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Price elasticity of demand for crude oil: estimates for 23 countries

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  • John C.B. Cooper

Abstract

This paper uses a multiple regression model derived from an adaptation of Nerlove's partial adjustment model to estimate both the short-run and long-run elasticities of demand for crude oil in 23 countries. The estimates so obtained confirm that the demand for crude oil internationally is highly insensitive to changes in price. Copyright 2003 Organization of the Petroleum Exporting Countries.

Suggested Citation

  • John C.B. Cooper, 2003. "Price elasticity of demand for crude oil: estimates for 23 countries," OPEC Energy Review, Organization of the Petroleum Exporting Countries, vol. 27(1), pages 1-8, March.
  • Handle: RePEc:bla:opecrv:v:27:y:2003:i:1:p:1-8
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    Blog mentions

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    1. More on oil and speculation
      by Paul Krugman in The Conscience of a Liberal on 2008-05-13 20:52:00

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    Cited by:

    1. Hamdi, Helmi & Sbia, Rashid, 2013. "Dynamic relationships between oil revenues, government spending and economic growth in an oil-dependent economy," Economic Modelling, Elsevier, vol. 35(C), pages 118-125.
    2. Melanie Parravano & Luis Enrique Pedauga, 2008. "Oil market dynamics: A Markow chain analysis," Economía, Instituto de Investigaciones Económicas y Sociales (IIES). Facultad de Ciencias Económicas y Sociales. Universidad de Los Andes. Mérida, Venezuela, vol. 33(25), pages 87-115, january-j.
    3. Selien De Schryder and Gert Peersman, 2015. "The U.S. Dollar Exchange Rate and the Demand for Oil," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3).
    4. Lisa Leinert, 2012. "Does the Oil Price Adjust Optimally to Oil Field Discoveries?," CER-ETH Economics working paper series 12/169, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
    5. Peersman, Gert & Van Robays, Ine, 2012. "Cross-country differences in the effects of oil shocks," Energy Economics, Elsevier, vol. 34(5), pages 1532-1547.
    6. Prat, Georges & Uctum, Remzi, 2011. "Modelling oil price expectations: Evidence from survey data," The Quarterly Review of Economics and Finance, Elsevier, vol. 51(3), pages 236-247, June.
    7. Reitz Stefan & Rülke Jan-Christoph & Stadtmann Georg, 2010. "Regressive Oil Price Expectations Toward More Fundamental Values of the Oil Price," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 230(4), pages 454-466, August.
    8. Altinay, Galip, 2007. "Short-run and long-run elasticities of import demand for crude oil in Turkey," Energy Policy, Elsevier, vol. 35(11), pages 5829-5835, November.
    9. James L. Smith, 2009. "World Oil: Market or Mayhem?," Journal of Economic Perspectives, American Economic Association, vol. 23(3), pages 145-164, Summer.
    10. Kangni R Kpodar, 2006. "Distributional Effects of Oil Price Changeson Household Expenditures; Evidence From Mali," IMF Working Papers 06/91, International Monetary Fund.
    11. Brown, Stephen P.A. & Huntington, Hillard G., 2010. "Reassessing the Oil Security Premium," Discussion Papers dp-10-05, Resources For the Future.
    12. Brown, Stephen P.A. & Huntington, Hillard G., 2013. "Assessing the U.S. oil security premium," Energy Economics, Elsevier, vol. 38(C), pages 118-127.
    13. Gilbert E. Metcalf, 2007. "Federal Tax Policy towards Energy," NBER Chapters,in: Tax Policy and the Economy, Volume 21, pages 145-184 National Bureau of Economic Research, Inc.
    14. Amir Yaron & Leonid Kogan & Dmitry Livdan, 2004. "Futures Prices in a Production Economy with Investment Constraints," 2004 Meeting Papers 128, Society for Economic Dynamics.
    15. Narayan, Paresh Kumar & Smyth, Russell, 2007. "A panel cointegration analysis of the demand for oil in the Middle East," Energy Policy, Elsevier, vol. 35(12), pages 6258-6265, December.
    16. Kangni Kpodar & Calvin Djiofack, 2010. "The Distributional Effects of Oil Price Changes on Household Income: Evidence from Mali," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 19(2), pages 205-236, March.
    17. Ziramba, Emmanuel, 2010. "Price and income elasticities of crude oil import demand in South Africa: A cointegration analysis," Energy Policy, Elsevier, vol. 38(12), pages 7844-7849, December.
    18. Azlina Abd. Aziz & Nik Hashim Nik Mustapha & Roslina Ismail, 2013. "Factors Affecting Energy Demand in Developing Countries: A Dynamic Panel Analysis," International Journal of Energy Economics and Policy, Econjournals, vol. 3(Special), pages 1-6.
    19. Paradiso, Antonio & Rao, B. Bhaskara, 2012. "Flattening of the Phillips curve and the role of the oil price: An unobserved component model for the USA and Australia," Economics Letters, Elsevier, vol. 117(1), pages 259-262.
    20. O'Brien, Derry & Weymes, Laura, 2010. "The Impact of Oil Prices on Irish Inflation," Quarterly Bulletin Articles, Central Bank of Ireland, pages 66-82, July.
    21. Bodenstein, Martin & Erceg, Christopher J. & Guerrieri, Luca, 2011. "Oil shocks and external adjustment," Journal of International Economics, Elsevier, vol. 83(2), pages 168-184, March.
    22. Leng Wong, Siang & Chia, Wai-Mun & Chang, Youngho, 2013. "Energy consumption and energy R&D in OECD: Perspectives from oil prices and economic growth," Energy Policy, Elsevier, vol. 62(C), pages 1581-1590.
    23. Bharati, Rakesh & Crain, Susan J. & Kaminski, Vincent, 2012. "Clustering in crude oil prices and the target pricing zone hypothesis," Energy Economics, Elsevier, vol. 34(4), pages 1115-1123.
    24. Wang, Yudong & Liu, Li, 2010. "Is WTI crude oil market becoming weakly efficient over time?: New evidence from multiscale analysis based on detrended fluctuation analysis," Energy Economics, Elsevier, vol. 32(5), pages 987-992, September.
    25. Elliott, Robert J. & Lyle, Matthew R. & Miao, Hong, 2010. "A model for energy pricing with stochastic emission costs," Energy Economics, Elsevier, vol. 32(4), pages 838-847, July.

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