The Dynamics of Global Crude Oil Production
Georg Zachmann () and
No 1075, Discussion Papers of DIW Berlin from DIW Berlin, German Institute for Economic Research
We analyze the dynamic effect of prices and price volatility on current oil production, both on the level of country groups and the major individual producer countries. A comprehensive dataset at monthly frequency allows us to include a rich lag structure while controlling for key global and local determinants as well as seasonality. Our set of explanatory variables also includes real economic activity, investment, the strength of the U.S. dollar and institutional quality. We provide a naïve regression analysis using a broad model to show that lagged explanatory variables are important determinants of current oil production. We find that the reaction of oil production is heterogeneous across both country groups and the major individual producer countries.
Keywords: Crude oil; prices and production; dynamic time series (search for similar items in EconPapers)
JEL-codes: D43 L13 Q43 (search for similar items in EconPapers)
Pages: 17 p.
New Economics Papers: this item is included in nep-cwa and nep-ene
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Persistent link: https://EconPapers.repec.org/RePEc:diw:diwwpp:dp1075
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