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Modelling the Price of Oil

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  • Bacon, Robert W

Abstract

This paper surveys the problem of modelling the determination of the price of crude oil. It discusses the need to define the price used and its relation to other related prices (such as the price of refined products). The factors determining the demand for oil, the supply of oil by OPEC and non-OPEC countries, and the behavior of stocks are discussed. Finally, some forecasts are presented and general conclusions are drawn on the difficulties of forecasting this series. Copyright 1991 by Oxford University Press.

Suggested Citation

  • Bacon, Robert W, 1991. "Modelling the Price of Oil," Oxford Review of Economic Policy, Oxford University Press, vol. 7(2), pages 17-34, Summer.
  • Handle: RePEc:oup:oxford:v:7:y:1991:i:2:p:17-34
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    Cited by:

    1. Dees, Stephane & Karadeloglou, Pavlos & Kaufmann, Robert K. & Sanchez, Marcelo, 2007. "Modelling the world oil market: Assessment of a quarterly econometric model," Energy Policy, Elsevier, vol. 35(1), pages 178-191, January.
    2. Vansteenkiste, Isabel, 2011. "What is driving oil futures prices? Fundamentals versus speculation," Working Paper Series 1371, European Central Bank.
    3. Chevillon, Guillaume & Rifflart, Christine, 2009. "Physical market determinants of the price of crude oil and the market premium," Energy Economics, Elsevier, vol. 31(4), pages 537-549, July.
    4. Zhang, Xun & Lai, K.K. & Wang, Shou-Yang, 2008. "A new approach for crude oil price analysis based on Empirical Mode Decomposition," Energy Economics, Elsevier, vol. 30(3), pages 905-918, May.
    5. D'Ecclesia, Rita L. & Magrini, Emiliano & Montalbano, Pierluigi & Triulzi, Umberto, 2014. "Understanding recent oil price dynamics: A novel empirical approach," Energy Economics, Elsevier, vol. 46(S1), pages 11-17.

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