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Shifts the oil market and the pricing of Iraqi oil in the light of the terms of reference price | ||
| Iraqi Journal For Economic Sciences | ||
| Article 1, Volume 0, Issue 23, 2017, Pages 6-34 | ||
| Author | ||
| Dr.Ahmed Abreha Ali | ||
| Abstract | ||
| Since the late sixties and to this day saw the oil market fundamental shifts in the balance of power players in the supply and demand sides. As reduced the dominance of monopolies for the benefit of producing countries and their national companies, and income producers new to the market, and increased political potential for cooperation and coordination among the producers. And developed new techniques have contributed to reducing costs, which encouraged investment in the oil was not rewarding places "where the former oil extraction." And also "moved countries and companies to invest in alternative energy sources to oil. And the demand side the growing adoption of the United States of America on the oils imported, and the other hand, entered the Western countries, developed and Japan post-industrial phase, which means lower energy required per unit of additional gross domestic product (GDP), while the increasing role of developing countries in oil demand, particularly from emerging recently China in particular. | ||
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