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The Response of Oil Contracts to Extreme Price Movoments

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  • Bindemann, K.
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    Abstract

    This study examines the response of oil contracts to extreme price movements. The chosen contract form is a Production-Sharing Agreement (PSA) which is the oil industry's equivalent of sharecropping and one of the most commonly used contractual agreements. We show that only the two significant price increases in the 1970s and only the price falls in the early 1980s and the early 1990s triggered a response in the terms offered by PSAs.

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    Bibliographic Info

    Paper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number 9929.

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    Length: 13 pages
    Date of creation: 2000
    Date of revision:
    Handle: RePEc:oxf:wpaper:9929

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    Web page: http://www.economics.ox.ac.uk/
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    Related research

    Keywords: PRICES ; CONTRACTS ; PETROLEUM;

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    Cited by:
    1. Feng, Zhuo & Zhang, Shui-Bo & Gao, Ying, 2014. "On oil investment and production: A comparison of production sharing contracts and buyback contracts," Energy Economics, Elsevier, vol. 42(C), pages 395-402.

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