Analysis of oil price shocks using fundamental measures has for years puzzled researchers. Recent theoretical and empirical work has made considerable improvements on how to model the global oil market. Yet, many studies document a decrease in the explanatory ability of the supply side of the market, as there appears little evidence that oil supply […]
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 purpose of this paper is to provide analytical explanations for the price trends and the important oil market episodes of the past three decades.
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