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The World Oil Market (WOM) Model: An Assessment of the Crude Oil Market Through 2000

The great demand for oil price forecasts has resulted in extensive discussion of possible behavioral and structural relationships to describe this jerky market. On the supply side, much attention has been focused on the inner life of OPEC. Is it or not a cartel? Is it a cartel with a competitive fringe? How strong is the tension between high and low absorbers? Are the depletion policies derived from myopic cash requirements or from long-term optimization schemes?

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Energy Specializations: Petroleum – Markets and Prices for Crude Oil and Products

JEL Codes:
L13 - Oligopoly and Other Imperfect Markets

Keywords: World Oil Market (WOM) model, OPEC, Oil prices, Oil suppy

DOI: 10.5547/ISSN0195-6574-EJ-Vol7-No1-2

Published in Volume 7, Number 1 of The Quarterly Journal of the IAEE's Energy Economics Education Foundation.