Modelling OPEC profit based on economics and political variables

Kód výsledku v 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>

Výsledek na webu

<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>

Jazyk výsledku

angličtina

Název v původním jazyce

Modelling OPEC profit based on economics and political variables

Popis výsledku v původním jazyce

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&apos;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.

Název v anglickém jazyce

Modelling OPEC profit based on economics and political variables

Popis výsledku anglicky

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&apos;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.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

—

OECD FORD obor

50200 - Economics and Business

Projekt

—

Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2024

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Energy Systems

ISSN

1868-3967

e-ISSN

1868-3975

Svazek periodika

15

Číslo periodika v rámci svazku

3

Stát vydavatele periodika

DE - Spolková republika Německo

Počet stran výsledku

21

Strana od-do

1105-1125

Kód UT WoS článku

000849152200001

EID výsledku v databázi Scopus

2-s2.0-85137466438