THE PROMINENT ROLE OF SAUDIA ARABIA IN THE OIL MARKET FROM 1997 TO 2011

摘要

Since global oil prices experienced a fourfold increase in 1973-1974, analyzing the international oil market has been a major concern for economists. In the following decades, economic analysts have sought to understand the major players and model both their behavior and other related issues. The Organization of the Petroleum Exporting Countries (OPEC) also has played a significant role in the oil market. Saudi Arabia, the largest supplier in OPEC, has the highest share of global oil exports and the highest share of the organization's oil production (29 percent of OPEC in 2009), as the country produces an average of 12 percent of the world's total oil output.