countries. This increase in the price of oil and other commodities means that OPEC countries and Russia have received, between …

countries. This increase in the price of oil and other commodities means that OPEC countries and Russia have received, between …

to OPEC cartel as world’s major petroleum producer and trader as well as its forms of control in production and trade …

oil prices by OPEC. This led the U.S. to use a” Price Control” policy in the domestic energy market. The effects of such … policy are explored and well documented. However, the responses of OPEC producers to such a policy need further attention …. This paper examines the effects of these price controls on OPEC‟s extraction path. It also examines the relation between …

), USA or the International Energy Agency (IEA), Paris, the OPEC has been assumed to act like a residual producer …. Notwithstanding such assumptions in the aforesaid models, the OPEC’s role just as a residual producer still continues to remain an … open question. It deserves to be recognised that the OPEC is not a homogeneous entity but consists of producers with …

. In 1960, OPEC was established and since then it has been a considerable political and economical 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 … increases due to their production cuts and market power. This paper provides a general framework to examine the role of OPEC in …