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OPEC and Its Role in Regulating Price of Petroleum

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  • Ebghaei, Felor

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.

Suggested Citation

  • Ebghaei, Felor, 2007. "OPEC and Its Role in Regulating Price of Petroleum," MPRA Paper 80156, University Library of Munich, Germany, revised Jul 2017.
    • Handle: RePEc:pra:mprapa:80156
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    References listed on IDEAS

    as
    1. Mr. Noureddine Krichene, 2006. "World Crude Oil Markets: Monetary Policy and the Recent Oil Shock," IMF Working Papers 2006/062, International Monetary Fund.
    2. Ray Barrell & Knut A. Magnussen, 1996. "Counterfactual Analyses of Oil Price Shocks using a World Model," Discussion Papers 177, Statistics Norway, Research Department.
    3. Petter Vegard Hansen & Lars Lindholt, 2008. "The market power of OPEC 1973-2001," Applied Economics, Taylor & Francis Journals, vol. 40(22), pages 2939-2959.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    OPEC; Crude Oil Prices; Oil Market; Oil Companies; Energy Policy;
    All these keywords.

    JEL classification:

    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • Q30 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - General
    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General

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