Introduction -- Algeria -- Angola -- Azerbaijan -- Brazil -- Canada -- China -- Cyprus -- Egypt -- Equatorial guinea -- Ghana -- Iran -- Kenya -- Lebanon -- Libya -- Mozambique -- Nigeria -- Norway -- Qatar -- Timor -- Conclusion

This paper proposes a novel approach to study the macroeconomic effects of oil prices, exploiting institutional features of OPEC and high-frequency data. Using variation in futures prices around OPEC announcements as an instrument, I identify an oil supply news shock. These shocks have...