381. A New Era for Oil Prices
- Author:
- John V Mitchell
- Publication Date:
- 08-2006
- Content Type:
- Working Paper
- Institution:
- Chatham House
- Abstract:
- Since 2003 the international oil market has been moving away from the previous 20-year equilibrium in which prices fluctuated around $25/bbl (in today's dollars). The single most important reason is that growing demand has eliminated the structural surplus of crude production capacity which had existed since the oil price shock of 1979-83.
- Topic:
- Energy Policy, International Trade and Finance, Markets, and Oil