Euro pricing of crude oil : an OPEC's perspective

dc.contributor.authorSamii, Massood
dc.contributor.authorThirunavukkarasu, Arul
dc.contributor.authorRajamanickam, Mohana
dc.descriptionThis paper was also presented in the 24th annual meeting of MEEA in conjunction with Allied Social Sciences Association in San Diego, U.S.A., January 3-5, 2004en_US
dc.descriptionVersion of Record
dc.description.abstractIn the late 1970s and the early part of the 1980s, a debate emerged within the Long Term Strategy Committee of the Organization of Petroleum Exporting Countries (OPEC) whether to continue the pricing of crude oil in United States dollars or to shift to an alternative currency. This debate was rooted in the persistent decline in the value of the United States dollar relative to other global currencies. The choice of currencies available to price crude oil was limited for OPEC because of the inadequate liquidity of most other currencies. With the recent emergence of the euro, the issue of choice of currency for pricing crude oil has emerged once again for policy discussion. The current paper is focused on the implications of a shift in the pricing of crude oil from United States dollar to euro on OPEC members. Winners and losers are identified based on economic gains and losses. It is concluded that while such a policy would incrementally benefit OPEC en bloc, it would result in a disadvantage for the countries whose major trading partner is the United States and, therefore, would not be a Pareto optimal solution.en_US
dc.description.bibliographicCitationRajamanickam, M., Samii, M., & Thirunavukkarasu, A. (2004, September). Euro pricing of crude oil: An OPEC's perspective. Topics in Middle Eastern and North African Economies, 6. Retrieved from http://academicarchive.snhu.eduen_US
dc.format.extent819478 bytesen_US
dc.publisherMiddle East Economic Association and Loyola Universityen_US
dc.relation.requiresAdobe Acrobat Readeren_US
dc.rightsAuthors retain all ownership rights. Further reproduction in violation of copyright is prohibiteden_US
dc.rightsHolderSamii, Massood
dc.rightsHolderThirunavukkarasu, Arul
dc.rightsHolderRajamanickam, Mohana
dc.subject.othercrude oilen_US
dc.subject.otheroil pricesen_US
dc.titleEuro pricing of crude oil : an OPEC's perspectiveen_US
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