OPEC'S LONG-TERM STRATEGY RESPONDING TO DEVELOPMENTS IN THE INTERNATIONAL OIL MARKET

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TAKLIF ATEFEH

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Journal Paper

Paper Information

Journal: RAHBORD Year:2011 | Volume:19 | Issue:57 (SPECIAL SECTION ON ECONOMIC STUDIES) Page(s): 133-154

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Information Journal Paper

Title

OPEC'S LONG-TERM STRATEGY RESPONDING TO DEVELOPMENTS IN THE INTERNATIONAL OIL MARKET

Author(s)

TAKLIF ATEFEH | Issue Writer Certificate

Keywords

OPECQ2

GLOBAL OIL MARKETQ3

PETROLEUMQ3

ECONOMIC AND TECHNICAL COOPERATIONQ3

ENHANCED OIL RECOVERY (EOR)Q3

Abstract

OPEC was established in 1960 with the prime objective of enhancing cooperation in international oil market aimed at securing the interests of both producers and consumers. The utilization of massive oil reserves and the excess production capacity in member countries were considered as the main instruments towards the realization of these objectives. Until recently, achieving the said objectives was basically possible due to the prevailing market structure as well as the viability of using excess capacities or production quotas to increase or decrease the supply of crude oil to stabilize the price. In this regard, the historical performance of OPEC signifies the success of this organization in managing the market during certain periods. However, the developments in the GLOBAL OIL MARKET towards the greater role of market forces in crude oil price determination and rapid expansion of PETROLEUM exchanges, together with the considerable decrease in OPEC's excess production capacity have seriously weakened the efficacy of OPEC's traditional policy instruments for market management. This article shows that the time is ripe for OPEC as the organization of major oil exporting countries to revise its long-term strategy by adapting to the new market conditions as well as technical constraints regarding OPEC’s major oil reservoirs. Hence, instead of focusing on theachievement of a balanced equilibrium between price and market share, OPEC should embark on the task of formulating its long-term strategy on the basis of ECONOMIC AND TECHNICAL COOPERATION with non-OPEC countries with particular attention to policies of enhanced oil recovery (EOR) and the future trends in crude oil price due to the scarcity of hydrocarbon reserves.

Cites

COOPERATION AMONGST GECF SELECTED MEMBER COUNTRIES IN LNG EXPORT: A COOPERATIVE GAME THEORY APPROACH

References

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APA: Copy

TAKLIF, ATEFEH. (2011). OPEC'S LONG-TERM STRATEGY RESPONDING TO DEVELOPMENTS IN THE INTERNATIONAL OIL MARKET. RAHBORD, 19(57 (SPECIAL SECTION ON ECONOMIC STUDIES)), 133-154. SID. https://sid.ir/paper/89084/en

Vancouver: Copy

TAKLIF ATEFEH. OPEC'S LONG-TERM STRATEGY RESPONDING TO DEVELOPMENTS IN THE INTERNATIONAL OIL MARKET. RAHBORD[Internet]. 2011;19(57 (SPECIAL SECTION ON ECONOMIC STUDIES)):133-154. Available from: https://sid.ir/paper/89084/en

IEEE: Copy

ATEFEH TAKLIF, “OPEC'S LONG-TERM STRATEGY RESPONDING TO DEVELOPMENTS IN THE INTERNATIONAL OIL MARKET,” RAHBORD, vol. 19, no. 57 (SPECIAL SECTION ON ECONOMIC STUDIES), pp. 133–154, 2011, [Online]. Available: https://sid.ir/paper/89084/en

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