Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/49409
Authors: 
Zaklan, Aleksandar
Zachmann, Georg
Neumann, Anne
Year of Publication: 
2010
Series/Report no.: 
DIW Discussion Papers 1075
Abstract: 
We analyze the dynamic effect of prices and price volatility on current oil production, both on the level of country groups and the major individual producer countries. A comprehensive dataset at monthly frequency allows us to include a rich lag structure while controlling for key global and local determinants as well as seasonality. Our set of explanatory variables also includes real economic activity, investment, the strength of the U.S. dollar and institutional quality. We provide a näive regression analysis using a broad model to show that lagged explanatory variables are important determinants of current oil production. We find that the reaction of oil production is heterogeneous across both country groups and the major individual producer countries.
Subjects: 
Crude oil
prices and production
dynamic time series
JEL: 
D43
L13
Q43
Document Type: 
Working Paper

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