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Spikes and Shocks

The Financialisation of the Oil Market from 1980 to the Present Day

  • Angelos Gkanoutas-Leventis

Table of contents

  1. Front Matter
    Pages i-xiii
  2. Angelos Gkanoutas-Leventis
    Pages 1-9
  3. Conceptualising Financialisation

    1. Front Matter
      Pages 11-11
    2. Angelos Gkanoutas-Leventis
      Pages 13-22
    3. Angelos Gkanoutas-Leventis
      Pages 23-37
  4. The Three Phases of Oil Financialisation

  5. Financialisation of Oil Market and Evolution of Oil Market’s Actor Structure

    1. Front Matter
      Pages 107-107
    2. Angelos Gkanoutas-Leventis
      Pages 109-137
    3. Angelos Gkanoutas-Leventis
      Pages 139-149
  6. Back Matter
    Pages 151-157

About this book

Introduction

This book suggests that price volatility and speculation in the oil market originate from a decades-long process of financialisation. The author contradicts mainstream critical accounts of the market that typically invoke the notion of a global oil shortage and so-called ‘peak oil’ arguments. Instead, he argues that the development of the market has been punctuated by recurring oil price shocks. Chapters examine the evolution of the international oil market and investigate how the process of financialisation has transformed the structure and dynamics of the global oil market from 1970 to the present. The book suggests that the financialisation process is both the cause and the proof of a profound change in the structure of the global oil market that has turned the triangle of producers, consumers, and mediators into a four-tier structure through the addition of financial actors. 

Angelos Gkanoutas-Leventis is a political economist with commercial experience working for national and international oil companies. He is very active in the development of the hydrocarbon industry in the South East Mediterranean, having founded the Greek Energy Forum. He is also a member of the City Political Economy Research Centre (CITYPERC). 


Keywords

Financialisation Oil Market Peak Oil Speculation Crisis commoditization commoditization of oil oil prices energy markets crude oil

Authors and affiliations

  • Angelos Gkanoutas-Leventis
    • 1
  1. 1.LondonUnited Kingdom

Bibliographic information

  • DOI https://doi.org/10.1057/978-1-137-59461-7
  • Copyright Information The Editor(s) (if applicable) and The Author(s) 2017
  • Publisher Name Palgrave Macmillan, London
  • eBook Packages Economics and Finance
  • Print ISBN 978-1-137-59460-0
  • Online ISBN 978-1-137-59461-7
  • Buy this book on publisher's site