气候变化领域集成服务门户(CCPortal): The shift in global crude oil market structure: A model-based analysis of the period 2013

CCPortal

DOI	10.1016/j.enpol.2020.111497
	The shift in global crude oil market structure: A model-based analysis of the period 2013–2017
	Berk I.; Çam E.
发表日期	2020
ISSN	03014215
卷号	142
英文摘要	This paper analyzes the recent developments in the global oil market, investigating how the 2014–2016 price collapse and the following OPEC+ agreement affected the crude oil market structure and the behavior of major suppliers. To this end, we develop a partial equilibrium model with a spatial structure for the global crude oil market and simulate the market for the period between 2013 and 2017 under different market structure setups. The simulation results reveal that, although the oligopolistic market structures fit overall well to the realized market outcomes, they are not successful at explaining the low prices during 2015 and 2016, which instead are closer to estimated competitive levels. We further suggest that from 2014 onward, the market power potential of major suppliers has shrunk considerably, supporting the view that the market has become more competitive. We also analyze the Saudi Arabia- and Russia-led OPEC+ agreement, and find that planned production cuts in 2017, particularly of Saudi Arabia and Russia, were below the levels of estimated non-competitive market structure setups. © 2020 Elsevier Ltd
关键词	2014 oil price decline Crude oil market structure Market simulation model OPEC+ agreement
英文关键词	Commerce; Petroleum analysis; Competitive markets; Global oil market; Market power potentials; Market structures; Model-based analysis; Oligopolistic markets; Partial equilibrium model; Spatial structure; Crude oil price; competition (economics); crude oil; energy market; energy policy; oil production; price determination; price dynamics; Russian Federation; Saudi Arabia
语种	英语
来源期刊	Energy Policy
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/204565
作者单位	Department of Economics, Faculty of Business, Dokuz Eylül University, Kaynaklar Yerleşkesi, Izmir 35160, Turkey; Institute of Energy Economics, University of Cologne, Vogelsanger Strasse 321a, Cologne, 50827, Germany
推荐引用方式 GB/T 7714	Berk I.,Çam E.. The shift in global crude oil market structure: A model-based analysis of the period 2013–2017[J],2020,142.
APA	Berk I.,&Çam E..(2020).The shift in global crude oil market structure: A model-based analysis of the period 2013–2017.Energy Policy,142.
MLA	Berk I.,et al."The shift in global crude oil market structure: A model-based analysis of the period 2013–2017".Energy Policy 142(2020).