IDEAS home Printed from https://ideas.repec.org/a/aen/journl/1991v12-03-a07.html
   My bibliography  Save this article

Is the World Oil Market "One Great Pool"?

Author

Listed:
  • Robert J. Weiner

Abstract

Is there one, global market for crude oil? This appears to be the assumption made by most petroleum economists, stated succinctly by Adelman in a recent issue of The Energy Journak "The world oil market, like the world ocean, is one great pool" (July 1984, p. 5). Policymakers have often implicitly held the opposite assumption - that the world market is fragmented - as evidenced by the efforts of many importing-country governments to seek special arrangements for "secure supply" from exporters in the 1970s and early 1980s. Likewise, oil exporters have sought "secure outlets" for their crude in the late 1980s and early 1990s. These arrangements make no sense if the world crude oil market is integrated. In a similar fashion, a policy of diversifying suppliers, which is practised by many importers now, is senseless in a globally unified market.

Suggested Citation

  • Robert J. Weiner, 1991. "Is the World Oil Market "One Great Pool"?," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3), pages 95-108.
    • Handle: RePEc:aen:journl:1991v12-03-a07
    as

    Download full text from publisher

    File URL: http://www.iaee.org/en/publications/ejarticle.aspx?id=2059
    Download Restriction: Access to full text is restricted to IAEE members and subscribers.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    JEL classification:

    • F0 - International Economics - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:aen:journl:1991v12-03-a07. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: David Williams (email available below). General contact details of provider: https://edirc.repec.org/data/iaeeeea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.