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Reserves and Reserve Production Ratios In Imperfect Markets

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  • Keith C. Brown

Abstract

Recent changes in reserves or reserve/production ratios are often cited as evidence of hypothesized economic changes in petroleum markets. However, the technology of petroleum production and the fact that international petroleum markets are not perfectly competitive combine to render incorrect interpretations all too easy. Both market imperfections and technical limitations to production rates slow market adjustments to changes in expected prices or costs. This makes it difficult to use observed changes in reserve/production ratios as evidence of some hypothesized economic change, since neither of the observations used to get the observed change may have been close to the then-prevailing long run equilibrium.

Suggested Citation

  • Keith C. Brown, 1989. "Reserves and Reserve Production Ratios In Imperfect Markets," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2), pages 177-186.
    • Handle: RePEc:aen:journl:1989v10-02-a12
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    Cited by:

    1. Diana Bozhilova, 2009. "EU Energy Policy and Regional Co-operation in South-East Europe: managing energy security through diversification of supply?," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 24, Hellenic Observatory, LSE.
    2. Bozhilova, Diana, 2009. "EU energy policy and regional co-operation in South-East Europe: managing energy security through diversification of supply?," LSE Research Online Documents on Economics 24199, London School of Economics and Political Science, LSE Library.
    3. Sabet, Amir H. & Heaney, Richard, 2016. "An event study analysis of oil and gas firm acreage and reserve acquisitions," Energy Economics, Elsevier, vol. 57(C), pages 215-227.

    More about this item

    JEL classification:

    • F0 - International Economics - - General

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