Although the 1990 Gulf crisis caused onIy a short period of high oil prices, this shock had an impact on oil-importing developing economies in different ways. In the first place, the crisis had an effect on their oil import bills and balance of payments, and secondly, these effects varied between countries. To start with, the […]
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.
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 […]
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