The Middle East and North Africa in a Changing Oil Market
Author:
Mr. Bright E Okogu
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Language:
English
Print Publication Date:
05 Sep 2003
Keywords:
MISC PUBS; Misc.; price; Opec; market share; OPEC output; demand

Abstract

The world oil market has undergone tremendous changes in the past three decades, starting from the renegotiation of the “posted price”—a reference price on which royalties to host countries were calculated—in 1970. Before that, this price was fixed (at US$1.80 a barrel during the 1960s) by the major international oil companies that operated the oil concessions in these countries. Subsequent events culminating in the 1973 oil price shock and the eventual transfer of property rights to the host countries heralded the start of a new era in the oil industry.

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Cover The Middle East and North Africa in a Changing Oil Market
The Middle East and North Africa in a Changing Oil Market
ISBN:
9781589062344
ISSN:
0538-8759
Publication Date:
05 Sep 2003
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781589062344.054
Pages:
26

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