Oil export policy and economic development in OPEC

Journal Article · Sun Jan 01 00:00:00 EST 1984 · Annu. Rev. Energy; (United States)

DOI:https://doi.org/10.1146/annurev.eg.09.110184.001143· OSTI ID:5948018

Aperjis, D G

During the 1970s, members of the Organization of Petroleum Exporting Countries (OPEC) increased the price of their oil exports by 2000% in nominal terms. The ability of OPEC countries to increase the economic and other benefits they drew from each barrel of oil was a familiar theme of that decade. However, recent developments in the world oil market may not be so encouraging for OPEC. From 1979 to 1983, demand for OPEC crude oil decreased by almost 45%, or from 30.9 to 17.5 million barrels per day (mbd). Despite this dramatic decrease, the news on the price front has not so far been that bad for OPEC. The average OPEC oil price, which had increased from $1.80/bbl (barrel) in 1970 to $36/bbl by 1980, declined to $29/bbl by 1983. OPEC has thus defied many experts by managing to avoid a price collapse. Not surprisingly, these developments have raised arguments about the nature of OPEC and how it operates. OPEC has been characterized variously as a very tight cartel and as a loose and ineffectual organization. This paper tries to shed some light on OPEC, and especially on how the economic development objectives of influential OPEC members affect their oil policies.

• Research Organization: Poten and Partners, New York, New York
• OSTI ID: 5948018
• Journal Information: Annu. Rev. Energy; (United States), Vol. 9
• Country of Publication: United States
• Language: English

Related Subjects

29 ENERGY PLANNING
POLICY AND ECONOMY
02 PETROLEUM
OPEC
ECONOMIC DEVELOPMENT
EXPORTS
DEMAND FACTORS
ECONOMIC POLICY
MARKET
PETROLEUM
PRICES
ENERGY SOURCES
FOSSIL FUELS
FUELS
GOVERNMENT POLICIES
INTERNATIONAL ORGANIZATIONS
OIL-EXPORTING COUNTRIES
294002* - Energy Planning & Policy- Petroleum
290200 - Energy Planning & Policy- Economics & Sociology
020700 - Petroleum- Economics
Industrial
& Business Aspects