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Optimization of oil production by OPEC countries
Pilátová, Markéta ; Červinka, Michal (advisor) ; Rečka, Lukáš (referee)
Almost 4 years of low oil prices and excess supply call the relevance of OPEC for current oil market into question. Therefore to investigate its role, this thesis examines the optimum oil production of individual OPEC countries accenting the consequent profit. Firstly, Cournot's model is employed to find equilibrium price and output on the oligopolistic market. Secondly, model considering OPEC and Russia as the Stackelberg leader with competitors forming oligopolistic fringe helps to uncover the potential of the recent car- tel of OPEC and Russia. In both models, data from the year 2016 with different levels of elasticity ranging from -0.1 to -0.2 are utilized. Our re- search suggests that all OPEC members could have increased their profits by forming a non-cooperative oligopolistic market, where prices would reach up to 81.7 USD/bbl. Moreover, as a part of the cartel with Russia, OPEC could increase its joint profits by almost 27 % compared to the oligopolistic market, benefiting from coordinated output cuts followed by a steep growth in price. Thus we can conclude that either OPEC lost its power over the oil market or attempted to maintain its market share and drive higher-cost producers out of the market.
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The impact of the first oil crisis on the United States of America
Nováková, Markéta ; Bečka, Jan (advisor) ; Svoboda, Karel (referee)
The Bachelor's thesis investigates the impact of the first oil crisis, which meant an end of era of cheap oil. Because of the energy crisis at the beginning of the 1970s, when oil supply almost did not suffice to high demand, producing countries associated in Organization of the Petroleum Exporting Countries had for the first time a favorable position in negotiating with oil companies. In October 1973 representatives of the producing countries reduced drilling of oil and imposed embargo on the United States of America as retaliation for american support to Israel during Jom Kippur war. Thus they abused dangerous situation to cause shortage in oil market. Rising prize of oil should have compensated growing inflation and compel the United States to change its policy toward Israel. Other argument of OPEC countries was that until oil is cheap, this non-renewable source will be wasted. The aim of this thesis is to find an answer to the question, how much the first oil crisis influenced the United States and compare whether the greatest changes happened in the field of oil trade and oil market, politics or in economy. After brief introduction of the first oil crisis, the thesis is subdivided into three main chapters, which deal with changes in oil trade and oil market, politics and in economy In the...
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Optimization of oil production by OPEC countries
Pilátová, Markéta ; Červinka, Michal (advisor) ; Rečka, Lukáš (referee)
Almost 4 years of low oil prices and excess supply call the relevance of OPEC for current oil market into question. Therefore to investigate its role, this thesis examines the optimum oil production of individual OPEC countries accenting the consequent profit. Firstly, Cournot's model is employed to find equilibrium price and output on the oligopolistic market. Secondly, model considering OPEC and Russia as the Stackelberg leader with competitors forming oligopolistic fringe helps to uncover the potential of the recent car- tel of OPEC and Russia. In both models, data from the year 2016 with different levels of elasticity ranging from -0.1 to -0.2 are utilized. Our re- search suggests that all OPEC members could have increased their profits by forming a non-cooperative oligopolistic market, where prices would reach up to 81.7 USD/bbl. Moreover, as a part of the cartel with Russia, OPEC could increase its joint profits by almost 27 % compared to the oligopolistic market, benefiting from coordinated output cuts followed by a steep growth in price. Thus we can conclude that either OPEC lost its power over the oil market or attempted to maintain its market share and drive higher-cost producers out of the market.
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OPEC: an effort to maintain market position
Brückler, Jaroslav ; Vošta, Milan (advisor) ; Neumann, Pavel (referee)
This work is describing an effort of OPEC to maintain its oil market share. The aim of the dissertation thesis is to examine the oil market and provide an insight on members of the OPEC in their effort to pursue their intentions on this market. The thesis looks in to the conditions on the oil market and examine the possibilities of OPECs influence on the oil price through supply cuts and subsequent effects on oil market, competitors and OPECs market share. In additional, the thesis looks in to the history of relations between the member states and in to its capabilities in fulfilling of agreed limits within the OPEC. In the thesis are also mentioned new competitors and their influence on this market or their capability of decreasing OPECs market share.
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Lifting the crude oil export ban and its impact on US energy sector
Vopěnková, Andrea ; Stuchlíková, Zuzana (advisor) ; Neumann, Pavel (referee)
US Congress lifted oil ban in December 2015 after 40 years of its existence. The ban was originally in place to preserve national crude oil production for domestic use in case of any import disruptions. The ban was lifted even though US is currently not net energy exporter or energy independent state. The aim of this theses is to state under which circumstances US approved the oil ban in 1975. Furthermore, the aim is to analyse the impact of current legislation and non-regulated crude oil export on US energy sector. The first chapter defines a sanction, its types, how we can measure its effectivenes and describes UN sanctions legislation process. The second chapter describes the Arab embargo from 1973 and last chapter analyses the impact of a new legislation on energy producers and refiners.
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Impact of changes in crude oil prices on world economy
Bulan, Tomáš ; Pavelka, Tomáš (advisor) ; Rusmichová, Lada (referee)
In a theoretical part, there is a crude oil description from the historical point of view, information about the first use of crude oil and about its creation. There are extracts about crude oil separation, extraction, and about places where crude oil can be found. The crude oil market and the price development is charakterized here too. Practical part of the bachelor´s thesis is focused on finding an influence of price changing to world economy, respectively to importers and exporters GDP. This influention is investigated with correlation and graphic analysis. In the end of the bachelor´s thesis, there is a charakteristics of the crude oil market.
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Can we still call OPEC a cartel?
Ali, Dalia ; Stroukal, Dominik (advisor) ; Prokop, Jaromír (referee)
This paper raises the question whether OPEC actually acts like a cartel, given the fact that there were many controversy surrounding the organization due to its coordination failures, which resulted to an oil glut between 2014-2016. Consequently, the oil industry experienced a dramatic decline in oil prices due to the oil surplus. A comparison was made between OPEC's allocated quotas, and its actual oil production to investigate whether the members of the organization adhere to the assigned quota, to achieve highest possible prices.
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An Analysis of Contribution of the USA to the Economic Collapse of the Soviet Union
Vaneeva, Viktoria ; Johnson, Zdenka (advisor) ; Máslo, Lukáš (referee)
In the given thesis some of the internal factors and especially external factors of the economic collapse of the Soviet Union are analysed. The external factors are represented as part of the anti-communist strategy of the United States in the 1980s. The strategy consisted of concrete economic sanctions and policies imposed by President Reagan and his administration in order to deteriorate the condition of the Soviet economy during the 1980s. Each of the steps against communist regime undertaken by the US is described and its impact on the Soviet economy is analysed. For example: the economic sanctions on the USSR after its invasion of Afghanistan in 1979; the increased military expenditures in the US in order to exhaust the Soviet economy in the arms race; the announced Strategic Defense Initiative; the secret negotiations between Reagan and the King of Saudi Arabia on reduction of oil prices in 1985; the US embargo on technology exports to the Soviet Union. The results of the research prove that strategy of President Reagan for economic destruction of communism contributed to the Soviet collapse in 1991.
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The Origin and Early Development of The Oil Industry in Libya
Čvančara, Michal ; Soukup, Jaromír (advisor) ; Valkoun, Jaroslav (referee)
(in English): This work discusses about the origin and early development of the oil industry in Libya that could be set from 1951 to 1970. The author determined the time period of 60's as a main subject period because there was an incredibly rapid boom of petroleum in Libya, which resulted in the almost total orientation of the country's export to the oil industry. Text is primarily divided into five main chapters, some of which are further divided into smaller subsections from reaseon of better clarity. The individual chapters are devoted to historical and political background of Libyan oil extraction, mining and actual proceeding of oil companies in Libya, to legislative process which related to the oil industry and social conditions affected by new economic focus of Libya. In conclusion, the author focuses on the impact of Muammar Gaddafi's coup d'etat to the oil industry in Libya.
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The impact of the first oil crisis on the United States of America
Nováková, Markéta ; Bečka, Jan (advisor) ; Svoboda, Karel (referee)
The Bachelor's thesis investigates the impact of the first oil crisis, which meant an end of era of cheap oil. Because of the energy crisis at the beginning of the 1970s, when oil supply almost did not suffice to high demand, producing countries associated in Organization of the Petroleum Exporting Countries had for the first time a favorable position in negotiating with oil companies. In October 1973 representatives of the producing countries reduced drilling of oil and imposed embargo on the United States of America as retaliation for american support to Israel during Jom Kippur war. Thus they abused dangerous situation to cause shortage in oil market. Rising prize of oil should have compensated growing inflation and compel the United States to change its policy toward Israel. Other argument of OPEC countries was that until oil is cheap, this non-renewable source will be wasted. The aim of this thesis is to find an answer to the question, how much the first oil crisis influenced the United States and compare whether the greatest changes happened in the field of oil trade and oil market, politics or in economy. After brief introduction of the first oil crisis, the thesis is subdivided into three main chapters, which deal with changes in oil trade and oil market, politics and in economy In the...
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