Micro-managing global oil markets: is it getting more difficult?

Paul Stevens

    Research output: Contribution to journalArticle

    Abstract

    The paper creates a simple analytical framework based upon supply and demand curves to define what is meant by micro-managing oil markets. This framework is then used to explain why OPEC faces increasing difficulty in attempting to micro-manage markets. The problems are identified as deteriorating information plus a lack of knowledge by the market players. The paper then considers how it might be possible to overcome these difficulties. It concludes this would be extremely difficult. Finally, it considers how the inevitably worsening price volatility might be managed.
    Original languageEnglish
    Pages (from-to)197-212
    Number of pages16
    JournalJournal of Energy and Development
    Volume26
    Issue number2
    Publication statusPublished - 2001

    Keywords

    • Global oil markets
    • Oil price volatility
    • OPEC
    • Organization of Petroleum Exporting Countries (OPEC)

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