Until as recently as the late 1970s, the main channel for oil
distribution was the integrated system of the major oil companies,
while the volume of spot trading was limited to roughly 5 percent
of the total oil trade. Today, spot and spot-related deals account
for 80 to 85 percent of internationally traded petroleum, and have
ushered in a new era of petroleum trading. In this work, Hossein
Razavi and Fereidun Fesharaki offer a detailed study of the
workings and issues surrounding today's oil trading market as they
apply to all parties involved in the production, distribution, and
consumption of petroleum. They provide a complete description of
petroleum spot markets, futures, and options trading, and their
interlinkages with contract sales.
Razavi and Fesharaki cover a wide range of topics, and challenge
the generally accepted view that spot and futures trading have
wrested the power of price setting away from OPEC. They claim that
prices are still determined by supply, which OPEC continues to
influence. The book is divided into four sections, beginning with
an overview of recent developments in spot, futures, and contract
trading. Section two provides an analysis of spot and spot-related
deals, while the third section describes the mechanics,
organization, and evolution of petroleum futures markets and
options trading. The work concludes with an in-depth section on
interlinkages, examining the interactions among various segments of
the market, including spot and futures trading, petroleum stock
building, and OPEC. This book will be a valuable resource tool for
libraries as well as a wide range of users, from oil industry
professionals and financial analysts to students of energy-related
topics.
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