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An Analysis of the Supply of Oil

Ali M. Reza

Year: 1981
Volume: Volume 2
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol2-No2-4
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Abstract:
The demand for oil has been studied more extensively than the supply of oil, perhaps because the theory underlying the demand for oil is more developed. But a better understanding of the supply of oil is also necessary in our analysis of the oil market, and this article is an effort in that direction. More specifically, in this article we are interested in determining the shape of the supply of oil for an oil-exporting nation and the factors that cause this supply to change; upon aggregation of such individual supplies OPEC's supply can then be obtained.



The Impact of President Reagan's Sudden Decontrol of Petroleum Prices on Petroleum Consumption

Ali M. Reza

Year: 1981
Volume: Volume 2
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol2-No3-9
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Abstract:
President Reagan lifted all petroleum price controls shortly after he took office. Previously, the Carter administration had scheduled these controls to be eliminated gradually, with complete decontrol occurring by October 1, 1981. It is of interest to determine the effect of the sudden decontrol on petroleum consumption; in order to measure this effect, the role played by price must be isolated.



The Price of Oil and Conflict in OPEC

Ali M. Reza

Year: 1984
Volume: Volume 5
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol5-No2-2
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Abstract:
The price-setting behavior of the oil-exporting nations is influenced by the various elasticities of demand for and supply of oil, and the long-run optimal price trajectory is also influenced by the rate of interest and reserves (see, for example, Pindyck, 1978, and Reza, 1981). Since it is generally agreed that the long-term price elasticity exceeds the short-term elasticity (in absolute value), measuring the latter can give a clearer picture of the former. The short-term price elasticity of demand for OPEC oil is also of interest because short-term financial constraints have apparently led at least some members of OPEC to weigh the short-run outcome of their pricing decisions more heavily. The issue addressed here is the magnitude of the short-run price elasticity of the demand for oil supplied by the OPEC core (Saudi Arabia, Kuwait, the United Arab Emirates, and Qatar) and of OPEC as a group.





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