Price cycles, and more generally price volatility, are key features of petroleum markets. These cycles of booms and busts can be extreme and sometimes prolonged. They create acute challenges for petroleum countries and companies and need to be carefully managed by each stakeholder. Therefore primary policy priority for any petroleum country is how to better prepare for managing in the long run future petroleum price boom-and-bust cycles and anticipating, even in the short- and medium-term, any possible volatility in petroleum revenue and its possible impact on the nation budget and how to mitigate it.
This overview contains the following chapters: