Changes in structure and function in the markets for oil

Joe Roeber

Energy, 1986, vol. 11, issue 4, 341-342

Abstract: The oil industry is having to cope with complex and interrelated changes arising from the nationalizations of ten years ago. As a result, companies are being forced to radically change their modes of operation. Policies possible in markets dominated by long-term integrated supply arrangements are not appropriate in a short-term, arm's-length market. In response to price turbulence, many companies have de-integrated their organizations to some degree, and there are few that do not assign a powerful role to the trading activity in their central supply organizations. Pacific Basin markets have been less exposed to these changes than the markets of Europe and the United States, and their response may be different. Much will depend on government policy—particularly in Japan—toward product imports from Middle Eastern export refineries.

Date: 1986
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Persistent link: https://EconPapers.repec.org/RePEc:eee:energy:v:11:y:1986:i:4:p:341-342

DOI: 10.1016/0360-5442(86)90120-9

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