Introduction

Abstract

This chapter introduces the reader to the imbalances observed in the contemporary history of the oil market. It takes the reader through the arguments which are presented in the book, while introducing theoretical concepts and the historical periodisation which is proposed for the analysis of the modus operandi of the global oil market, as we know it today. It also introduces the argument that instances of speculation, price changes and herd behaviour among oil market participants – which have been increasing over the last two decades – are direct results of the process of financialisation, which has transformed the structure of the international oil trade.