Global Oil Market - A Review Paper

Department of the Environment and Energy

This paper addresses the question: How have the oil market and institutions evolved since the 1970s and what new challenges will they face in the coming decades?

To answer this question, the paper takes a ‘generational’ perspective: looking back over the past 70 years and looking forward at trends that are likely to unfold over the 35 years to 2050. Major trends of global significance evolve over such timeframes, providing context for assessment of major changes in oil market and institutions.