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May 24, 2024 · As a result, when they lower supply in response to falling demand, oil prices tend to rise. Prices tend to fall when the group decides to supply more oil to the market. The OPEC+ group is ...
Sep 1, 2023 · Since 2017, a new coalition of oil producers led by OPEC and Russia (known as OPEC+) implemented production cuts to limit downward pressure on crude prices. The Covid-19 shock led to a temporary collapse of this coalition and to a price war among OPEC+ members, which contributed to the oil price slump that had originally been caused by widespread containment measures.
Nov 1, 2023 · We examine the influence of OPEC+ on the level and volatility of oil prices. By extending Pierru et al.’s (2018, 2020) modeling framework, we are able to distinguish OPEC’s particular role and impact from that of its Allies—those countries who joined with OPEC at the end of 2016 in the attempt to stabilize the market.
- 4.2 Model With Strategic Interaction
- 5. RESULTS
- ACKNOWLEDGMENTS
In our second model, the vector of endogenous variables Yt includes four variables, namely the log level of crude oil production from OPEC+ countries, the log level of crude oil production from non-OPEC+ producers, a monthly measure of global real economic activity taken from Kilian (2009) and the log of the nominal price of crude oil (Brent qualit...
Using the two model specifications described above, we turn to the main research question of the paper, that is how effective the OPEC+ alliance has been in steering oil prices. In addition, we also evaluate the feasibility of the alliance’s inventory target. The interested reader can find ad-ditional output in the online Supplementary Information ...
We thank David Lodge, Livio Stracca, the editors James L. Smith and Adonis Yatchew, four anonymous referees together with seminar participants at the European Central Bank for useful comments and discussions. The views expressed in the paper are solely our own and do not neces-sarily reflect those of the Bank of Italy, Deutsche Bundesbank, the Euro...
May 7, 2021 · The impact of spare capacity on historical oil price shocks is also illustrated in Fig. 6 that compares the actual and counterfactual net oil price increases and decreases relative to the maximum and minimum level of the oil price over the preceding three years (similar techniques are discussed in Hamilton, 2003). Evidently, the counterfactual price series exhibits sharper and more frequent ...
- Andreas Economou, Bassam Fattouh
- 2021
Dec 25, 2023 · However, by October 2019 supply had returned to normal levels. 53 Oil prices rose in 2019 compared to 2018. 54. The OPEC+ meeting in December 2019 was the last pre-Covid meeting held and at the time the output agreed upon was 1.7 million barrels per day for other members and an additional commitment from Saudi Arabia leading to a total of 2.1 ...
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May 31, 2023 · Oil prices on Nov. 16 slumped by about 5% to a four-month low amid economic growth concerns. They have since recovered some ground on expectations that OPEC+ will take action to shore up prices.
