Who Sets International Oil Price? A View From Russia - Analysis of 2003-2008 Oil Price Increase and Its Collapse Examined Within Historical Evolution of International Oil Market Contractual Structures and Oil Pricing Mechanisms
Article from: OGEL 1 (2011), in Economic and Commercial Context for Oil, Gas and Energy Law
Introduction
Soaring oil prices since 2004, with especially fast growth in late 2007 — first half of 2008 to their historical maximum at 147 USD/bbl of WTI in July 2008, followed by their collapse afterwards, are the logical result of evolution of the contractual structure of the global oil market and its pricing mechanisms within established Anglo-Saxon model of global open, liquid, self-regulating and competitive commodities' and financial markets. Oil markets represents nowadays only a small segment of global financial market. This structural changes and price fluctuations stipulated a rising tide ...