Cooperate or Compete? Insights from Simulating a Global Oil Market with No Residual Supplier
Axel Pierru (),
Shahd Alrashed and
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Colin Ward: King Abdullah Petroleum Studies and Research Center
Discussion Papers from King Abdullah Petroleum Studies and Research Center
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)
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Journal Article: Cooperate or Compete? Insights from Simulating a Global Oil Market with No Residual Supplier (2022)
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Persistent link: https://EconPapers.repec.org/RePEc:prc:dpaper:ks--2020-dp13
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