OPEC: Market failure or power failure?

Cairns, Robert D.; Calfucura, Enrique

doi:10.1016/j.enpol.2012.07.058

Cited by 38 publications

(30 citation statements)

References 32 publications

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“…Cairns and Calfucura (2012) conclude that OPEC has never been a functioning cartel. For further discussion also see Almoguera et al (2011), andColgan (2014).…”

Section: Kilian and Murphy 2014)mentioning

confidence: 99%

Forty Years of Oil Price Fluctuations: Why the Price of Oil May Still Surprise Us

Baumeister

Kilian

2016

SSRN Journal

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“…Cairns and Calfucura (2012) conclude that OPEC has never been a functioning cartel. For further discussion also see Almoguera et al (2011), andColgan (2014).…”

Section: Kilian and Murphy 2014)mentioning

confidence: 99%

Forty Years of Oil Price Fluctuations: Why the Price of Oil May Still Surprise Us

Baumeister

Kilian

2016

SSRN Journal

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“…Also, the primary motives and main missions, which are keeping the oil market supplied and stabilizing oil market, behind the formation have not been altered since the day it has been formed. A different number of economic, technological and political changes disrupted the economies of key OPEC members; however, its fundamentals remained as they were, before (Cairns, Calfucura, 2012). With the coordination of the member countries' oil policies start OPEC's objectives which also include ensuring that the prices remain stable in the world's oil market.…”

Section: Opec As a Cartelmentioning

confidence: 99%

Impact of OPEC Policies over the Global Economy: Case of USA

2016

European Journal of Economic Studies

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This article is focused on how OPEC policies have historically shaped global economic outlook; with a case example of United States of America (USA). The main aim of this study is to reflect the role of USA in strengthening of global economy using OPEC's policies as the frontline mechanism and demonstrate an understanding of the key challenges confronted by world economies (especially emerging countries) by OPEC policies influenced by the super-power USA. This also mentions how USA has made efforts in reducing its overdependence on OPEC for oil, and how it aims to preserve and enhance national resources so as to gain oil independence. The study is directed using mixed methodologies to examine how the consequences of OPEC policies are helping shape world economies, especially of the USA since it does not have very good relations with the OPEC member states in particular.

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“…They find support for imperfect competition in the oil market, and also that OPEC's behavior has changed significantly over the last years. For other studies, see Jones (1990), Gulen (1996), Brémond et al (2012), Cairns and Calfucura (2012), Huppmann and Holz (2012), Colgan (2014), Kisswani (2016) and Okullo and Reynès (2016). Smith (2009) and Fattouh and Mahadeva (2013) present reviews of the literature.…”

Section: Introductionmentioning

confidence: 99%