Abstract
The author examines the efficiency implications of the regionalization hypothesis of Weiner (1991). Cointegration analysis is used to test this hypothesis. Both spot and contract prices for fifteen crude oils are used and separated into three groups of similar quality. Each group is intended to include crude oils that buyers can substitute for each other. Bivariate and multivariate versions of cointegration tests were used. The results suggest that the world oil market is unified and that prices for same quality crude oils from different regions of the world do not deviate from each other. 8 refs., 6 tabs.
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