Energy Systems, Year (2022-9)

Title : ( Modelling OPEC profit based on economics and political variables )

Authors: Aida Riahifar , Hamed Reza Tareghian , Narges Salehnia , Tomas Tichy , Mahdi Bastani ,

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In the present research, we are going to propose a novel model to maximize the Organization of Petroleum Exporting Countries (OPEC) crude oil profit considering various influential variables. It is well known that the unbalanced distribution of oil in some countries along with market power causes the dependence of the economy on oil revenues. Hence, the sensitivity of countries with oil-dependent economies to the oil price and oil supply shocks is high. OPEC members control more than half of the world’s known oil reserves. Therefore, awareness of the optimum oil supply of each member country according to proper influential variables is crucial. In this regard, this study uses linear integer optimization and also panel data models to investigate the behavior of the OPEC concerning selected socio-economic variables. Reported results point out that the oil price cannot be the only factor affecting the OPEC oil supply, but also the political, social, and cultural variables should be considered.


, OPEC · Optimal supply · Crude oil · Socio, economic
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author = {Riahifar, Aida and Tareghian, Hamed Reza and Salehnia, Narges and Tomas Tichy and Mahdi Bastani},
title = {Modelling OPEC profit based on economics and political variables},
journal = {Energy Systems},
year = {2022},
month = {September},
issn = {1868-3967},
keywords = {OPEC · Optimal supply · Crude oil · Socio-economic},


%0 Journal Article
%T Modelling OPEC profit based on economics and political variables
%A Riahifar, Aida
%A Tareghian, Hamed Reza
%A Salehnia, Narges
%A Tomas Tichy
%A Mahdi Bastani
%J Energy Systems
%@ 1868-3967
%D 2022