Tag: Oil Pricing System

  • Oil Benchmarks: what next?

    By: Liz Bossley

    For the trading community, 2017’s ‘IP week’ in London (20-23 February) was not just concerned with the forecast level of crude oil prices, but about how those prices are expressed, assessed ​and reported. Once again the security of international oil price benchmarks is a significant cause for concern.  In this comment, Liz Bossley argues that […]

  • Eastward Shifting Oil Markets and the Future of Middle Eastern Benchmarks

    By: Fabian Weber

    The recent increased Chinese activity in the Platts Dubai window is yet another manifestation of the eastward shift of international oil markets. In light of these changing dynamics, the necessity for a new marker for East of Suez crude oil pricing is commonly taken for granted. But must the benchmark for East of Suez necessarily […]

  • The Dubai Benchmark and its Role in the International Oil Pricing System

    By: Bassam Fattouh

    Despite the existence of other regional crudes with a much larger physical base, more than 25 years have now passed, and most cargoes from the Gulf destined for Asia are still priced against Dubai. Nevertheless, the nature of the Dubai benchmark has evolved and many of the institutional and pricing details have witnessed major transformations, […]

  • Brent prices: Impact of PRA methodology on price formation

    By: Christophe Barret

    Oil prices are largely formed at the junction of the financial sphere and the physical sphere. This is particularly true for the main markers, such as Brent prices. The term “Brent prices” may refer to several type of contracts (see, for example, Bossley 1999) traded by physical and financial participants. The main contracts interacting in […]

  • OPEC at 50: Evolution, Issues and Lessons

    By: Bassam Fattouh

    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.

  • OPEC Pricing Power: The Need for a New Perspective

    By: Bassam Fattouh

    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 […]

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