Oil supply and the absorptive capacity of OPEC: reflection into the future

Journal Article · · J. Energy Dev.; (United States)

OSTI ID:6529123

Samii, M V

The major factors affecting the supply of oil from the Organization of Petroleum Exporting Countries (OPEC), aside from political considerations, are the production capability of each member country, the rate of increase in their internal demand for oil, and the absorptive capacity of other economies for oil revenue. It is the mix of these factors that will determine the picture of future oil supply from OPEC. OPEC states will not increase supplies to meet demand because of self-imposed moral responsibility to maintain balance in the international oil market and because financial needs for economic growth and development dictate otherwise. There is a need for closer and expanded cooperation among OPEC member countries in other economic fields. As OPEC's financial surplus declines and economic activity increases, OPEC trade will surpass aid in significance. An optimistic and harmonious picture of the relationship of OPEC with both industrialized and developing countries could be based on the promotion of self-interest and the enhancement of social welfare. 9 references, 6 tables.

• OSTI ID: 6529123
• Journal Information: J. Energy Dev.; (United States), Journal Name: J. Energy Dev.; (United States) Vol. 6:1; ISSN JENDD
• Country of Publication: United States
• Language: English

Related Subjects

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