Price movements guided by the OPEC cartel, when there is a possible increase on prices inside the Market

Authors

  • Alex Paubel Junger Universidade Federal do ABC
  • Gabriel Nikcolas Cazotto Centro Universitário Senac SP
  • Sinclair Mallet Guy Guerra Universidade Federal do ABC
  • Júlio Francisco Blumetti Facó Universidade Federal do ABC

DOI:

https://doi.org/10.17648/rsd-v5i3.115

Keywords:

petroleum; consumer; microeconomics; energy sector; econometric; market deficiency of a cartel

Abstract

The main purpose of this paper is to calculate the estimation of oil supply and demand in the last 12 quarters (2013-2015), using an OLSconometric model, indicating the supply and demand of the market, in a second moment the oil market current supply and demand curves would be indicated for the average price of Brent oil in the abovementioned period. So that in a second moment the "dead weight" of OPEC's economic price model is calculated and how this deadweight economically affects the oil and gas market globally, economically withdrawing the profits that the main producers could obtain if OPEC did not set the price artificially in unstable political scenarios. Lastly, regarding the global economy, and more precisely, the loss in the energy through financial results due the actions taken by OPEC led by Saudi Arabia and its partners in the Middle East, indicating the market failures caused by a cartel.

Author Biographies

Alex Paubel Junger, Universidade Federal do ABC

Pequisador Doutor vinculado ao programa Stricto Sensu em Engenharia e Gestão da Inovação da Universidade Federal do ABC.

Gabriel Nikcolas Cazotto, Centro Universitário Senac SP

Professor vinculado à Pós-Graduação Senac - Escola de Liderança.

Sinclair Mallet Guy Guerra, Universidade Federal do ABC

Prof. Doutor vinculado ao programa Stricto Sensu em Energia.

Júlio Francisco Blumetti Facó, Universidade Federal do ABC

Professor Doutor vinculado ao programa Stricto Sensu em Engenharia e Gestão da Inovação.

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Published

31/07/2017

How to Cite

JUNGER, A. P.; CAZOTTO, G. N.; GUERRA, S. M. G.; FACÓ, J. F. B. Price movements guided by the OPEC cartel, when there is a possible increase on prices inside the Market. Research, Society and Development, [S. l.], v. 5, n. 3, p. 245-260, 2017. DOI: 10.17648/rsd-v5i3.115. Disponível em: https://rsdjournal.org/index.php/rsd/article/view/115. Acesso em: 20 apr. 2024.

Issue

Vol. 5 No. 3

Section

Articles

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