{"word_count": 103, "character_count": 733}
The Functioning of the International Oil Markets and its Security  Implications / Giacomo Luciani. Bruxelles : CEPS, 31 May 2011, 20 p. (working document ; n° 351)http://www.ceps.eu/ceps/download/5713The paper discusses the link between security of oil supplies and the  functioning of international oil markets. It is argued that wide and  frequent variations in price are in themselves a source of insecurity  for individual consumers and national economies alike. Furthermore, the  impossibility of predicting future prices discourages investment and  increases the fragility of the system. The paper puts forward several  policy proposals to reduce excessive price fluctuations and improve  security of supply at reliable prices.