Publisher's Synopsis
This book presents new information on OPEC in the 21st century, oil prices and liquefied natural gas. An analysis of selected methodologies and applications in the oil exploration industry is included. The study of the interactive nature of activities between financial and petroleum markets, the dynamic behaviour of oil price volatility and the linkages between the prices of oil futures on different exchanges are also discussed. An theoretical analysis is made on the impact of a rise in the world price of oil on inflation, output, employment and welfare in a small open economy. The relationship between the volatility of oil products and other products indirectly dependent on oil is also considered. This book presents a generalisation of cartel models by incorporating both world demand and supply conditions into OPEC pricing. Furthermore, potential effects of an ad valorem tariff, non-cartel output, and alternative fuels on OPEC'S behaviour are investigated. Output growth and oil consumption in China are also explored.
