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The Collapse in Oil Markets from Mid-2014 Onwards – Economics or Policy

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  • Valentin Bilyanski

Abstract

This article examines the main reasons for the collapse of oil prices from mid-2014 onwards. The main purpose of the author is to determine whether the processes on the crude oil markets are dictated primarily by objective economic circumstances or lead mainly by different geopolitical interests.The results are rather in support of the first claim – the collapse in prices is caused by oversupply, expectations for an economic slowdown in emerging economies and the refusal of the members of the Organization of Petroleum Exporting Countries (OPEC) to continue to use production quotas as a price regulation tool. At the same time the pursuit of geopolitical interests of countries like the US and Saudi Arabia should not be ignored, but it is rather a secondary, reaction to the current market situation.

Suggested Citation

  • Valentin Bilyanski, 2017. "The Collapse in Oil Markets from Mid-2014 Onwards – Economics or Policy," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 4, pages 108-128.
    • Handle: RePEc:bas:econst:y:2017:i:4:p:108-128
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    JEL classification:

    • F12 - International Economics - - Trade - - - Models of Trade with Imperfect Competition and Scale Economies; Fragmentation
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • Q02 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Commodity Market

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