Monopoly Power in the Oil Market and the Macroeconomy

(Mis)Allocation, Market Power, and Global Oil Extraction

“…The membership has varied slightly over time, with the core Middle East membership being unchanged from OPEC's inception in 1960. 18 Due to the relative stability of the OPEC membership and the likely close affiliations that may persist during periods of a country's non-membership, in handling the data we treat a country as an OPEC country if it had active membership between 1970 and 2014.…”

“…OPEC characterized its objective, in 2017, as being to " co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the 18 The original membership in 1960 was Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Other members are listed together with the year they first joined OPEC, and (if appropriate) years in which membership was suspended or terminated: Qatar (1961), Indonesia (1962, suspended 1/09), Libya (1962), the United Arab Emirates (1967), Algeria (1969), Nigeria (1971 Yergin (1991) and Crémer and Salehi-Isfahani (1991).…”