prices rose five fold. In 1978, the second was the fall of Shah Iran. Prices soared to $80–$100 a barrel in today’s prices …. In 1960, OPEC was established and since then it has been a considerable political and economic force in the oil market …. Two thirds of the world’s oil reserves belong to OPEC members. OPEC is accused of being responsible for most of the price …

This article confirms that OPEC is neither a cartel nor exhibits any sign of market domination, market control, or …-study, an innovative econometric method which attempts to investigate the possible influence of OPEC decisions on output upon … the fact that the apparent ``lumpiness" of OPEC has to have no bearing on a priori acceptance of ``perfect competition" as …

Following the peak in US crude oil production 30 years ago, more and more non-OPEC producers have seen their production … decline as a result of resource depletion. OPEC, on the other hand has extracted a comparatively smaller proportion of its … reserve base. Given that new non-OPEC discoveries are growing ever limited, we explore the role of reserve additions and OPEC …

representing oil supply with an aggregate of OPEC and non-OPEC production because they likely use different criteria to chose … represented as levels. The results suggest that OPEC and nonOPEC nations use different criteria to set output and that reductions … (increases) in OPEC production raise (lower) oil prices. The elements of the cointegrating relations, their loadings, and impulse …

digit. It is hypothesized that price clustering occurs within an established TPZ if OPEC is able to defend the upper and … capacity utilization is high and when production significantly exceeds quotas, consistent with OPEC's inability to defend the …

The aim of this paper is to determine if OPEC acts as a cartel by testing whether the production decisions of the … both time series and panel settings, our findings show that the OPEC influence has evolved through time, following the … changes in the oil pricing system. While the influence of OPEC is found to be important just after the counter-oil shock, our …

Journal, World Oil, BP Statistical Review, OPEC, etc. and the "technical" values which are confidential to most countries. Yet …

The main purpose of this paper is to review the evolution of OPEC models and to link this evolution to some key events … in the oil market. Our main conclusion is that OPEC’s pricing power varies over time. In many instances, OPEC can lose … can occur in both weak and tight market conditions. Because of OPEC’s varying conduct, there is not a single model that …

pricing. If materialised, the switch would not impact only OPEC nations but would also have ramifications for other oil …. This paper recommends that in deciding which currency to use in oil pricing, OPEC member countries should not allow their …