by R. Bradley, Aug 22, 2026 in WUWT
A while back, Alex Tabarrok with Tyler Cowen recorded “Oil Shocks, Price Controls and War” at the Marginal Revolution website. They advertised it:
Our second podcast on the 1970s titled Oil Shocks, Price Controls and War is now available! Here’s one bit:
Tabarrok: …Sheikh Ahmed Yamani, in a famous statement, he was the oil minister for the Kingdom of Saudi Arabia, he’s a leader of OPEC, he says on October 16th, this is 10 days after the war begins, “This is a moment for which I have been waiting for a long time. The moment has come. We are masters of our own commodity.” They raise the price of oil. Oil production falls by about 9 percent to 10 percent. That doesn’t seem on the surface to be a huge amount, but it reveals something which people had not been prepared for, and that was the inelasticity of oil demand.
I would put it this way. I think this is the key idea here. Almost accidentally, the exporting countries had discovered that the demand for oil was more inelastic than anyone had ever realized. The main lesson they drew before 1973, the oil exporting countries thought that the only way to increase revenues was to produce more. After 1973, they learned that an even better way to increase revenues was to produce less.
Here’s another:
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by C. Rotter, March 9, 2020 in WUWT
Oil prices dropped Monday as Saudi Arabia and Russia haggle over whether to reduce crude production amid fears that coronavirus will hamper air travel and potentially wreck the global economy.
Prices fell into the $30s as the Saudis push for a cut in output to prop up prices, while Russia went the other way, and decided to infuse the market with hundreds of thousands of barrels of oil, according to The Washington Post. Moscow is worried that the U.S. will use shale oil to take advantage if Saudi Arabia ease off production.
Basement-low oil prices could substantially impact oil companies and the global markets, which are already being hurt by fears related to coronavirus. Brent crude dropped to $35 per barrel; and the price of West Texas Intermediate crude fell to $32 from $41 per barrel, a four-year low.
“From the point of view of Russian interests, this deal [to cut production] is simply meaningless,” Mikhail Leontiev, a spokesman for the Russian oil giant Rosneft, told a Russian media outlet Sunday night.
He said the U.S. would be sure to step up shale production if production is cut.(RELATED: REPORT: Chinese Censors Jumped In To Suppress Online Messages Warning About Coronavirus Spread)
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by BFM bourse, 3 juin 2019
Les cours du baril d’or noir ont enregistré, en mai, leur première baisse mensuelle de l’année 2019, avec un repli de 11,4% pour le baril de Brent européen et de 15,8% pour son homologue américain, le “light sweet crude” texan ou “WTI“. Ce recul s’est accentué depuis mercredi dernier, porté par la frénésie taxatoire de Donald Trump à l’encontre de la Chine et désormais également du Mexique, qui fait peser des craintes sur la demande mondiale et détourne les investisseurs des valeurs dépendantes de cette croissance mondiale, dont l’or noir fait partie.
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by Steve Austin, January 7, 2019 in Oil-Price.Net
Last year, we gave out five blazing predictions as we stepped into a brand new 2018. And, how did we fare? Well, the year isn’t new anymore but we did get 5 out of 5 of our predictions right! Self-congratulations are in order reaffirming why you read us. For 2019, really it’s more of the same, but with some caveats. Investors, listen. Readers, pay heed, we are about to deconstruct the next year. As audacious as it sounds, here are our 4 oil price predictions for 2019:
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La géologie, une science plus que passionnante … et diverse
