The most rational outcome of the oil market should be a stable and relatively high price

Currently, some analysts suggest that there is a shortage of oil supply in the market. The oil price has reached the peak in 2016. The OPEC countries have started to control their supply in order to push up the oil. This action works. Previously, some OPEC countries tried to increase their supply in order to increase their market shares by beating their competitors with higher production costs. However, it ended with a low oil price and all oil exporters suffered from it. The oil market is oligopolistic and the oil exporters are playing repeated games in the market. It is important for these countries to find an equilibrium strategy and play it forever. Therefore, the most rational behaviour in the oil market should bring out a stable and relatively high oil price, as the suppliers have more market power than the demanders.