Most oil-producing countries have now nationalised their oil reserves and are pursuing their own pricing and marketing policies; in recent years some of them have attempted to extend their influence over the oil market by undertaking processing activities downstream from oil production. What...

Currently, the world petroleum market is facing attempts by petroleum exporting countries to extend their influence further downstream. The process of vertical integration is based on natural gas which accrues as a by-product of crude oil recovery. Gas can be used for downstream production, for...

This book investigates the process of oil price formation, in particular the price fluctuations of the past, and to provide realistic scenarios of future developments. It starts with the history of the world petroleum market and its institutions and a comprehensive survey of the existing...