The results of OIES research is published as working papers, energy comments, presentations and articles as well as commercially published books and monographs. The views expressed in all OIES publications are those of the authors and do not necessarily represent the views of the Oxford Institute for Energy Studies or any of its Members.
This paper formulates a trading game in a productive natural resource like oil. Though simple, the model developed here will highlight the role of binding long-term agreements and will show that in their absence equilibria are inefficient. Clifford and Crawford (1987) have recently emphasized this point in the context of trade in natural resources. A […]
Over the past decade or so, a good deal of the conceptual work on exhaustible resources has directed some attention to the problem of uncertainty. As Notelling (1931) illustrated early on, even the simplest problems of exhaustible resource management are inherently dynamic. It is thus hardly surprising that an uncertain future should be a pressing […]
It is often argued informally that demand responses to the major oil price increases of 1973 and 1979 were still not complete several years after the events. The evidence, moreover, is that the long-run price elasticity of demand exceeds the short-run price elasticity, both for energy aggregates and individual energy carriers (see Kouris, 1983, for […]
The double squeeze on OPEC’s oil ouput caused by a fall in the world demand for oil and a rapid growth in non-OPEC supplies is preventing this organization from performing a price stablization role . The current oil price crisis is the consequence of these developments.
The recent history of the informal market f o r North Sea Brent blend has been of great interest to those studying commodity markets in general and the oil market in particular . Two aspects of this market gives it this important position. First, the very rapid growth inactivity in the Brent market means that […]
The recent dramatic fall in the price of crude oil has focussed attention on the relationship between crude oil prices and retail gasoline prices in the UK. The central issue is that of how long it normally takes for the fall in costs to be felt in a fall in final prices. The purpose of […]
The OPEC price escalations of 1973-74 and 1979-80 have had a crucial effect on the world economy and on international trade. Non-OPEC countries have had t o adjust to higher petroleum prices. They have tried to develop alternative energy resources and have invested in various energy conservation measures.
The purpose of this paper is to provide analytical explanations for the price trends and the important oil market episodes of the past three decades.
In 1974 the thirteen OPEC countries suddenly received record oil revenues of $114 billion . The disposal of that income was as follows: 35% was used to finance imports of goods – mainly consumer goods and the remainder – the current account surplus – was placed abroad, mainly in the form of bank deposits (see […]
The major increases in oil prices during the 1970s caused many changes in the socio-economic map of the Middle East, including substantially increased financial flows to and from the oil economies. In a short time, the oil exporters became also capital exporters. Some of the financial institutions managing these flows had to establish a presence […]
An OIES study (Saudi Arabia: Shifting the Goal Posts) cited in a new article in The Economist on OPEC long-term all… https://t.co/K1iuNCK1b4
Heightened Geopolitical Risks in the Middle East and Potential Impacts on Oil Markets https://t.co/ur8Q0PxXit
A new OIES paper on evolution of Japanese oil industry: Considering that demand for refined petroleum products will… https://t.co/jwajCfNQI4