Abstract
Those concerned with investment appraisals and energy policy decisions need to take a view about the longer term prospects of the price of oil. The development of world oil prices will be affected by uncertain economic factors and also by political choices. Attempts to forecast a single path for the oil price have not proved to be very useful. The paper outlines a very open model, where the model user can easily impose on the model different assumptions about oil supply and demand in order to indicate a range of feasible projections for oil prices.
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© 1985 Martinus Nijhoff Publishers, Dordrecht
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Lorentsen, L., Roland, K. (1985). Modelling the Crude Oil Market. Oil Prices in the Long Term. In: Bjerkholt, O., Offerdal, E. (eds) Macroeconomic Prospects for a Small Oil Exporting Country. International Studies in Economics and Econometrics, vol 11. Springer, Dordrecht. https://doi.org/10.1007/978-94-009-5127-3_4
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DOI: https://doi.org/10.1007/978-94-009-5127-3_4
Publisher Name: Springer, Dordrecht
Print ISBN: 978-94-010-8767-4
Online ISBN: 978-94-009-5127-3
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