“…They show much less structure on a fixed plane. For the relationship between those variables in 2-D graphs, see Ye et al (2008). The changing relationship between WTI price and these two key market variables reflects OPEC policy changes, significant reductions in excess crude oil production capacity, and changing market behavior in both demand and supply, including fear of little additional crude oil production capacity despite a rapidly growing global demand.…”
“…They show much less structure on a fixed plane. For the relationship between those variables in 2-D graphs, see Ye et al (2008). The changing relationship between WTI price and these two key market variables reflects OPEC policy changes, significant reductions in excess crude oil production capacity, and changing market behavior in both demand and supply, including fear of little additional crude oil production capacity despite a rapidly growing global demand.…”
“…According to Ye et al (2008), there are different price structures in the crude oil market due to regime changes since the early 1990s (see Fig. 1).…”
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