Personal commentary
Like most accidents, the price explosion of 2004−5 was the result of an unlikely combination of events. In 2004 world oil demand was about 2 mb/d above trend, mainly in China but also in the United States, while non-OPEC supply was 0.5 mb/d below. OPEC through 2003 and early 2004 carefully managed t...
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| Format: | Journal article |
| Language: | English |
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Oxford Institute for Energy Studies
2005
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