With the global economy heading towards a severe oil crunch probably by 2015 or thereabouts, an analysis of Saudi oil fundamentals is causing the world disquiet and worry bordering on panic. Oil-importing nations have long treated Saudi Arabia as an infinitely deep well of crude oil supplies....

Does OPEC still matter? How do OPEC and non-OPEC oil production, global oil demand, and the role of oil as a financial asset influence oil prices? What is the mechanism through which China affects oil prices? These questions reveal the need for a better understanding of oil market dynamics. Our...

The question is examined whether OPEC is in a position to collect a risk premium to effectively insure others against a macroeconomic downturn, which may, in turn, result from a rise in the price of crude oil. Contingent exchange is modeled such that parties whose consumption is elastic with...

I maximize present valued world GDP over the stockpile of petroleum used to contain price shocks administered by OPEC. Long run price elasticity of demand and non-OPEC supply exceed those in the short run, so OPEC profits from sudden, as opposed to gradual, increases in price. These shocks...

This paper estimates a dynamic model of the world oil market and tests whether OPEC countries colluded and whether non-OPEC countries behaved oligopolistically over the period 1970-2004. Results of the analysis by decade support OPEC countries colluding as the dominant cartel producer and...

In this paper we analyse rig rate formation of floaters operating on the Norwegian Continental Shelf. We first develop a simple bargaining model for rig markets. Then we examine empirically the most important drivers for rig rate formation in the period 1991q4 to 2013q4. We use reduced form time...

The oil and gas sector plays a crucial role in the Norwegian economy. It accounts for a very large proportion of gross domestic product, government revenues, investment and exports. A sharp fall in oil prices has had a significant impact on the economy and focused great attention on the cost...

We investigate the potential for statistical forecasting of aggregate oil and gas investment on the Norwegian Continental Shelf (NCS). A unique and detailed dataset containing data from 109 different fields on the NCS between 1970 and 2015 was employed. A set of 1080 autoregressive distributed...

I examine evidence for a recent acceleration in the impact of technological change in the extraction of oil and natural gas on OPEC, associated with hydraulic fracturing and horizontal drilling. I estimate world demand for and non OPEC supply of crude oil simultaneously, representing...

Peak oil demand has become the hot new topic for oil market analysts but as always, runs the risk of being subject to superficial analysis, just as peak oil supply was. The primary arguments come from climate change activists who believe fossil fuel consumption must drop sharply and from...