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来源类型Energy Comments
规范类型评论
Adjustment in the Oil Market: Structural, Cyclical or Both?
Bassam Fattouh
发表日期2016-05-31
出版年2016
页码5
语种英语
概述The sharp fall in the oil price has divided views about the nature of the latest oil price cycle. Some argue that the oil market has been subject to structural shocks that have created a ‘new global oil order’ and that we have entered a world of ‘low oil prices for much longer’. Others are […]
摘要The sharp fall in the oil price has divided views about the nature of the latest oil price cycle. Some argue that the oil market has been subject to structural shocks that have created a ‘new global oil order’ and that we have entered a world of ‘low oil prices for much longer’. Others are of the view that oil prices will rise sooner than currently expected and the current price fall has many of the characteristics of previous cycles. These two views reflect the high degree of uncertainty engulfing the oil market. This raises some key questions: Has there been a structural shift in the oil market adjustment mechanisms? Is the cycle different this time? And if different, how? This short comment tries to tackle these questions by analysing the nature of the adjustment mechanisms both on the supply (non-OPEC outside the US shale, US shale and OPEC) and on the demand side and by examining the internal consistency of ‘the lower oil price for longer’ scenario and the cyclical view of oil prices.
主题Energy Policy ; Oil ; Oil & Middle East Programme
关键词Climate Change Policies Cost Deflation. Cyclical Non-OPEC Oil Demand Oil Prices OPEC Structural US Shale
URLhttps://www.oxfordenergy.org/publications/adjustment-oil-market-structural-cyclical/
来源智库Oxford Institute for Energy Studies (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/312407
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Bassam Fattouh. Adjustment in the Oil Market: Structural, Cyclical or Both?. 2016.
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