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The Price of Oil and Conflict in OPEC

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  • Ali M. Reza

Abstract

The price-setting behavior of the oil-exporting nations is influenced by the various elasticities of demand for and supply of oil, and the long-run optimal price trajectory is also influenced by the rate of interest and reserves (see, for example, Pindyck, 1978, and Reza, 1981). Since it is generally agreed that the long-term price elasticity exceeds the shortterm elasticity (in absolute value), measuring the latter can give a clearer picture of the former. The short-term price elasticity of demand for OPEC oil is also of interest because short-term financial constraints have apparently led at least some members of OPEC to weigh the short-run outcome of their pricing decisions more heavily. The issue addressed here is the magnitude of the short-run price elasticity of the demand for oil supplied by the OPEC core (Saudi Arabia, Kuwait, the United Arab Emirates, and Qatar) and of OPEC as a group.

Suggested Citation

  • Ali M. Reza, 1984. "The Price of Oil and Conflict in OPEC," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2), pages 29-34.
    • Handle: RePEc:aen:journl:1984v05-02-a02
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    JEL classification:

    • F0 - International Economics - - General

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