{"title":"Adi Imsirovic","description":null,"products":[{"product_id":"trading-and-price-discovery-for-crude-oils-book-adi-imsirovic-9783030717179","title":"Trading and Price Discovery for Crude Oils","description":"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 market has been monopolised by companies and   governments. For only a fraction of that, oil traded in a relatively   free market. As a result, we had to live with ‘big oil’, economic   shocks, high oil prices, instability and wars. Using a simple concept of   market power, this book will explain the meaning of ‘oil price’ and  how  it is established while offering a valuable lesson for other   commodities.  Market power is the key to understanding the ‘price   of oil’. This book uses a simple concept of price-makers and   price-takers to examine the evolution of oil markets, their structure,   and prices. The early decades of the oil industry were competitive with   low barriers to entry. Barely 25 years later, the Standard Oil company   created a refining monopoly, buying oil at its own ‘posted’ price. In   the following century, the cartel of major oil companies, helped by   their governments, did the same at the international level. OPEC helped   producing governments regain control of their own resources, but the   organisation was never able to retain a similar level of control. After 1986   price collapse, OPEC abdicated the price-making function in favour of   the market. While it never gave up attempts to influence prices, OPEC   had to link their official prices to one of the global oil benchmarks.   Modern international oil markets function because of oil benchmarks such   as Brent, WTI and Dubai.   This book showcases:   •\tHow oil traders played a prominent role in development of the industry  •\tHow policies of consuming nations helped oil cartels  •\tWhy and how the US price of oil was negative  •\tHow AI has changed the way markets operate and the way in which the markets are likely to change in future  This   book explores how oil markets grew, functioned, and have occasionally   failed to do their job. The ecosystem of derivatives or ‘paper barrels’   trading in far greater volume than physical oil plays a very important   role in mitigating risk. With this core tenant, setting the ‘price of   oil’ is explained in detail.","brand":"WoB","offers":[{"title":"GB \/ NEW \/ GARDNERS","offer_id":49740176294161,"sku":"NGR9783030717179","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"GB \/ VERY_GOOD \/ INTERNAL","offer_id":50893630079249,"sku":"GOR012490822","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"US \/ GOOD \/ SBYB","offer_id":51079192477969,"sku":"CIN3030717178G","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/3030717178.jpg?v=1750966594"},{"product_id":"trading-and-price-discovery-for-crude-oils-book-adi-imsirovic-9783030717209","title":"Trading and Price Discovery for Crude Oils","description":"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 market has been monopolised by companies and   governments. For only a fraction of that, oil traded in a relatively   free market. As a result, we had to live with ‘big oil’, economic   shocks, high oil prices, instability and wars. Using a simple concept of   market power, this book will explain the meaning of ‘oil price’ and  how  it is established while offering a valuable lesson for other   commodities.  Market power is the key to understanding the ‘price   of oil’. This book uses a simple concept of price-makers and   price-takers to examine the evolution of oil markets, their structure,   and prices. The early decades of the oil industry were competitive with   low barriers to entry. Barely 25 years later, the Standard Oil company   created a refining monopoly, buying oil at its own ‘posted’ price. In   the following century, the cartel of major oil companies, helped by   their governments, did the same at the international level. OPEC helped   producing governments regain control of their own resources, but the   organisation was never able to retain a similar level of control. After 1986   price collapse, OPEC abdicated the price-making function in favour of   the market. While it never gave up attempts to influence prices, OPEC   had to link their official prices to one of the global oil benchmarks.   Modern international oil markets function because of oil benchmarks such   as Brent, WTI and Dubai.   This book showcases:   •\tHow oil traders played a prominent role in development of the industry  •\tHow policies of consuming nations helped oil cartels  •\tWhy and how the US price of oil was negative  •\tHow AI has changed the way markets operate and the way in which the markets are likely to change in future  This   book explores how oil markets grew, functioned, and have occasionally   failed to do their job. The ecosystem of derivatives or ‘paper barrels’   trading in far greater volume than physical oil plays a very important   role in mitigating risk. With this core tenant, setting the ‘price of   oil’ is explained in detail.","brand":"WoB","offers":[{"title":"GB \/ NEW \/ GARDNERS","offer_id":49745772282129,"sku":"NGR9783030717209","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"US \/ NEW \/ INGRAM","offer_id":51061738045713,"sku":"NIN9783030717209","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"GB \/ NEW \/ INGRAM","offer_id":52522582573329,"sku":"NLS9783030717209","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"GB \/ VERY_GOOD \/ INTERNAL","offer_id":52816823091473,"sku":"GOR014627388","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/3030717208.jpg?v=1751284747"},{"product_id":"international-oil-markets-in-the-age-of-climate-change-book-adi-imsirovic-9783031609893","title":"International Oil Markets in the Age of Climate Change","description":"The oil industry is set to change dramatically over the next decade with oil consumption needing to drop substantially to achieve the goals of the Paris Agreement. Yet oil will be needed for many more years and oil markets will continue to be important.    This book explores the impact of the energy transition on oil markets and the ways in which the producing countries, companies, crude oil values and benchmarks may change. It sets out the ways in which changes to the oil markets and prices resulting from the energy transition can be mitigated and managed, and will be relevant to professionals working within oil markets and policymakers interested in the energy transition.","brand":"WoB","offers":[{"title":"GB \/ NEW \/ GARDNERS","offer_id":50483479838993,"sku":"NGR9783031609893","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/3031609891.jpg?v=1770374533"},{"product_id":"rivers-of-money-book-adi-imsirovic-9783031918056","title":"The Rivers of Money","description":"Modern oil trading, as we know it today, has its roots in the 1970s, especially after the collapse of the vertically integrated structure of the oil industry, controlled by oil majors. Oil trading flourished in the 1980s, following the energy liberalisation policies in the UK and US. In the process, the largest trading companies such as Vitol, Trafigura, Marcuria and others have taken on new roles in the industry, including financing of major new projects. The authors Adi Imsirovic and Colin Bryce have participated in oil trading during its pivotal years and through knowledge of the industry, experience and contacts hope to bring to life this period in rich details with key industry interviews. A serious academic study of the social history of modern trading but written in a way that makes it accessible to a wider audience, this book will be of interest to anyone involved in finance, economics, energy, policy, and trading.","brand":"WoB","offers":[{"title":"- \/ - \/ -","offer_id":51632153297169,"sku":"","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"GB \/ NEW \/ GARDNERS","offer_id":51632153526545,"sku":"NGR9783031918056","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"GB \/ NEW \/ INGRAM","offer_id":52473232195857,"sku":"NLS9783031918056","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"US \/ NEW \/ INGRAM","offer_id":52744949596433,"sku":"NIN9783031918056","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/3031918053.jpg?v=1769687280"},{"product_id":"international-oil-markets-in-the-age-of-climate-change-book-adi-imsirovic-9783031609923","title":"International Oil Markets in the Age of Climate Change","description":"The oil industry is set to change dramatically over the next decade with oil consumption needing to drop substantially to achieve the goals of the Paris Agreement. Yet oil will be needed for many more years and oil markets will continue to be important.    This book explores the impact of the energy transition on oil markets and the ways in which the producing countries, companies, crude oil values and benchmarks may change. It sets out the ways in which changes to the oil markets and prices resulting from the energy transition can be mitigated and managed, and will be relevant to professionals working within oil markets and policymakers interested in the energy transition.","brand":"WoB","offers":[{"title":"- \/ - \/ INTERNAL","offer_id":52500801224977,"sku":null,"price":0.0,"currency_code":"GBP","in_stock":true},{"title":"GB \/ NEW \/ GARDNERS","offer_id":52500801913105,"sku":"NGR9783031609923","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9783031609923.jpg?v=1760138933"},{"product_id":"brent-crude-oil-book-adi-imsirovic-9783031282317","title":"Brent Crude Oil","description":"In 2023, the Brent oil benchmark, a key international oil price marker for global crude oil underwent a substantial change. It incorporated another key benchmark, West Texas Intermediate oil from Midland, produced in the US and sold into European and Asian markets. Brent is used to set prices for over 70 per cent of global crude oil, so this fundamental change in the composition of the benchmarks is making some observers question its future development and even its survival. Lessons from the past are very important for the future, particularly in this case.      This book revisits the history and genesis of the Brent oil benchmark and how it came to dominate the global oil market for oil. With chapters written by the individuals involved in trading and shaping the market, it brings the richness and texture to the usual historical narrative by recalling the events, companies and people who shaped its history. It introduces the historical background to the international oil markets and the reasons for a move from OPEC-set prices to oil benchmarks. It discusses the role of the North Sea in the international oil markets, as well as the role of the British government in the British national oil and gas monopoly (British National Oil Corporation or BNOC). The development of the North Sea oil, which coincided with the liberalisation policies in the UK and US, is also discussed, alongside the challenges of the oil exchange (International Petroleum Exchange) in London, the home of Brent and looks at the failures, attempted takeovers, and its eventual sale to the Intercontinental Exchange (ICE). It finally discusses the growing market ecosystem of the price reporting agencies (PRAs), which play a key role in establishing the value of the Brent benchmark.","brand":"WoB","offers":[{"title":"GB \/ VERY_GOOD \/ INTERNAL","offer_id":52531880984849,"sku":"GOR013475965","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"GB \/ NEW \/ INGRAM","offer_id":52668427501841,"sku":"NLS9783031282317","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9783031282317.jpg?v=1760658436"}],"url":"https:\/\/www.worldofbooks.com\/collections\/author-books-by-adi-imsirovic.oembed","provider":"World of Books ","version":"1.0","type":"link"}