{"product_id":"trading-and-price-discovery-for-crude-oils-growth-and-development-of-international-oil-markets-paperback","title":"Trading and Price Discovery for Crude Oils: Growth and Development of International Oil Markets - Paperback","description":"\u003cp\u003eby \u003cb\u003eAdi Imsirovic\u003c\/b\u003e (Author)\u003c\/p\u003e\u003cp\u003eUncovers the fascinating history of 'making' the price of oil - who sets it, why, and how\u003cbr\u003eDistills exactly what the price of oil means Showcases the pitfalls and imperfections in the oil markets\u003c\/p\u003e\u003ch3\u003eBack Jacket\u003c\/h3\u003e\u003cp\u003e\u003c\/p\u003e\u003cp\u003eThis 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.\u003c\/p\u003e\u003cp\u003eMarket 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. \u003c\/p\u003e\u003cp\u003eThis book showcases: \u003cbr\u003e\u003c\/p\u003e\u003cp\u003e- How oil traders played a prominent role in development of the industry\u003c\/p\u003e\u003cp\u003e- How policies of consuming nations helped oil cartels\u003c\/p\u003e\u003cp\u003e- Why and how the US price of oil was negative\u003c\/p\u003e\u003cp\u003e- How AI has changed the way markets operate and the way in which the markets are likely to change in future\u003c\/p\u003eThis 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.\u003cbr\u003e\u003cb\u003eAdi Imsirovic \u003c\/b\u003eis a Senior Research Fellow at the Oxford Institute for Energy Studies (OIES). He was a Head of Oil Trading at Gazprom Marketing \u0026amp; 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\u003cbr\u003e\u003ch3\u003eAuthor Biography\u003c\/h3\u003e\u003cp\u003e\u003c\/p\u003e\u003cp\u003e\u003cb\u003eAdi Imsirovic, \u003c\/b\u003e PhD, is a Senior Research Fellow at the Oxford Institute for Energy Studies (OIES). He was a Head of Oil Trading at Gazprom Marketing \u0026amp; 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\u003c\/p\u003e\u003cdiv\u003e\n\u003cstrong\u003eNumber of Pages:\u003c\/strong\u003e 252\u003c\/div\u003e\u003cdiv\u003e\n\u003cstrong\u003eDimensions:\u003c\/strong\u003e 0.57 x 9.21 x 6.14 IN\u003c\/div\u003e\u003cdiv\u003e\n\u003cstrong\u003eIllustrated:\u003c\/strong\u003e Yes\u003c\/div\u003e\u003cdiv\u003e\n\u003cstrong\u003ePublication Date:\u003c\/strong\u003e May 22, 2022\u003c\/div\u003e","brand":"Books by splitShops","offers":[{"title":"Default Title","offer_id":47490896068786,"sku":"9783030717209","price":48.58,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0770\/3891\/1666\/files\/f1290b793d6e205ae1f7c57e053b9f69.webp?v=1779383436","url":"https:\/\/box.dadyminds.org\/products\/trading-and-price-discovery-for-crude-oils-growth-and-development-of-international-oil-markets-paperback","provider":"DADYMINDS BOX","version":"1.0","type":"link"}