Since its foundation in 1946, the United Nations has undergone a continuous process of reform, each phase reflecting the renewed priorities of its membership. The decolonization period and the subsequent independence of numerous States in Africa and Asia provided a unique opportunity for the United Nations to address the needs of the newly independent nations. Within twenty years of its creation, UN membership more than doubled reaching 118 by 1965. The emergence of new States showed the need for a strengthening of the United Nations system in the area of…
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OIL SUPPLY AND PRICES : GLOBAL IMBALANCES
The persistent increase in oil prices over the past decade suggests that global oil markets have entered a period of increased scarcity. Given the expected rapid growth in oil demand in emerging market economies and a downshift in the trend growth of oil supply, a return to abundance is unlikely in the near term. This chapter suggests that gradual and moderate increases in oil scarcity may not present a major constraint on global growth in the medium to long term, although the wealth transfer from oil importers to exporters would…
Read MoreRELATION BETWEEN STRATEGIC PETROLEUM RESERVE AND OIL PRIZES
The Strategic Petroleum Reserve (SPR) was created in response to the 1975 Arab Oil Embargo and was intended to, “Store petroleum to reduce the adverse economic impact of a major petroleum supply disruption”. Despite long history of purchases and releases of crude oil, little is known about the effect of the Strategic Petroleum Reserve (SPR) on crude oil prices. Much of the existing literature on the SPR focuses on the optimal purchase and release strategies and does not directly estimate the effect of the SPR on crude prices. It is…
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