Oil markets

Paul Stevens

    Research output: Contribution to journalArticlepeer-review

    40 Citations (Scopus)


    Oil remains a key source of energy, and oil markets matter. Recently, there has been a revival in the debate over whether oil should attract policy attention. This paper examines what elements in oil may attract concern and policy intervention. A particular focus is the recent debate between the two schools of thought to explain recent price strength—the ‘cyclical’ school and the ‘structural’ school. There is a brief history of recent developments in oil markets and pricing. Future issues are considered which arise out of these developments and which may have policy dimensions. These include: capacity levels and supply; ‘resource curse’ and the future of supply; market control and the role of OPEC; levels of competition in the market place; and, finally, implications for the environment. The conclusion considers the challenges of using policy in such an international industry. Oxford Review of Economic Policy vol. 21 no. 1 2005 © The Author (2005). Published by Oxford University Press. All rights reserved.
    Original languageEnglish
    Pages (from-to)19-42
    Number of pages24
    JournalOxford Review of Economic Policy
    Issue number1
    Publication statusPublished - 2005


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


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