The world oil market, past and future

Graciela Chichilnisky and Geoffrey Heal

MPRA Paper from University Library of Munich, Germany

Abstract: Oil price behavior has changed dramatically in the last twenty years. These changes can be explained rather simply in terms of the delayed responses of supply and demand to prices, and in terms of changes in the rate of discovery of reserves. This analysis can be used to forecast possible future developments.

Keywords: oil; crude oil; oil market; prices; supply and demand; monopsony; OPEC; expectations; imports; exports; trade; Middle Eastern politics (search for similar items in EconPapers)
JEL-codes: N7 Q41 Q48 (search for similar items in EconPapers)
Date: 1984
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Published in The Columbia Journal of World Business no. 7.XIX(1984): pp. 47-55

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:8079

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