IDEAS home Printed from
   My bibliography  Save this article

Oil and international energy


  • Christopher Allsopp
  • Bassam Fattouh


This article focuses on issues surrounding international oil markets within the wider context of international energy, the global economy, and conflicting agendas such as energy security and climate change. It is suggested that important aspects of the current situation appear 'unsustainable'--increasing uncertainty and raising methodological difficulties for any assessment of likely future developments. It is argued that the dynamics of oil prices during the 2002--9 cycle reflected great uncertainty about future 'fundamentals' as well as the absence of previously anticipated stabilizing feedbacks from supply, from demand, or from policy. It is suggested that damaging oil-price swings could be moderated by better policy, though probably not by financial regulation. In the longer term, the uncertainties remain very great, especially since the tensions between a realist view of likely energy-market developments and the imperatives of the climate change agenda remain unresolved. A wide range of policies in producer and consumer countries are likely to affect not only oil prices but also the contentious issue of the distribution of rents within the industry. Copyright 2011, Oxford University Press.

Suggested Citation

  • Christopher Allsopp & Bassam Fattouh, 2011. "Oil and international energy," Oxford Review of Economic Policy, Oxford University Press, vol. 27(1), pages 1-32, Spring.
  • Handle: RePEc:oup:oxford:v:27:y:2011:i:1:p:1-32

    Download full text from publisher

    File URL:
    Download Restriction: Access to full text is restricted to subscribers.

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


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Picciolo, Francesco & Papandreou, Andreas & Hubacek, Klaus & Ruzzenenti, Franco, 2017. "How crude oil prices shape the global division of labor," Applied Energy, Elsevier, vol. 189(C), pages 753-761.
    2. Franco Ruzzenenti & Andreas A. Papandreou, 2015. "Effects of fossil fuel prices on the transition to a low-carbon economy," Working papers wpaper89, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.

    More about this item


    Access and download statistics


    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:oup:oxford:v:27:y:2011:i:1:p:1-32. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Oxford University Press) or (Christopher F. Baum). General contact details of provider: .

    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 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.

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

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.