New Era of Petroleum Trading: Spot Oil, Spot-Related Contracts, and Futures Markets

摘要

Although the use of new trade instruments began in the early 1980s and almost all market participants are still learning, petroleum traders of developing countries have lagged behind those in the developed countries. The lag has resulted in the inability of these countries to procure their petroleum requirements at the lowest possible cost. Development of modern trading skills, like that of any other know-how, requires an action plan to build the needed institutions and train the concerned staff. Before preparing an action plan, however, the staff, planners, and policymakers involved in petroleum supply need to acquire a fundamental understanding of the workings and the issues involved in the new era of petroleum trading. The report is intended to provide such an understanding. It provides a detailed description of petroleum spot markets, futures and options trading and their interlinkages with contract sales. (Copyright (c) 1989 The International Bank for Reconstruction and Development/The World Bank.)