Long Term Dynamics of Crude Oil Markets. Shifting Paradigms in Price of Oil.

Espinasa, Ramón
Sucre, Carlos G.

December 2014

BV No.59

This note provides a long term perspective on the decline in the price of crude oil taking plane in the global oil market and how they have changed since 1986, when the first important break of the last 30 years in the price of crude oil took place and also since 2002, when the second break in the price trend occurred. The note first provides particular attention to the shift in demand sources of over the past five years, with special attention given to increased output in North America as an explanatory factor behind the decline in the price of crude oil seen over the second half of 2014.

PETROLEO-DEMANDA; PETROLEO-PRECIOS; PETROLEO-MERCADO;