What is OPEC's role in this oil economy?

  • 20 Apr 2022
  • 3:00 PM - 4:00 PM
  • zoom
  • 112

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Join NCAC-USAEE on Wednesday April 20th at 3pm to discuss the impact Covid-19 has had on the world oil market and the recovery of oil prices. This seminar will feature NCAC's Bryn Kirk and Djavad Salehi-Isfahani, a professor at Virginia Tech. The discussion will focus on the role OPEC has in the oil economy. The success of the group has stemmed from collusive actions that allow them to restrict supply and raise prices. With the emergence of OPEC+, the group has become larger and less cohesive, which has lessened the effectiveness of their production agreements due to the inability to make exit costly. This event will consider these issues and how they have led to the waning role of OPEC in the world oil market.

Djavad Salehi‐Isfahani received his PhD in Economics from Harvard University in 1977. He has taught at the University of Pennsylvania and Virginia Tech, where he is currently Professor of Economics. He is a Research Affiliate at the Middle East Initiative at the Belfer Center, Harvard Kennedy School, Research Fellow at the Economic Research Forum (ERF) in Cairo, and a member of the Board of Directors of the International Iranian Economic Association. He was a Nonresident Senior Fellow at the Global Economy and Development, the Brookings Institution 2009-2021, served on the Board of Trustees of the Economic Research Forum in Cairo, the Middle East Economic Association, and as Associate Editor of the Middle East Development Journal. His current research is on economic inequality and economics of the family in the Middle East. His opinion pieces have appeared in Al Monitor, Brookings, Foreign Affairs, Foreign Policy, the Hill, LA Times, Lobelog.com, Project Syndicate, and the New York Times.

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