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Cooperate or Compete? Insights from Simulating a Global Oil Market with No Residual Supplier

Bertrand Rioux, Abdullah AlJarboua, Fatih Karanfil, Axel Pierru (), Shahd Alrashed and Colin Ward
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Colin Ward: King Abdullah Petroleum Studies and Research Center

Discussion Papers from King Abdullah Petroleum Studies and Research Center

Abstract: Structural changes in the global oil sector are disrupting conventional market dynamics and the roles played by competing and cooperating producers. Industry players are adjusting to the shale (or ‘tight’) oil revolution and the possibility of plateauing or peaking global oil demand. In particular, OPEC and Saudi Arabia, its top producer, are reshaping the organization’s role as the primary residual supplier to the world oil market. In recent years, OPEC has invited other major exporters, including Russia, to cooperate under the OPEC+ production agreement in an effort to stabilize prices.

Keywords: Competitive oil market; Equilibrium model; OPEC; Residual supplier; Shale oil (search for similar items in EconPapers)
Pages: 31
Date: 2020-08-06
New Economics Papers: this item is included in nep-cis and nep-ene
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Persistent link: https://EconPapers.repec.org/RePEc:prc:dpaper:ks--2020-dp13

DOI: 10.30573/KS--2020-DP13

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