Oil Pricing In The 21ST Century: Can OPEC Regain Control Over Oil Prices?
Article from: OGEL Archive issue , in Economic and Commercial Context for Oil, Gas and Energy Law
Summary
Simple economics have been employed to assess oil price and OPEC market share movements since the 1970s. The effect of OPEC's manipulation of output to influence oil prices has been loss of market share, which in turn has weakened the cartel's role in oil pricing. The role of the organisation is examined using a review of some of the literature on global oil market economics. In addition, issues on politics are reviewed, to address the question of whether OPEC can regain control of oil pricing. This paper suggests more political and structural changes, ...