OPEC: Calming a nervous world oil market
Name
[Choucri] 1980 OPEC-Calming a nervous world oil market.pdf
Description
Final published version.
Size
574.13 KB
Format
Adobe PDF
Checksum (MD5)
356a34148c37f4255ab1f738caca62b9
Author(s)
Choucri, Nazli
Date Issued
1980
Publisher
© Massachusetts Institute of Technology
Citation
Choucri, N. (1980). OPEC: Calming a nervous world oil market. Technology Review, 83, 36.
Version
Final published version.
Abstract
In October 1973, the oil-exporting countries announced an increase in oil prices from $3.11 to 5.12 per barrel. The consuming nations regarded the price increases with horror—as an audacious and unwarranted economic humiliation. Since then, the oil-exporting countries have increased the market price of crude ten times, reaching $28 per barrel,
and almost everyone agrees that there remains a wide margin for further price increases to producers, consumers, and international oil companies. In retrospect, the 1973 price increases seem moderate, but they were the first obvious manifestation of irrevocable changes in the oil market and, most important, in the world's international power structure.
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