Abstract
In 1985 crude oil price was at $31.75/barrel; and Saudi Arabia increased their production by 3% , hoping to increase their revenue from crude oil exports; but instead in a few months the crude oil price bottomed out at $9.75/barrel. We discuss the international political dealings that led to a repeat of a similar event in 2014–2015. For a crude oil exporting country, several objective functions play a role in making a decision on how much crude oil to produce annually for export. In this chapter we discuss them, and also a procedure to find the best solution.
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References
Challenging Aspects of MCDM, Katta G. Murty, 2015, see: http://www-personal.umich.edu/~murty/MCDM3.pdf
“Oil on the Brain: Petroleum’s Long, Strange Trip to your Tank”, Lisa Margonelli, Broadway Books, NY, 2007.
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Murty, K.G. (2020). How Much Crude Oil Should an Oil Exporting Country Produce Annually for Export?. In: Murty, K. (eds) Models for Optimum Decision Making. International Series in Operations Research & Management Science, vol 286. Springer, Cham. https://doi.org/10.1007/978-3-030-40212-9_3
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DOI: https://doi.org/10.1007/978-3-030-40212-9_3
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