Economics, Econometrics and Finance
7 years ago

OPEC and Non-OPEC Oil Production Shocks Drive Global Oil Prices

Iranian economic review
The Historical and Variance Decomposition for Oil Price, Oil Consumption, OPEC and Non-OPEC Oil Production
Somayeh Azami, Shahram Fattahi, M R Ali Rezaei

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The study looked at how oil prices and production by OPEC and non-OPEC countries changed from 1973 to 2013. They used a model to see how these factors interacted. They found that OPEC production responded to global oil consumption, while non-OPEC production responded to OPEC production. Before 1996, oil prices were influenced by OPEC production, but after 1997, they were more affected by global oil consumption. The study also showed that the impact of non-OPEC production and prices on OPEC production was greater than the other way around. Additionally, the impact of OPEC production on oil prices was greater than the impact of non-OPEC production.