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regimes (delineated by the first gulf war and the 9/11 terror attacks) alone do not have any significant implications for …
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This study seeks to explain why crude oil prices fluctuate, the main cause being the quota regime, which characterises the OPEC agreements. Given that the Saudi oil supply is inelastic in the short term, a shock in the oil market is accommodated by an immediate price change. In contrast, a...
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