The importance of weighted variables to OPEC's production quota allocation

Mahmoud Al‐Osaimy and Aziz Yahyai

OPEC Energy Review, 2003, vol. 27, issue 2, 129-141

Abstract: The objective of this paper is to estimate a weighted variables formula that could be used to calculate OPEC quota distribution. Instead of assigning an arbitrary weight to each of the selected variables included in the formula, we estimate weights based on historical data, using regression analysis. Six national characteristics of OPEC Member Countries, related to oil and socio‐economic factors, are considered in the estimation. Time‐series are used from 1982 to 2001, for each OPEC Member Country. The results show that the estimated weights are sensitive to the periods considered in the analysis, as well as the number of variables selected. However, there is no specific optimum way of dealing with the sensitive, complex quota issue.

Date: 2003
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https://doi.org/10.1111/1468-0076.t01-1-00056

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Persistent link: https://EconPapers.repec.org/RePEc:bla:opecrv:v:27:y:2003:i:2:p:129-141

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