PETE702 DYNAMICS OF WORLD OIL
|METU Credit (Theoretical-Laboratory hours/week):
||Petroleum And Natural Gas Engineering
|Language of Instruction:
|Level of Study:
||Fall or Spring Semesters.
This course will examine the global oil market from international economic and political/strategic perspective. It will use both functional and regional approaches to fully grasp the essence of the global oil market. It starts with the examination of international economic theory from the perspective of trade, and finance. This will be followed by a general examination of world oil and gas resources within the context of global energy balance. The course also examines macro-economic aspects of international oil management, such as, domestic petroleum price smoothing and oil fund management. The global actor of world oil market, OPEC, will also be analyzed from historical and contemporary perspectives. Basic concepts of oil economics and finance, a brief survey of the structure of oil market, the issue of Dutch Disease or the role of oil in economic development, effect of oil shocks on individual and global macro economy will also be covered. Apart from the functional issues the role of Middle East, Russian and Caspian oil for global economy will also be examined.