ABSTRACT
This chapter discusses the challenges in global oil that can be dealt with through the market as a key governance mechanism in global oil, flanked by institutional arrangements accounting for shortcomings the market may exhibit in delivering security of supply or demand. It also discusses governance perspective on global oil, Institutional challenges to the global oil market arising from changes in demand and supply patterns and implications for global oil governance. The existing governance mechanism in global oil the market faces severe challenges against the backdrop of major trends that currently reshape the global energy landscape. The chapter describes a certain state of affairs, it is instrumental in assessing the call on re-regulating interaction between involved state and non-state actors on a given problem–supply security, investment or energy transition. In turn, for a transition towards low carbon and for the necessary technologies to be put in place, a reliable price environment for oil is essential.
