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International Oil Agreements

M. A. Adelman

Year: 1984
Volume: Volume 5
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol5-No3-1
View Abstract

Abstract:
The 1980 report of the Brandt Commission, calling for "a global agreement ... between oil producing and consuming countries" to assure adequate production at reasonable prices, states the gist of innumerable reports, articles, speeches, and resolutions, urging cooperation, dialogue, and interdependence.



Nigeria's Internal Petroleum Problems: Perspectives and Choices

Akin Iwayemi

Year: 1984
Volume: Volume 5
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol5-No4-4
View Abstract

Abstract:
As a major oil producer and member of OPEC, Nigeria benefited greatly from the sharp increases in world oil prices during the 1970s. It was especially hard hit by the weakening of oil markets during the past four years, when its oil production had to be cut back sharply and its prices reduced. The impact of these developments, including the replacement of the civilian government by a military regime in December 1983, has been discussed elsewhere. I Less well known abroad is the fact that during this entire period, Nigeria suffered sporadic but severe internal energy supply problems, including shortages of petroleum products and irregular availability of electricity. If past policies are continued, Nigeria's energy problems are likely to become severe enough to jeopardize its position as an oil exporter.



Scheduling and Taxation of Resource Deposits

Sjur D. Fldm and Trond E. Olsen

Year: 1985
Volume: Volume 6
Number: Special Issue
DOI: 10.5547/ISSN0195-6574-EJ-Vol6-NoSI-11
No Abstract



Oil Production Policy and Economic Development in Mexico

Hossein Razavi

Year: 1985
Volume: Volume 6
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol6-No2-5
View Abstract

Abstract:
The economics literature of the oil market is primarily concerned with the behavior of OPEC member countries, viewing the non-OPEC oil exporters as insignificant. Recently, however, oil exports by non-OPEC countries have expanded substantially, increasing the role these countries play in the oil market. Among these countries, Mexico is of special interest because it is the largest non-OPEC oil exporter, with huge petroleum resources; at the same time, it has an enormous requirement for foreign exchange.



Future World Oil Prices and Production Levels: An Economic Analysis

Robert A. Marshalla and Dale M. Nesbitt

Year: 1986
Volume: Volume 7
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol7-No1-1
View Abstract

Abstract:
This paper is motivated by our beliefs that (1) economics does matter in world oil markets and (2) today's applied models either entirely neglect or (at best) only partially incorporate well-known economic fundamentals. We know of no applied model preceding ours that fully embodies the fundamental microeconomics of both depletable resources and industrial market structure (specifically dominant firm cartel theory) that characterize the world oil market.



Optimal Choice of R&D Strategy for Enhanced Recovery from Petroleum Reservoirs

Gunnar Stensland and Arild N. Nystad

Year: 1987
Volume: Volume 8
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol8-No1-8
View Abstract

Abstract:
Off the coast of Norway is a huge, undeveloped petroleum reservoir. The exploitation of this resource is a challenge to the oil industry both because of its specific reservoir geology and its deep water location. One of the decisions that must be made regarding this field is the choice of the injection method.Our report discusses decision rules for the choice of R&D strategies for methods of supplementary recovery.



Oil Demand Elasticities in Nigeria

Felix B. Dayo and Anthony O. Adeghulugbe

Year: 1987
Volume: Volume 8
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol8-No2-3
View Abstract

Abstract:
Crude oil, which was first discovered in Nigeria in 1956 by the Shell-BP Development Company, has contributed significantly to the country's economic development. The exploitation of this resource transformed Nigeria's balance of trade from chronic deficits to huge surpluses (especially during the early-to-mid 1970s). This occurred as a result of the increase in the volume as well as the value of crude oil during this period. However, the surplus started to decline in the mid-1970s due to a combination of increased imports (resulting from the oil-boom mentality that had developed) and reduced crude oil exports (caused by the downward trend in world economic situations). By late 1977 the country again had a deficit on visible trade.



The Reserve-Production Ratio

Ferdinand E. Banks

Year: 1987
Volume: Volume 8
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol8-No2-11
View Abstract

Abstract:
A good concise examination of the significance of the reserve production (R/P) ratio for the future availability of oil can be found in a short paper by Edward W. Erickson in the Energy Journal (1985). He notes that the worldwide R/P ratio is 35, but this ratio is not uniform across the world. For the three core countries of the Gulf (Saudi Arabia, Kuwait, and the United Arab Emirates) it is 100. For the rest of the world it is 25, although according to my calculations, for the world outside OPEC and the communist areas it may be close to 18. Furthermore, with the fall in OPEC production that has taken place over the past few years and the rise in production outside of OPEC, about half of the world oil output is now generated in areas where the aggregate R/P ratio is less than 20.



Defending the Price of Oil

Dr. Edith Penrose

Year: 1988
Volume: Volume 9
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol9-No1-2
View Abstract

Abstract:
Potential surpluses of oil have been around for a very long time; as a consequence, the defense of prices has always required continually renewed vigilance. It is true that there have been short periods of temporary scarcity and, from time to time, fears of an imminent long-run scarcity, as in the 1920s in the United States and again today. But for at least 60 years, the oil industry seems to have been more concerned with maintaining prices against the pressure of surpluses. "Competition" was always the scapegoat, for in spite of the strong monopolistic elements in the organization of the industry, gluts were the direct result of the behavior of oil companies as they competed to discover and control crude oil production and markets.



Reserves and Reserve Production Ratios In Imperfect Markets

Keith C. Brown

Year: 1989
Volume: Volume 10
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol10-No2-12
View Abstract

Abstract:
Recent changes in reserves or reserve/production ratios are often cited as evidence of hypothesized economic changes in petroleum markets. However, the technology of petroleum production and the fact that international petroleum markets are not perfectly competitive combine to render incorrect interpretations all too easy. Both market imperfections and technical limitations to production rates slow market adjustments to changes in expected prices or costs. This makes it difficult to use observed changes in reserve/production ratios as evidence of some hypothesized economic change, since neither of the observations used to get the observed change may have been close to the then-prevailing long run equilibrium.




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