Oil Market Dynamics through the Lens of the 2002-2009 Price Cycle

During the period 2002 to 2008, the oil market experienced a sustained increase in prices with the annual average price rising year-on-year for seven consecutive years. This boom, however, ended with a spectacular collapse towards the end of 2008. These sharp price movements captured public and political attention and raised concerns within both major consumers and producers about the adverse economic, political and social consequences of such violent price movements.

By: Bassam Fattouh

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