strategies, world oil prices would be higher but more stable …We study the optimal oil extraction strategy and the value of an oil field using a multiple real option approach. The … volatile. If the oil producer is risk averse, production is more stable, but spare capacity is much higher than what is …

This paper investigates the global macroeconomic consequences of falling oil prices due to the oil revolution in the …-identification of the U.S. oil supply shock is achieved through imposing dynamic sign restrictions on the impulse responses of the model …-driven oil price shock, with real GDP increasing in both advanced and emerging market oil-importing economies, output declining …

This paper documents the determinants of real oil price in the global market based on SVAR model embedding transitory … and permanent shocks on oil demand and supply as well as speculative disturbances. We find evidence of significant … distinct effects. Permanent supply disruptions turn out to be a bigger factor in historical oil price movements during the most …

countries/regions over the period 1979-2011Q2, to discriminate - between supply-driven and demand-driven oil-price shocks and to …-consequences of a supply-driven oil-price shock are very different from those of an oil-demand shock driven by global economic … activity, and vary for oil-importing countries compared to energy exporters. While oil importers typically face a long …

This paper presents a simple macroeconomic model of the oil market. The model incorporates features of oil supply such … as depletion, endogenous oil exploration and extraction, as well as features of oil demand such as the secular increase … alia, a useful analytical framework to explore the effects of: a change in world GDP growth; a change in the efficiency of …

How much does speculation contribute to oil price volatility? We revisit this contentious question by estimating a sign … model of the world oil market à la Kilian and Murphy (2013), since both imply a positive co-movement of oil prices and … the contribution of speculation to short-term oil price volatility (lying between 3 and 22 percent). This estimated short …

We present a simple model of petroleum exploration and development that can be applied to study the performance of … enhanced oil recovery and treats the impact of taxation on exploration and development in an integrated manner consistent with …

This paper studies the impact of declining oil prices on banks in sub-Saharan African oil-exporting countries. Results … indicate that banks respond differently to an oil shock depending on their ownership: (i) domestic banks are the most adversely … oil slump which could be addressed by both micro- and macroprudential policies …

In November 2014, OPEC announced a new strategy geared towards improving its market share. Oil-market analysts … interpreted this as an attempt to squeeze higher-cost producers including US shale oil out of the market. Over the next year …, crude oil prices crashed, with large repercussions for the global economy. We present a simple equilibrium model that …

Our paper examines the effect of oil price changes on Gulf Cooperation Council (GCC) stock markets using nonlinear … markets do not have similar sensitivities to oil price changes. We document the presence of stock market returns' asymmetric … reactions in some GCC countries, but not for others. In Kuwait's case, negative oil price changes exert larger impacts on stock …