OPEC and Its Role in Regulating Price of Petroleum

Ebghaei, Felor (2007): OPEC and Its Role in Regulating Price of Petroleum. Published in: Energy Economics Surveys , Vol. 3, No. 10 (December 2007): pp. 2-22.

Abstract

The present paper offers a short history of the Organization of Petroleum Exporting Countries (OPEC) together with a brief account of its goals, operational structure, membership requirements and its role in regulating oil prices. Studying oil price developments and OPEC's role since its foundation shows that OPEC has reacted sensitively to oil price volatilities and attempted to stabilize oil prices. In fact, the organization has played an effective role through different crises.

• Item Type: MPRA Paper
• Language: English
• Keywords: OPEC, Crude Oil Prices, Oil Market, Oil Companies, Energy Policy
• Subjects: D - Microeconomics > D4 - Market Structure, Pricing, and Design > D40 - General; Q - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q3 - Nonrenewable Resources and Conservation > Q30 - General; Q - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q4 - Energy > Q40 - General

References

Al-Sowayegh, Abdulaziz: Arab Petro - Politics, Croom Helm Ltd, London, 1984, P. 14

Barrell, Ray and Knut, A.: Counterfactual Analyses of Oil Price Shocks Using a World Model , Research Department of Statistics Norway, 177, 1996

Enav, Peter: Oil Market to 2010, The Impact of Non-OPEC Production, Financial Times Energy, 2000

Chalbi, Fadhil, J.: OPEC and a Future of Growing Uncertainties, New World Energy Trend & The Future of Oil & Energy Seminar, Caracas, 2001

Krichene, Noureddine: World Crude Oil Market (Monetary Policy and The Recent Oil Shock), IMF Working Papers, 62, 2006

Marques, Jaime: The International Transmission of Oil Price and OPEC's Pricing Policy, International Finance Discussion Papers ,256 , 1985

Vegard Hansen, Peter: The Market Power of OPEC 1973-2001, Research Department of Statistics Norway, 385, 2004

Esteghamat, Fatemeh: The Organization of Oil Exporting Countries (OPEC), the Ministry of Foreign Affairs Publications, Tehran, 2004

Alatibeh, Maneh Saeed: OPEC and Oil Economy, the Ferdowsi University, Mashad, 1997

OPEC and the Global Imperialism, the Ministry of Petroleum, Tehran, 1998

Tarzian, Peyriz: the Story of OPEC, Fanandish Publication, Tehran, 1988

Hosseinian, Shahamat: OPEC Behavior and Long-Term Pricing Policies, NIOC Public Relation Publications, 1991

OPEC website

Donyaye Eghtesad, Volume 1210, March 2007

The Ministry of Petroleum website

The Petroenergy Information Network (SHANA website), the Ministry of Petroleum Public Relations, 2007

arshadgohar, Naser: A Survey of OPEC's Power in the World of Politics, Mehr Publications, Tehran, 1995

Mashal, Volume 188, 2003

Mirjalili, Hossein: Iranian Oil Buyers, Syasee Eghtesadi Journal, July 1993

Hooshangi, Hamid: The Impact of Islamic Revolution of Iran on the Global Oil Sector, the Islamic Revolution Documents Center, 2007

Yergin, Daniel: Oil, Money and Power, NIOC Publications, Tehran, 1999