Petroleum Marketing Annual, 1987

Technical Report · Mon Oct 31 04:00:00 EST 1988

OSTI ID:6711188

In world crude oil markets, 1987 was a year of limited recovery and relative stability after the dramatic price slide of early 1986. Both foreign and domestic crude thereafter, ending the year somewhat higher than a year ago. In contrast, product wholesale markets remained relatively stable throughout the year, while retail prices sustained a fairly steady increase. As has been the case for over a decade, major price movements in international oil markets generally reflected responses to actual or perceived changes in the policies of the Organization of Petroleum Exporting Countries (OPEC) and/or its members. The year began with prices on an upward trend, in reaction to the December 1986 OPEC meeting in which the members resolved to return to an official pricing structure (a departure from the market-based pricing of 1986), and to reduce output quotas. Prices continued to rise until August, when evidence of continued OPEC overproduction appeared to outweigh market optimism, triggering a gradual slide that lasted the remainder of the year. Even with the downturn in the fourth quarter, crude oil markets in 1987, as measured by refiner acquisition costs, finished the year above year-end 1986 levels, and considerably above the lows reached in mid-1986. OPEC's struggle to maintain stable prices and production levels in 1987 reflected the organization's difficulties in reaching and enforcing agreements among its politically and economically diverse membership. 11 figs., 49 tabs.

• Research Organization: USDOE Energy Information Administration, Washington, DC. Office of Oil and Gas
• OSTI ID: 6711188
• Report Number(s): DOE/EIA-0487(87); ON: DE89002703
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020700* -- Petroleum-- Economics
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& Business Aspects
29 ENERGY PLANNING, POLICY, AND ECONOMY
294002 -- Energy Planning & Policy-- Petroleum
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ALKANES
AVIATION FUELS
COMMERCIAL SECTOR
COMPILED DATA
COST
DATA
DISTILLATES
ENERGY SOURCES
FOSSIL FUELS
FUEL OILS
FUELS
GASOLINE
HYDROCARBONS
INFORMATION
KEROSENE
LIQUID FUELS
MARKETING
NUMERICAL DATA
OILS
ORGANIC COMPOUNDS
OTHER ORGANIC COMPOUNDS
PETROLEUM
PETROLEUM DISTILLATES
PETROLEUM FRACTIONS
PETROLEUM PRODUCTS
PROPANE
RESIDENTIAL SECTOR
RESIDUAL FUELS
SALES
STATISTICAL DATA
TRANSPORTATION SECTOR