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The World Oil Market (WOM) Model: An Assessment of the Crude Oil Market Through 2000

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  • Lorents Lorentsen
  • Kjell Roland

Abstract

The great demand for oil price forecasts has resulted in extensive discussion of possible behavioral and structural relationships to describe this jerky market. On the supply side, much attention has been focused on the inner life of OPEC. Is it or not a cartel? Is it a cartel with a competitive fringe? How strong is the tension between high and low absorbers? Are the depletion policies derived from myopic cash requirements or from long-term optimization schemes?

Suggested Citation

  • Lorents Lorentsen & Kjell Roland, 1986. "The World Oil Market (WOM) Model: An Assessment of the Crude Oil Market Through 2000," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1), pages 23-34.
    • Handle: RePEc:aen:journl:1986v07-01-a02
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    JEL classification:

    • F0 - International Economics - - General

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