International Oil Markets in the Age of Climate Change

“International Oil Markets in the Age of Climate Change” is a unique and extremely timely book. It clearly and concisely lays out the journey of oil markets and how they are evolving as climate change has moved to the fore as a key issue for humanity. Most importantly, and unlike much work in this area, it doesn’t start with a point of view and bend the facts to suit. Instead, Adi has produced a thoughtful, impartial, and fact-based roadmap to help us all orient ourselves around this contentious topic. Rational discussion will be the foundation to accomplish progress and this book greatly contributes to that rational discussion.” —Steve Mawer, Chair - Calumet Specialty Products/Montana Renewables “The world is caught between a climate emergency and the need to rapidly decarbonise and human aspirations for better lives. In this excellent and timely book, Adi argues that scientific and economic facts support speedy energy transition and the markets of tomorrow will be even more exciting and opportune for savvy trading strategies.” —Stephane Degenne, Co-head of Trading / Global Head of Origination & Structured Trade, Gunvor “This excellent book offers a highly original approach from a leading expert in oil markets and trading, rooted in climate science and economics. The energy transition will reduce but not eliminate demand for oil. We will still need oil; we will just not burn it. The oil market will successfully evolve and its price will probably reflect the specific carbon content of individual crude oils, thanks to blockchain technology. Oil producers should stop attempting to jack up prices, instead focus on decarbonizing oil production and use. Will they be wise enough?” —Giacomo Luciani, Paris School of International Affair 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. Adi Imsirovic has more than 35 years of experience in oil trading. He has held a number of senior trading positions, including global head of oil at Gazprom Marketing & Trading and regional manager of Texaco oil trading for Asia. Dr Imsirovic was a Fulbright scholar and studied at the Graduate School of Arts and Sciences, Harvard University. He has a PhD in economics and a MSc in energy economics. Adi taught Energy Economics as well as Resource and Environmental Economics at Surrey University and was a senior research fellow at the Oxford Energy Institute. Currently, he is a guest lecturer in the MSc course in Energy Systems, Department of Engineering, University of Oxford. Dr Imsirovic is also a Senior Associate at the Centre for Strategic and International Studies, Washington. Adi is the author and editor of many papers, articles, podcasts and book chapters, including books: Trading and Price Discovery for Crude Oils: Growth and Development of International Oil Markets (Palgrave, 2021) and Brent Crude Oil: Genesis and Development of the World's Most Important Oil Benchmark (Palgrave, 2023).