Authors: Morteza Behrouzifar; Ali Emami Meibodi; Samieh Kokabi
Addresses: Energy Economics Department, Institute for International Energy Studies, No. 65 Sayeh St., Valiassr Ave., Tehran, Iran ' Faculty of Economics, Allameh Tabataba'I University, Bokharest Crossroad, Shahid Beheshti St., Tehran, Iran ' Energy Economics Department, Institute for International Energy Studies, No. 65 Sayeh St., Valiassr Ave., Tehran, Iran
Abstract: Crude oil reserves and production play an important role in the world economy; it seems all OPEC members can perform artificial oil quantity to market through oil reserve tools. This study indicates that the mentioned behaviour could create wrong data in the market and also increase the exposure in market. Part of oil crises in terms of oil market is related to such a behaviour. Without the pressure of cooperating with OPEC, the government of an oil exporting country would face the standard problem of how to manage an exhaustible resource: i.e., choosing between current and future production. This paper concluded that announcement of OPEC members' oil reserves has a concurrence which may be in conflict with the actual volume of reserves.
Keywords: OPEC; energy market; oil supply; oil reserves; oil production; oil price; OPEC behaviour.
International Journal of Energy Technology and Policy, 2017 Vol.13 No.4, pp.320 - 346
Received: 10 Nov 2015
Accepted: 18 Aug 2016
Published online: 18 Jul 2017 *