An analysis of oil production by OPEC countries: Persistence, breaks, and outliers

Long Memory in German Energy Price Indices

“…Other recent papers using fractional integration techniques to model oil production in the OPEC countries and US electricity consumption are Gil-Alana et al (2010) and Barros et al (2011) respectively.…”

Are Shocks to Wood Fuel Production Permanent? Evidence from the EU

“…Countries with a high standard deviation are logically more likely to exhibit a lack of mean reversion since countries with high variation in the production levels deviation from the long-run equilibrium path [6]. As a consequence, economic effects are likely to be larger and the departures from the long-term path will tend to be permanent [11]. As presented in Table 1, various countries, as well as the entire panel, exhibit relatively high standard deviations of wood fuel production, where The Netherlands has the highest value.…”

“…Their results suggest that crude oil and natural gas liquids (NGL) production are stationary, indicating that policy effects are temporary. Barros et al, examined the properties of oil production for 13 OPEC countries within a fractional integration modelling framework incorporating the potential for structural breaks and outliers [11]. They use monthly data from January 1973 to October 2008 and their results indicate that there is non-stationarity in the oil production, with structural breaks identified in ten countries.…”

OPEC and Non-OPEC Oil Production and the Global Economy

“…Dées et al (2007) report policy simulations indicating that non-OPEC production is inelastic to changes in price and that OPEC decisions about production impact oil prices. Barros et al (2011) find that shocks affecting the structure of OPEC oil production are highly persistent. Kaufmann et al (2008) find that real prices generally have a positive effect on production by OPEC members.…”