OPEC and demand response to crude oil prices

Question 1: Describe oil markets structure, conduct, and performance.

Question 2: Explain OPEC and its role in global oil market.

Questions 3: What is the goal of OPEC? Does it profit-maximize? Explain.

Question 4: Why price elasticity of demand for crude oil is a useful information?

Question 5: Describe the literature on price elasticity of crude oil demand. How is Genc (2017) different than the literature. What is the contribution of this paper?

Question 6: Explain the methodology employed to estimate the price elasticity for oil.

Question 7: What is the price response rate (elasticity) before and after the recent economic/financial crisis? Interpret these response rates. What do they tell to OPEC?

Question 8: What is the takeaway message of the paper?