Between June and December 2014, the price of crude oil has fallen by nearly 50%, which represents one of the most dramatic declines in recent history. Within the same period, the average price reduction of coal, natural gas, agricultural commodities in general, metals, and food has been significantly less severe.
Academic researchers, economists and policymakers have started to analyze the effects of relatively low oil prices on the economic and political stability of the oil-exporting countries, the sustainability of alternative forms of energy production, the international energy and non-energy commodity markets, and the new growth opportunities for the global economy.
At the same time, efforts have been devoted to identify the causes of the recent oil price collapse, among which positive oil supply shocks originating from oil-producing countries and shocks to oil price expectations due to the end-of-last-year OPEC announcements. Finally, the “big” question on whether the decline of the price of oil is similar to past oil price drops, and, more important, if it is likely to continue or to stop soon, is still unanswered.
On June 4-5, 2015, FEEM organized an international conference in Milan on “Recent Evolutions of Oil and Commodity Prices” gathering together internationally distinguished scholars, renowned professionals from energy and financial institutions, as well as FEEM senior and junior researchers, who presented and discussed fresh results from their own research works.
Re3 interviewed energy experts Leo Drollas, Vincent Kaminski, Lutz Kilian, Charles F. Mason, Apostolos Serletis and Adonis Yatchew on the following issues:
Leo Drollas, Energy Consultant
Vincent Kaminski, Professor in the Practice of Executive Education, Rice University
Lutz Kilian, Professor of Economics, University of Michigan
Charles F. Mason, Professor of Economics, University of Wyoming
Apostolos Serletis, Professor of Economics and Finance, University of Calgary
Adonis Yatchew, Professor of Economics, University of Toronto
STREAMING of the Workshop on"Recent Evolutions of Oil and Commodity Prices"
International Workshop on "Recent Evolutions of Oil and Commodity Prices"
International Workshop on "Oil and Commodity Price Dynamics"
International Conference on "Oil Price Forecasts and Trends"
International Workshop on "Financial Speculation in the Oil Market and the Determinants of the Oil Price"