Oil Prices to 2000: The Economics of the Oil Market

actual assumptions behaviour bn barrels Caño Limón capacity utilisation cartel cent changes in oil coal conservation consumers continue conventional wisdom costs CPE exports crude oil decline demand for Opec developing countries discoveries DOE forecast domestic dominance drilling Economist Intelligence Unit efficiency elasticity error estimates factors Figure fuel future giant fields given global Herfindahl index higher impact International Energy inventories investment Iran marginal costs market share mn b/d natural gas OECD OECD Europe oil exports oil imports oil production oil province oil reserves oil supply Opec countries Opec oil Opec production Opec's output peak pessimistic Petroleum predict price crash price increases price of oil quotas recent reduce residual supplier result revenue role Saudi Arabia scenario sector short term Source supply and demand swing producer Table tar sands Third World oil trends trillion barrels uncertainty USSR volatility World oil consumption world oil market