The Oil Price Crisis of 1998
Oil prices have fallen since the end of November 1997 well below a level of $18 per barrel for dated Brent which petroleum-exporting countries and oil companies have been recently inclined to consider as a kind of acceptable norm. The fall in price has elicited rather speedily a producers’ response which involved both OPEC and non-OPEC countries.
Categories:
Energy Economics , Energy Policy , Finance , Oil
Tags:
Backwardation , Brent , Contango , Exporters , Inventories , Oil Consumption , Oil Diplomacy , Oil Prices , Oil Production , Oil-exporting Countries , Producing Countries , Stocks