Some observers have conjectured that oil supply shocks in the United States and in other countries are behind the plunge in the price of oil since June 2014. Others have suggested that a major shock to oil price expectations occurred when in late November 2014 OPEC announced that it would maintain current production levels despite the steady increase in non-OPEC oil production…
During the past three decades the global oil market has seen significant price volatility. Literature to date has not analysed the cross-country effect of the recent episode of price instability. Previous studies have either not considered this period or have not utilised panel data techniques and therefore have not provided a comparative analysis of developed and developing countries. This paper explores the income and price elasticities between these two country groups and discusses the economic implication of the results…
“Over the past decade, China has become a key driver of global oil demand growth. As China’s GDP growth increased at double-digit rates, oil demand growth increased by an average 0.5 mb/d between 2003 and 2012. Over the same period, China accounted for two-thirds of global oil demand growth. Thus, any changes in China’s energy profile and oil consumption habits can send shock waves through the global oil markets…”
The oil and gas industry is under pressures that will transform it. The effect of other industries on oil demand, the increasing opportunities for non-conventional oil and gas that offset perceptions of limits to conventional resources, and the shift of growth to Asia will all compel the industry to look for growth in value rather than volume…
Publication annuelle de l’OPEP sur l’évolution du marché international du pétrole
New Economics Papers Energy Economics (REPEC)
