When the oil companies were setting the price of oil prior to 1973 and when Opec took over this role between 1973 and 1986, oil prices were relatively stable and its development easy to follow. However, after Opec abandoned this role, oil pricing has become the domain of the market which tends to treat the oil like any other commodity.
In today's fast changing market, following price development is an arduous task. In the last four years prices have gone up close to $145 a barrel to as low as $34 a barrel though the average is $87.95 a barrel.
Oil producers, consumers, traders, refiners, oil companies and governments are in need of oil price assessment almost on a continuous basis. This role has been taken and developed by specialised oil media publications where activities include not just crude and product price reporting but analysis of factors contributing to the price evolution.
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