Understanding Oil’s Exceptional Price Performance with Economic Principles

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Disciplines: Management | Projects, Facilities, and Construction | Reservoir

Course Description

Experts have been confounded by oil’s spectacular price performance in the past, yet there is still much debate about the direction in which prices will move in the future. Ongoing trade disputes, efforts to accelerate the energy transition, and the devastating effects of COVID-19 are all contributing to market disorder and uncertainty. With a focus on the fundamental determinants of supply and demand to explain oil price behaviour, and the use of illustrative examples, this course will clearly describe the formation of the price and its rise and fall over time. It will present the major drivers of the oil market and how they affect prices, thus enabling participants to form reasonable views of price prospects for the near future and beyond. A session on natural gas prices and their evolution in the major regional markets will also be included. By attending the course, participants will learn about the usefulness of economic principles to explain the extraordinary price performance of these commodities.

Daily Agenda

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Learning Level

Intermediate

Course Length

1 day

Why Attend

Participants of the course will develop:

• Knowledge of the major short-term and long-term determinants of oil demand and supply, and how these determinants form prices in international markets
• Skills to comprehensibly explain oil price movements as they occur, and to understand past price behavior and likely future directions that could impact business

The economic tools presented provide powerful insights into the nature and behavior of the oil markets, if the person applying these tools has a firm understanding of the important economic, technical and policy relationships governing the oil market. The course will offer a clear explanation of these relationships and utilise practical examples and exercises throughout.

Anyone interested in economic evaluations, market research, or planning and investment of energy projects will benefit from the understanding of the oil market fundamentals presented in the course.

Who Attends

This course will appeal to a wide range of professionals working in the energy industry, as well as to government officials, researchers and students. Possible job titles of participants include: analysts, engineers, geoscientists, forecasters, researchers, traders, policymakers, investors, business development managers, corporate strategists, marketing/sales professionals, executives.

CEUs

.8

Cancellation Policy

All cancellations must be received no later than 14 days prior to the course start date. Cancellations made after the 14-day window will not be refunded. Refunds will not be given due to no show situations.

Training sessions attached to SPE conferences and workshops follow the cancellation policies stated on the event information page. Please check that page for specific cancellation information.

SPE reserves the right to cancel or re-schedule courses at will. Notification of changes will be made as quickly as possible; please keep this in mind when arranging travel, as SPE is not responsible for any fees charged for cancelling or changing travel arrangements.

We reserve the right to substitute course instructors as necessary.

Instructor