Stumbling to a New Equ'Oil'Ibrium: Understanding the Current Upheaval in the Global Crude Oil Market

4 Pages Posted: 2 Nov 2015

See all articles by Daniel Huppmann

Daniel Huppmann

International Institute for Applied Systems Analysis (IIASA)

David Livingston

Carnegie Endowment for International Peace

Date Written: July 1, 2015

Abstract

The precipitous decline in crude oil prices over the past year has sparked a renewed discussion around the drivers of the oil market and the role of OPEC. The decision by OPEC ministers in November 2014 not to reduce their quota can be interpreted in multiple ways: was OPEC deliberately driving out U.S. shale oil producers by depressing the price? Or were OPEC members instead overtaken by market forces beyond their control?

Keywords: oil, oil market, oil price, petroleum, OPEC, climate change, shale oil, multiple equilibria

Suggested Citation

Huppmann, Daniel and Livingston, David, Stumbling to a New Equ'Oil'Ibrium: Understanding the Current Upheaval in the Global Crude Oil Market (July 1, 2015). Available at SSRN: https://ssrn.com/abstract=2684846 or http://dx.doi.org/10.2139/ssrn.2684846

Daniel Huppmann

International Institute for Applied Systems Analysis (IIASA) ( email )

Schlossplatz 1
Laxenburg, A-2361
Austria

David Livingston (Contact Author)

Carnegie Endowment for International Peace ( email )

1779 Massachuesetts Avenue, N.W.
Washington, DC 20036
United States

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