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Trading and Price Discovery for Crude Oils - Growth and Development of International Oil Markets (Hardcover, 1st ed. 2021)
Loot Price: R973
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Trading and Price Discovery for Crude Oils - Growth and Development of International Oil Markets (Hardcover, 1st ed. 2021)
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This is a book about the international oil market. It takes a
historical perspective on how the market emerged, developed, and
became what it is today-the biggest commodity market in the world.
It is mature and complex, but far from perfect. Throughout most of
its 150-year history, the oil market has been monopolised by
companies and governments. For only a fraction of that, oil traded
in a relatively free market. As a result, we had to live with 'big
oil', economic shocks, high oil prices, instability and wars. Using
a simple concept of market power, this book will explain the
meaning of 'oil price' and how it is established while offering a
valuable lesson for other commodities. Market power is the key to
understanding the 'price of oil'. This book uses a simple concept
of price-makers and price-takers to examine the evolution of oil
markets, their structure, and prices. The early decades of the oil
industry were competitive with low barriers to entry. Barely 25
years later, the Standard Oil company created a refining monopoly,
buying oil at its own 'posted' price. In the following century, the
cartel of major oil companies, helped by their governments, did the
same at the international level. OPEC helped producing governments
regain control of their own resources, but the organisation was
never able to retain a similar level of control. After 1986 price
collapse, OPEC abdicated the price-making function in favour of the
market. While it never gave up attempts to influence prices, OPEC
had to link their official prices to one of the global oil
benchmarks. Modern international oil markets function because of
oil benchmarks such as Brent, WTI and Dubai. This book showcases: *
How oil traders played a prominent role in development of the
industry * How policies of consuming nations helped oil cartels *
Why and how the US price of oil was negative * How AI has changed
the way markets operate and the way in which the markets are likely
to change in future This book explores how oil markets grew,
functioned, and have occasionally failed to do their job. The
ecosystem of derivatives or 'paper barrels' trading in far greater
volume than physical oil plays a very important role in mitigating
risk. With this core tenant, setting the 'price of oil' is
explained in detail.
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