Abstract

The world oil market has undergone a series of changes that have reduced the share of oil in the global energy balance and, with it, the influence of Middle Eastern oil exporters. In spite of oil’s loss of ground, however, Middle Eastern countries remain at the center of world oil developments. This paper focuses on the developments in the international oil market, the role of Middle Eastern countries therein, and the policy challenges arising from the dependency on oil.

References

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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
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    • Search Google Scholar
    • Export Citation
  • Barnett, Steven, and Rolando Ossowski, 2002, “Operational Aspects of Fiscal Policy in Oil-Producing Countries,IMF Working Paper 02/177 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Barnett, Steven, and Rolando Ossowski, 2003, “What Goes Up … Why Oil-Producing States Must Husband Their Resources,Finance & Development (March).

    • Search Google Scholar
    • Export Citation
  • BP-Amoco, 2002, Statistical Review of World Energy. Available via the Internet: http://www.bp.com/centres/energy2002.

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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
  • Griffin, J.M., and D.J. Teece, eds., 1982, OPEC Behavior and World Oil Prices (London: George Allen & Unwin).

  • Hotelling, Harold, 1931, “The Economics of Exhaustible Resources,Journal of Political Economy, Vol. 39 (April), pp. 13775.

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  • International Energy Agency, various issues, Oil Market Report (Paris: Organization of Economic Cooperation and Development).

  • Mitchell, John V., 2000, “Energy and the Environment,paper prepared for conference on the Seventh International Energy Forum, Riyadh, Saudi Arabia, November 17-19.

    • Search Google Scholar
    • Export Citation
  • Okogu, Bright E., 2002, “Issues in Global Natural Gas: A Primer and Analysis,IMF Working Paper 02/40 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Okogu, Bright E., 2003, “Middle East to Dominate World Oil for Many Years,” Finance & Development (March).

  • Pindyck, Robert S., 1978, “Gains to Producers from Cartelization of Exhaustible Resources,Review of Economics and Statistics, Vol. 6 (May), pp. 23851.

    • Search Google Scholar
    • Export Citation
  • Pindyck, Robert S., 1982, “OPEC Oil Pricing and the Implications for Consumers and Producers,” in OPEC Behavior and World Oil Prices, ed. by J.M. Griffin and D.J. Teece (London: George Allen & Unwin).

    • Search Google Scholar
    • Export Citation
  • Sterner, Thomas, 1991, “Gasoline Demand in the OECD: Choice of Model and Data Set in Pooled Estimations,OPEC Review; Vol. 15 (No. 2), pp. 91101.

    • Search Google Scholar
    • Export Citation
  • Verleger, Philip K., 1993, Adjusting to Volatile Energy Markets (Washington: Institute for International Economics).