000			02454nam a22002297a 4500
999			_c2851 _d2851
005			20220720130525.0
008			220720b ||||| |||| 00| 0 eng d
020			_a9783030717179
082			_a338.27282 _bIMS
100			_aImsirovic, Adi _97884
245			_aTrading and price discovery for crude oils: growth and development of international oil markets
260			_bPalgrave Macmillan _aSwitzerland _c2021
300			_axv, 253 p.
365			_aEURO _b32.99
520			_aAbout this book This is a book about the international oil market. It takes a historical perspective on how the market emerged, developed, and became what it is today—the biggest commodity market in the world. It is mature and complex, but far from perfect. Throughout most of its 150-year history, the oil market has been monopolised by companies and governments. For only a fraction of that, oil traded in a relatively free market. As a result, we had to live with ‘big oil’, economic shocks, high oil prices, instability and wars. Using a simple concept of market power, this book will explain the meaning of ‘oil price’ and how it is established while offering a valuable lesson for other commodities. Market power is the key to understanding the ‘price of oil’. This book uses a simple concept of price-makers and price-takers to examine the evolution of oil markets, their structure, and prices. The early decades of the oil industry were competitive with low barriers to entry. Barely 25 years later, the Standard Oil company created a refining monopoly, buying oil at its own ‘posted’ price. In the following century, the cartel of major oil companies, helped by their governments, did the same at the international level. OPEC helped producing governments regain control of their own resources, but the organisation was never able to retain a similar level of control. After 1986 price collapse, OPEC abdicated the price-making function in favour of the market. While it never gave up attempts to influence prices, OPEC had to link their official prices to one of the global oil benchmarks. Modern international oil markets function because of oil benchmarks such as Brent, WTI and Dubai.
650			_aEnergy policy _92908
650			_aPetroleum industry and trade--Economic aspects _97885
650			_aPetroleum products--Prices _97886
650			_aPolitical planning _96001
650			_aInternational finance _9257
942			_2ddc _cBK