Volatility of Oil Price and Instability of Oil Market around OPEC : Any Lessons for Korea?
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Insatiable oil demand contributes to its price up. As oil is becoming scarcer,its price has been widely fluctuating. This study examines the mechanism ofOPEC, focusing on the oil price volatility along with its critical determinants. OPEC has played its role by controlling the relative balance of power withnon-OPEC nations since its inauguration. There are factors affecting the oilmarket instability: that is, conflicts between OPEC and non-OPEC nations,speculative behaviors, and petronationalism. Based on these factors, the studyconcludes with some lessons for South Korea to prepare for the post petroleumera. To this end, South Korea as an oil-consuming nation should redefine therole of OPEC not merely as an oil cartel but as an organization of group ofnations with different geography as well as socio-economy. The South Koreangovernment also requires to diversify the raw materials in domestic industry ascountermeasures against unexpected oil price swing.
Abstract
Insatiable oil demand contributes to its price up. As oil is becoming scarcer,its price has been widely fluctuating. This study examines the mechanism ofOPEC, focusing on the oil price volatility along with its critical determinants. OPEC has played its role by controlling the relative balance of power withnon-OPEC nations since its inauguration. There are factors affecting the oilmarket instability: that is, conflicts between OPEC and non-OPEC nations,speculative behaviors, and petronationalism. Based on these factors, the studyconcludes with some lessons for South Korea to prepare for the post petroleumera. To this end, South Korea as an oil-consuming nation should redefine therole of OPEC not merely as an oil cartel but as an organization of group ofnations with different geography as well as socio-economy. The South Koreangovernment also requires to diversify the raw materials in domestic industry ascountermeasures against unexpected oil price swing.
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