Market power reduces equilibrium quantities and distorts production, typically causing welfare losses. However, as Buchanan (1969) noted, market power may mitigate overproduction from negative externalities. This paper examines this in the global oil market, where OPEC's market power affects oil...

The oil shock of 1973 changed everything. It brought the golden age of American and European economic growth to an end; it destabilized Middle Eastern politics; and it set in train processes that led to over one hundred million unexpected – and unwanted – immigrants.

Between January 2017 and March 2020 a coalition of oil producers led by OPEC and Russia (known as OPEC+) cut oil production in an attempt to raise the price of crude oil. In March 2020 the corona virus shock led to a collapse of this coalition, as members did not agree on keeping the oil market...

In a simplified theoretical framework we model the strategic interactions between OPEC and non-OPEC producers and the implications for the global oil market. Depending on market conditions, OPEC may find it optimal to act either as a monopolist on the residual demand curve, to move supply...

Chapter 1: Understanding Money and Finance -- Chapter 2: It Was the Best of Times, It Was the Worst of Times -- Chapter 3: When Oil Shocked the Globe -- Chapter 4: A Monetary Revolution -- Chapter 5: Private Sector Takes the Control -- Chapter 6: A New Global Debt Cycle -- Chapter 7: Adapting...

The global history of oil politics, from World War I to the present, can teach us much about world politics, climate change, and international order in the twenty-first century. When and why does international order change? The largest peaceful transfer of wealth across borders in all of human...

Institutional Theory and Oil Prices: Ceci est ne pas un Marché -- The Oil Price and Resource-Society Interaction -- Oil, between monopolies and free market -- Is OPEC dead? Oil Exporters, the Paris Agreement and the Transition to a Post-Carbon World -- Petroleum Conspiracies: How Russian...