Relationship between crude oil price and production levels—An empirical study of OPEC and non-OPEC states

This work explores the relationship between price of crude oil and its production through an empirical study on regions Organization Petroleum Exporting Countries (OPEC) non-Organization (non-OPEC). The has recently been fluctuating greatly that it cannot be predicted; this fluctuation causes changes in prices raw materials for everyday life, thus affecting economy worldwide. To better understand factors affect price, gathered monthly by OPEC non-OPEC members, which are divided into Europe, America, Asia according to U.S. Energy Information Administration (2015) . Data West Texas Intermediate (WTI), Brent, Dubai period from January 1995 November 2015 were also subjected unbalanced panel random effect regression investigate determine whether these countries have a significant price. explored specifically oil. Hence, investigated how members affected three major prices, namely, WTI, Dubai, following terms.