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OPEC and Its Role in Regulating Price of Petroleum

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  • Ebghaei, Felor

Abstract

The present paper offers a short history of the Organization of Petroleum Exporting Countries (OPEC) together with a brief account of its goals, operational structure, membership requirements and its role in regulating oil prices. Studying oil price developments and OPEC's role since its foundation shows that OPEC has reacted sensitively to oil price volatilities and attempted to stabilize oil prices. In fact, the organization has played an effective role through different crises.

Suggested Citation

  • Ebghaei, Felor, 2007. "OPEC and Its Role in Regulating Price of Petroleum," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 3(10), pages 2-22.
    • Handle: RePEc:zbw:espost:162842
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    Cited by:

    1. Ahmad Al Humssi & Maria Petrovskaya & Milana Abueva, 2022. "Modelling the Impact of World Oil Prices and the Mining and Quarrying Sector on the United Arab Emirates’ GDP," Mathematics, MDPI, vol. 11(1), pages 1-22, December.

    More about this item

    Keywords

    OPEC; Crude Oil Prices; Oil Market; Oil Companies; Energy Policy;
    All these keywords.

    JEL classification:

    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • Q30 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - General
    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General

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