This is a book about the international oil market. It takes a historical perspective on how the market emerged, developed, and became what it is today—the biggest commodity market in the world. It is mature and complex, but far from perfect. Throughout most of its 150-year history, the oil...

Chapter 1: Introduction -- Chapter 2: Oil, Policy and Market Power -- Chapter 3: Looking at the Mirror: Early Days of the Oil Markets in the United States -- Chapter 4: From Competition to Monopoly -- Chapter 5: From Monopoly to Competition (Oil Markets Going Global) -- Chapter 6: Governments...

Chapter 1: Adi Imsirovic, Historical background to the emergence of benchmarks and Brent in particular -- Chapter 2: Liz Bossley, UK State, BNOC, tax, markets, and Brent; first forward trades, optionality, terms, players -- Chapter 3: Colin Bryce, genesis of Brent trading, people, banks and...

Chapter One – The Introduction: The ‘Rivers of Money’ -- Chapter Two – Freight is the King -- Chapter Three – Difficult Deals in Difficult Places -- Chapter Four – Messy Business -- Chapter Five – The London Crowd -- Chapter Six – The Industry In Which We Were Paid -- Chapter...