The dynamics of global crude oil production

Arbeitspapier

We analyze the dynamic effect of prices and price volatility on current oil production, both on the level of country groups and the major individual producer countries. A comprehensive dataset at monthly frequency allows us to include a rich lag structure while controlling for key global and local determinants as well as seasonality. Our set of explanatory variables also includes real economic activity, investment, the strength of the U.S. dollar and institutional quality. We provide a naïve regression analysis using a broad model to show that lagged explanatory variables are important determinants of current oil production. We find that the reaction of oil production is heterogeneous across both country groups and the major individual producer countries.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: DIW Discussion Papers ; No. 1075

Classification and Topics

• Classification: Wirtschaft ; Market Structure, Pricing, and Design: Oligopoly and Other Forms of Market Imperfection ; Oligopoly and Other Imperfect Markets ; Energy and the Macroeconomy
• Subject: Crude oil ; prices and production ; dynamic time series ; Ölpreis ; Volatilität ; Mineralölwirtschaft ; Schätzung ; Welt

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Zaklan, Aleksandar ; Zachmann, Georg ; Neumann, Anne
• Event: Veröffentlichung
• (who): Deutsches Institut für Wirtschaftsforschung (DIW)
• (where): Berlin
• (when): 2010

Further information

• Handle: http://hdl.handle.net/10419/49409
• Last update: 10.03.2025, 11:41 AM CET