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The Trading and Price Discovery for Crude Oils

In: The Palgrave Handbook of International Energy Economics

Author

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  • Adi Imsirovic

    (Oxford Institute of Energy Studies)

Abstract

What is the price of oil? Most oil in the world is never traded. Value of exchanged oil is set by key ‘benchmarks’ grades or baskets of crude oil that are commonly traded, both as physical and ‘paper’ barrels, in volumes many times greater than the world production. It is the derivative trades in these benchmarks such as Brent, WTI, Dubai and Oman that set the global price of oil and they are the most interesting feature of the oil market. Markets in these benchmarks are the stage on which two distinct categories of players are differentiated: the price makers and the price takers. How and why these benchmarks came to exist, how they work, interact and change over time is the subject of this chapter.

Suggested Citation

  • Adi Imsirovic, 2022. "The Trading and Price Discovery for Crude Oils," Springer Books, in: Manfred Hafner & Giacomo Luciani (ed.), The Palgrave Handbook of International Energy Economics, chapter 0, pages 327-358, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-86884-0_18
    DOI: 10.1007/978-3-030-86884-0_18
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