How the Organization of Petroleum Exporting Countries (OPEC) Influences the Prices of International Crude Oil Markets, 2005～2009 and 2010～2016

• Main Authors: SHENG- KUAN CHANG, 張盛觀
• Other Authors: 曾怡碩
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/juxjtn

碩士 === 淡江大學 === 國際事務與戰略研究所碩士在職專班 === 106 === Since ancient times, human use of petroleum has mainly focused on lighting, lubrication, and medicine. Modern petroleum is used as a source of energy and chemical raw materials to satisfy human needs for heating, power, and non-natural materials. Because of the nature of oil and humans’ dependence on it over the past two centuries, people have competed for oil and this has led to many wars. This shows the importance of oil to human society. During the periods of 2005～2009 and 2010～2016 oil prices experienced severe fluctuations. This paper uses the “international regime” of international political economics and the “cartel” theory of “Oligopoly market” in economics. In these two periods, the Organization of Petroleum Exporting Countries (OPEC) intervened in the case of oil prices to explore its capabilities, methods of use, and how it self-adjusts when the intervention is ineffective. The study found that a resourceful regulator can effectively maintain an under-performing international regime. In addition, OPEC mainly influences the price of oil by adjusting the supply of oil. If the effect is not as expected, it will use “increase in adjustment rate”, “determining the increase and decrease of output quotas by member states” and “coordination”. Non-oil-exporting countries (Non-OPEC) cooperate with the oil-producing countries, etc. as a response.