In a simplified theoretical framework we model the strategic interactions between OPEC and non-OPEC producers and the implications for the global oil market. Depending on market conditions, OPEC may find it optimal to act either as a monopolist on the residual demand curve, to move supply...

Oil prices are usually influenced by a number of factors. But are there times when OPEC spare capacity has been the most important factor for driving oil prices? This article will argue the answer is yes, and we will discuss the circumstances when this has been the case in the past

This study attempts to discover the nexus between crude oil price fluctuation after heavy oil upgrading and stock returns of petroleum companies in the U.S. Stock Exchange for the years 2008 to 2018. One of the methods of upgrading heavy crude oil is to extract asphaltene from crude oil....

Real oil prices (WTI spot) are lower under Democratic presidencies than Republican presidencies by $4.7 - $9.7 per barrel, the results are statistically significant and robust, including subsamples and accounting for business cycles fluctuations. We find that during Democratic presidencies, the...

The aim of this study is to assess whether fuel prices in Greece respond asymmetrically to changes in the global oil prices. To do so, we depart from the current practice in the literature that focuses on fuel prices. Rather, we consider the mark-up of both the refineries and retailers. Even...

The aim of this study is to assess whether fuel prices in Greece respond asymmetrically to changes in the global oil prices. To do so, we depart from the current practice in the literature that focuses on fuel prices. Rather, we consider the mark-up of both the refineries and retailers. Even...

Oil and gas company returns are compared between upstream, midstream, and down-stream sectors from 2000 through 2020. Crude oil, natural gas, and distillate returns reflect project risk, infrastructure, and conditions within the industry. Equity, commodity, and distillate markets positively...

This paper examines the advantages and drawbacks of alternative methods of estimating oil supply and oil demand elasticities and of incorporating this information into structural VAR models. I not only summarize the state of the literature, but also draw attention to a number of econometric...

This paper uses a new empirical strategy to identify oil supply news shocks within a Non-Causal VAR model of standard global oil market variables. These shocks explain most of the movements in oil production over a long but finite time horizon. Our findings highlight the prominent role of...