On the economic determinants of oil production
In this paper, decisions regarding production in oil exporting countries are studied by means of theoretical analysis and empirical investigation. In particular, we aim at describing the relationship between oil production levels and changes in the world oil demand and prices. Intertemporal producti...
Saved in:
| Published in | Energy economics Vol. 44; pp. 68 - 79 |
|---|---|
| Main Authors | , |
| Format | Journal Article |
| Language | English Japanese |
| Published |
Elsevier B.V
01.07.2014
|
| Subjects | |
| Online Access | Get full text |
| ISSN | 0140-9883 1873-6181 |
| DOI | 10.1016/j.eneco.2014.03.019 |
Cover
| Abstract | In this paper, decisions regarding production in oil exporting countries are studied by means of theoretical analysis and empirical investigation. In particular, we aim at describing the relationship between oil production levels and changes in the world oil demand and prices.
Intertemporal production decisions by a representative oil producer are modeled by means of a partial equilibrium model. In this theoretical model, oil producers are subject to exogenous shocks in world oil consumption and prices. Oil companies can change output levels only by incurring a fixed cost. Results from the simulation of this model show a strong relationship between oil production and changes in world oil consumption. On the contrary, the effects of changes in real oil prices on oil production decisions seem to be much lower.
Results from the simulation of the theoretical model are then empirically investigated using time-series econometric techniques. The empirical evidence supports the hypothesis that oil producing countries are characterized by different responses to changes in world oil demand and in real oil prices. For many countries, production rapidly adjusts to changes in consumption whereas responses of oil production to innovations in real oil prices are found to be not statistically significant. In addition, when non-linearities in the relationship between world oil demand, prices and output levels are allowed for, evidence of asymmetric effects of shocks to exogenous variables on output levels is found for some countries.
•Causal relationship between economic variables and production levels of oil exporting countries.•Simulation of a partial equilibrium model. Relationship between exogenous economic shocks and oil output levels.•Econometric analyses of the relationship between world oil demand, international prices and production levels.•Time-series analyses suggest a statistically significant relationship between changes in world oildemand and output.•For some countries, evidence of asymmetric effects of shocks to exogenous variables on production levels is found. |
|---|---|
| AbstractList | In this paper, decisions regarding production in oil exporting countries are studied by means of theoretical analysis and empirical investigation. In particular, we aim at describing the relationship between oil production levels and changes in the world oil demand and prices.
Intertemporal production decisions by a representative oil producer are modeled by means of a partial equilibrium model. In this theoretical model, oil producers are subject to exogenous shocks in world oil consumption and prices. Oil companies can change output levels only by incurring a fixed cost. Results from the simulation of this model show a strong relationship between oil production and changes in world oil consumption. On the contrary, the effects of changes in real oil prices on oil production decisions seem to be much lower.
Results from the simulation of the theoretical model are then empirically investigated using time-series econometric techniques. The empirical evidence supports the hypothesis that oil producing countries are characterized by different responses to changes in world oil demand and in real oil prices. For many countries, production rapidly adjusts to changes in consumption whereas responses of oil production to innovations in real oil prices are found to be not statistically significant. In addition, when non-linearities in the relationship between world oil demand, prices and output levels are allowed for, evidence of asymmetric effects of shocks to exogenous variables on output levels is found for some countries.
•Causal relationship between economic variables and production levels of oil exporting countries.•Simulation of a partial equilibrium model. Relationship between exogenous economic shocks and oil output levels.•Econometric analyses of the relationship between world oil demand, international prices and production levels.•Time-series analyses suggest a statistically significant relationship between changes in world oildemand and output.•For some countries, evidence of asymmetric effects of shocks to exogenous variables on production levels is found. |
| Author | Cologni, Alessandro Manera, Matteo |
| Author_xml | – sequence: 1 givenname: Alessandro surname: Cologni fullname: Cologni, Alessandro email: alessandro.cologni@edison.it organization: Edison Trading S.p.A., Milan, Italy – sequence: 2 givenname: Matteo surname: Manera fullname: Manera, Matteo email: matteo.manera@unimib.it organization: Department of Economics, Management and Statistics, University of Milan-Bicocca, Milan, Italy |
| BookMark | eNqFz81KAzEQwPEgFWyrT-BlX2DXmc1HswcPUvyCQi96DttkgiltUrJR8O3dWk8e9DSH4TfMf8YmMUVi7BqhQUB1s20okk1NCyga4A1gd8amqBe8VqhxwqbjAupOa37BZsOwBQCppJ6yZh2r8kbVqGPaB1s5KpT3IfaxDFXyVQq76pCTe7clpHjJzn2_G-jqZ87Z68P9y_KpXq0fn5d3q9q2KEQtNgpUu7FKWKVkaxcbLzi4tuus0p2yjrcShQdSGpCQa-ccJylRek-SL_icdae7NqdhyOSNDaU_flByH3YGwRzDzdZ8h5tjuAFuxvDR8l_2kMO-z5__qNuTojHrI1A2gw0ULbmQyRbjUvjTfwGTlHQw |
| CitedBy_id | crossref_primary_10_1515_peps_2016_0001 crossref_primary_10_1016_j_exis_2023_101221 crossref_primary_10_1016_j_najef_2017_12_003 crossref_primary_10_1016_j_jngse_2016_04_013 crossref_primary_10_3390_en12142649 crossref_primary_10_1177_0958305X231222166 crossref_primary_10_1007_s13132_024_02296_y crossref_primary_10_1016_j_strueco_2022_08_006 crossref_primary_10_1080_09638199_2020_1850846 crossref_primary_10_1080_15567249_2021_1922956 |
| Cites_doi | 10.5547/ISSN0195-6574-EJ-Vol26-No1-3 10.2307/3003508 10.1080/01621459.1963.10480681 10.1016/S0140-9883(02)00102-0 10.1016/j.enpol.2009.11.044 10.1016/j.jpubeco.2010.02.005 10.2307/3439901 10.1016/j.enpol.2005.10.017 10.1162/qjec.2008.123.4.1415 10.5547/ISSN0195-6574-EJ-Vol11-No3-6 10.1017/S1052703608000014 10.5547/ISSN0195-6574-EJ-Vol25-No4-4 10.2307/3003120 10.1086/260935 10.1016/0014-2921(76)90008-8 10.1016/j.enpol.2005.10.016 10.2307/2525396 10.1086/467374 10.1086/260497 10.1016/j.enpol.2010.10.024 10.2307/134972 10.5547/ISSN0195-6574-EJ-Vol17-No2-3 10.5547/ISSN0195-6574-EJ-Vol21-No2-6 10.1080/01621459.1962.10480664 10.1086/512625 10.1016/0165-0572(91)90022-U 10.1086/261448 10.1016/j.eneco.2007.04.003 10.1086/260714 10.1016/S0140-9883(01)00081-0 10.1016/j.ecosys.2007.06.001 10.5547/ISSN0195-6574-EJ-Vol11-No3-5 10.1016/S0140-9883(01)00091-3 10.1016/S0301-4215(02)00289-6 10.1016/S0140-9883(02)00106-8 10.1080/01621459.1988.10478612 10.1093/rfs/15.1.35 |
| ContentType | Journal Article |
| Copyright | 2014 Elsevier B.V. |
| Copyright_xml | – notice: 2014 Elsevier B.V. |
| DBID | AAYXX CITATION |
| DOI | 10.1016/j.eneco.2014.03.019 |
| DatabaseName | CrossRef |
| DatabaseTitle | CrossRef |
| DatabaseTitleList | |
| DeliveryMethod | fulltext_linktorsrc |
| Discipline | Economics |
| EISSN | 1873-6181 |
| EndPage | 79 |
| ExternalDocumentID | 10_1016_j_eneco_2014_03_019 S0140988314000668 |
| GroupedDBID | --K --M .~1 0R~ 1B1 1RT 1~. 1~5 29G 4.4 457 4G. 5GY 5VS 7-5 71M 8P~ 9JN 9JO AABNK AACTN AAEDT AAEDW AAFFL AAHCO AAIAV AAIKJ AAKOC AALRI AAOAW AAPFB AAQFI AAQXK AARJD AAXUO ABFNM ABFRF ABJNI ABMAC ABXDB ABYKQ ACDAQ ACGFO ACGFS ACHQT ACIWK ACRLP ACROA ADBBV ADEZE ADFHU ADIYS ADMUD AEBSH AEFWE AEKER AEYQN AFKWA AFODL AFRAH AFTJW AGHFR AGTHC AGUBO AGYEJ AHHHB AHIDL AIEXJ AIIAU AIKHN AITUG AJBFU AJOXV AJWLA ALMA_UNASSIGNED_HOLDINGS AMFUW AMRAJ ASPBG AVWKF AXJTR AXLSJ AZFZN BEHZQ BELTK BEZPJ BGSCR BKOJK BKOMP BLXMC BNTGB BPUDD BULVW BZJEE CS3 DU5 EBS EFJIC EFLBG EJD EO8 EO9 EP2 EP3 FDB FEDTE FGOYB FIRID FNPLU FYGXN G-2 G-Q GBLVA HMB HVGLF HZ~ IHE IXIXF J1W JARJE KOM KZ1 LY5 LY6 M41 MO0 MS~ N9A O-L O9- OAUVE OZT P-8 P-9 P2P PC. PQQKQ Q38 R2- RIG ROL RPZ SAC SCC SDF SDG SDP SEB SEE SES SEW SPC SPCBC SSB SSF SSR SSZ T5K TN5 U5U WH7 WUQ YK3 ~02 ~G- AATTM AAXKI AAYWO AAYXX ABWVN ACLOT ACRPL ACVFH ADCNI ADMHG ADNMO ADXHL AEIPS AEUPX AFJKZ AFPUW AGQPQ AIGII AIIUN AKBMS AKRWK AKYEP ANKPU APXCP CITATION EFKBS ~HD |
| ID | FETCH-LOGICAL-c2144-4b6062bc64c6652c7bf430d299c6896cd32514f0e6801e138ddd3e5515ffe5373 |
| IEDL.DBID | .~1 |
| ISSN | 0140-9883 |
| IngestDate | Wed Oct 01 02:22:09 EDT 2025 Thu Apr 24 23:03:07 EDT 2025 Fri Feb 23 02:34:11 EST 2024 |
| IsPeerReviewed | true |
| IsScholarly | true |
| Keywords | Time-series econometric techniques Oil production levels C22 D21 Asymmetric effects D22 Partial equilibrium model Q41 |
| Language | English Japanese |
| LinkModel | DirectLink |
| MergedId | FETCHMERGED-LOGICAL-c2144-4b6062bc64c6652c7bf430d299c6896cd32514f0e6801e138ddd3e5515ffe5373 |
| PageCount | 12 |
| ParticipantIDs | crossref_citationtrail_10_1016_j_eneco_2014_03_019 crossref_primary_10_1016_j_eneco_2014_03_019 elsevier_sciencedirect_doi_10_1016_j_eneco_2014_03_019 |
| ProviderPackageCode | CITATION AAYXX |
| PublicationCentury | 2000 |
| PublicationDate | July 2014 2014-07-00 |
| PublicationDateYYYYMMDD | 2014-07-01 |
| PublicationDate_xml | – month: 07 year: 2014 text: July 2014 |
| PublicationDecade | 2010 |
| PublicationTitle | Energy economics |
| PublicationYear | 2014 |
| Publisher | Elsevier B.V |
| Publisher_xml | – name: Elsevier B.V |
| References | Zellner (bb0215) 1963; 58 Marshall, Cole (bb0205) 2008; 18 Choucri, Heye, Lynch (bb0010) 1990; 11 Efron (bb0190) 1988; 83 Kennedy (bb0075) 1974; 5 Ezzati (bb0030) 1976; 8 EIA (bb0100) 2001 Stockman, Tesar (bb0180) 1995; 85 Dibooglu, AlGudhea (bb0055) 2007; 31 Kaufmann (bb0135) 1991; 13 Kaufmann, Bradford, Belanger, Mclaughlin, Miki (bb0115) 2008; 30 Zellner, Huang (bb0220) 1962; 3 Mussa (bb0005) 2000 Pirog (bb0095) 2007 De Santis (bb0085) 2003; 25 Kiefer (bb0195) 1988; 26 Barros, Gil-Alana, Payne (bb0185) 2011; 39 Livernois, Uhler (bb0150) 1987; 95 Ramcharran (bb0230) 2001; 23 Pindyck (bb0020) 1981; 83 Smith (bb0110) 2005; 26 Nakamura, Steinsson (bb0175) 2008; 123 Galeotti, Lanza, Manera (bb0235) 2003; 25 Gilbert (bb0145) 1977; 67 Griffin (bb0045) 1985; 75 Kesicki (bb0130) 2010; 38 Pindyck (bb0065) 1980; 88 Zellner (bb0210) 1962; 57 Spence (bb0165) 1981; 12 van der Ploeg (bb0070) 2010; 94 Teece (bb0040) 1982 Alhajji, Huettner (bb0125) 2000; 21 Kaufmann, Dees, Karadeloglou, Sanchez (bb0105) 2004; 25 Gulen (bb0050) 1996; 17 Golosov, Lucas (bb0170) 2007; 115 Griffin, Xiong (bb0080) 1997; 40 D'Aspremont, Jacquemin, Gabszewicz, Weymark (bb0120) 1983; 16 Salant (bb0160) 1976; 84 Jones (bb0225) 1990; 11 Fasano (bb0245) 2000 Dees, Karadeloglou, Kaufmann, Sanchez (bb0200) 2007; 35 Deffeyes (bb0140) 2008 Grasso, Manera (bb0240) 2007; 35 Crémer, Salehi-Isfahani (bb0035) 1980 Gately (bb0060) 1984; 22 Pindyck (bb0015) 1978; 86 Moel (bb0155) 2002; 15 Horn (bb0090) 2004; 32 Ramcharran (bb0025) 2002; 24 van der Ploeg (10.1016/j.eneco.2014.03.019_bb0070) 2010; 94 Kennedy (10.1016/j.eneco.2014.03.019_bb0075) 1974; 5 Jones (10.1016/j.eneco.2014.03.019_bb0225) 1990; 11 Kaufmann (10.1016/j.eneco.2014.03.019_bb0105) 2004; 25 Galeotti (10.1016/j.eneco.2014.03.019_bb0235) 2003; 25 Efron (10.1016/j.eneco.2014.03.019_bb0190) 1988; 83 Kaufmann (10.1016/j.eneco.2014.03.019_bb0115) 2008; 30 Kaufmann (10.1016/j.eneco.2014.03.019_bb0135) 1991; 13 Zellner (10.1016/j.eneco.2014.03.019_bb0210) 1962; 57 Grasso (10.1016/j.eneco.2014.03.019_bb0240) 2007; 35 Ramcharran (10.1016/j.eneco.2014.03.019_bb0230) 2001; 23 Moel (10.1016/j.eneco.2014.03.019_bb0155) 2002; 15 Griffin (10.1016/j.eneco.2014.03.019_bb0045) 1985; 75 Nakamura (10.1016/j.eneco.2014.03.019_bb0175) 2008; 123 Stockman (10.1016/j.eneco.2014.03.019_bb0180) 1995; 85 Gately (10.1016/j.eneco.2014.03.019_bb0060) 1984; 22 Dibooglu (10.1016/j.eneco.2014.03.019_bb0055) 2007; 31 Marshall (10.1016/j.eneco.2014.03.019_bb0205) 2008; 18 Kiefer (10.1016/j.eneco.2014.03.019_bb0195) 1988; 26 Choucri (10.1016/j.eneco.2014.03.019_bb0010) 1990; 11 Golosov (10.1016/j.eneco.2014.03.019_bb0170) 2007; 115 Pindyck (10.1016/j.eneco.2014.03.019_bb0015) 1978; 86 Mussa (10.1016/j.eneco.2014.03.019_bb0005) 2000 Alhajji (10.1016/j.eneco.2014.03.019_bb0125) 2000; 21 Spence (10.1016/j.eneco.2014.03.019_bb0165) 1981; 12 Gilbert (10.1016/j.eneco.2014.03.019_bb0145) 1977; 67 Gulen (10.1016/j.eneco.2014.03.019_bb0050) 1996; 17 Pirog (10.1016/j.eneco.2014.03.019_bb0095) 2007 Crémer (10.1016/j.eneco.2014.03.019_bb0035) 1980 Fasano (10.1016/j.eneco.2014.03.019_bb0245) 2000 Kesicki (10.1016/j.eneco.2014.03.019_bb0130) 2010; 38 Smith (10.1016/j.eneco.2014.03.019_bb0110) 2005; 26 D'Aspremont (10.1016/j.eneco.2014.03.019_bb0120) 1983; 16 Livernois (10.1016/j.eneco.2014.03.019_bb0150) 1987; 95 Deffeyes (10.1016/j.eneco.2014.03.019_bb0140) 2008 Ezzati (10.1016/j.eneco.2014.03.019_bb0030) 1976; 8 Griffin (10.1016/j.eneco.2014.03.019_bb0080) 1997; 40 Horn (10.1016/j.eneco.2014.03.019_bb0090) 2004; 32 Barros (10.1016/j.eneco.2014.03.019_bb0185) 2011; 39 De Santis (10.1016/j.eneco.2014.03.019_bb0085) 2003; 25 Teece (10.1016/j.eneco.2014.03.019_bb0040) 1982 Salant (10.1016/j.eneco.2014.03.019_bb0160) 1976; 84 Zellner (10.1016/j.eneco.2014.03.019_bb0215) 1963; 58 EIA (10.1016/j.eneco.2014.03.019_bb0100) 2001 Pindyck (10.1016/j.eneco.2014.03.019_bb0065) 1980; 88 Dees (10.1016/j.eneco.2014.03.019_bb0200) 2007; 35 Ramcharran (10.1016/j.eneco.2014.03.019_bb0025) 2002; 24 Pindyck (10.1016/j.eneco.2014.03.019_bb0020) 1981; 83 Zellner (10.1016/j.eneco.2014.03.019_bb0220) 1962; 3 |
| References_xml | – start-page: 8 year: 2000 ident: bb0005 article-title: The impact of higher oil prices on the global economy publication-title: Int. Monet. Fund – volume: 67 start-page: 250 year: 1977 end-page: 254 ident: bb0145 article-title: Resource extraction with differential information publication-title: Am. Econ. Rev. – volume: 32 start-page: 269 year: 2004 end-page: 280 ident: bb0090 article-title: OPEC's optimal crude oil price publication-title: Energy Policy – volume: 12 start-page: 49 year: 1981 end-page: 70 ident: bb0165 article-title: The learning curve and competition publication-title: Bell J. Econ. – volume: 123 start-page: 1415 year: 2008 end-page: 1464 ident: bb0175 article-title: Five facts about prices: a reevaluation of menu cost models publication-title: Q. J. Econ. – volume: 40 start-page: 289 year: 1997 end-page: 316 ident: bb0080 article-title: The incentive to cheat: an empirical analysis of OPEC publication-title: J. Law Econ. – year: 1982 ident: bb0040 article-title: OPEC behavior: an alternative view publication-title: OPEC Behavior and World Oil Prices – volume: 84 start-page: 1079 year: 1976 end-page: 1094 ident: bb0160 article-title: Exhaustible resources and industrial structure: a Nash–Cournot approach to the world oil market publication-title: J. Polit. Econ. – volume: 35 start-page: 178 year: 2007 end-page: 191 ident: bb0200 article-title: Modelling the world oil market: assessment of a quarterly econometric model publication-title: Energy Policy – volume: 5 start-page: 540 year: 1974 end-page: 577 ident: bb0075 article-title: An economic model of the world oil market publication-title: Bell J. Econ. Manag. Sci. – volume: 26 start-page: 51 year: 2005 end-page: 82 ident: bb0110 article-title: Inscrutable OPEC? Behavioral tests of the cartel hypothesis publication-title: Energy J. – start-page: 804 year: 1980 ident: bb0035 article-title: A competitive theory of the oil market: what does OPEC really do publication-title: Working Paper – volume: 24 start-page: 97 year: 2002 end-page: 106 ident: bb0025 article-title: Oil production responses to price changes: an empirical application of the competitive model to OPEC and non-OPEC countries publication-title: Energy Econ. – volume: 35 start-page: 156 year: 2007 end-page: 177 ident: bb0240 article-title: Asymmetric error correction models for the oil–gasoline price relationship publication-title: Energy Policy – volume: 13 start-page: 111 year: 1991 end-page: 127 ident: bb0135 article-title: Oil production in the lower 48 States: reconciling curve fitting and econometric models publication-title: Resour. Energy – year: 2007 ident: bb0095 article-title: The role of national oil companies in the international oil market publication-title: Tech. Rep.; Congressional Research Service, Library of Congress – volume: 88 start-page: 1203 year: 1980 end-page: 1225 ident: bb0065 article-title: Uncertainty and exhaustible resource markets publication-title: J. Polit. Econ. – volume: 11 start-page: 91 year: 1990 end-page: 114 ident: bb0010 article-title: Analyzing oil production in developing countries: a case study of Egypt publication-title: Energy J. – volume: 85 start-page: 168 year: 1995 end-page: 185 ident: bb0180 article-title: Tastes and technology in a two-country model of the business cycle: explaining international comovements publication-title: Am. Econ. Rev. – volume: 75 start-page: 954 year: 1985 end-page: 963 ident: bb0045 article-title: OPEC behavior: a test of alternative hypotheses publication-title: Am. Econ. Rev. – volume: 3 start-page: 300 year: 1962 end-page: 313 ident: bb0220 article-title: Further properties of efficient estimators for seemingly unrelated regression equations publication-title: Int. Econ. Rev. – volume: 21 start-page: 121 year: 2000 end-page: 143 ident: bb0125 article-title: OPEC and world crude oil markets from 1973 to 1994: cartel, oligopoly, or competitive? publication-title: Energy J. – volume: 30 start-page: 333 year: 2008 end-page: 351 ident: bb0115 article-title: Determinants of OPEC production: implications for OPEC behavior publication-title: Energy Econ. – volume: 8 start-page: 107 year: 1976 end-page: 138 ident: bb0030 article-title: Future OPEC price and production strategies as affected by its capacity to absorb oil revenues publication-title: Eur. Econ. Rev. – volume: 18 start-page: 3 year: 2008 end-page: 21 ident: bb0205 article-title: Global report on conflict, governance and state fragility 2008 publication-title: Foreign Policy Bull.: Doc. Rec. U. S. Foreign Policy – volume: 25 start-page: 67 year: 2004 end-page: 90 ident: bb0105 article-title: Does OPEC matter? An econometric analysis of oil prices publication-title: Energy J. – volume: 15 start-page: 35 year: 2002 end-page: 64 ident: bb0155 article-title: When are real options exercised? An empirical study of mine closings publication-title: Rev. Financ. Stud. – volume: 83 start-page: 277 year: 1981 end-page: 288 ident: bb0020 article-title: The optimal production of an exhaustible resource when price is exogenous and stochastic publication-title: Scand. J. Econ. – volume: 11 start-page: 117 year: 1990 end-page: 130 ident: bb0225 article-title: OPEC behaviour under falling prices: implications for cartel stability publication-title: Energy J. – volume: 26 start-page: 646 year: 1988 end-page: 679 ident: bb0195 article-title: Economic duration data and hazard functions publication-title: J. Econ. Lit. – volume: 58 start-page: 977 year: 1963 end-page: 992 ident: bb0215 article-title: Estimators for seemingly unrelated regression equations: some exact finite sample results publication-title: J. Am. Stat. Assoc. – year: 2008 ident: bb0140 article-title: Hubbert's peak: the impending world oil shortage (new edition) – volume: 95 start-page: 195 year: 1987 end-page: 203 ident: bb0150 article-title: Extraction costs and the economics of nonrenewable resources publication-title: J. Polit. Econ. – year: 2001 ident: bb0100 article-title: International energy outlook publication-title: Tech. Rep – volume: 115 start-page: 171 year: 2007 end-page: 199 ident: bb0170 article-title: Menu costs and Phillips curves publication-title: J. Polit. Econ. – volume: 23 start-page: 667 year: 2001 end-page: 681 ident: bb0230 article-title: OPEC's production under fluctuating oil prices: further test of the target revenue theory publication-title: Energy Econ. – volume: 86 start-page: 841 year: 1978 end-page: 861 ident: bb0015 article-title: The optimal exploration and production of nonrenewable resources publication-title: J. Polit. Econ. – year: 2000 ident: bb0245 article-title: Review of the experience with oil stabilization and savings funds in selected countries publication-title: Tech. Rep.; IMF Working Paper 00/112 – volume: 39 start-page: 442 year: 2011 end-page: 453 ident: bb0185 article-title: An analysis of oil production by OPEC countries: persistence, breaks, and outliers publication-title: Energy Policy – volume: 31 start-page: 292 year: 2007 end-page: 310 ident: bb0055 article-title: All time cheaters versus cheaters in distress: an examination of cheating and oil prices in OPEC publication-title: Econ. Syst. – volume: 25 start-page: 155 year: 2003 end-page: 173 ident: bb0085 article-title: Crude oil price fluctuations and Saudi Arabia's behaviour publication-title: Energy Econ. – volume: 17 start-page: 43 year: 1996 end-page: 57 ident: bb0050 article-title: Is OPEC a cartel? Evidence from cointegration and causality tests publication-title: Energy J. – volume: 94 start-page: 421 year: 2010 end-page: 433 ident: bb0070 article-title: Aggressive oil extraction and precautionary saving: coping with volatility publication-title: J. Public Econ. – volume: 16 start-page: 17 year: 1983 end-page: 25 ident: bb0120 article-title: On the stability of collusive price leadership publication-title: Can. J. Econ. – volume: 22 start-page: 1100 year: 1984 end-page: 1114 ident: bb0060 article-title: A ten-year retrospective: OPEC and the world oil market publication-title: J. Econ. Lit. – volume: 38 start-page: 1596 year: 2010 end-page: 1606 ident: bb0130 article-title: The third oil price surge — what different this time? publication-title: Energy Policy – volume: 25 start-page: 175 year: 2003 end-page: 190 ident: bb0235 article-title: Rockets and feathers revisited: an international comparison on European gasoline markets publication-title: Energy Econ. – volume: 57 start-page: 348 year: 1962 end-page: 368 ident: bb0210 article-title: An efficient method of estimating Seemingly Unrelated Regressions and tests for aggregation bias publication-title: J. Am. Stat. Assoc. – volume: 83 start-page: 414 year: 1988 end-page: 425 ident: bb0190 article-title: Logistic regression, survival analysis, and the Kaplan–Meier curve publication-title: J. Am. Stat. Assoc. – volume: 26 start-page: 51 issue: 1 year: 2005 ident: 10.1016/j.eneco.2014.03.019_bb0110 article-title: Inscrutable OPEC? Behavioral tests of the cartel hypothesis publication-title: Energy J. doi: 10.5547/ISSN0195-6574-EJ-Vol26-No1-3 – volume: 12 start-page: 49 issue: 1 year: 1981 ident: 10.1016/j.eneco.2014.03.019_bb0165 article-title: The learning curve and competition publication-title: Bell J. Econ. doi: 10.2307/3003508 – volume: 58 start-page: 977 issue: 304 year: 1963 ident: 10.1016/j.eneco.2014.03.019_bb0215 article-title: Estimators for seemingly unrelated regression equations: some exact finite sample results publication-title: J. Am. Stat. Assoc. doi: 10.1080/01621459.1963.10480681 – volume: 25 start-page: 175 issue: 2 year: 2003 ident: 10.1016/j.eneco.2014.03.019_bb0235 article-title: Rockets and feathers revisited: an international comparison on European gasoline markets publication-title: Energy Econ. doi: 10.1016/S0140-9883(02)00102-0 – volume: 38 start-page: 1596 year: 2010 ident: 10.1016/j.eneco.2014.03.019_bb0130 article-title: The third oil price surge — what different this time? publication-title: Energy Policy doi: 10.1016/j.enpol.2009.11.044 – volume: 94 start-page: 421 issue: 5–6 year: 2010 ident: 10.1016/j.eneco.2014.03.019_bb0070 article-title: Aggressive oil extraction and precautionary saving: coping with volatility publication-title: J. Public Econ. doi: 10.1016/j.jpubeco.2010.02.005 – volume: 83 start-page: 277 issue: 2 year: 1981 ident: 10.1016/j.eneco.2014.03.019_bb0020 article-title: The optimal production of an exhaustible resource when price is exogenous and stochastic publication-title: Scand. J. Econ. doi: 10.2307/3439901 – volume: 35 start-page: 178 issue: 1 year: 2007 ident: 10.1016/j.eneco.2014.03.019_bb0200 article-title: Modelling the world oil market: assessment of a quarterly econometric model publication-title: Energy Policy doi: 10.1016/j.enpol.2005.10.017 – volume: 123 start-page: 1415 issue: 4 year: 2008 ident: 10.1016/j.eneco.2014.03.019_bb0175 article-title: Five facts about prices: a reevaluation of menu cost models publication-title: Q. J. Econ. doi: 10.1162/qjec.2008.123.4.1415 – volume: 11 start-page: 117 issue: 3 year: 1990 ident: 10.1016/j.eneco.2014.03.019_bb0225 article-title: OPEC behaviour under falling prices: implications for cartel stability publication-title: Energy J. doi: 10.5547/ISSN0195-6574-EJ-Vol11-No3-6 – volume: 18 start-page: 3 issue: 01 year: 2008 ident: 10.1016/j.eneco.2014.03.019_bb0205 article-title: Global report on conflict, governance and state fragility 2008 publication-title: Foreign Policy Bull.: Doc. Rec. U. S. Foreign Policy doi: 10.1017/S1052703608000014 – volume: 25 start-page: 67 issue: 4 year: 2004 ident: 10.1016/j.eneco.2014.03.019_bb0105 article-title: Does OPEC matter? An econometric analysis of oil prices publication-title: Energy J. doi: 10.5547/ISSN0195-6574-EJ-Vol25-No4-4 – volume: 22 start-page: 1100 issue: 3 year: 1984 ident: 10.1016/j.eneco.2014.03.019_bb0060 article-title: A ten-year retrospective: OPEC and the world oil market publication-title: J. Econ. Lit. – year: 2001 ident: 10.1016/j.eneco.2014.03.019_bb0100 article-title: International energy outlook – volume: 5 start-page: 540 issue: 2 year: 1974 ident: 10.1016/j.eneco.2014.03.019_bb0075 article-title: An economic model of the world oil market publication-title: Bell J. Econ. Manag. Sci. doi: 10.2307/3003120 – volume: 88 start-page: 1203 issue: 6 year: 1980 ident: 10.1016/j.eneco.2014.03.019_bb0065 article-title: Uncertainty and exhaustible resource markets publication-title: J. Polit. Econ. doi: 10.1086/260935 – start-page: 804 year: 1980 ident: 10.1016/j.eneco.2014.03.019_bb0035 article-title: A competitive theory of the oil market: what does OPEC really do – volume: 8 start-page: 107 issue: 2 year: 1976 ident: 10.1016/j.eneco.2014.03.019_bb0030 article-title: Future OPEC price and production strategies as affected by its capacity to absorb oil revenues publication-title: Eur. Econ. Rev. doi: 10.1016/0014-2921(76)90008-8 – year: 2008 ident: 10.1016/j.eneco.2014.03.019_bb0140 – volume: 35 start-page: 156 issue: 1 year: 2007 ident: 10.1016/j.eneco.2014.03.019_bb0240 article-title: Asymmetric error correction models for the oil–gasoline price relationship publication-title: Energy Policy doi: 10.1016/j.enpol.2005.10.016 – volume: 3 start-page: 300 issue: 3 year: 1962 ident: 10.1016/j.eneco.2014.03.019_bb0220 article-title: Further properties of efficient estimators for seemingly unrelated regression equations publication-title: Int. Econ. Rev. doi: 10.2307/2525396 – volume: 40 start-page: 289 issue: 2 year: 1997 ident: 10.1016/j.eneco.2014.03.019_bb0080 article-title: The incentive to cheat: an empirical analysis of OPEC publication-title: J. Law Econ. doi: 10.1086/467374 – volume: 84 start-page: 1079 issue: 5 year: 1976 ident: 10.1016/j.eneco.2014.03.019_bb0160 article-title: Exhaustible resources and industrial structure: a Nash–Cournot approach to the world oil market publication-title: J. Polit. Econ. doi: 10.1086/260497 – volume: 39 start-page: 442 issue: 1 year: 2011 ident: 10.1016/j.eneco.2014.03.019_bb0185 article-title: An analysis of oil production by OPEC countries: persistence, breaks, and outliers publication-title: Energy Policy doi: 10.1016/j.enpol.2010.10.024 – volume: 16 start-page: 17 issue: 1 year: 1983 ident: 10.1016/j.eneco.2014.03.019_bb0120 article-title: On the stability of collusive price leadership publication-title: Can. J. Econ. doi: 10.2307/134972 – volume: 17 start-page: 43 issue: 2 year: 1996 ident: 10.1016/j.eneco.2014.03.019_bb0050 article-title: Is OPEC a cartel? Evidence from cointegration and causality tests publication-title: Energy J. doi: 10.5547/ISSN0195-6574-EJ-Vol17-No2-3 – volume: 21 start-page: 121 issue: 2 year: 2000 ident: 10.1016/j.eneco.2014.03.019_bb0125 article-title: OPEC and world crude oil markets from 1973 to 1994: cartel, oligopoly, or competitive? publication-title: Energy J. doi: 10.5547/ISSN0195-6574-EJ-Vol21-No2-6 – volume: 57 start-page: 348 issue: 298 year: 1962 ident: 10.1016/j.eneco.2014.03.019_bb0210 article-title: An efficient method of estimating Seemingly Unrelated Regressions and tests for aggregation bias publication-title: J. Am. Stat. Assoc. doi: 10.1080/01621459.1962.10480664 – volume: 115 start-page: 171 year: 2007 ident: 10.1016/j.eneco.2014.03.019_bb0170 article-title: Menu costs and Phillips curves publication-title: J. Polit. Econ. doi: 10.1086/512625 – volume: 13 start-page: 111 issue: 1 year: 1991 ident: 10.1016/j.eneco.2014.03.019_bb0135 article-title: Oil production in the lower 48 States: reconciling curve fitting and econometric models publication-title: Resour. Energy doi: 10.1016/0165-0572(91)90022-U – year: 2000 ident: 10.1016/j.eneco.2014.03.019_bb0245 article-title: Review of the experience with oil stabilization and savings funds in selected countries – volume: 95 start-page: 195 issue: 1 year: 1987 ident: 10.1016/j.eneco.2014.03.019_bb0150 article-title: Extraction costs and the economics of nonrenewable resources publication-title: J. Polit. Econ. doi: 10.1086/261448 – volume: 67 start-page: 250 issue: 1 year: 1977 ident: 10.1016/j.eneco.2014.03.019_bb0145 article-title: Resource extraction with differential information publication-title: Am. Econ. Rev. – volume: 30 start-page: 333 issue: 2 year: 2008 ident: 10.1016/j.eneco.2014.03.019_bb0115 article-title: Determinants of OPEC production: implications for OPEC behavior publication-title: Energy Econ. doi: 10.1016/j.eneco.2007.04.003 – volume: 86 start-page: 841 issue: 5 year: 1978 ident: 10.1016/j.eneco.2014.03.019_bb0015 article-title: The optimal exploration and production of nonrenewable resources publication-title: J. Polit. Econ. doi: 10.1086/260714 – year: 1982 ident: 10.1016/j.eneco.2014.03.019_bb0040 article-title: OPEC behavior: an alternative view – volume: 23 start-page: 667 issue: 6 year: 2001 ident: 10.1016/j.eneco.2014.03.019_bb0230 article-title: OPEC's production under fluctuating oil prices: further test of the target revenue theory publication-title: Energy Econ. doi: 10.1016/S0140-9883(01)00081-0 – volume: 75 start-page: 954 year: 1985 ident: 10.1016/j.eneco.2014.03.019_bb0045 article-title: OPEC behavior: a test of alternative hypotheses publication-title: Am. Econ. Rev. – volume: 31 start-page: 292 issue: 3 year: 2007 ident: 10.1016/j.eneco.2014.03.019_bb0055 article-title: All time cheaters versus cheaters in distress: an examination of cheating and oil prices in OPEC publication-title: Econ. Syst. doi: 10.1016/j.ecosys.2007.06.001 – start-page: 8 year: 2000 ident: 10.1016/j.eneco.2014.03.019_bb0005 article-title: The impact of higher oil prices on the global economy publication-title: Int. Monet. Fund – volume: 85 start-page: 168 issue: 1 year: 1995 ident: 10.1016/j.eneco.2014.03.019_bb0180 article-title: Tastes and technology in a two-country model of the business cycle: explaining international comovements publication-title: Am. Econ. Rev. – volume: 11 start-page: 91 issue: 3 year: 1990 ident: 10.1016/j.eneco.2014.03.019_bb0010 article-title: Analyzing oil production in developing countries: a case study of Egypt publication-title: Energy J. doi: 10.5547/ISSN0195-6574-EJ-Vol11-No3-5 – volume: 24 start-page: 97 issue: 2 year: 2002 ident: 10.1016/j.eneco.2014.03.019_bb0025 article-title: Oil production responses to price changes: an empirical application of the competitive model to OPEC and non-OPEC countries publication-title: Energy Econ. doi: 10.1016/S0140-9883(01)00091-3 – volume: 32 start-page: 269 issue: 2 year: 2004 ident: 10.1016/j.eneco.2014.03.019_bb0090 article-title: OPEC's optimal crude oil price publication-title: Energy Policy doi: 10.1016/S0301-4215(02)00289-6 – volume: 25 start-page: 155 issue: 2 year: 2003 ident: 10.1016/j.eneco.2014.03.019_bb0085 article-title: Crude oil price fluctuations and Saudi Arabia's behaviour publication-title: Energy Econ. doi: 10.1016/S0140-9883(02)00106-8 – volume: 26 start-page: 646 issue: 2 year: 1988 ident: 10.1016/j.eneco.2014.03.019_bb0195 article-title: Economic duration data and hazard functions publication-title: J. Econ. Lit. – year: 2007 ident: 10.1016/j.eneco.2014.03.019_bb0095 article-title: The role of national oil companies in the international oil market – volume: 83 start-page: 414 issue: 402 year: 1988 ident: 10.1016/j.eneco.2014.03.019_bb0190 article-title: Logistic regression, survival analysis, and the Kaplan–Meier curve publication-title: J. Am. Stat. Assoc. doi: 10.1080/01621459.1988.10478612 – volume: 15 start-page: 35 issue: 1 year: 2002 ident: 10.1016/j.eneco.2014.03.019_bb0155 article-title: When are real options exercised? An empirical study of mine closings publication-title: Rev. Financ. Stud. doi: 10.1093/rfs/15.1.35 |
| SSID | ssj0005658 |
| Score | 2.0683002 |
| Snippet | In this paper, decisions regarding production in oil exporting countries are studied by means of theoretical analysis and empirical investigation. In... |
| SourceID | crossref elsevier |
| SourceType | Enrichment Source Index Database Publisher |
| StartPage | 68 |
| SubjectTerms | Asymmetric effects Oil production levels Partial equilibrium model Time-series econometric techniques |
| Title | On the economic determinants of oil production |
| URI | https://dx.doi.org/10.1016/j.eneco.2014.03.019 |
| Volume | 44 |
| hasFullText | 1 |
| inHoldings | 1 |
| isFullTextHit | |
| isPrint | |
| journalDatabaseRights | – providerCode: PRVESC databaseName: Baden-Württemberg Complete Freedom Collection (Elsevier) customDbUrl: eissn: 1873-6181 dateEnd: 99991231 omitProxy: true ssIdentifier: ssj0005658 issn: 0140-9883 databaseCode: GBLVA dateStart: 20110101 isFulltext: true titleUrlDefault: https://www.sciencedirect.com providerName: Elsevier – providerCode: PRVESC databaseName: Elsevier SD Freedom Collection Journals [SCFCJ] customDbUrl: eissn: 1873-6181 dateEnd: 99991231 omitProxy: true ssIdentifier: ssj0005658 issn: 0140-9883 databaseCode: AIKHN dateStart: 19950101 isFulltext: true titleUrlDefault: https://www.sciencedirect.com providerName: Elsevier – providerCode: PRVESC databaseName: Science Direct customDbUrl: eissn: 1873-6181 dateEnd: 99991231 omitProxy: true ssIdentifier: ssj0005658 issn: 0140-9883 databaseCode: .~1 dateStart: 19950101 isFulltext: true titleUrlDefault: https://www.sciencedirect.com providerName: Elsevier – providerCode: PRVESC databaseName: SD Complete Freedom Collection customDbUrl: eissn: 1873-6181 dateEnd: 99991231 omitProxy: true ssIdentifier: ssj0005658 issn: 0140-9883 databaseCode: ACRLP dateStart: 19950101 isFulltext: true titleUrlDefault: https://www.sciencedirect.com providerName: Elsevier – providerCode: PRVLSH databaseName: Elsevier Journals customDbUrl: mediaType: online eissn: 1873-6181 dateEnd: 99991231 omitProxy: true ssIdentifier: ssj0005658 issn: 0140-9883 databaseCode: AKRWK dateStart: 19790101 isFulltext: true providerName: Library Specific Holdings |
| link | http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwnV3PS8MwFH6MedCL-BPnj5GDR7u1TZqlxyGOqTAvDnYLa_ICk9ENnVf_dl_SVibIDp5KQ1Kar-W9L_C97wHcJk5hwu08wlxiJDBVkUptHJnYxglyq7J5EMhO5HgqnmbZrAX3TS2Ml1XWsb-K6SFa1yP9Gs3-erHoB1lSrhSni0-cvuBXiIHvYtD72pJ5yNCjM8gY_ezGeShovCicGF8BmIjgdOrtdv7KTlsZZ3QEhzVVZMPqbY6hheUJ7DeVxB-n0HspGfE3hvUQs1vaFrZybLVYsnVl6Urwn8F09PB6P47q_geR8UZmkSjodJEWRgojZZaaQeEEjy0lECNVLo3lRE6Ei1FSmiHElbWWI1GgzDnM-ICfQ7tclXgBjFgHxzQXBXFpeprJ6ZjgBNrMCWI8aDqQNvvWpjYH9z0qlrpRgb3pAJb2YOmYawKrA3c_i9aVN8bu6bIBVP_6xJqi966Fl_9deAUH_q5S115De_P-iTfEITZFN_wkXdgbPj6PJ98a9MPc |
| linkProvider | Elsevier |
| linkToHtml | http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwnV09T8MwED2VMpQF8SnKpwdG0iax4zojqqgKlLK0Ujer8YdUVCUVlJXfztlJUJFQB6ZIji-KX6K7d9LzM8BtZIWJqJ4HJuUmYCYWgYh1GKhQh5GhWiRzL5Ad8-GUPc2SWQP69V4YJ6uscn-Z0322rka6FZrd1WLR9bKkVAiKF1c4xQ7ssiTuuQ6s87Wh8-D-kE6vY3TTa-shL_LCfKLcFsCIeatT57fzV3naKDmDA9ivuCK5L1_nEBomP4JWvZX44xg6rzlBAkdMNUT0hriFFJYUiyVZlZ6uiP8JTAcPk_4wqA5ACJRzMgtYhu1FnCnOFOdJrHqZZTTUWEEUFylXmiI7YTY0HOsMQi601tQgB0qsNQnt0VNo5kVuzoAg7aAmTlmGZBqfplLsEywzOrEMKY9RbYjrdUtVuYO7QyqWspaBvUkPlnRgyZBKBKsNdz9Bq9IcY_t0XgMqf31jiel7W-D5fwNvoDWcvIzk6HH8fAF77k4ptb2E5vr901whoVhn1_6H-QbincVx |
| openUrl | ctx_ver=Z39.88-2004&ctx_enc=info%3Aofi%2Fenc%3AUTF-8&rfr_id=info%3Asid%2Fsummon.serialssolutions.com&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=On+the+economic+determinants+of+oil+production&rft.jtitle=Energy+economics&rft.au=Cologni%2C+Alessandro&rft.au=Manera%2C+Matteo&rft.date=2014-07-01&rft.issn=0140-9883&rft.volume=44&rft.spage=68&rft.epage=79&rft_id=info:doi/10.1016%2Fj.eneco.2014.03.019&rft.externalDBID=n%2Fa&rft.externalDocID=10_1016_j_eneco_2014_03_019 |
| thumbnail_l | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/lc.gif&issn=0140-9883&client=summon |
| thumbnail_m | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/mc.gif&issn=0140-9883&client=summon |
| thumbnail_s | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/sc.gif&issn=0140-9883&client=summon |