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1991 | Buch

Introduction Kapitel lesen Erstes Kapitel lesen

Dynamic International Oil Markets

Oil Market Developments and Structure 1860–1990

verfasst von: Coby van der Linde

Verlag: Springer Netherlands

Buchreihe : Studies in Industrial Organization

Enthalten in: Professional Book Archive

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Über dieses Buch

Writing this book would have been impossible without the help of certain institutions and persons. For a gas-producing and oil-processing country like the Netherlands, there was surprisingly very little, publicly available, research material. Public libraries' collections contained, with a certain degree of inconsistency, little of the more specialised sources. I would therefore like to express my gratitude towards Royal Dutch Shell, and especially the library staff in The Hague, for allowing me to use the company's library, thanking them for their assistance in finding and supplying the required data. I am also grateful for the financial assistance of the 'Nederlandse organisatie voor wetenschappelijk onderzoek' (NWO) and the Faculty of Law of the University of Leiden. They provided the financial means to work a (crucial) month in the very well equipped library of the Oxford Institute for Energy Studies. I am indebted to the staff of the Oxford Institute for Energy Studies, and particularly to Robert Mabro and Jeremy Turk, for their comments, support, and friendship. After I spent a month in the Institute in July 1989, I was able to return for two five-month periods in 1990 and 1991. For both periods, the Oxford Institute and the Leiden Law Faculty provided me with the necessary means. I would also like to express special gratitude to some people who have been a great support and supplied me with valuable comments at various stages of the study.

Inhaltsverzeichnis

Frontmatter
Introduction
Abstract
The analysis of long-term international oil market developments provides considerable insight into the fundamentals of the oil industry’s organisation. Such an analysis enables us to comprehend the logic of the pendular movements in the industry’s market structures, which have gone from competitive to oligopoly and vice versa, and also offers explanation of the industry’s periodic crises. The understanding of the logic of changing market structures will also enable an analysis of company behaviour. Furthermore, the oil industry, as one of the basic industries in the economy of our time, has attracted an increasing degree of public and political intervention.1
Coby van der Linde
Chapter One. Market Conditions, Developments and Structure
Abstract
A comprehensive analysis of the oil market should cover not only developments in crude oil production and demand, but also changes in the major intermediate stages of production, and in the final product markets. The presence of large vertically integrated companies, with activities embracing the entire chain of production, necessitates the importance of analyzing the market in a broad sense. Moreover, the use of oil is no longer limited to a fuel, but has also developed into an important feedstock for the petrochemical industry. The number of final products derived from oil exceeds a hundred. Demand for oil is therefore influenced in various ways. Its energy use is determined by the fact that oil constitutes a major input in industrial production and in domestic consumption. Its non-energy use depends on developments in other industrial sectors. The evolution of refining and the petrochemical industry, and the continuous extension of the variety of its final products, has generated, to some extent, an ambiguous structure in the production line.
Coby van der Linde
Chapter Two. Market Developments in the United States 1860–1940
Abstract
The industrialization process in the second half of the nineteenth century in Europe and the US was accompanied by the growth of mineral fuel consumption. Although wood still dominated energy consumption in 1880, mineral fuels were rapidly gaining importance. In the first instance coal developed as the major energy input in these economies.
Coby van der Linde
Chapter Four. Development of the Middle East Oil Resources
Abstract
The development of the (low cost) oil resources in the Arabian/Persian Gulf area in the 1930s intensified the internationalization of the oil industry, and, from 1945 onwards, when the international market expanded rapidly, also generated a structural change in the market. A small group of Anglo/Dutch and American international oil companies dominated oil production in the Gulf area, resulting initially in an oligopolistic market structure. However, the expansionary market conditions soon attracted new comers and the market became less concentrated.
Coby van der Linde
Chapter Five. The Organization of the Petroleum Exporting Countries
Abstract
The Organization of the Petroleum Exporting Countries (OPEC) was established in September 1960 in Baghdad by Venezuela, Iran, Iraq, Kuwait and Saudi Arabia.1 The establishment of the Organisation was a countervailing action on the part of the oil producing countries against the reductions of posted prices by the international oil companies.2 The price reduction had taken place without prior consultation with the oil producing countries. Previous separate attempts by the governments of these countries to expand their influence on the production and pricing of oil had failed to be effective.3 Since the Bandung Conference, the developing countries had discovered the potency of collective action, and they were pressing for international economic reforms in the United Nations. In 1960, the first development decade was announced and the the first UNCTAD conference was on the drawing board. For the oil producing countries, the price reductions were the straw that broke the camel’s back.
Coby van der Linde
Chapter Six. The Major Oil Companies in the 1970s and 1980s
Abstract
The fundamental change in the international oil supply conditions1 reverberated all through the industry. The dominant position of the large international companies, at least in crude oil reserves, supply and trade, was successfully challenged by the state oil companies of the oil producing countries. The former ceased to be the major producers of oil, at least in the short and mid term. The major oil companies’ interest in crude oil production in the Middle East dropped sharply after 1973, when the host governments nationalized or achieved majority paricipation in crude oil production (See Figure 6.1). After 1980, the companies’ equity crude interests diminished further, and their remaining holdings in OPEC countries were in sharp contrast to ten years earlier.
Coby van der Linde
Chapter Seven. Market Process and Structure
Abstract
The inherent instability in the oil industry is partly caused by counter-cyclical conditions in the separate stages of production, but also by high fixed costs, technical constraints, the variety of costs between wells, incomplete homogeneity of crude oil, and the inflexibility generated by joint production in the processing phase. Supply and demand, although quite inelastic in the short-term, have proven to be more elastic in the long-term. These characteristics have proved advantageous to cartel formation in the short-run, but a limitation on their durability in the long-run.
Coby van der Linde
Backmatter
Metadaten
Titel
Dynamic International Oil Markets
verfasst von
Coby van der Linde
Copyright-Jahr
1991
Verlag
Springer Netherlands
Electronic ISBN
978-94-015-7913-1
Print ISBN
978-90-481-4102-9
DOI
https://doi.org/10.1007/978-94-015-7913-1