This paper analyzes the response of international oil producers to demand-induced changes in the real price of oil during 1975-2011. The goal is to disentangle fluctuations in OPEC and non-OPEC production and to derive consistent estimates of the short-run price elasticity of crude oil supply at...

This note expands Kilian's (2008) original time series of exogenous oil supply shocks along two dimensions. First, we extend the sample period and include production shortfalls in OPEC member states during 2004:10-2018:12. Second, we also consider production shortfalls in non-OPEC countries. Our...