A adaptação do mercado mundial de petróleo à lógica financeirizada de acumulação de capital

Abstract

The 1973 crisis, caused by the exaggerated increase in the price of a barrel of oil by the OPEC producing countries (Organization of Petroleum Exporting Countries), started a process of restructuring in the world oil market. Among the main changes that occurred, the one that had the greatest consequence for oil producing countries involved the adaptation of pricing systems for this commodity to the new financial dynamics of world capitalism, which affected the logic of oil trading, now tied to the way of operating spot and futures markets on financial and commodity exchanges around the world. Furthermore, the insertion and adaptation of oil-producing countries to financialization reconfigures the relations of producing countries with the world oil market, the relations of importing and exporting countries, the oil industry and the global geopolitics of oil. In the same way, the work seeks to explain that the world oil market helped in the fall of the Bretton Woods System through the 1973 Oil Shock, providing the basis for the flexibility and opening of financial markets and the explosion of finance around the world. Thus, the work makes a historical study of the world oil market to understand the changes in the current pricing system, a study about the aspects of financialization and “fictitious capital” and finally, about the main aspects of the current pricing system and its consequences for the oil industry and geopolitics.