The remarkable stability of the cooperation among the members of the Organization of Petroleum Exporting Countries (OPEC) has generally been explained by these members’ mutual dependency on high and stable oil revenues. Since the OPEC countries, however, face the double security dilemma of...

Aguiar-Conraria and Wen (2008) argued that dependence on foreign oil raises the like-lihood of equilibrium indeterminacy (economic instability) for oil importing countries. We argue that this relation is more subtle. The endogenous choices of prices and quantities by a cartel of oil exporters,...

This article contributes to the debate about the impact of the U.S. fracking boom on U.S. oil imports, on Arab oil exports, and on the global price of crude oil. First, I investigate the extent to which this oil boom has caused Arab oil exports to the United States to decline since late 2008....