Trading and Price Discovery for Crude Oils: Growth and Development of International Oil Markets

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Adi Imsirovic

Trading and Price Discovery for Crude Oils

Growth and Development of International Oil Markets

Adi Imsirovic

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English

Springer Nature Switzerland AG
22 May 2022

Central government policies; International finance; Finance; The environment

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.

By: Adi Imsirovic
Imprint: Springer Nature Switzerland AG
Country of Publication: Switzerland
Edition: 1st ed. 2021
Dimensions: Height: 235mm, Width: 155mm,
Weight: 421g
ISBN: 9783030717209
ISBN 10: 3030717208
Pages: 252
Publication Date: 22 May 2022
Audience: Professional and scholarly , Undergraduate
Format: Paperback
Publisher's Status: Active

Chapter 1: Introduction.- Chapter 2: Oil, Policy and Market Power.- Chapter 3: Looking at the Mirror: Early Days of the Oil Markets in the United States.- Chapter 4: From Competition to Monopoly.- Chapter 5: From Monopoly to Competition (Oil Markets Going Global).- Chapter 6: Governments and Oil Markets.- Chapter 7: From one Cartel to Another.- Chapter 8: Producers and Companies: Transfer of Power.- Chapter 9: The Producers’ Cartel.- Chapter 10: Governments and Markets.- Chapter 11: Benchmarks: Brent.- Chapter 12: Dubai and Oman: Brent’s Asian Relatives.- Chapter 13: US Oil and the WTI Benchmark.- Chapter 14: Global Oil Markets: Lessons From the 2020 Covid-19 Pandemic.- Chapter 15: Epilogue.

Adi Imsirovic, PhD, is a Senior Research Fellow at the Oxford Institute for Energy Studies (OIES). He was a Head of Oil Trading at Gazprom Marketing & Trading, Director, a regional manager of Petraco, Singapore, and a Regional Head of trading for Texaco in Asia. Adi taught Energy Economics as well as Resource and Environmental Economics at Surrey University for several years. He has published a number of papers and book chapters on the subject of oil prices, benchmarks, and energy security. Adi is a Fulbright Scholar and studied at the Graduate School of Arts and Sciences, Harvard University. @AdiSurreyEnergy

Reviews for Trading and Price Discovery for Crude Oils: Growth and Development of International Oil Markets

“The book is an excellent guide to the technical aspects involved. … Trading and Price Discovery for Crude Oils explains the economics of price formation in the market. … should be required reading in any class on the economics of oil.” (Michael Lynch, Forbes, forbes.com, October 7, 2021) “This book will have wide appeal in the energy industry, among academics, regulators and practitioners, and will be of interest to those keen to understand the economic history of the life changing business of oil, an industry which may (or may not) be in terminal decline.” (Colin Bryce, Petroleum Economist, June 15, 2021)