OPEC and world oil security

Stephen Brown and Hillard Huntington

Energy Policy, 2017, vol. 108, issue C, 512-523

Abstract: On the margin, the effectiveness of policy to enhance the stability of world oil market oil conditions greatly depends on which countries supply what economists would call the “marginal barrels.” That is, the barrels whose production responds to changes in demand. If the countries dominating the production of the marginal barrels are relatively unstable, policies to reduce world oil consumption or boost oil production from stable suppliers will provide the additional benefit of reducing the contribution of unstable producers to the world oil market. If the countries dominating the marginal barrel are relatively stable, however, policies to reduce world oil consumption or boost oil production from stable suppliers will be less effective in promoting oil market stability.

Keywords: OPEC; Oil markets; Oil security (search for similar items in EconPapers)
JEL-codes: Q4 Q48 (search for similar items in EconPapers)
Date: 2017
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (17)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:enepol:v:108:y:2017:i:c:p:512-523

DOI: 10.1016/j.enpol.2017.06.034

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