The prospects for OPEC: A critical survey of models of the world oil market

The paper critically surveys seven recent models of the world oil market and their evaluations of the prospects for OPEC: Blitzer-Meeraus-Stoutjesdijk, Bohi-Russell, the U.S. Federal Energy Administration, Kennedy, Kalymon, Levy and Nordhaus. After a brief discussion of the basic approaches to the problem, we examine the model specifications in some detail. The principal contributions and conclusions are summarized, as are the main limitations of these models. We conclude with some suggestions of the most promising areas for future research.