1、 https:/crsreports.congress.gov November 7, 2018No Oil Producing and Exporting Cartels (NOPEC) Act of 2018Since the beginning of the oil industry, there have been multiple periods when a supply manager has influenced production and price levels. Generally, a supply manager has the capacity to adjust
2、 production rapidly in order to respond to changing market conditions. The limited ability of oil production and consumption to adjust in the short term, coupled with long development cycles for most oil production assets, a desire for price stability, and volatile price movements when the market is
3、 imbalanced by as little as 1% to 2% are some stated justifications for supply management. In the past, the Standard Oil Company, the Texas Railroad Commission, and international oil companies have functioned as supply managers. Today, the 15-member Organization of the Petroleum Exporting Countries
4、(OPEC)representing approximately 40% of the nearly 100 million barrels per day (mbpd) of world liquid fuels supply (see Figure 1)makes oil production decisions that can affect global petroleum prices. Figure 1. World Oil Production 1965-2017 Source: BP Statistical Review of World Energy, 2018. Notes
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