Who Governs Global Oil Prices?
... third stage. This was a big global reshuffle as during the 1960s these powerhouses sold around 85% of the global crude oil – much more than modern OPEC at around 40%. Again, the third stage was followed by a transitional period of 1985 to 1986, as Saudi Arabia pushed for the net-back mechanism across not only petroleum products, but also crude oil. Saudis also began to reject officially manipulated prices by OPEC. We essentially see how net-forward is rejected in favour of net-back and crude oil ...
13.09.2013