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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.
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.
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 .
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 […]
New Oxford Energy Forum on LNG in the age of uncertainty: JKM and oil-linked contract prices have diverged; while t… https://t.co/xw4151fCYt
The rise of renewables and energy transition: what adaptation strategy exists for oil companies and oil-exporting c… https://t.co/25PFs640ia
Michal Meidan quoted on China oil imports after Saudi Attacks: While Saudi Arabia will cut volumes perhaps to Euro… https://t.co/Udm8S7UZjR
Sharples on Gazprom's electronic sales platform (ESP): ESP would continue to be a useful means for Gazprom to utili… https://t.co/uQXMygVOwf