Caldara, Dario, Michele Cavallo, and Matteo Iacoviello (2016). Oil Price Elasticities and Oil Price Fluctuations. International Finance Discussion Papers 1173.

1)It focuses on

identifying the oil shocks using a structural vector autoregressive model of oil

market and proposes an identificationscheme to restrict the elasticity of

oil demand and oil supply. It concludes that 35 to50 percent of the oil

price fluctuations can be explained with the help of oil supply andoil

demand shocks. It also concludes a decrease in oil prices leads tohigh

economic activity in advanced economies and that the elasticity is important to

understand the source of movements in oil prices.The insights from this

article can be used to explain the oil price fluctuations and the oil demand

and supply.

Baumeister,

C., & Kilian, L. (2016). Forty years of oil price fluctuations: Why the

price of oil may still surprise us. Journal of Economic Perspectives, 30(1),

139-160

2) The article focuses on the

magnitude of the oil price shocks which depend on the expectations of oil

price.It tries to identify the determinantsofoil price

fluctuations and the causes of the fluctuations that have happened since

1973-1974. It discusses alternative measures of oil price expectations which

are employed by economists, central banks and households. It also

discussesexample about the difficulty arising in predicting the

determinants.Itdemonstrates how the timing and magnitude of shocks

change with the way the expectations of oil prices are defined. The insights

from this article can be used to model and understand the transmission of oil

price shocks.

Kim,

I. (2020). Swinging shale: Shale oil, the global oil market, and the

geopolitics of oil. International Studies Quarterly.

3)It focuses on

examining the conventional focus on the added volume in supplyand the

price plunge that occurred in 2014-2015. It tries to focus on the technical

specificationsthat act as incentives for the shale producers and help

them in maintain excess capacity. It studies the historical linkage of oil

market,excess capacity and the geopolitics and then compares the

effectiveness of shale producers and traditional producers. It also suggests

the direction to follow for future research.The insights from this article

can be used to explain how shale oil can be used as a substitute for

oiland what is cross price elasticity of demand between shale oil and

traditional oil.

Juvenal,

L., & Petrella, I. (2015). Speculation in the oil market. Journal of

applied econometrics, 30(4), 621-649

4) It focusses on

assessingthe role of speculation in the oil marketin increasing the

oil prices and investment in commodity markets.It identifies the oil

shock using dynamic factors model. It concludes thatglobal demand shocks and

the speculative shocks are the most important factors in determining the oil

price fluctuations.The author analyzed that the strengthened demand of

oilhas led to an increase in global oil prices and any co-movement

between prices of oil and other commoditiesare explained by global demand

shocks. The insights from this article can be used to find out about the role

of speculators in the oilmarket.

Razek,

N. H., &Michieka, N. M. (2019). OPEC and non-OPEC production, global

demand, and the financialization of oil. Research in International Business and

Finance, 50, 201-225.

5)The article focuses

on examining OPEC and non-OPEC production, drop in price of oil in 2014, demand

for oil in world and China and how oil can act as a financial asset. This is

done by the author by employing a vector autoregressive model. It concludes

that OPEC plays an important role in balancing oil marketsand taking oil

as a financial asset can explain the price movements in oil. Some other

conclusions are thatnon-OPEC production has its own

importanceandoil prices get affected bydemandin China.

The insights from thisarticle can be used to explain the pricing of oil

in the presence of OPEC.It can also be used to know the supply and demand

of oil.

Brown,

S. P., & Huntington, H. G. (2017). OPEC and world oil security. Energy

Policy, 108, 512-523.

6)It focuses on

developing a framework to evaluate the factors that influence the role of OPEC

in the world oil market. The authorhas tried to assess the policies that

change global oil demandand also tries to assess the impact of non-OPEC

supply on world oil supply security.It concludes that OPEC has become the

dominant producer of oil because of its market behavior and cost structure.

Also, the OPECmembers are unstable producers which causes insecurity in

the world supply of oil. The insights from this article can be used to explain

the market structure of oil industry and hoe OPEC production affects oil

prices.

Base on this above references and book.... can you please write me 5/6 pages papers by answering these points...?

The market structure for oil industry

The supply and demand for oil in that market structure

The pricing of oil at the presence of OPEC and the role of Speculators

Why shale oil is a substitute for oil and explain the news regarding the Cross elasticity of demand.