• Environmental and Resource Economics Review
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• v.14 no.3
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• pp.753-773
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• 2005

This paper is a study of the investment dynamics focusing on crude oil supply by OPEC and non-OPEC. Oil supply capacity is first determined by a leader, OPEC, and by an aggregate that represents non-OPEC producers. OPEC wants to increase a gain from oil price increase while keeping its market share relative to non-OPEC's share. An investment rule model is developed for OPEC crude oil supply capacity in response to non-OPEC's decision. In presence of oil price uncertainty, oil price threshold is derived above which it is optimal for OPEC to expand oil supply capacity since otherwise the increased supply of non-OPEC results in weakening of OPEC market share in the world oil market. In addition, a lower threshold price is derived below which OPEC triggers a capacity reduction to regain its otherwise forgone profits. A simulation is provided for calculating the capacity expansion and reduction thresholds.

• Environmental and Resource Economics Review
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• v.26 no.3
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• pp.451-472
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• 2017

An OPEC production announcement is a major source of supply disruption that has a significant impact on the international crude oil market. In this study, the effects of OPEC's announcements are analyzed using event study methodology. Considering the oil price volatility and structural changes in the oil price, we divide the entire period into three periods and analyze the impact of OPEC's production quota announcements, including 'cut', 'hike', and 'maintain'. As a result of the analysis, we observe that the degree and direction of abnormal returns differ according to the announcements in each period. In addition, by subdividing oil price surge and plunge period into two sections, we analyze the effect of OPEC's 'maintain' announcements. During the oil price plunge period, the amount of abnormal returns was significant. This study provides policy implications for oil trading strategies and for the impact of OPEC announcements during periods of oil price fluctuation.

• Korea Petroleum Association Journal
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• no.6 s.52
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• pp.82-85
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• 1985

이 자료는 미국 석유산업연구재단(Petroleum Industry Research Foundation)이 사장인 존 리히트 블라우씨가 최근 베네수엘라 카라카스 소재 OPEC연구센터가 주최한 「OPEC의 장래 」에 관한 세미나에서 발표한 내용이다. 리히트블라우씨는 이 글에서 OPEC가 1990년대 중반까지 보다 충분한 석유생산수준을 회복할 수 있을 것인가 하는 문제를 비롯한 향후 10년간의 OPEC의 장래를 전망하고 있다. <편집자주>

• Korea Petroleum Association Journal
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• no.3 s.145
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• pp.28-30
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• 1993

이 글은 "OPEC Bulletin '93, 1월호"에서 OPEC(석유수출국기구) 사무총장이 신년사를 통해, 향후 석유시장에 대하여 전망한 것을 옮긴 것이다. <편집자 주>

• Korea Petroleum Association Journal
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• no.2 s.60
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• pp.106-108
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• 1986

1962-63년에 걸쳐 석유수출국기구(OPEC)의 베네수엘라대표를 역힘하였으며, 현재 Petroleos de Venezuela Corp의 부사장인 Humberto Penaloza씨는 최근 약화되고 있는 OPEC의 생산조정자로의 역활과 가격결정력에 대하여 상황을 진단하고 회생을 위한 처방을 제시하고 있다. 이를 번역ㆍ전재한다. <편집자주>

• Korea Petroleum Association Journal
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• no.7 s.41
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• pp.58-63
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• 1984

이 자료는 2차석유파동이 일어난 직후 원유가격정책과 OPEC의 안정성을 분석한 미국 휴스턴대학의 James Griffin교수외 2명의 학자가 공동으로 작성한 논문(Recent Oil Price Escalations : Implications for OPEC stability)을 발췌 ㆍ번역한 것이다. <편집자주>

• Korea Petroleum Association Journal
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• no.3 s.61
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• pp.17-22
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• 1986

OPEC(석유수출국기구)의 사무총장 대리이며 사무차장인 Fadhil J Al-Chalabi박사는 최근 「Petroieum Review」지와 인터뷰를 갖고, 세계석유시장에서 그 지위가 악화되고 있는 OPEC의 실세회복을 위한 새로운 전략을 밝혔다. 이를 번역 ㆍ전재한다 <편집자주>

• Korea Petroleum Association Journal
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• no.7 s.101
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• pp.37-37
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• 1989

• Proceedings of the Korea Society for Energy Engineering kosee Conference
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• 1999.11a
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• pp.225-230
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• 1999

Since changes in crude oil price exert colossal influence upon most national economy, it is important to investigate about factors that cause the change through an appropriate crude oil price forecast. This paper examines the relationship among crude oil price, OPEC production and U.S. inventory using cointegration and error correction model. We found that crude oil price is likely to increase significantly for a given decrease in not only the OPEC production but also the U.S. inventory. Furthermore, we found that crude oil price is more elastic with respect to OPEC production in the short-run, and more elastic with respect to U.S. inventory in the long-run. Moreover, in the long-run, U.S. inventory have more an effect on crude oil price than OPEC production. Finally, crude oil price adjusts to their respective long-run equilibrium at a moderate speed, about 12% of adjustment taking place in the first year.

• Korea Petroleum Association Journal
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• no.12 s.46
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• pp.42-44
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• 1984

이 자료는 OPEC사무국의 Massood Vajed-Samii박사가 지난 9월 캐나다에서 열렸던 「석유 및 가스회의」에서 발표한 내용을 번역한 것이다. <편집자 주>