Globalisation- Regionalisation Debate in International Crude Oil Markets
Nissar Ahmad Yatoo* & Arif Billah Dar**
*Faculty, International Open University- Gambia
**Assistant Professor, SMVD University India.
Abstract
We test whether the international crude oil markets are globalized (as proposed by Adelman, M.A. International oil agreements. The Energy Journal 1984; 5; 1-9) or regionalized (as advocated by Weiner, R. J. Is the world oil market one great pool? The Energy Journal 1991;12: 95–107). We put forth arguments in support of studying the crude oil prices at different time horizons to augment the regionalization-globalization debate. Unlike previous studies, our results indicate that both the hypothesis make sense, albeit, for different crude oil market pairs, time horizons and time periods.
Keywords: Brent, Crude Oil, WTI, Globalization, Regionalization, Wavelet
Topic: Energy Economics