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How Much Crude Oil Should an Oil Exporting Country Produce Annually for Export?

In: Models for Optimum Decision Making

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  • Katta G. Murty

    (University of Michigan)

Abstract

In 1985 crude oil price was at $31.75/barrel; and Saudi Arabia increased their production by 3% , hoping to increase their revenue from crude oil exports; but instead in a few months the crude oil price bottomed out at $9.75/barrel. We discuss the international political dealings that led to a repeat of a similar event in 2014–2015. For a crude oil exporting country, several objective functions play a role in making a decision on how much crude oil to produce annually for export. In this chapter we discuss them, and also a procedure to find the best solution.

Suggested Citation

  • Katta G. Murty, 2020. "How Much Crude Oil Should an Oil Exporting Country Produce Annually for Export?," International Series in Operations Research & Management Science, in: Katta G. Murty (ed.), Models for Optimum Decision Making, chapter 0, pages 19-27, Springer.
    • Handle: RePEc:spr:isochp:978-3-030-40212-9_3
    DOI: 10.1007/978-3-030-40212-9_3
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