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How Much Crude Oil Should an Oil Exporting Country Produce Annually for Export?

  • Katta G. MurtyEmail author
Chapter
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Part of the International Series in Operations Research & Management Science book series (ISOR, volume 286)

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.

References

  1. 1.
    Challenging Aspects of MCDM, Katta G. Murty, 2015, see: http://www-personal.umich.edu/~murty/MCDM3.pdf
  2. 2.
    “Oil on the Brain: Petroleum’s Long, Strange Trip to your Tank”, Lisa Margonelli, Broadway Books, NY, 2007.Google Scholar

Copyright information

© The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2020

Authors and Affiliations

  1. 1.Department of IOEUniversity of MichiganAnn ArborUSA

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