After a century of exponential growth, the international oil
industry suddenly slowed down in the 1970s, faltered during the
1980s, and by 1991 was just about back to its 1979 level. That
break in trend of its dominance in world energy became clear in
'the OPEC decade' from 1973 onwards, gaining a surge of riches for
oil-exporting countries. This book, which was originally published
in 1993, is a descriptive analysis of influences in the world oil
trade. It is concerned with a central unchanged paradox of the
industry - its preoccupation with maximising the production of
high-cost rather than low-cost oil. It follows the rise and decline
of OPEC monopoly power in the crude market, and shows how growth in
the international oil business has almost ceased since the late
seventies, exploring the reasons behind this slowdown. The author
has had twenty-five years of practical experience in petroleum
economics.
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