IDEAS home Printed from https://ideas.repec.org/a/sae/enejou/v25y2004i1p45-62.html
   My bibliography  Save this article

The Impact of OPEC Conference Outcomes on World Oil Prices 1984-2001

Author

Listed:
  • Franz Wirl
  • Azra Kujundzic

Abstract

This paper investigates how far OPEC influences world oil markets. We ask the question: What is the impact of the decisions of the OPEC Conference, the supreme authority of the Organization of Petroleum Exporting Countries, on world oil prices? Extracting the Conference’s decisions from the communiques of fifty meetings from 1984-2001, these decisions were compared with the subsequent market developments. The result is that this impact is weak at best, and if at all then restricted to meetings recommending a price increase. However, the opposite claim (found in the literature) - the Conference is simply following the market - was also not supported either. Another interesting observation is the little autocorrelation between the decisions of the Conference. This suggests that the ministers’ decisions accommodate quickly and efficiently recent events.

Suggested Citation

  • Franz Wirl & Azra Kujundzic, 2004. "The Impact of OPEC Conference Outcomes on World Oil Prices 1984-2001," The Energy Journal, , vol. 25(1), pages 45-62, January.
    • Handle: RePEc:sae:enejou:v:25:y:2004:i:1:p:45-62
    DOI: 10.5547/ISSN0195-6574-EJ-Vol25-No1-3
    as

    Download full text from publisher

    File URL: https://journals.sagepub.com/doi/10.5547/ISSN0195-6574-EJ-Vol25-No1-3
    Download Restriction: no
    File URL: https://libkey.io/10.5547/ISSN0195-6574-EJ-Vol25-No1-3?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Dermot Gately, 2001. "How Plausible is the Consensus Projection of Oil Below $25 and Persian Gulf Oil Capacity and Output Doubling by 2020?," The Energy Journal, International Association for Energy Economics, vol. 0(Number 4), pages 1-28.
    2. Franz Wirl, 1988. "Volatile Oil Prices: Two Propositions from Economics and “Realpolitik”," Natural Resources Forum, Blackwell Publishing, vol. 12(1), pages 91-94, February.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Almutairi, Hossa & Pierru, Axel & Smith, James L., 2024. "Managing the oil market under misinformation: A reasonable quest?," Journal of Commodity Markets, Elsevier, vol. 34(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Edward Hunter Christie & Joseph F. Francois & Waltraut Urban & Franz Wirl, 2010. "China's foreign oil policy: genesis, deployment and selected effects," FIW Research Reports series II-003, FIW.
    2. Wirl, Franz, 2008. "Why do oil prices jump (or fall)?," Energy Policy, Elsevier, vol. 36(3), pages 1029-1043, March.
    3. Wirl, Franz, 2015. "Output adjusting cartels facing dynamic, convex demand under uncertainty: The case of OPEC," Economic Modelling, Elsevier, vol. 44(C), pages 307-316.
    4. Dermot Gately, 2007. "What Oil Export Levels Should We Expect From OPEC?," The Energy Journal, , vol. 28(2), pages 151-174, April.
    5. Wirl, Franz, 2008. "Energy conservation, expectations and uncertainty," Energy Economics, Elsevier, vol. 30(4), pages 1957-1972, July.
    6. Gately, Dermot & Al-Yousef, Nourah & Al-Sheikh, Hamad M.H., 2013. "The rapid growth of OPEC′s domestic oil consumption," Energy Policy, Elsevier, vol. 62(C), pages 844-859.
    7. Horn, Manfred, 2004. "OPEC's optimal crude oil price," Energy Policy, Elsevier, vol. 32(2), pages 269-280, January.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sae:enejou:v:25:y:2004:i:1:p:45-62. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: SAGE Publications (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.