How Much Crude Oil Should an Oil Exporting Country Produce Annually for Export?

Katta G. Murty ()
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Katta G. Murty: University of Michigan

Chapter Chapter 3 in Models for Optimum Decision Making, 2020, pp 19-27 from Springer

Abstract: Abstract In 1985 crude oil price was at $31.75/barrel; and Saudi Arabia increased their production by 3% , hoping to increase their revenue from crude oil exports; but instead in a few months the crude oil price bottomed out at $9.75/barrel. We discuss the international political dealings that led to a repeat of a similar event in 2014–2015. For a crude oil exporting country, several objective functions play a role in making a decision on how much crude oil to produce annually for export. In this chapter we discuss them, and also a procedure to find the best solution.

Date: 2020
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DOI: 10.1007/978-3-030-40212-9_3

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