Yıl 2016, Cilt , Sayı 1, Sayfalar 90 - 95 2016-01-30

Key Factors Of Recent Changes In Crude Oil Prices

Serdar Gürüzümcü [1] , Mehmet Apaydın [2]


As a well-known fact by millions of people, more than hundred and fifty years ago, Colonel Drake in Titusville, Pennsylvania did the first oil discovery. From 1859 to 2015, the use of oil and its market concept has dramatically changed by producers and consumers. First oligopoly market initiatives can be explained by the dissolution of the Standard Oil with the accusation of illegal monopoly in 1911. Dissolution served as an opportunity to the rise of the multi-national oil companies. Until the 1970s, these large multi-national companies administrated crude oil prices. Then, in 1973, the Arab-Israeli War began and the Organization of Petroleum Exporter Countries (OPEC) had gained the control over crude oil prices. OPEC brought the market-related pricing system, and still, it is widely used as the main crude oil pricing mechanism. With the developments in prices and markets, crude oil trading has become globally available for the access of traders at any time.

Current oil market is more complex, market fundamentals are never known with certainty and physical dimension of oil has become important in pricing associated with static reserve index (Fattouh, B., 2011). There are many factors that can be effective on daily oil prices (benchmark prices) in different time periods. In this analysis, economic, technological, and political factors were analyzed with the current market conditions.

Changes In Crude Oil Prices
  • U.S. Energy Information Administration; accessible from http://www.eia.gov/ Trade Economics; accessible from http://www.tradingeconomics.com/united-states/currency MacroTrends; accessible from http://www.macrotrends.net/1335/dollar-gold-and-oil-chart-last-ten-years Fattouh, B., “An Anatomy of the Crude Oil Pricing System”, The Oxford Institute for Energy Studies, January 2011. International Energy Agency; accessible from http://www.iea.org/ Platts; accessible from http://www.platts.com/commodity/oil
Konular İktisat
Bölüm Makaleler
Yazarlar

Yazar: Serdar Gürüzümcü
Ülke: Turkey


Yazar: Mehmet Apaydın
Ülke: Turkey


Tarihler

Yayımlanma Tarihi : 30 Ocak 2016

Bibtex @araştırma makalesi { ept340368, journal = {Energy Policy Turkey}, issn = {}, eissn = {2602-4942}, address = {}, publisher = {Oğuzhan AKYENER}, year = {2016}, volume = {}, pages = {90 - 95}, doi = {}, title = {Key Factors Of Recent Changes In Crude Oil Prices}, key = {cite}, author = {Gürüzümcü, Serdar and Apaydın, Mehmet} }
APA Gürüzümcü, S , Apaydın, M . (2016). Key Factors Of Recent Changes In Crude Oil Prices. Energy Policy Turkey , (1) , 90-95 . Retrieved from https://dergipark.org.tr/tr/pub/ept/issue/31245/340368
MLA Gürüzümcü, S , Apaydın, M . "Key Factors Of Recent Changes In Crude Oil Prices". Energy Policy Turkey (2016 ): 90-95 <https://dergipark.org.tr/tr/pub/ept/issue/31245/340368>
Chicago Gürüzümcü, S , Apaydın, M . "Key Factors Of Recent Changes In Crude Oil Prices". Energy Policy Turkey (2016 ): 90-95
RIS TY - JOUR T1 - Key Factors Of Recent Changes In Crude Oil Prices AU - Serdar Gürüzümcü , Mehmet Apaydın Y1 - 2016 PY - 2016 N1 - DO - T2 - Energy Policy Turkey JF - Journal JO - JOR SP - 90 EP - 95 VL - IS - 1 SN - -2602-4942 M3 - UR - Y2 - 2019 ER -
EndNote %0 Energy Policy Turkey Key Factors Of Recent Changes In Crude Oil Prices %A Serdar Gürüzümcü , Mehmet Apaydın %T Key Factors Of Recent Changes In Crude Oil Prices %D 2016 %J Energy Policy Turkey %P -2602-4942 %V %N 1 %R %U
ISNAD Gürüzümcü, Serdar , Apaydın, Mehmet . "Key Factors Of Recent Changes In Crude Oil Prices". Energy Policy Turkey / 1 (Ocak 2016): 90-95 .
AMA Gürüzümcü S , Apaydın M . Key Factors Of Recent Changes In Crude Oil Prices. Energy Policy Turkey. 2016; (1): 90-95.
Vancouver Gürüzümcü S , Apaydın M . Key Factors Of Recent Changes In Crude Oil Prices. Energy Policy Turkey. 2016; (1): 95-90.