CASAW/LUCE Transformation of the Gulf Series
'Answering the call: Middle East OPEC and the supply of world energy markets' By Alexander Munton, PhD-Wood Mackenzie Lunch available from 12.30pm
2008 was a year of unprecedented oil market volatility, with the price of crude oil reaching record highs of nearly US$150 a barrel in July. OPEC’s inability to bring the market down until it reached economic breaking point has reinforced fears of shortfalls in future supplies. And with non-OPEC production forecast to decline sometime next decade, the call on OPEC crude will increase over time. In this paper, I examine the structural issues which threaten future oil market stability as well as increased competition for scarce resources, and the strategic significance of Middle East oil.
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