Who Governs Global Oil Prices?
... crude and now net-back for other petroleum products. Again, the seven sisters preferred long-term contracts and also used modern concessional tools to account for socio-economic... ... 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... ... of net-back and crude oil is for the first time linked to NYMEX exchange (New York, USA). Also, in 1986 oil futures come into play, as global exchanges begin trading specifically...
13.09.2013