Oil Markets And Prices
by Robert Mabro
The following paper on the current oil market problems was presented by Robert Mabro, Director, Oxford Institute for Energy Studies, at the Oxford Energy Seminar held from 28 August-7 September at St Catherines College, Oxford.
In 1973-74 OPEC inherited from the Seven Sisters a pricing regime, which effectively administered by fiat the price of oil. There was a difference, however. The majors in the pre-1974 period used...