Short-Run Crude Oil Price and Surplus Production Capacity

Michael Ye (), John Zyren and Joanne Shore

International Advances in Economic Research, 2006, vol. 12, issue 3, 390-394

Abstract: This paper shows the effect that surplus crude oil production capacity has on short-term crude oil prices. A simple model using Organization for Economic Co-operation and Development (OECD) industrial inventories and Organization of the Petroleum Exporting Countries (OPEC) surplus production capacity is introduced. This model provides improved forecasts for the post Gulf War I time period over models without the capacity variable. Copyright IAES 2006

Keywords: Crude Oil Price; Petroleum Inventory; Surplus Production Capacity; Q40 (search for similar items in EconPapers)
Date: 2006
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Citations: View citations in EconPapers (5)

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DOI: 10.1007/s11294-006-9026-2

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