World Crude Oil Markets: OPEC’s Supplier Power Remains Unchallenged

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World Crude Oil Markets: OPEC’s Supplier Power Remains Unchallenged. / Hirschhausen, Christian von; Holz, Franziska; Huppmann, Daniel et al.
in: DIW Weekly Report, Jahrgang 5, Nr. 22, 03.09.2009, S. 154-158.

Publikation: Beiträge in ZeitschriftenZeitschriftenaufsätzeForschung

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Hirschhausen CV, Holz F, Huppmann D, Kemfert C. World Crude Oil Markets: OPEC’s Supplier Power Remains Unchallenged. DIW Weekly Report. 2009 Sep 3;5(22):154-158.

Bibtex

@article{083db75994a745b8b81f6645fc98ba83,
title = "World Crude Oil Markets: OPEC{\textquoteright}s Supplier Power Remains Unchallenged",
abstract = "In spite of the sharp decline of crude oil prices since the fall of 2008, the current price level of approximately $65 per barrel is significantly higher than the long-term aver-age. The market power of the Organization of Petroleum Exporting Countries (OPEC), which is partially responsible for this price level, remains strong. While market prices for commodities such as coal are typically reflecting production costs, in the case of oil, market power combined with significant variations in demand leads to erratic price fluctuations. DIW Berlin{\textquoteright}s model calculations show that although OPEC cannot operate as a standard cartel, its individual members can significantly influence prices by acting as powerful oligopolists. Furthermore, over the mid-term the OPEC countries will attain even greater significance because of the size of their oil reserves",
keywords = "Economics, Crude Oil, Market Structure, Cartel, Simulation model, Price indices",
author = "Hirschhausen, {Christian von} and Franziska Holz and Daniel Huppmann and Claudia Kemfert",
year = "2009",
month = sep,
day = "3",
language = "English",
volume = "5",
pages = "154--158",
journal = "DIW Weekly Report",
issn = "1860-3343",
publisher = "Deutsches Institut f{\"u}r Wirtschaftsforschung (DIW)",
number = "22",

}

RIS

TY - JOUR

T1 - World Crude Oil Markets

T2 - OPEC’s Supplier Power Remains Unchallenged

AU - Hirschhausen, Christian von

AU - Holz, Franziska

AU - Huppmann, Daniel

AU - Kemfert, Claudia

PY - 2009/9/3

Y1 - 2009/9/3

N2 - In spite of the sharp decline of crude oil prices since the fall of 2008, the current price level of approximately $65 per barrel is significantly higher than the long-term aver-age. The market power of the Organization of Petroleum Exporting Countries (OPEC), which is partially responsible for this price level, remains strong. While market prices for commodities such as coal are typically reflecting production costs, in the case of oil, market power combined with significant variations in demand leads to erratic price fluctuations. DIW Berlin’s model calculations show that although OPEC cannot operate as a standard cartel, its individual members can significantly influence prices by acting as powerful oligopolists. Furthermore, over the mid-term the OPEC countries will attain even greater significance because of the size of their oil reserves

AB - In spite of the sharp decline of crude oil prices since the fall of 2008, the current price level of approximately $65 per barrel is significantly higher than the long-term aver-age. The market power of the Organization of Petroleum Exporting Countries (OPEC), which is partially responsible for this price level, remains strong. While market prices for commodities such as coal are typically reflecting production costs, in the case of oil, market power combined with significant variations in demand leads to erratic price fluctuations. DIW Berlin’s model calculations show that although OPEC cannot operate as a standard cartel, its individual members can significantly influence prices by acting as powerful oligopolists. Furthermore, over the mid-term the OPEC countries will attain even greater significance because of the size of their oil reserves

KW - Economics

KW - Crude Oil

KW - Market Structure

KW - Cartel

KW - Simulation model

KW - Price indices

M3 - Journal articles

VL - 5

SP - 154

EP - 158

JO - DIW Weekly Report

JF - DIW Weekly Report

SN - 1860-3343

IS - 22

ER -

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