Publications: The Petroleum Economics Monthly

Forcing a Change in Expectations (December 2014)


Saudi Arabia, Kuwait, and the United Arab Emirates (our "Middle East Troika") seem determined to change the expectations that dominate the oil industry. In doing so, its members are introducing a new level of economic sophistication into oil markets, one that up to now has been visible only in the work of central banks. Specifically, Middle Eastern oil producers seek to manage price expectations the way central bankers manage inflation expectations. The December report provides the details and discusses the market implications.


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