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What Does It All Mean?

Abstract:
Three hypotheses about future market balances in the world petroleum market are identified in this paper. Two are relatively benign and one is more harsh. Examination of constraints upon OPEC behavior and increasing market and policy sophistication in consuming countries suggests that some combination of the more benign hypotheses is apt to prevail.

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Energy Specializations: Petroleum – Markets and Prices for Crude Oil and Products; Petroleum – Policy and Regulation

JEL Codes:
L13 - Oligopoly and Other Imperfect Markets
E60 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General

Keywords: Oil markets, OPEC, Natural gas, refining, Energy policy, Oil prices

DOI: 10.5547/ISSN0195-6574-EJ-Vol15-NoSI-19


Published in Volume 15, Special Issue of The Quarterly Journal of the IAEE's Energy Economics Education Foundation.