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The drivers of oil prices : the usefulness and limitations of non-structural model, the demand-supply framework and informal approaches

Abstract:

We discuss three main approaches for analysing oil prices: non-structural models, the supply–demand framework and the informal approach. Each of these approaches emphasizes a certain set of drivers of oil prices. While non-structural models rely on the theory of exhaustible resources as the basis for understanding the oil market, the supply–demand framework uses behavioural equations that link oil demand and supply to its various determinants such as GDP growth, prices and oil reserves. The i...

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Publication status:
Published
Peer review status:
Reviewed (other)

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Institution:
University of Oxford
Research group:
Oxford Institute for Energy Studies
Role:
Author
Series:
OIES paper
Publication date:
2007-01-01
Paper number:
M32
ISBN:
1901795616
Language:
English
Keywords:
UUID:
uuid:6d8430a1-3926-4444-93ea-53361b4dac8a
Local pid:
ora:10557
Deposit date:
2015-03-13

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