Modelling OPEC profit based on economics and political variables
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F61989100%3A27510%2F24%3A10250894" target="_blank" >RIV/61989100:27510/24:10250894 - isvavai.cz</a>
Result on the web
<a href="https://link.springer.com/article/10.1007/s12667-022-00531-6" target="_blank" >https://link.springer.com/article/10.1007/s12667-022-00531-6</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1007/s12667-022-00531-6" target="_blank" >10.1007/s12667-022-00531-6</a>
Alternative languages
Result language
angličtina
Original language name
Modelling OPEC profit based on economics and political variables
Original language description
In the present research, we are going to propose a novel model to maximize the Organization of Petroleum Exporting Countries (OPEC) crude oil profit considering various influential variables. It is well known that the unbalanced distribution of oil in some countries along with market power causes the dependence of the economy on oil revenues. Hence, the sensitivity of countries with oil-dependent economies to the oil price and oil supply shocks is high. OPEC members control more than half of the world's known oil reserves. Therefore, awareness of the optimum oil supply of each member country according to proper influential variables is crucial. In this regard, this study uses linear integer optimization and also panel data models to investigate the behavior of the OPEC concerning selected socio-economic variables. Reported results point out that the oil price cannot be the only factor affecting the OPEC oil supply, but also the political, social, and cultural variables should be considered. (C) 2022, The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.
Czech name
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Czech description
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Classification
Type
J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database
CEP classification
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OECD FORD branch
50200 - Economics and Business
Result continuities
Project
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Continuities
I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace
Others
Publication year
2024
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Name of the periodical
Energy Systems
ISSN
1868-3967
e-ISSN
1868-3975
Volume of the periodical
15
Issue of the periodical within the volume
3
Country of publishing house
DE - GERMANY
Number of pages
21
Pages from-to
1105-1125
UT code for WoS article
000849152200001
EID of the result in the Scopus database
2-s2.0-85137466438