot Product Prices & Spot Crude Prices
Published: 1st January 1984| By: R. Bacon
This paper is an investigation into the relation between crude oil prices and the prices of the products made from refining crude oil . Commentators on the oil market often focus on a measure of the difference between t h e “value” of the oil once converted into products and the cost of the crude [...]
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On the Stability of the Short-run Equilibrium of an Exhaustible Resource Market
Published: 1st January 1984| By: Y. Stournaras
Our purpose in writing this paper is to relax two assumptions which dominate the theory of exhaustible resources and examine the implications for the stability of equilibrium. The first assumption postulates that a complete set of forward markets exists. The second postulates that asset and spot commodity markets clear instantaneously.
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The Recycling of Oil Revenues: Some Theoretical Aspects
Published: 1st January 1984| By: Y. Stournaras
The purpose of this paper is to investigate the stability properties of a non-titonnement price and a monetary adjustment mechanism involving two countries: one oil-exporting and one oil-importing. Its distinguishing characteristic is that it brings together some elements of the theory of exhaustible resources and the modern balance-of-payments theory using a Bicksian, temporary equilibrium framework.
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On Oil Price Concepts
Published: 1st January 1984| By: Robert Mabro
What do people mean when they refer to the ‘world price of crude oil”? What do they really mean when they state that the price of oil has risen” or that “it has come down”? There are many different concepts of the price of oil, a term which can be deceptive in its apparent simplicity.
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The Management of OPEC’s Financial Surpluses
Published: 1st January 1984| By: Goran Bergendahl
Since the first petroleum crisis in 1973-74 oil prices have risen considerably. One reason for this has been that oil consumers have been insensitive to price changes. In the short run it has been difficult to find any viable fuel alternative .
Download the Publication 1.66MBCategories / Energy Policy, Finance, Oil
Who Makes the Oil Price? An Analysis of Oil Price Movements 1978-82
Published: 1st January 1982| By: S. Roberts
A study of o i l developments during ’1978-82 may provide some important insights into the operation of the pricing mechanism for petroleum in international trade. First of all, this period enables us to study the behaviour of oil producers in both arising and a falling market. In 1979/80 excess demand pushed prices up more [...]
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