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OPEC strategies and oil rent in a climate conscious world

Artikel i vetenskaplig tidskrift
Författare Daniel J.A. Johansson
Christian Azar
Kristian Lindgren
Tobias A Persson
Publicerad i The Energy Journal
Volym 30
Nummer/häfte 3
Sidor 23-50
ISSN 0195-6574
Publiceringsår 2009
Publicerad vid Institutionen för nationalekonomi med statistik, Enheten för miljöekonomi
Sidor 23-50
Språk en
Ämnesord nash-cournot model, exhaustible resources, fossil-fuels, energy, market, price, competition, cartels, income, gas
Ämneskategorier Miljöteknik, Nationalekonomi

Sammanfattning

In the UNFCCC process, energy exporting countries (primarily OPEC) claim compensation for losses in expected oil rent due to CO 2 mitigation measures. However, there are mechanisms that may raise rather than lower the oil rent. If a carbon price is implemented universally, the cost of using oil substitutes such as unconventional oil or synthetic diesel from coal or natural gas will increase even more than the cost of using conventional oil. Here, a dynamic model that takes into account OPEC's dominant position in the world's liquid fuel market is developed in order to analyze these mechanisms. In this model, OPEC is assumed to act as strategic leader while all other liquid fuel producers act as price-takers. We find that the net present value of OPECs conventional oil rent increases by about 5% due to the carbon prices needed to reach stringent CO 2 emission targets. For less ambitious targets, the increase in oil rent could be even higher. An extensive sensitivity analysis is also performed, which corroborates the main result.

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