OIES researchers publish in peer-reviewed academic journals as well as producing or authoring policy briefs, technical reports, and op-eds. Below is a selection of non-OIES publications by OIES staff.
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 […]
The economic development of the Arab region in recent years has become heavily dependent on the fortunes of oil . The sudden and significant increases in oil prices and revenues of 1973/74 and 1979180 have had a considerable impact on the levels and patterns of economic development in the oil-exporting and in the non-oil countries […]
In modelling the behaviour of oil-exporting countries it is usually assumed that the objective is to maximize the present value of oil revenues evaluated at a vector of market clearing prices. Given the various assumptions on the relevant parameters (initial reserves, demand etc) and the market structure, this exercise gives an extraction policy or, what […]
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 […]
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.
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 […]
China: Key Themes for 2020 https://t.co/wiX3Ftmyw4
OIES study quoted in Forbes on the risks to the Future Of Iraq’s Oil Production Growth as US-Iran tensions escalate https://t.co/VEIE0swSYI
Meidan quoted on the US-China agreement & impact on crude flows: Ramping up imports of U.S. crude will be challengi… https://t.co/EUE5hX8RXP
Shehabi’s article in Energy Policy investigates the linkages between energy subsidy reform and accelerating econom… https://t.co/jK3lZ7Zrcw