Impact of market structure and political instability on the official price of OPEC crude (1972-83)
Within the empirical literature, political instability was either completely ignored or the assumption was made that its impact was significant. One of the major objectives of this study is to determine whether political instability had a significant impact on the oil market during the 1972-83 period. Secondly, there were very important changes that took place within the market - considerable reduction in the non-communist world's oil consumption, increase in production outside OPEC, reduced OPEC market share and capacity use, increased sale of oil directly by OPEC rather than through the oil multinationals, and nationalization of the asset of the latter within OPEC. Within the empirical literature some attention has been paid to the first four changes. The last two changes, however, have generally been assumed to be insignificant. Consequently, the second objective is to determine whether the change of the distribution of ownership within and direct marketing by OPEC itself have had a significant impact on the official price of OPEC crude. The third objective is improved specification of past models of the world oil market through consideration of the influences mentioned above. Results of the study show that political instability, contrary to popular opinion, did not have a significant impact on the market during the 1972-83 period.
- Research Organization:
- Temple Univ., Philadelphia, PA (USA)
- OSTI ID:
- 5366248
- Resource Relation:
- Other Information: Thesis (Ph. D.)
- Country of Publication:
- United States
- Language:
- English
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29 ENERGY PLANNING
POLICY AND ECONOMY
ENERGY EXPENSES
POLITICAL ASPECTS
OPEC
PETROLEUM
MARKET
MARKETING
MULTINATIONAL ENTERPRISES
OWNERSHIP
ENERGY SOURCES
FOSSIL FUELS
FUELS
INSTITUTIONAL FACTORS
INTERNATIONAL ORGANIZATIONS
OIL-EXPORTING COUNTRIES
020700* - Petroleum- Economics
Industrial
& Business Aspects
294002 - Energy Planning & Policy- Petroleum
290200 - Energy Planning & Policy- Economics & Sociology