The changing structure of world oil markets and OPEC's financial needs

摘要

International oil markets have undergone gigantic changes since their heyday between 1979 and 1981. During those three short years, OPEC was able to attain price and revenue records and came pretty close to topping its 1977 records for production and market share. In 1979, OPEC produced close to 31 million barrels per day (m b/d) — a huge 64 per cent market share — while non-OPEC nations (excluding China and the former Soviet Union [FSU]) produced only about 18m b/d. The following year, OPEC oil revenue reached an all-time high of about $276 billion, only to be followed by yet another record in 1981 when the average price for Arabian Light crude climbed to about $34/b.