The global oil market is repeatedly and unpredictably shaken by geopolitical and legal crises. The key players are interested in different kinds of stability: consumer nations seek the most predictable supply of oil possible, whilst exporting nations seek a consistently high price for their resource. Amidst this tension, the Organisation of the Petroleum Exporting Countries (OPEC) brings together the interests of its members and coordinates their oil policies – a role that often leads to it being labelled a cartel. In addition, multinational and state-owned oil companies shape the market.
Against this backdrop, competition for oil and its price is a highly topical subject for ‘Law and Economics in Dialogue’. The presentations will examine the organisation of the international oil market, in particular the interplay between Iran, China, Russia and OPEC+. The programme also addresses security of supply within the context of international commercial law, as well as the influence of current international relations and conflicts on the oil trade. In this way, the presentations highlight both the current situation and its political and economic background.
Overall, the presentations aim to demonstrate that the current crisis is not so much bringing about a complete restructuring of the global oil market as revealing and accelerating dynamics that have been developing for some time. This affects not only price stability and security of supply for consumer nations, but above all local civil societies. Following the presentations, which will last approximately 45 minutes in total, there will be ample opportunity for reflection and discussion.
Presentations by and discussion with:
• Prof. Erika De Wet, PhD, LL.M. (Harvard), Head of the Institute for International Law and International Relations, University of
Graz
• Assoc. Prof. Christiane Ahlborn, PhD, LL.M. (Harvard), Institute for Public International Law and International Relations, University
of Graz
• Vivienne Sailer, BA (Univ.), Institute for Public International Law and International Relations, University of Graz
Welcome address by:
• Mag.a Gabi Lechner, Vice-President of the Styrian Chamber of Commerce (WKO) & Regional Chair of
FiW
• Prof. Dr. Gabriele Schmölzer, Dean of the Faculty of Law, University of Graz
