The World Trade Organization cannot deal comprehensively with restrictive export practices maintained by energy cartels such as the OPEC. The main reason for this is the absence of competition rules in the multilateral trading system. However, in spite of the fact that the WTO does not have...

The main purpose of this paper is to review the evolution of OPEC models and to link this evolution to some key events in the oil market. Our main conclusion is that OPEC's pricing power varies over time. In many instances, OPEC can lose power to limit oil price movements in either direction....

This paper investigates the OPEC quota share system and whether there is any pattern to quot;cheatingquot;. Using threshold cointegration methods, we examine each OPEC member's cheating behavior in periods of rising and falling real oil prices. Most OPEC members behave differently in response to...