This presentation delivered at the Department of Business, Energy & Industrial Strategy (BEIS) analyses the main factors shaping Saudi oil policy and the various phases of the Kingdom’s oil policy since the 2008 financial crisis. It is possible to identify four such phases: 1) In the aftermath of the 2008 financial crisis, Saudi Arabia decided to cut output in the face of a temporary demand shock […]
This paper follows on from ‘Saudi Arabia’s Oil Policy: More than Meets the Eye?’ published in June 2015, which raised a set of fundamental questions in relation to the sharp drop in the oil price between June 2014 and January 2015, and OPEC’s decision, spearheaded by Saudi Arabia, not to cut output in response. We […]
The sharp drop in the oil price between June 2014 and January 2015 turned the world’s attention to Saudi Arabia’s role in the oil market and the determinants of its oil output policy. Initial hopes that Saudi Arabia would come to ‘rescue’ and ‘balance’ the market and put a floor under the oil price were […]
This presentation examines the evolution of OPEC in the last 50 years and identifies some of the important structural changes in the oil market that has influenced OPEC behaviour. The presentation highlights the changing and evolving role of OPEC and proposes new approaches to analyse OPEC’s role in the oil price formation process.
Since the 1973 oil price shock, the history and behaviour of the Organization of Petroleum Exporting Countries (OPEC) have received considerable attention both inthe academic literature and in the media.1 Many conflicting theoretical and empirical interpretations about the nature of OPEC and its influence on world oil markets have been proposed. The debate is not […]
Thierry Bros on UK gas storage: ‘If there remains frictionless trade with the EU via the interconnectors following… https://t.co/G8hUCQzEZx
Policy Considerations Around India’s Upstream Reforms https://t.co/Y8Oy5LQJF2
In June 2017 we explained why aviation poses a problem to the EU ETS due to Gibraltar airport. If Spain shares cont… https://t.co/jjZbvMq7gg