The future of world oil

Abstract

This study was conducted and written during the years 1973 and 1975. The point of departure was the major petroleum discoveries made in Norway, of which the writer is a citizen, and the potential of the petroleum sector to become the most important sector of the Norwegian economy. The Norwegian economy would consequently become dependent on the international petroleum market. The international price of petroleum is, however, determined in a most complex fashion owing to the noncompetitive behavior in this market. This book attempts to develop a framework to analyze the implications of the likely degree of noncompetitive behavior in the international petroleum market. The focus is on the market strategies that may be pursued by the worlds oil exporters on a joint or individual basis. The primary target of analysis is thus the price-making power of OPEC and the implications for the worlds oil/energy markets should OPEC continue to exercise this power.

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