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International Oil Market

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Abstract

This chapter provides a brief review of the evolution and developments of the international oil market . It sketches the historical evolution of the oil industry and indicates the major changes observed in this market. The chapter also presents a brief analysis of some relevant issues such as the changing role of international and national oil companies, changing demand-supply patterns and the OPEC behaviour.

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Notes

  1. 1.

    These were Standard Oil Company of New Jersey (later Exxon, now ExxonMobil), Standard Oil Company of New York (later Mobil, now ExxonMobil), Standard Oil of California (now Chevron), Texas Oil Company (now Chevron), Royal Dutch Shell, Anglo-Persian Oil Company (now BP) and Gulf Oil (now part of Chevron and BP).

  2. 2.

    https://www.opec.org/opec_web/en/about_us/25.htm.

  3. 3.

    See https://qz.com/1341155/nine-countries-say-they-will-ban-internal-combustion-engines-none-have-a-law-to-do-so/

  4. 4.

    http://www.cmegroup.com/trading/why-futures/welcome-to-nymex-wti-light-sweet-crude-oil-futures.html

  5. 5.

    https://www.forbes.com/global2000/list/#tab:overall

  6. 6.

    Excludes non-conventional oil reserves.

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Authors and Affiliations

  1. Institute of Energy and Sustainable Development, De Montfort University, Leicester, Leicestershire, UK

    Subhes C. Bhattacharyya

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  1. Subhes C. Bhattacharyya
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Correspondence to Subhes C. Bhattacharyya .

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Bhattacharyya, S.C. (2019). International Oil Market. In: Energy Economics. Springer, London. https://doi.org/10.1007/978-1-4471-7468-4_21

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