Earlier this week, Saudi Arabia, the UAE, Bahrain and Egypt cut diplomatic and economic ties with Qatar, accusing Qatar of supporting extremism. The measures are of unprecedented severity in modern GCC diplomacy with adverse consequences for Qatar, not least for its reputation as a business and international and regional transit hub and as host for […]
The main purpose of this report is to analyse the main features of the current crude oil pricing system; to describe the structure of the main benchmarks currently used namely Brent West Texas Intermediate (WTI) and Dubai-Oman; to clearly identify the various financial layers that have emerged around these physical benchmarks; to analyse the links […]
The current oil pricing system has now survived for almost a quarter of a century, longer than the OPEC administered system did. While some of the details have changed, the fundamentals of the current system have remained the same since the mid 1980s. In the light of the 2008-2009 price swings, the current oil pricing […]
On October 9 2009 the Oxford Institute for Energy Studies held a one-day conference in Oxford on ‘Oil Price Volatility: Causes and Measures of Mitigation Strategies’. The conference focused on three themes: the role of fundamentals and financial factors in explaining the recent sharp swings in oil prices and the marked increase in price volatility; […]
Price Demand and Market Structure for the Oil Industry: Distillates in the driver’s seat or Gasoline resurgence ?
Despite the wide variety of internationally traded crude oils with different qualities and characteristics (the 2006 International Crude Oil Market Handbook describes more than 160 traded crude oil streams), many observers consider the world oil market as ‘one great pool’ (Adelman, 1984). Others argues that oil markets are ‘globalized’ in the sense that supply and […]
The recent disconnection of WTI from the other benchmarks revived the debate on whether the WTI benchmark has been ‘broken’ and whether oil market participants should adopt an alternative benchmark that better reflects the supply demand balance in the oil market. In this article, the author discusses the reasons for the WTI disconnection and its […]
In this comment, Professor Robert Mabro provides a critical assessment of the peak oil theory and how by focusing on the wrong questions, peak oil can shift attention away from more pressing and vital issues.
Keynes proposed that a ‘Commod Control’ agency be created after the Second World War to stabilise spot prices of key internationally traded commodities by systematically buying and selling physical buffer stocks. In this paper, the creation of a new Global Commodity Insurer (GCr) is discussed that would operate an international Commodity Price Insurance (CPQ scheme […]
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 […]
Contracts for Difference and the Evolution of the Brent Complex https://t.co/KYZEK0lFCC
The Druzhba Pipeline Crisis – The Lessons for Russia and for Europe https://t.co/CkMN5QDRgb
OIES study quoted in Reuters on how China appears to be diversifying gas supply, potentially importing more from so… https://t.co/3LEdHC9nqC
Anouk Honore on the pace of gas storage injections in Europe: There are some signs already that injection rates sho… https://t.co/xyhbo3bncY