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Studies in International Economics and Institutions

OPEC and the Price of Petroleum

Theoretical Considerations and Empirical Evidence

Authors: Rauscher, Michael

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  • ISBN 978-3-642-83926-9
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About this book

1. 1. Oil price fluctuations and their impact on economic performance Drastic oil price fluctuations have been a major characteristic of the world petroleum market since the beginning of the seventies. The oil crises of 1973n4 and 1979/80 were followed by a dramatic drop of the oil price during the first two quarters of 1986. Starting from a level less than 2 $ per barrel in 1972, the spot market price of Arabian Light crude oil increased to some 35 $ in 1980, then slowly decreased, and finally fell to 13 $ in 1986 (annual averages). If monthly data are considered, the peaks of the oil price movement look even more dramatic. In December 1980 Arabian crude was traded for more than 40 $ a barrel, and in August 1986 the price was down at 8 $ (see Fig. 1. 1). 40 30 20 10 r o 84 88 76 80 72 Figure 1. 1: The spot market price of Saudi-Arabian Light crude oil! ! Data are taken from the Petroleum Economist and the OPEC Bulletin, various issues. 2 After the Second World War petroleum has become the most important energy resource. During the fifties and sixties its price was relatively low compared to other energy 2 sources like coal and firewood and it tended to drive them out of the market.

Table of contents (7 chapters)

  • Introduction

    Rauscher, Michael

    Pages 1-7

  • The world petroleum market: History and institutions

    Rauscher, Michael

    Pages 8-30

  • The price of petroleum in economic theory

    Rauscher, Michael

    Pages 31-68

  • An intertemporal model of OPEC’s pricing policy

    Rauscher, Michael

    Pages 69-105

  • A simplified version of the model

    Rauscher, Michael

    Pages 106-129

Buy this book

eBook $109.00
price for USA in USD (gross)
  • ISBN 978-3-642-83926-9
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Softcover $139.99
price for USA in USD
  • ISBN 978-3-642-83928-3
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
OPEC and the Price of Petroleum
Book Subtitle
Theoretical Considerations and Empirical Evidence
Authors
Series Title
Studies in International Economics and Institutions
Copyright
1989
Publisher
Springer-Verlag Berlin Heidelberg
Copyright Holder
Springer-Verlag Berlin · Heidelberg
eBook ISBN
978-3-642-83926-9
DOI
10.1007/978-3-642-83926-9
Softcover ISBN
978-3-642-83928-3
Series ISSN
1431-6366
Edition Number
1
Number of Pages
XII, 206
Topics