IS OPEC'S ALLOCATION OF CRUDE OIL PRODUCTION EFFICIENT? (Bachelor Thesis in Economics)

University essay from Akademin för hållbar samhälls- och teknikutveckling

Author: Fateh Ud Din; Hazal Hazar; Ali Salih; [2009]

Keywords: OPEC; Industrial Economics; Allocation of Crude Oil Priduction by OPEC; Oil;

Abstract: The foundation of OPEC (Organization of Oil Exporting Countries) was laid in the early 1960‟s by the five major oil exporters, Iran, Iraq, Kuwait, Saudi Arabia and Venezuela, in Baghdad, Iraq. OPEC is supposed to allocate its production level among its member countries based on cartel- dominant firm model, for profit maximization.

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