THE RISE OF ASIA AND THE RESTRUCTURING OF INTERNATIONAL OIL TRADING: NEO-MERCANTILISM VERSUS GLOBALIZATION?

The article discusses the quantitative and qualitative impact of economic growth in Asia on the international oil market. Quantitative impact signifies the demand for imported oil and its price effect while qualitative impact signifies the relation between oil importers and exporters. The first part presents the political background for economic performance in Asia as well as the rising demand of energy and the continuous quest for imported oil. Market competition between oil importers is discussed in the next section followed by the global impact of oil trading. The last part discusses the relation of Asia in the Middle East and the United States in terms of oil trading, commerce and finance.