摘要：The purpose of this research is to analyze the relationship between OPEC announcementand its impact to crude oil’s stock market returns for the US market and Texas companies. OPECis a twelve country alliance that has as much as sixty percent of the global market share for crudeoil. Naturally, investors in the oil industry would speculate what impact of the OPECannouncements of oil supply would have on the price of oil and the returns of the companies thatoperate in this sector. This research builds on the existing literature of using event studymethodology to investigate the effects of OPEC’s announcements on crude oil stock marketreturns. We examine the OPEC announcement during Jan. 2001- Dec. 2015 and its impact onand crude oil’s stock market returns for the US market and Texas companies. Our results areshowing that OPEC’s announcements do manipulate the market by speculators anticipating thechange the supply of oil and that there is a negative correlation present between theannouncements and crude oil stock returns.
