Is It Feasible for China to Optimize Oil Import Source Diversification?

Directory of Open Access Journals (Sweden)

Jian Xu

2014-11-01

Full Text Available In 2013, China imported 282 million tons of crude oil with an external dependence of 58.1%, surpassing the USA as the world’s largest net oil importer. An import source diversification strategy has been adopted by China to ensure oil supply security and to prevent oil supply disruption. However, the strategy is restricted by the imbalance of oil reserves. What is the reasonable and clear objective of the diversification strategy under an imbalanced environment? How do we assess the natural imbalance? This paper analyzes the oil import diversification of China and the USA, as well as the oil production of oil export countries by the oil import source diversification index (OISDI. Our results are as follows: the distribution of oil import sources for China tends to coincide with the oil production distribution of oil exporters in the world. Compared with the USA, China has more diversified import sources. The Chinese government paid much attention to import sources in the past. In the future, China will adjust the distributions of regional sources rather than focus on the number of sources to further optimize the structure of imported regions in the course of implementing the import source diversification strategy.

Exploring crude oil production and export capacity of the OPEC Middle East countries

International Nuclear Information System (INIS)

Matsumoto, Ken'ichi; Voudouris, Vlasios; Stasinopoulos, Dimitrios; Rigby, Robert; Di Maio, Carlo

2012-01-01

As the world economy highly depends on crude oil, it is important to understand the dynamics of crude oil production and export capacity of major oil-exporting countries. Since crude oil resources are predominately located in the OPEC Middle East, these countries are expected to have significant leverage in the world crude oil markets by taking into account a range of uncertainties. In this study, we develop a scenario for crude oil export and production using the ACEGES model considering uncertainties in the resource limits, demand growth, production growth, and peak/decline point. The results indicate that the country-specific peak of both crude oil export and production comes in the early this century in the OPEC Middle East countries. On the other hand, they occupy most of the world export and production before and after the peak points. Consequently, these countries are expected to be the key group in the world crude oil markets. We also find that the gap between the world crude oil demand and production broadens over time, meaning that the acceleration of the development of ultra-deep-water oil, oil sands, and extra-heavy oil will be required if the world continuous to heavily rely on oil products. - Highlights: ► We simulate the future scenario of crude oil export and production using ACEGES. ► The simulated results are analyzed using the GAMLSS framework. ► The peak points of oil export and production will come early in this century. ► The OPCE Middle East will produce most of the world crude oil in the near future. ► These countries will continuously be the key players in the crude oil markets.

Oil price shocks and stock markets in the U.S. and 13 European countries

International Nuclear Information System (INIS)

Park, Jungwook; Ratti, Ronald A.

2008-01-01

Oil price shocks have a statistically significant impact on real stock returns contemporaneously and/or within the following month in the U.S. and 13 European countries over 1986:1-2005:12. Norway as an oil exporter shows a statistically significantly positive response of real stock returns to an oil price increase. The median result from variance decomposition analysis is that oil price shocks account for a statistically significant 6% of the volatility in real stock returns. For many European countries, but not for the U.S., increased volatility of oil prices significantly depresses real stock returns. The contribution of oil price shocks to variability in real stock returns in the U.S. and most other countries is greater than that of interest rate. An increase in real oil price is associated with a significant increase in the short-term interest rate in the U.S. and eight out of 13 European countries within one or two months. Counter to findings for the U.S. and for Norway, there is little evidence of asymmetric effects on real stock returns of positive and negative oil price shocks for oil importing European countries. (author)

Do Oil-Producing Countries Have Normal Oil Overconsumption? An Investigation of Economic Growth and Energy Subsidies

Directory of Open Access Journals (Sweden)

Seyed Reza Mirnezami

2015-07-01

Full Text Available The data shows that oil-producing countries have low oil retail prices and low economic growth compared with other countries. Considering that oil-producing countries experience high oil consumption and low economic growth, it is possible to argue that economic growth is not an appropriate justification for oil consumption and that the main cause for high oil consumption is the low retail price. In addition, it should be noted that the global environmental movement against increasing greenhouse gas emissions—for example, the Kyoto 1998 agreement—seems to have had no effect on oil consumption in oil-producing countries.

Role of oil imports in economic development

International Nuclear Information System (INIS)

Madduri, V.B.N.S.; Radhika, G.

1990-01-01

This paper reports that energy has a vital role to play in a developing economy. The process of industrialization calls for continuous increase in energy use. In general, the greater the use of energy, the higher the economy is placed in the order of developed countries. Countries with high per-capita income have a high consumption level of energy too. On a per-capita basis, energy consumed in U.S.A. is 51.7 barrels of oil equivalent per year while in India, it is 0.9 barrels of oil equivalent only. Therefore, energy consumption, industrial development and economic growth are interlinked. Energy became a significant part in the process of development. In the case of developing countries, any change in the price of oil has a negative effect on economic growth. It was stated in one of the Oil and Natural Gas Commission reports that a fivefold increase in the international price of oil, in real terms, over the past 15 years has had profound effects on balance of payments and growth prospects in developing countries

Nutraceutical Importance of Sesame Seed and Oil: A Review of the ...

African Journals Online (AJOL)

Sesame seed is widely used in food and nutraceutical industries in many countries because of its high oil, protein and antioxidant contents. Sesame oil contains sesamin, sesamolin and sesaminol lignan fractions, which are known to play an important role in its oxidative stability and antioxidative activity. It is widely known ...

Economic dynamics of exporting countries and restructuring their oil industries

International Nuclear Information System (INIS)

De La Vega Navarro, A.

1994-01-01

The author analyses the re-organization of oil industries in exporting countries. The approach takes internal and external dynamics of these countries' economic crisis into account. It finally makes proposals with a view to a different consistency for the economic development of these countries. This could include a change from pure ''exporting countries'' to ''countries that (among other activities) export oil'' and which will not be conditioned by the incertitude of the international oil market. This in turn means that public oil companies will have to replace thinking in terms of oil rents and assume their industrial and productive role on both national and international levels. (Author). 21 refs., 1 tab

Do Oil-Producing Countries Have Normal Oil Overconsumption? An Investigation of Economic Growth and Energy Subsidies

OpenAIRE

Seyed Reza Mirnezami

2015-01-01

The data shows that oil-producing countries have low oil retail prices and low economic growth compared with other countries. Considering that oil-producing countries experience high oil consumption and low economic growth, it is possible to argue that economic growth is not an appropriate justification for oil consumption and that the main cause for high oil consumption is the low retail price. In addition, it should be noted that the global environmental movement against increasing greenhou...

Nuclear industry in a country with a substantial oil reserve

International Nuclear Information System (INIS)

Alvarez, R.; Castillo, H.; Costa, D.; Galan, I.; Martinez, M.

1981-01-01

The importance of the development of a nuclear industry in a country like Mexico, with a substantial oil reserve is analyzed, taking into account the technical, economical, political, ecological and social aspects of the problem. (author)

Nuclear energy consumption, oil consumption and economic growth in G-6 countries: Bootstrap panel causality test

International Nuclear Information System (INIS)

Chu, Hsiao-Ping; Chang Tsangyao

2012-01-01

This study applies bootstrap panel Granger causality to test whether energy consumption promotes economic growth using data from G-6 countries over the period of 1971–2010. Both nuclear and oil consumption data are used in this study. Regarding the nuclear consumption-economic growth nexus, nuclear consumption causes economic growth in Japan, the UK, and the US; economic growth causes nuclear consumption in the US; nuclear consumption and economic growth show no causal relation in Canada, France and Germany. Regarding oil consumption-economic growth nexus, we find that there is one-way causality from economic growth to oil consumption only in the US, and that oil consumption does not Granger cause economic growth in G-6 countries except Germany and Japan. Our results have important policy implications for the G-6 countries within the context of economic development. - Highlights: ► Bootstrap panel Granger causality test whether energy consumption promotes economic growth. ► Data from G-6 countries for both nuclear and oil consumption data are used. ► Results have important policy implications within the context of economic development.

Demand for oil and energy in developing countries

Energy Technology Data Exchange (ETDEWEB)

Wolf, C. Jr.; Relles, D.A.; Navarro, J.

1980-05-01

How much of the world's oil and energy supply will the non-OPEC less-developed countries (NOLDCs) demand in the next decade. Will their requirements be small and thus fairly insignificant compared with world demand, or large and relatively important. How will world demand be affected by the economic growth of the NOLDCs. In this report, we try to develop some reasonable forecasts of NOLDC energy demands in the next 10 years. Our focus is mainly on the demand for oil, but we also give some attention to the total commercial energy requirements of these countries. We have tried to be explicit about the uncertainties associated with our forecasts, and with the income and price elasticities on which they are based. Finally, we consider the forecasts in terms of their implications for US policies concerning the NOLDCs and suggest areas of future research on NOLDC energy issues.

Giant Oil Fields - The Highway to Oil: Giant Oil Fields and their Importance for Future Oil Production

International Nuclear Information System (INIS)

Robelius, Fredrik

2007-01-01

Since the 1950s, oil has been the dominant source of energy in the world. The cheap supply of oil has been the engine for economic growth in the western world. Since future oil demand is expected to increase, the question to what extent future production will be available is important. The belief in a soon peak production of oil is fueled by increasing oil prices. However, the reliability of the oil price as a single parameter can be questioned, as earlier times of high prices have occurred without having anything to do with a lack of oil. Instead, giant oil fields, the largest oil fields in the world, can be used as a parameter. A giant oil field contains at least 500 million barrels of recoverable oil. Only 507, or 1 % of the total number of fields, are giants. Their contribution is striking: over 60 % of the 2005 production and about 65 % of the global ultimate recoverable reserve (URR). However, giant fields are something of the past since a majority of the largest giant fields are over 50 years old and the discovery trend of less giant fields with smaller volumes is clear. A large number of the largest giant fields are found in the countries surrounding the Persian Gulf. The domination of giant fields in global oil production confirms a concept where they govern future production. A model, based on past annual production and URR, has been developed to forecast future production from giant fields. The results, in combination with forecasts on new field developments, heavy oil and oil sand, are used to predict future oil production. In all scenarios, peak oil occurs at about the same time as the giant fields peak. The worst-case scenario sees a peak in 2008 and the best-case scenario, following a 1.4 % demand growth, peaks in 2018

Climate-related electricity demand-side management in oil-exporting countries--the case of the United Arab Emirates

International Nuclear Information System (INIS)

Al-Iriani, Mahmoud A.

2005-01-01

The oil crisis of the 1970s has increased the concern about the continuity of oil imports flow to major oil-importing developed countries. Numerous policy measures including electricity demand-side management (DSM) programs have been adopted in such countries. These measures aim at reducing the growing need for electricity power that increases the dependency on imported foreign oil and damages the environment. On the other hand, the perception that energy can be obtained at very low cost in oil-rich countries led to less attention being paid to the potential of DSM policies in these countries. This paper discusses such potential using the case of the United Arab Emirates (UAE). Since air conditioning is a major source of electric energy consumption, the relationship between climate conditions and electric energy consumption is considered. An electricity demand model is constructed using time series techniques. The fitted model seems to represent these relationships rather well. Forecasts for electricity consumption using the estimated model indicate that a small reduction in cooling degrees requirement might induce a significant reduction in electric energy demand. Hence, a DSM program is proposed with policy actions to include, among others, measures to reduce cooling degrees requirement

Oil supply security -- Emergency response of IEA countries 2007

Energy Technology Data Exchange (ETDEWEB)

NONE

2007-11-29

When Hurricane Katrina hit the Gulf of Mexico in 2005, the region's oil production and refining infrastructure was devastated and world energy markets were disrupted. The International Energy Agency decided in a matter of days to bring 60 million barrels of additional oil to the market. The emergency response system worked - the collective action helped to stabilise global markets. Since its founding in 1974, oil supply security has been a core mission of the IEA and the Agency has improved its mechanisms to respond to short-term oil supply disruptions. Nevertheless, numerous factors will continue to test the delicate balance of supply and demand. Oil demand growth will continue to accelerate in Asia; oil will be increasingly produced by a shrinking number of countries; and capacities in the supply chain will need to expand. These are just a few of the challenges facing an already tight market. What are the emergency response systems of IEA countries? How are their emergency structures organised? How prepared is the IEA to deal with an oil supply disruption? This publication addresses these questions. It presents another cycle of rigorous reviews of the emergency response mechanisms of IEA member countries. The goal of these reviews is to ensure that the IEA stays ready to respond effectively to oil supply disruptions. This publication also includes overviews of how China, India and countries of Southeast Asia are progressing with domestic policies to improve oil supply security, based on emergency stocks.

Oil supply security -- Emergency response of IEA countries 2007

Energy Technology Data Exchange (ETDEWEB)

NONE

2007-11-29

When Hurricane Katrina hit the Gulf of Mexico in 2005, the region's oil production and refining infrastructure was devastated and world energy markets were disrupted. The International Energy Agency decided in a matter of days to bring 60 million barrels of additional oil to the market. The emergency response system worked - the collective action helped to stabilise global markets. Since its founding in 1974, oil supply security has been a core mission of the IEA and the Agency has improved its mechanisms to respond to short-term oil supply disruptions. Nevertheless, numerous factors will continue to test the delicate balance of supply and demand. Oil demand growth will continue to accelerate in Asia; oil will be increasingly produced by a shrinking number of countries; and capacities in the supply chain will need to expand. These are just a few of the challenges facing an already tight market. What are the emergency response systems of IEA countries? How are their emergency structures organised? How prepared is the IEA to deal with an oil supply disruption? This publication addresses these questions. It presents another cycle of rigorous reviews of the emergency response mechanisms of IEA member countries. The goal of these reviews is to ensure that the IEA stays ready to respond effectively to oil supply disruptions. This publication also includes overviews of how China, India and countries of Southeast Asia are progressing with domestic policies to improve oil supply security, based on emergency stocks.

Crude oil import policy of Turkey: Historical analysis of determinants and implications since 1968

International Nuclear Information System (INIS)

Ediger, Volkan S.; Berk, Istemi

2011-01-01

Turkey is one of the most energy import dependent countries in the world, suffering deeply from the economic and strategic burdens of oil importation. Our purpose is to determine the factors behind the crude oil import policy of Turkey and to measure their contribution to a well-organized import strategy. We implemented a principle component analysis to construct an Oil Import Vulnerability Index (OIVI) based on four factors, which are crude oil import dependency of primary energy consumption, crude oil import bill as a share of Gross Domestic Product (GDP), non-diversification of import sources, and share of oil in total energy import. The contribution of these factors to the OIVI is found to be approximately equal. While an overall deterioration in the OIVI has been observed during periods of increasing oil prices, better diversification of oil import sources has lead to significant improvements. We suggest Turkish policy-makers implement sound policies, emphasizing diversification of crude oil import sources and reduction of the share of crude oil in primary energy imports to increase energy supply security. This study has also demonstrated that it is possible to construct an index representing crude oil vulnerability caused by import dependency. - Research highlights: →We examine the factors lying behind the crude oil import policy of Turkey. → We measure the contribution of each factor to a well-organized import strategy. → We constrtuct an Oil Import Vulnerability Index using principle component analysis. → We suggest that four factors affect oil import policies with almost equal weights. → Source diversification is found to be the core issue in oil import policies.

Crude oil import policy of Turkey: Historical analysis of determinants and implications since 1968

Energy Technology Data Exchange (ETDEWEB)

Ediger, Volkan S., E-mail: volkanediger@gmail.co [Izmir University of Economics, Sakarya Caddesi, No. 156, 35330 Izmir (Turkey); Berk, Istemi [Izmir University of Economics, Sakarya Caddesi, No. 156, 35330 Izmir (Turkey)

2011-04-15

Turkey is one of the most energy import dependent countries in the world, suffering deeply from the economic and strategic burdens of oil importation. Our purpose is to determine the factors behind the crude oil import policy of Turkey and to measure their contribution to a well-organized import strategy. We implemented a principle component analysis to construct an Oil Import Vulnerability Index (OIVI) based on four factors, which are crude oil import dependency of primary energy consumption, crude oil import bill as a share of Gross Domestic Product (GDP), non-diversification of import sources, and share of oil in total energy import. The contribution of these factors to the OIVI is found to be approximately equal. While an overall deterioration in the OIVI has been observed during periods of increasing oil prices, better diversification of oil import sources has lead to significant improvements. We suggest Turkish policy-makers implement sound policies, emphasizing diversification of crude oil import sources and reduction of the share of crude oil in primary energy imports to increase energy supply security. This study has also demonstrated that it is possible to construct an index representing crude oil vulnerability caused by import dependency. - Research highlights: {yields}We examine the factors lying behind the crude oil import policy of Turkey. {yields} We measure the contribution of each factor to a well-organized import strategy. {yields} We constrtuct an Oil Import Vulnerability Index using principle component analysis. {yields} We suggest that four factors affect oil import policies with almost equal weights. {yields} Source diversification is found to be the core issue in oil import policies.

Importance of rural bioenergy for developing countries

International Nuclear Information System (INIS)

Demirbas, Ayse Hilal; Demirbas, Imren

2007-01-01

Energy resources will play an important role in the world's future. Rural bioenergy is still the predominant form of energy used by people in the less developed countries, and bioenergy from biomass accounts for about 15% of the world's primary energy consumption and about 38% of the primary energy consumption in developing countries. Furthermore, bioenergy often accounts for more than 90% of the total rural energy supplies in some developing countries. Earth life in rural areas of the world has changed dramatically over time. Industrial development in developing countries, coming at a time of low cost plentiful oil supplies, has resulted in greater reliance on the source of rural bioenergy than is true in the developed countries. In developed countries, there is a growing trend towards employing modern technologies and efficient bioenergy conversion using a range of biofuels, which are becoming cost wise competitive with fossil fuels. Currently, much attention has been a major focus on renewable alternatives in the developing countries. Renewable energy can be particularly appropriate for developing countries. In rural areas, particularly in remote locations, transmission and distribution of energy generated from fossil fuels can be difficult and expensive. Producing renewable energy locally can offer a viable alternative. Renewable energy can facilitate economic and social development in communities but only if the projects are intelligently designed and carefully planned with local input and cooperation. Particularly in poor rural areas, the costs of renewable energy projects will absorb a significant part of participants' small incomes. Bio-fuels are important because they replace petroleum fuels. Biomass and biofuels can be used as a substitute for fossil fuels to generate heat, power and/or chemicals. Generally speaking, biofuels are generally considered as offering many benefits, including sustainability, reduction of greenhouse gas emissions, regional

EFFECTS OF OIL AND NATURAL GAS PRICES ON INDUSTRIAL PRODUCTION IN THE EUROZONE MEMBER COUNTRIES

Directory of Open Access Journals (Sweden)

Yılmaz BAYAR

2014-04-01

Full Text Available Industrial production is one of the leading indicators of gross domestic product which reflects the overall economic performance of a country. In other words decreases or increases in industrial production point out a contracting or expanding economy. Therefore, changes in prices of oil and natural gas which are the crucial inputs to the industrial production are also important for the overall economy. This study examines the effects of changes in oil and natural gas prices on the industrial production in the 18 Eurozone member countries during the period January 2001-September 2013 by using panel regression. We found that oil prices and natural gas prices had negative effect on industrial production in the Eurozone member countries.

Dominant Middle East oil reserves critically important to world supply

International Nuclear Information System (INIS)

Riva, J.P. Jr.

1991-01-01

This paper reports that the location production, and transportation of the 60 million bbl of oil consumed in the world each day is of vital importance to relations between nations, as well as to their economic wellbeing. Oil has frequently been a decisive factor in the determination of foreign policy. The war in the Persian Gulf, while a dramatic example of the critical importance of oil, is just the latest of a long line of oil-influenced diplomatic/military incidents, which may be expected to continue. Assuming that the world's remaining oil was evenly distributed and demand did not grow, if exploration and development proceeded as efficiently as they have in the U.S., world oil production could be sustained at around current levels to about the middle of the next century. It then would begin a long decline in response to a depleting resource base. However, the world's remaining oil is very unevenly distributed. It is located primarily in the Eastern Hemisphere, mostly in the Persian Gulf, and much is controlled by the Organization of Petroleum Exporting Countries. Scientific resource assessments indicate that about half of the world's remaining conventionally recoverable crude oil resource occurs in the Persian Gulf area. In terms of proved reserves (known recoverable oil), the Persian Gulf portion increase to almost two-thirds

Real purchasing power of oil revenues for OPEC Member Countries: a broad currency basket and dynamic trade pattern approach

International Nuclear Information System (INIS)

Mazraati, M.

2005-01-01

The purpose of this paper is to examine the real purchasing power of OPEC Member Countries' oil revenues, which are subject to 'the value of the US dollar vis-a-vis other major currencies' and 'world imported inflation'. The exponential weighting average formula with a broad basket of currencies is suggested. The basket of currencies is labelled as a broad currency basket and includes the major trading partners of OPEC Member Countries. The weights are normalized OPEC import shares of the countries of the basket and are updated and adjusted every year to incorporate a gradual change in the trade pattern. In other words, the dynamic trade pattern approach is incorporated in the calculations. The nominal dollar oil revenues of OPEC Member Countries are about $5,099 billion during 1970 to 2004, of which $3,725 bn (73 per cent) have been lost due to imported inflation and the dollar's depreciation. Imported inflation and dollar depreciation have had a respective 78.6 per cent and 21.4 per cent contribution to the losses of the purchasing power of OPEC Member Countries. The imported inflation rate approaches a stable low level, but OPEC still has a lot of concerns on dollar swings. The euro offers opportunities for many oil-exporting nations that have extensive trade relations with Euro-zone countries. Payments for oil exports can be invoked in euros at the prevailing dollar-euro rate on the day of a given contract, or any other trigger formula. This would immunize a major portion of OPEC oil revenues from dollar depreciation. (author)

Development challenges of resource-rich countries: the case of oil ...

African Journals Online (AJOL)

This paper discusses some of the challenges that confront oil-rich developing countries in their development quest. It stresses that one of the surest ways governments in oil-rich developing countries have at their disposal to avoid the so-called curse of oil is through the insulation of fiscal policy from the volatility associated ...

U.S. demand and imports wither in recession: Oil loses share

International Nuclear Information System (INIS)

Anon.

1992-01-01

This issue of Energy Detente finds that the economic recession and very low prices for natural gas have cut US use of oil and reduced its oil-import dependency. The period 1985 through 1991 is examined by petroleum product. The 1991 decline in crude oil imports is felt to be an anomaly that will reverse itself in the short term; it was caused by the recession and the flurry of additional production during the Persian Gulf conflict. This issue also presents the following: (1) The ED Refining Netback Data Series for the US Gulf and West Coasts, Rotterdam, and Singapore as of April 10, 1992; and (2) the ED Fuel Price/Tax Series for countries of the Western Hemisphere, April 1992 Edition

The asymmetric relationship between oil revenues and economic activities: The case of oil-exporting countries

International Nuclear Information System (INIS)

Mehrara, Mohsen

2008-01-01

This paper examines the nonlinear or asymmetric relationship between oil revenues and output growth in oil-exporting countries, applying a dynamic panel framework and two different measures of oil shocks. The main results in this paper confirm the stylized facts that in heavily oil-dependent countries lacking the institutional mechanisms de-linking fiscal expenditure from current revenue, oil revenue shocks tend to affect the output in asymmetric and nonlinear ways. The findings suggest that output growth is adversely affected by the negative oil shocks, while oil booms or the positive oil shocks play a limited role in stimulating economic growth. The findings have practical policy implications for decision makers in the area of macroeconomic planning. The use of stabilization and savings funds and diversification of the real sector seems crucial to minimize the harmful effects of oil booms and busts

China's new oil import status underpins world's most dynamic petroleum scene

International Nuclear Information System (INIS)

Anon.

1994-01-01

China is poised to become a net importer of oil in 1994--95. That sets the stage for China importing more than 1 million b/d of crude oil and refined products on a net basis by the turn of the century. That development underpins a bigger story -- arguably the biggest story on the petroleum scene today. The turnabout that is seeing the world's fifth biggest oil producer go from significant oil exporter in recent years to major oil importer by the turn of the century points to several other truisms in the petroleum industry: That an oil demand surge in the Asia-Pacific region led by China will fuel overall world oil demand growth for years to come; that a refining and petrochemical boom in a country that accounts for about one fifth of the world's population has dramatic implications for those two industries; that privatization has gathered so much momentum in the global petroleum industry that even Communist China has embraced some form of it; that China's domestic crude supply shortfall is creating unprecedented opportunities for foreign upstream investors in one of the world's most prospective yet underexplored and underexploited regions; and that the same new openness that is distinguishing China's petroleum industry today is turning some of its state owned companies into major competitors to be reckoned with on the international scene, upstream and downstream. The paper discusses China's oil export/import balance, supply/demand outlook, policy changes, and new regulations governing export of crude oil and products

The economic growth of oil countries

International Nuclear Information System (INIS)

Arbod, G.

2007-02-01

The literature tries to apprehend the weakness of the economic growth of oil culminates by the assumption of ousted growth factors. In the Dutch Disease models the non-oil exporting sector would be ousted whereas in the analyses in terms of economic policies it would be the efficient economic policies. We consider the phenomenon through the growth theories, the oil income being regarded as an additional exogenous income for the economy. In this manner the growth dynamic of oil countries, even the most unfavourable, can be modelled without utilizing any concept of economic inefficiency. The last part of our work is devoted to the Saudi economy. After having developed a macro-econometric model, and using scenarios of oil prices, we lead a forecasted analysis of this economy. (author)

Risk of revolutions in the Middle East. [Of importance for oil supplies

Energy Technology Data Exchange (ETDEWEB)

Jensen, R.

1983-01-01

Western Europe and of course also Denmark will still for many years be dependent on the oil that is recovered in the Arabian Gulf. Denmark has the largest percentage oil conservation in Western Europe. It is not only due to the power plants using more coal, but also our energy consumption decreases more than in other Western European countries. In spite of these reulsts it is obvious, that Denmarks economy entirely depends on the economy of our neighbouring countries. Security of energy supply is therefore a western problem, which Denmark cannot solve alone. The development of societies in the Middle East countries, including the key country Saudi Arabia, is so labile, that a period of crisis with insecurity in the oil supplies cannot be excluded. In addition to this is the risk of international conflicts, that stop the oil export. The probability of these risks becoming actualized in the next 10 to 15 years is hard to tell, but it is important to call the attention to the risks. These risks seem to be much underrated in the discussions of security policy, where the east-west problems dominate. Therefore it would be wrong to take the westernization of the Arabic societies for granted. Periods with extreme ideologies are very probable. As to the international conflicts one only has to refer to the present war between Iraq and Iran.

Analysis of oil export dependency of MENA countries: Drivers, trends and prospects

Energy Technology Data Exchange (ETDEWEB)

Bhattacharyya, Subhes C.; Blake, Andon [CEPMLP, University of Dundee, Dundee DD1 4HN, Scotland (United Kingdom)

2010-02-15

The purpose of this paper is to analyse how oil export dependencies of Middle East and North African (MENA) oil producers have evolved over the past two decades and to identify the main driving factors from an energy policy perspective. The paper expresses the oil export dependency of each economy in terms of a multiplicative identity that captures effective export price, export to primary oil supply ratio, oil dependency and oil export intensity of the country. Using the data for 1980-2006, the evolution in these factors is investigated for seven MENA countries and the influence of the above factors is decomposed using the Laspeyres index. The analysis shows that energy price and increasing energy intensity in the MENA countries have influenced the overall oil export dependency. Reducing the energy intensity can improve oil export revenue share to GDP by 5-10% in most of the countries while Iran can gain significantly by increasing its export volume. (author)

Analysis of oil export dependency of MENA countries: Drivers, trends and prospects

International Nuclear Information System (INIS)

Bhattacharyya, Subhes C.; Blake, Andon

2010-01-01

The purpose of this paper is to analyse how oil export dependencies of Middle East and North African (MENA) oil producers have evolved over the past two decades and to identify the main driving factors from an energy policy perspective. The paper expresses the oil export dependency of each economy in terms of a multiplicative identity that captures effective export price, export to primary oil supply ratio, oil dependency and oil export intensity of the country. Using the data for 1980-2006, the evolution in these factors is investigated for seven MENA countries and the influence of the above factors is decomposed using the Laspeyres index. The analysis shows that energy price and increasing energy intensity in the MENA countries have influenced the overall oil export dependency. Reducing the energy intensity can improve oil export revenue share to GDP by 5-10% in most of the countries while Iran can gain significantly by increasing its export volume. (author)

Overseas oil-development policy of resource-poor countries: A case study from Japan

International Nuclear Information System (INIS)

Koike, Masanari; Mogi, Gento; Albedaiwi, Waleed H.

2008-01-01

Japan, currently the world's third largest oil consumer, depends on imports for almost all of its oil needs. Owing to this high level of dependence, Japanese citizens as well as the economy have historically been vulnerable. In the past, certain incidents caused by the interruption of oil imports have resulted in fatal damages to the country. In order to reduce these risks, the Japanese government has supported overseas exploration and development activities of the domestic upstream oil industry, which has not proven as successful as expected. This paper presents the experiences, policies, and the structure of Japan's attempts to increase the share of domestic oil needs met by development activities. While conducting this study, both internal and external constraints were encountered. In addition to the lack of domestic oil reserves, factors including the institutional design of cooperation between government and private industries, the early history of the upstream industry, the target area of overseas development, and the changing environment have created impediments toward achieving the targets. In 2006, Japan again set a new target for doubling the ratio of self-developed oil in its total imports by 2030, and will face challenges in clearing the above-mentioned hurdles

Ex-Soviet Union: oil exporter or importer

International Nuclear Information System (INIS)

Khartukov, E.M.

1993-01-01

Perestroika of the Soviet economy and the political disintegration of the USSR have raised questions about the international ramifications of the ongoing economic and political developments in the world's largest oil-producing country. First of all, it relates to their impact on the quantity and quality of oil exports from the former Soviet Union (FSU). On the other hand, the opening of the national oil industry to foreign investors focuses their ever growing attention on the complicated internal, inter-republic oil issues which emerged after the sudden fragmentation of the Soviet oil empire into a dozen of sovereign but still interdependent parts. 1 fig., 7 tabs

The role of diversification strategies in the economic development for oil-depended countries: - The case of UAE

Directory of Open Access Journals (Sweden)

Ahmed Zain Elabdin Ahmed

2015-03-01

Full Text Available Diversification strategies adopted by oil-depended economies' played an important role in the economic development in these countries, which rely heavily on oil exports. UAE as an oil-dependency economy has the type of strategy to diversify the sources of its national income and reduce its dependence on oil to counter the instability in global oil prices. This paper seek to investigate whether the diversification strategies adopted by (UAE is adequate to manage its economic development. The methodology employed in this study is to examine the contribution of diversified sectors based on the country's GDP especially during and after the global financial crisis (2008-2012 using statistical analysis procedure. The results confirm that investment in different sectors rather than oil would have substantially improved the performance UAE economy.

Decomposition analysis of CO2 emission intensity between oil-producing and non-oil-producing sub-Saharan African countries

International Nuclear Information System (INIS)

Ebohon, Obas John; Ikeme, Anthony Jekwu

2006-01-01

The need to decompose CO 2 emission intensity is predicated upon the need for effective climate change mitigation and adaptation policies. Such analysis enables key variables that instigate CO 2 emission intensity to be identified while at the same time providing opportunities to verify the mitigation and adaptation capacities of countries. However, most CO 2 decomposition analysis has been conducted for the developed economies and little attention has been paid to sub-Saharan Africa. The need for such an analysis for SSA is overwhelming for several reasons. Firstly, the region is amongst the most vulnerable to climate change. Secondly, there are disparities in the amount and composition of energy consumption and the levels of economic growth and development in the region. Thus, a decomposition analysis of CO 2 emission intensity for SSA affords the opportunity to identify key influencing variables and to see how they compare among countries in the region. Also, attempts have been made to distinguish between oil and non-oil-producing SSA countries. To this effect a comparative static analysis of CO 2 emission intensity for oil-producing and non oil-producing SSA countries for the periods 1971-1998 has been undertaken, using the refined Laspeyres decomposition model. Our analysis confirms the findings for other regions that CO 2 emission intensity is attributable to energy consumption intensity, CO 2 emission coefficient of energy types and economic structure. Particularly, CO 2 emission coefficient of energy use was found to exercise the most influence on CO 2 emission intensity for both oil and non-oil-producing sub-Saharan African countries in the first sub-interval period of our investigation from 1971-1981. In the second subinterval of 1981-1991, energy intensity and structural effect were the two major influencing factors on emission intensity for the two groups of countries. However, energy intensity effect had the most pronounced impact on CO 2 emission

Oil imports and the US balance of payments

International Nuclear Information System (INIS)

Vance, D.H.

1990-01-01

An examination of the historical data for the US during a period of major swings in our oil import bill shows little continuing relationship to measures of our overall international balance. A look at other major oil importers all more dependent on imported oil than we will be even by the end of the century shows they handled similar wide swings in their oil import bills even while improving their international balances. Some, perhaps a major part, or our increased payments for oil imports is likely to return as payment for imports from us by the oil exporters. What seems more important is that we remain competitive in our export industries, and some measures suggested to reduce our oil imports, such as a unilateral US oil import tariff are likely to work against this competitiveness by raising oil and energy costs to our industries above those of our competitors. In terms of our international balances at least, the cures for rising oil imports are likely to be much worse than the disease

Tail dependence between oil and stocks of major oil-exporting countries using the CoVaR approach

Directory of Open Access Journals (Sweden)

Nader Trabelsi

2017-12-01

Full Text Available This paper investigates the negative tail risk dependence between oil shocks and stock indices (at aggregated and desegregated levels for Saudi Arabia (KSA, United Arab Emirates (UAE and Russia, over the period between 2007 and 2016. DCC-MGARCH approach and CoVaR measure are employed to assess the oil shock exposure. The results show that the tail dependence is significant and depends on the origin of the oil shocks, with intensity that varies across countries and sectors. Keywords: Oil price shocks, Oil-exporting countries, Conditional VaR, JEL Classification: C58, G11, Q4

Imported resources - gas/oil

Energy Technology Data Exchange (ETDEWEB)

Jakob, K. [MOL Hungarian Oil and Gas Company, Budapest (Hungary)

1995-12-01

The goal of this presentation is to provide information on issues of crude oil and natural gas supply at a conference addressing the problems of energy in Eastern and Central Europe. Although this can inevitably be performed through the {open_quotes}binoculars{close_quotes} of the petroleum sector of my country, I will try to present the issues and challenges that are thought to be characteristic in general for the region.

Do oil price shocks matter? Evidence for some European countries

International Nuclear Information System (INIS)

Cunado, Juncal; Gracia, Fernando Perez de

2003-01-01

This paper analyzes the oil price-macro economy relationship by means of analyzing the impact of oil prices on inflation and industrial production indexes for many European countries using quarterly data for the period 1960-1999. First, we test for cointegration allowing for structural breaks among the variables. Second, and in order to account for the possible non-linear relationships, we use different transformation of oil price data. The main results suggest that oil prices have permanent effects on inflation and short run but asymmetric effects on production growth rates. Furthermore, significant differences are found among the responses of the countries to these shocks. (Author)

The role of diversification strategies in the economic development for oil-depended countries: - The case of UAE

OpenAIRE

Ahmed Zain Elabdin Ahmed

2015-01-01

Diversification strategies adopted by oil-depended economies' played an important role in the economic development in these countries, which rely heavily on oil exports. UAE as an oil-dependency economy has the type of strategy to diversify the sources of its national income and reduce its dependence on oil to counter the instability in global oil prices. This paper seek to investigate whether the diversification strategies adopted by (UAE) is adequate to manage its economic development. T...

Energy consumption and economic growth: The case of oil exporting countries

International Nuclear Information System (INIS)

Mehrara, Mohsen

2007-01-01

This paper examines the causal relationship between the per capita energy consumption and the per capita GDP in a panel of 11 selected oil exporting countries by using panel unit-root tests and panel cointegration analysis. The results show a unidirectional strong causality from economic growth to energy consumption for the oil exporting countries. The findings have practical policy implications for decision makers in the area of macroeconomic planning. In most major oil exporting countries, government policies keep domestic prices bellow free market level, resulting in high levels of domestic energy consumption. The results imply that the energy conservation through reforming energy price policies has no damaging repercussions on economic growth for this group of countries. (author)

Oil consumption and output: What causes what? Bootstrap panel causality for 49 countries

International Nuclear Information System (INIS)

Chu, Hsiao-Ping

2012-01-01

This study examines the growth, conservation, neutrality and feedback hypotheses for 49 countries during the period from 1970 to 2010 using panel causality analysis: this technique accounts for both dependence and heterogeneity across the countries. The results provide evidence as to the direction of causality between oil consumption and output and are consistent with the neutrality hypothesis for 24 countries, the growth hypothesis for 5 countries, the conservation hypothesis for 13 countries, and the feedback hypothesis for 7 countries. The findings provide important policy implications for the 49 countries under study. - Highlights: ► Bootstrap panel causality for 49 countries. ► Examines the “growth, conservation, neutrality and feedback” hypotheses for 49 countries during the period from 1970 to 2010.

Transfer prices and the excess cost of Canadian oil imports: New evidence on Bertrand versus Rugman

International Nuclear Information System (INIS)

Bernard, J.-T.; Weiner, R.J.

1992-01-01

Transfer pricing can be a source for contention between governments and multinational corporations, with suspicion that transfer prices are set so as to report higher income in countries where corporations are taxed more lightly. The first systematic empirical evidence on transfer pricing in multinational corporations is presented, through examination of the Canadian petroleum industry, which is dominated by foreign multinationals. The data cover the period 1974-84 and allow analysis of the allegation of excess cost paid by Canada for crude oil imports. After taking into account crude oil quality indicators, transaction characteristics, and countries of export, the merging of a comparable set of U.S. and Canadian data demonstrates evidence of transfer-price setting at levels significantly different from arm's-length prices for crude oil imports to Canada from 1974-84. However, the evidence runs contrary to Bertrand's assessment: the crude oil prices for affiliate transactions were found to be, in general, lower than comparable prices for third-party transactions. As to transport costs, the converse was found to be the case, however, the effect is much less important than transfer pricing. The overall result is that transfer prices have worked in Canada's favour. 15 refs., 7 tabs

Social and economic vulnerability indicators for oil exporting countries: methodology and comparison analysis; Indicadores de vulnerabilidade socioeconomica para paises exportadores de petroleo: metodologia e analise comparativa

Energy Technology Data Exchange (ETDEWEB)

Jesus, Fernanda Delgado de

2009-04-15

The oil exporting countries can be vulnerable to this row-material as the oil importing ones, due to their social economic dependence of the revenues generated by the oil and gas sector. So, it is also important for those countries the analysis of their social economic vulnerability in order to contribute for the comprehension of their real actions related to their production strategies, aiming to affect oil price and market-share. Due to that, this thesis proposes a methodology based on social economic indicators of oil exporting countries, which will enclose the following aspects: physical, productive, commercial, macro economic, fiscal and social. These indicators will be applied to the OPEC members, Norway and Mexico, and orientated through a normalized scale as in a multicriteria methodology (AHP - Analytic Hierarchy Process). The analyzed results will drive the social economic implications, and the studied countries will be classified in a scale that goes from very favorable to very unfavorable. The results point the main social economic fragilities of the oil exporting countries, designing pathways to Brazil and their possible exporting ambitions. The most important considerations that became from the vulnerable oil export countries experiences refers to the necessity to straight and increases their macro economic foundations, industrial diversification incentives and the creation of an stabilization fund (based on oil revenues) for the future generations, or to severe oil prices oscillations periods in the international market (author)

The importance of the oil sector in the national economy

International Nuclear Information System (INIS)

Montenegro Santiago

2001-01-01

The paper is about the oil sector in Colombia as for their growing importance in the economy of the country in the last years, leaving of the base that this strategic sector for the economy for its high participation in the gross internal product, generates a very high percentage of the total exports and because it is also a very important source of fiscal resources for the national government as for the sectional governments. This writing is centered fundamentally in the analysis related with the production and export of raw petroleum

Short-run and long-run elasticities of import demand for crude oil in Turkey

International Nuclear Information System (INIS)

Altinay, Galip

2007-01-01

The aim of this study is to attempt to estimate the short-run and the long-run elasticities of demand for crude oil in Turkey by the recent autoregressive distributed lag (ARDL) bounds testing approach to cointegration. As a developing country, Turkey meets its growing demand for oil principally by foreign suppliers. Thus, the study focuses on modelling the demand for imported crude oil using annual data covering the period 1980-2005. The bounds test results reveal that a long-run cointegration relationship exists between the crude oil import and the explanatory variables: nominal price and income, but not in the model that includes real price in domestic currency. The long-run parameters are estimated through a long-run static solution of the estimated ARDL model, and then the short-run dynamics are estimated by the error correction model. The estimated models pass the diagnostic tests successfully. The findings reveal that the income and price elasticities of import demand for crude oil are inelastic both in the short run and in the long run

Angola - an Oil Dependant Country in Sub-Saharan Africa

Directory of Open Access Journals (Sweden)

Baumgartner Boris

2016-12-01

Full Text Available The Sub-Saharan Africa belongs to the most underdeveloped regions in the world economy. This region consists of forty nine countries but it’s world GDP share is only a small percentage. There are some very resource rich countries in this region. One of them is Angola. This former Portuguese colony has one of the largest inventories of oil among all African countries. Angola recorded one of the highest growth of GDP between 2004-2008 from all countries in the world economy and nowadays is the third biggest economy in Sub-Saharan Africa after Nigeria and South Africa. The essential problem of Angola is the one-way oriented economy on oil and general on natural resources. Angola will be forced to change their one-way oriented economy to be more diversified and competitive in the future.

The impact of oil-export dependency on a developing country; The case of Algeria

Energy Technology Data Exchange (ETDEWEB)

Heidarian, J. (World Bank, Washington, DC (USA)); Green, R.D. (Howard Univ., Washington, DC (US). Dept. of Economics)

1989-10-01

A large oil export sector is often considered to be a potential spur to diversification and full modernization in third world countries, especially when a central government controls and plans the use of oil revenues with such goals in mind. We evaluate this proposition by developing a 12-equation Keynesian econometric model of the Algerian economy. The model's equations, estimated using ordinary least squares, are robust with strong R-squares, significant t-tests for the independent variables, and reasonable Durbin-Watson statistics. Historical simulations track the true variables rather closely. Our RMSEs (percentage) are in general better than those in most studies of less-developed countries, ranging from 7 to 21%. Our results indicate that there has been a growing dependency of most major economic sectors on oil revenues, both before and after nationalization. Improvements in oil exports will, ceteris paribus, lead to elastic increases in luxury imports and domestic consumption, and inelastic increases in domestic investment. Thus, the goals of diversification, modernization and industrialization will not be met under the current set of policies in Algeria. (author).

The fluctuations in oil prices in the OPEC countries and the impact on the world oil market

Directory of Open Access Journals (Sweden)

Buryanova N.V.

2017-08-01

Full Text Available the article examines the issues of influence of OPEC countries on the international oil market. Also, the author analyzes the state of the oil market and fluctuations in oil prices at the macroeconomic level for 2011–2016.

Oil markets to 2010: the impact of non-Opec oil

International Nuclear Information System (INIS)

Enav, Peter

1998-09-01

This report provides an in-depth assessment of oil development scenarios in every non-Opec oil producing country from 1998 to 2010, in addition to evaluating the extent and direction of future oil trade for Opec and non-Opec countries alike. It re-assesses world oil consumption patterns in light of the Asian financial crisis, providing a concise yet comprehensive coverage of an often-neglected oil production group. The oil market development scenario is analysed in each country, with detailed consideration of the major players providing historical production, consumption, import and export data; current oil balance - production, imports and exports; an assessment of oil development policy; analysis of potential development obstacles considering regulatory, financial, political and environmental issues; oil production and consumption projections to 2010, by type; and import and export projections to 2010, by destination and source. More than 80 tables supplying essential statistics on the world's non-Opec markets accompany the report, with maps and schematic diagrams showing existing and potential infrastructure and fields. (Author)

Exchange rate of the US dollar and the J curve: the case of oil exporting countries

International Nuclear Information System (INIS)

Yousefi, A.; Wirjanto, T.S.

2003-01-01

This study examines the effects of changes in the exchange rate of the US dollar on the trade balances of three oil-exporting countries, namely Iran, Venezuela and Saudi Arabia. An exchange rate pass-through model is applied to allow changes in the exchange rate of the dollar to affect prices of traded goods. Then, the impact of changes in prices on the quantities of imports and exports of these economies is estimated. The results suggest a partial exchange rate pass-through to these countries' import and export prices in terms of the US dollar. While the three countries raise the price of their primary export (namely crude oil) in response to a depreciation of the dollar, Saudi Arabia's long-run pricing strategy in securing a larger market share stands in contrast to that of the two other OPEC members. The sum of the estimated long-run price elasticities of demand for imports and exports is found to exceed unity for Iran and Venezuela, but less than unity for Saudi Arabia. (author)

Exchange rate of the US dollar and the J curve. The case of oil exporting countries

International Nuclear Information System (INIS)

Yousefi, Ayoub; Wirjanto, Tony S.

2003-01-01

This study examines the effects of changes in the exchange rate of the US dollar on the trade balances of three oil-exporting countries, namely Iran, Venezuela and Saudi Arabia. An exchange rate pass-through model is applied to allow changes in the exchange rate of the dollar to affect prices of traded goods. Then, the impact of changes in prices on the quantities of imports and exports of these economies is estimated. The results suggest a partial exchange rate pass-through to these countries' import and export prices in terms of the US dollar. While the three countries raise the price of their primary export (namely crude oil) in response to a depreciation of the dollar, Saudi Arabia's long-run pricing strategy in securing a larger market share stands in contrast to that of the two other OPEC members. The sum of the estimated long-run price elasticities of demand for imports and exports is found to exceed unity for Iran and Venezuela, but less than unity for Saudi Arabia

Dynamically consistent oil import tariffs

International Nuclear Information System (INIS)

Karp, L.; Newbery, D.M.

1992-01-01

The standard theory of optimal tariffs considers tariffs on perishable goods produced abroad under static conditions, in which tariffs affect prices only in that period. Oil and other exhaustable resources do not fit this model, for current tariffs affect the amount of oil imported, which will affect the remaining stock and hence its future price. The problem of choosing a dynamically consistent oil import tariff when suppliers are competitive but importers have market power is considered. The open-loop Nash tariff is solved for the standard competitive case in which the oil price is arbitraged, and it was found that the resulting tariff rises at the rate of interest. This tariff was found to have an equilibrium that in general is dynamically inconsistent. Nevertheless, it is shown that necessary and sufficient conditions exist under which the tariff satisfies the weaker condition of time consistency. A dynamically consistent tariff is obtained by assuming that all agents condition their current decisions on the remaining stock of the resource, in contrast to open-loop strategies. For the natural case in which all agents choose their actions simultaneously in each period, the dynamically consistent tariff was characterized, and found to differ markedly from the time-inconsistent open-loop tariff. It was shown that if importers do not have overwhelming market power, then the time path of the world price is insensitive to the ability to commit, as is the level of wealth achieved by the importer. 26 refs., 4 figs

The opening up of Middle Eastern Oil Producing countries

International Nuclear Information System (INIS)

Giannesini, J.F.

2000-01-01

Between them, Saudi Arabia, Iraq, Iran and Kuwait control nearly 56 % of the world's oil reserves. They account for almost 25 % of production. There are signs that they are opening their territories to foreign companies in different ways and to various degrees, according to the country. The reasons are technical (decline of production and human resources), economic (increasing state budgetary requirements and growing oil production investment costs) and geopolitical (protective military isolation of territories and regimes). The opening up to these countries will in the future, have a major impact on the strategies of large western company operators. (authors)

Political oil import diversification by financial and commercial traders

International Nuclear Information System (INIS)

Kashcheeva, Mila; Tsui, Kevin K.

2015-01-01

International politics affects the oil trade. But do financial and commercial traders who participate in spot oil trading also respond to changes in international politics? We construct a firm-level dataset for all U.S. oil-importing companies over 1986–2008 to examine how these firms respond to increases in “political distance” between the U.S. and her trading partners, measured by divergence in their UN General Assembly voting patterns. Consistent with previous macro evidence, we first show that individual firms diversify their oil imports politically, even after controlling for unobserved firm heterogeneity. However, the political pattern of oil imports is not entirely driven by the concerns of hold-up risks, which exist when oil transactions via term contracts are associated with backward vertical FDI that is subject to expropriation. In particular, our results indicate that even financial and commercial traders significantly reduce their oil imports from U.S. political enemies. Interestingly, while these traders diversify their oil imports politically immediately after changes in international politics, other oil companies reduce their oil imports with a significant time lag. Our findings suggest that in designing regulations to avoid harmful repercussions on commodity and financial assets, policymakers need to understand the nature of political risk. -- Highlights: •American firms diversify their oil imports politically. •Financial and commercial traders diversify their oil imports politically immediately. •Other oil companies reduce their oil imports with a significant time lag. •Policymakers need to understand the nature of political risk

Drilling, alternative fuels and efficiency. Can the United States wean itself from imported oil?

Energy Technology Data Exchange (ETDEWEB)

Fairey, Philip [Florida Solar Energy Center, 1679 Clearlake Road, Cocoa, FL 32922-5703 (United States)

2009-04-15

Perhaps the most daunting challenge the next generation of Americans will face is what President Bush called our 'addiction to oil'. The challenge is to find the means to provide for our transportation needs in the face of declining world oil production. Perhaps the central question is whether we will export the great wealth of America to foreign countries in payment for oil before we tackle the grand challenge of creating a new transportation future that does not rely completely on oil. This article presents the historical facts relative to America's oil demand and domestic and world oil production resources. These historical trends are used to construct a scenario of future supply and demand for oil in the US. A range of existing technologies, which can reduce the need for petroleum imports, are then evaluated using wedges analysis, giving projections to the year 2030. (author)

Drilling, alternative fuels and efficiency: Can the United States wean itself from imported oil?

Energy Technology Data Exchange (ETDEWEB)

Fairey, Philip [Florida Solar Energy Center, 1679 Clearlake Road, Cocoa, FL 32922-5703 (United States)], E-mail: pfairey@fsec.ucf.edu

2009-04-15

Perhaps the most daunting challenge the next generation of Americans will face is what President Bush called our 'addiction to oil'. The challenge is to find the means to provide for our transportation needs in the face of declining world oil production. Perhaps the central question is whether we will export the great wealth of America to foreign countries in payment for oil before we tackle the grand challenge of creating a new transportation future that does not rely completely on oil. This article presents the historical facts relative to America's oil demand and domestic and world oil production resources. These historical trends are used to construct a scenario of future supply and demand for oil in the US. A range of existing technologies, which can reduce the need for petroleum imports, are then evaluated using wedges analysis, giving projections to the year 2030.

Drilling, alternative fuels and efficiency. Can the United States wean itself from imported oil?

International Nuclear Information System (INIS)

Fairey, Philip

2009-01-01

Perhaps the most daunting challenge the next generation of Americans will face is what President Bush called our 'addiction to oil'. The challenge is to find the means to provide for our transportation needs in the face of declining world oil production. Perhaps the central question is whether we will export the great wealth of America to foreign countries in payment for oil before we tackle the grand challenge of creating a new transportation future that does not rely completely on oil. This article presents the historical facts relative to America's oil demand and domestic and world oil production resources. These historical trends are used to construct a scenario of future supply and demand for oil in the US. A range of existing technologies, which can reduce the need for petroleum imports, are then evaluated using wedges analysis, giving projections to the year 2030. (author)

Comparative studies of oil product regulation in polluted soil for several industrialized countries

Science.gov (United States)

Paccassoni, F.; Kalnina, D.; Piga, L.

2017-10-01

Oil contaminated sites are the consequence of a long period of industrialization. Oil is a complex mixture including aliphatic and aromatic hydrocarbons, which are known to have negative effects on human health and the environment. Dividing oil products in groups (fractions) of petroleum hydrocarbons that act alike in soil and water, one can better know what happens to them. Being able to understand the behaviour of oil products in soil, it will allow to implement prevention and remediation actions. Interventions on contaminated sites are bound to comply with regulatory limits that each country has set in their own environmental legislation. The different concentration thresholds of oil products in soil for several EU countries and Canada has led to compare: limit values, analytical method, soil characteristics and/or land use. This will allow to evaluate what could be the best regulation approach, assessing if it is better to consider soil matrix in the site or the specific land use or both of them. It will also assess what is the best analytical methodology to be adopted to achieve the pollutant concentrations in the soil in order to have comparable results among different countries, such as: Baltic countries (Latvia, Estonia, Lithuania), Nordic countries (Finland, Sweden, Norway, Denmark), Western countries (Italy and The Netherlands) and Canada, like gaschromatography in the range from C10 - C50. The study presents an overview of environmental regulatory system of several EU countries and Canada and the correlation between different parameters about oil products indicated in each environmental legislation.

The Dutch disease effect in a high versus low oil dependent countries

OpenAIRE

Allegret , Jean-Pierre; Benkhodja , Mohamed Tahar

2014-01-01

To investigate the main impacts of the recent increase of oil price on oil exporting economies, we estimate a DSGE model for a sample of 16 oil exporting countries (Algeria, Argentina, Ecuador, Gabon, Indonesia, Kuwait, Libya, Malaysia, Mexico, Nigeria, Oman, Russia, Saudi Arabia, United Arab Emirates, and Venezuela) over the period from 1980 to 2010, except for Russia where our sample begins in 1992. In order to distinguish between high-dependent and low-dependent countries, we use two indic...

Economic Exposure to Oil Price Shocks and the Fragility of Oil-Exporting Countries

Directory of Open Access Journals (Sweden)

Toon Vandyck

2018-04-01

Full Text Available From a price range between 100 and 120 USD (U.S. dollars per barrel in 2011–2014, the crude oil price fell from mid-2014 onwards, reaching a level of 26 USD per barrel in January 2016. Here we assess the economic consequences of this strong decrease in the oil price. A retrospective analysis based on data of the past 25 years sheds light on the vulnerability of oil-producing regions to the oil price volatility. Gross domestic product (GDP and government revenues in many Gulf countries exhibit a strong dependence on oil, while more diversified economies improve resilience to oil price shocks. The lack of a sovereign wealth fund, in combination with limited oil reserves, makes parts of Sub-Saharan Africa particularly vulnerable to sustained periods of low oil prices. Next, we estimate the macroeconomic impacts of a 60% oil price drop for all regions in the world. A numerical simulation yields a global GDP increase of roughly 1% and illustrates how the regional impact on GDP relates to oil export dependence. Finally, we reflect on the broader implications (such as migration flows of macroeconomic responses to oil prices and look ahead to the challenge of structural change in a world committed to limiting global warming.

A survey of oil product demand elasticities for developing countries

International Nuclear Information System (INIS)

Dahl, Carol

1994-01-01

As more and more developing countries join the ranks of the rich they will consume both more oil and higher percentage of the lighter products. To satisfy this growing demand oil production and refinery capacity that can provide the right quantity and mix of products must be developed. In a companion piece, Dahl (1993) found the total demand for oil to be price inelastic (-0.34) and income elastic (1.32) These elasticities can give information on the total quantity of oil that might be demanded, the total amount of distillation capacity that might be needed and the overall increases in product prices that might be necessary to choke off demand growth. However, with this overall growth in product demand, the more the shift towards the lighter portion of the barrel, the more complex the refinery and the greater the demand for downstream capital. To provide information on this mix in developing countries in the coming years, this paper surveys the available work on econometric demand elasticities by oil product. (author)

EEC demand for imported crude oil, 1956--1985

Energy Technology Data Exchange (ETDEWEB)

Kouris, G; Robinson, C

1977-06-01

The authors develop here a model which analyses the EEC demand for imported oil, basing the analysis on functional relationships with real income and price. They conclude that net imports into the EEC in 1985 will be sensitive to future oil prices. If no UK oil were available then it might be necessary to double real oil prices to meet an objective of holding net imports to their 1973 levels. However, the existence of UK oil should allow this goal to be achieved with much lower price rises, probably around 30 to 50%, but perhaps as low as zero.

The impact of oil price shocks. Evidence from the industries of six OECD countries

International Nuclear Information System (INIS)

Jimenez-Rodriguez, Rebeca

2008-01-01

Most of the studies about the macroeconomic consequences of oil price shocks have been focused on US aggregate data. In contrast to these studies, this paper empirically assesses the dynamic effect of oil price shocks on the output of the main manufacturing industries in six OECD countries. The pattern of responses to an oil price shock by industrial output is diverse across the four European Monetary Union (EMU) countries under consideration (France, Germany, Italy, and Spain), but broadly similar in the UK and the US. Moreover, evidence on cross-industry heterogeneity of oil shock effects within the EMU countries is also reported. (author)

Evaluating U.S. oil security and import reliance

International Nuclear Information System (INIS)

Brown, Stephen P.A.; Huntington, Hillard G.

2015-01-01

We examine the literature that considers the consequences of U.S. reliance on imported oil. We take an approach that covers many ideas about the costs arising from U.S. reliance on imported oil, and we identify which of those ideas have broad support in the economics literature and which ideas have only limited support. We also quantify the costs of U.S. reliance on imported oil using two approaches. One is fairly narrow, conforms to the economics view of externalities, and yields small cost estimates. The other is relatively expansive, is favored by some policy analysts, and yields much larger cost estimates. We estimate these costs as expected U.S. economic losses over a time horizon from 2010 through 2035, while taking into account world oil market conditions, market power, probable oil supply disruptions, and the oil-market response to those supply disruptions. - Highlights: • A variety of perspectives on the consequences of U.S. reliance on imported oil. • Quantify and evaluate the costs of U.S. reliance on oil imports. • Narrower approaches are more consistent with the economic definition of externalities. • Narrower approaches yield recommendations for relatively modest policy. • Expansive approaches favored by some policy analysts support more aggressive policy

Short‑Term and Long‑Term Relationships Between Prices of Imported Oil and Fuel Products in the U. S.

Directory of Open Access Journals (Sweden)

Václav Adamec

2016-01-01

Full Text Available In this study, we analyzed a system of five monthly time series integrated I(1: average price of crude oil imported to the U.S. from OPEC countries (Opec, imported oil price from other than OPEC countries (NonOpec in USD per barrel, average price of regular gasoline in the U.S. (Regular, premium quality gasoline price (Premium and kerosene price (Kerosene in U.S. cents per gallon. Cointegration was established by EG test and the series were analyzed by VECM model with lag selected via BIC criterion. Cointegration rank was determined by the Johansen procedure. According to VECM coefficients, prices of oil from OPEC countries and beyond OPEC exert influence upon all commodity prices in the system, but in a contradictory manner. Responses to innovation shocks in Opec and NonOpec stabilized within 8 to 10 months upon a nonzero shift and further became permanent. Innovation shock in both types of gasoline and Kerosene had only short-term significant impact upon the system. Forecast error variance in all variables is explained mainly by variation in oil prices, especially Opec, which persists with increased horizon. For a short horizon h = 1, FEVDs in gasoline and kerosene prices are primarily made of variation in the respective fuel prices.

DEMAND FOR OIL PRODUCTS IN OPEC COUNTRIES: A PANEL COINTEGRATION ANALYSIS

Directory of Open Access Journals (Sweden)

Nourah Al Yousef

2013-01-01

Full Text Available The increasing consumption of oil-refined products on OPEC countries will have its impact on the availability of oil exports. The goal of this paper is to examine the determinants of oil refined products’ consumption for a panel consisting of 7 OPEC countries, namely, Algeria, Kuwait, Libya, Qatar, Saudi Arabia, United Emirates and Iran for the period of 1980–2010, by employing the recently developed panel data unit root tests and panel data cointegration techniques. Furthermore, conditional on finding cointegration, the paper extends the literature by employing the Pedroni Panel Fully Modified Ordinary Least Squares (FMOLS Dynamic OLS (DOLS procedure to generate. The study estimates the demand for Gasoline, Kerosene and Diesel. An attempt is also made to assess the impact of this demand on the future availability of OPEC oil exports.

The increasing importance of the oil issue in the Middle East by the 1970's. Oil and development: the trap of oil income in the Middle East

International Nuclear Information System (INIS)

Chatelus, Michel

2015-10-01

In a first article, after having recalled some aspects of the context of the Middle East during the second half of the 1960's and the first half of the 1970's, notably in terms of GDP and population in the different countries, the author comments how these countries tried to take possession of what they considered as their own oil, how some of them tried to reorganise oil production (notably Iraq and Syria) when others tried to act differently in collaboration with western companies or through specific bodies (OPEC). The author outlines that evolutions which occurred during this period (1960's-1970's) resulted in an unprecedented, brutal and uneven enrichment (particularly at the beginning of the 1970's) of oil producing states. He comments how oil was then used as a weapon against some western countries (first oil crisis), and that Arab countries also had different policies in terms of development, finance or reserve management. In the second article which addresses the fact that high oil incomes could become a trap, the author comments the consequences of the existence of high oil incomes. He discusses the policies adopted by Arab countries except Iraq: creation of a welfare economy, development of activities related to hydrocarbon availability, a minimum redistribution to other countries of the region, lucrative and safe investments, and requirements in terms of peacekeeping. Then, the author briefly comments the situation of countries of the regions. He distinguishes those which are not oil producers but are involved in wealth circulation and can take some profit out of it (Lebanon, Jordan), those which are excluded (Syria and Yemen), and the specific case of Iraq. He finally evokes the perspectives and contradictions of the growth scheme

THE LEGAL FRAMEWORK FOR THE OIL AND MINING CONCESSION IN DIFFERENT COUNTRIES

Directory of Open Access Journals (Sweden)

Cătălina Georgeta DINU

2014-05-01

Full Text Available Concession is the oldest form of cooperation between the state and companies to exploit oil being found in the Middle East since the late nineteenth century. In colonized countries the right of exploitation belonged to the companies of the suzerain states. Invoking national interest, dispute over natural resources has increased in direct proportion to the increasing importance of these resources and inversely proportional to the decrease in quantity. A dull but intense battle at this point characterizes natural resources, especially of oil and mining of precious metals. Therefore, we can say that the power exerted on natural resources determines the ranking of countries of the world economic power and living standards of the population. Use of natural resources as an effective weapon in the economic consolidation became state policy and the expansion of exploration and exploitation in foreign lands required the development of complex regulations. Therefore, this study aims at presenting an analytic perspective of foreign law - specific states with relevant impact on the exploitation of natural resources - and the presentation of some features of international law.

78 FR 52213 - Certain Oil Country Tubular Goods From India, Korea, the Philippines, Saudi Arabia, Taiwan...

Science.gov (United States)

2013-08-22

... (Preliminary)] Certain Oil Country Tubular Goods From India, Korea, the Philippines, Saudi Arabia, Taiwan...), that there is a reasonable indication that an industry in the United States is materially injured by reason of imports from India, Korea, the Philippines, Saudi Arabia, Taiwan, Thailand, Turkey, Ukraine...

New technologies in Islamic countries. Power engineering, transport, oil industry, machinery construction, building construction and information technologies problems

International Nuclear Information System (INIS)

Sharipova, N.S.

1999-01-01

This issue contains papers, which reflect the most important achievements of new technologies in power engineering, transport, oil industry, machinery construction, building construction and information technologies presented to the International Scientific and Technical Conference: New technologies in Islamic countries, which was organized within frame work of 6 General Assembly of Federation of Engineering Institutes of Islamic Countries (FEIIC). (author)

Growth and oil price: A study of causal relationships in small Pacific Island countries

Energy Technology Data Exchange (ETDEWEB)

Jayaraman, T.K. [School of Economics, Faculty of Business and Economics, The University of the South Pacific, Laucala Bay Road, Suva (Fiji); Choong, Chee-Keong [Department of Economics and Finance, Faculty of Business and Finance, Universiti Tunku Abdul Rahman (Perak Campus), Jalan Universiti, Bandar Barat, 31900 Kampar, Perak Darul Ridzuan (Malaysia)], E-mail: choongck@utar.edu.my

2009-06-15

This paper investigates the nexus between economic growth and oil price in small Pacific Island countries (PICs). Except Papua New Guinea, none of the 14 PICs has fossil any fuel resources. Consequently, the other 13 PICs are totally dependent on oil imports for their economic activities. Since PICs have limited foreign exchange earning capacities, as they have a very narrow range of exports and are highly dependent on foreign aid, high oil prices in recent months have seriously tested their economic resilience. This paper applies the ARDL bounds testing methodology to four selected PICs, Samoa, Solomon Islands, Tonga and Vanuatu, which have consistent and reliable time series of data, with a view to assess the impact of oil price on economic growth. The findings are that oil price, gross domestic product and international reserve are cointegrated in all the four PICs. Further, both in the long and short runs, we observe that there is a uni-directional relationship as causality linkage runs only from oil price and international reserves to economic growth. The paper makes some policy recommendations.

Growth and oil price. A study of causal relationships in small Pacific Island countries

Energy Technology Data Exchange (ETDEWEB)

Jayaraman, T.K. [School of Economics, Faculty of Business and Economics, The University of the South Pacific, Laucala Bay Road, Suva (Fiji); Choong, Chee-Keong [Department of Economics and Finance, Faculty of Business and Finance, Universiti Tunku Abdul Rahman (Perak Campus), Jalan Universiti, Bandar Barat, 31900 Kampar, Perak Darul Ridzuan (Malaysia)

2009-06-15

This paper investigates the nexus between economic growth and oil price in small Pacific Island countries (PICs). Except Papua New Guinea, none of the 14 PICs has fossil any fuel resources. Consequently, the other 13 PICs are totally dependent on oil imports for their economic activities. Since PICs have limited foreign exchange earning capacities, as they have a very narrow range of exports and are highly dependent on foreign aid, high oil prices in recent months have seriously tested their economic resilience. This paper applies the ARDL bounds testing methodology to four selected PICs, Samoa, Solomon Islands, Tonga and Vanuatu, which have consistent and reliable time series of data, with a view to assess the impact of oil price on economic growth. The findings are that oil price, gross domestic product and international reserve are cointegrated in all the four PICs. Further, both in the long and short runs, we observe that there is a uni-directional relationship as causality linkage runs only from oil price and international reserves to economic growth. The paper makes some policy recommendations. (author)

Growth and oil price: A study of causal relationships in small Pacific Island countries

International Nuclear Information System (INIS)

Jayaraman, T.K.; Choong, Chee-Keong

2009-01-01

This paper investigates the nexus between economic growth and oil price in small Pacific Island countries (PICs). Except Papua New Guinea, none of the 14 PICs has fossil any fuel resources. Consequently, the other 13 PICs are totally dependent on oil imports for their economic activities. Since PICs have limited foreign exchange earning capacities, as they have a very narrow range of exports and are highly dependent on foreign aid, high oil prices in recent months have seriously tested their economic resilience. This paper applies the ARDL bounds testing methodology to four selected PICs, Samoa, Solomon Islands, Tonga and Vanuatu, which have consistent and reliable time series of data, with a view to assess the impact of oil price on economic growth. The findings are that oil price, gross domestic product and international reserve are cointegrated in all the four PICs. Further, both in the long and short runs, we observe that there is a uni-directional relationship as causality linkage runs only from oil price and international reserves to economic growth. The paper makes some policy recommendations.

The Effects of Oil Price Shocks on IIP and CPI in Emerging Countries

Directory of Open Access Journals (Sweden)

Yukino Sakashita

2016-09-01

Full Text Available In this paper, we investigate the effects of oil price shocks on the production and price level in five emerging countries through comparison with the United States, using a two-block structural VAR model of the global crude oil market proposed by Kilian and Park (see International Economic, vol. 50, 2009, pp. 1267–1287. Our main finding is that the effect of oil price shocks on the index of the industrial production (IIP and consumer price index (CPI in emerging countries also depends on where the changes fundamentally come from (this is also the case for the United States. We also found that some emerging countries showed unique impulse response patterns, the shapes of which are different from those of the United States and there are differences in impulse response patterns among emerging countries.

Oil and the political economy of energy

International Nuclear Information System (INIS)

Matutinovic, Igor

2009-01-01

The key issues concerning oil exploitation are still open for discussion: there is no agreement about where we presently stand in the world oil extraction curve, what is its exact shape, and how far can oil price grow before it changes irreversibly the world economy and consumer behavior. The paper proposes an alternative scenario to the Hubbert's bell-shaped model of oil exploitation, based on more realistic assumptions regarding political agendas in oil-exporting countries and consumer behavior dynamics in oil-importing countries. Under this scenario, the joint impact of markets and public policy in oil importing countries together with 'resource pragmatism' policy in oil-exporting countries allows for a less steep oil supply curve with a much fatter tail compared to the Hubbert's model.

Wage Inequality and Violent Protests in Oil/Gas Producing Countries

Science.gov (United States)

Nuraliyev, Nurlan

This work examines contrasting claims made by academic scholars on the relationship between income inequality and political discontent. Does income inequality directly cause social unrest or is this relationship conditional on the level of democratic development? Using the data from 55 oil/gas producing countries between 2010-2013, the author finds: 1) income disparity between an average income per capita of local population and an average income of foreign labor employed in the oil/gas industry results in higher number of violent protests in more democratic oil/gas producing societies; 2) wage disparity between local and foreign labor in the oil/gas industry is associated with higher number of protests in this industry in more democratic oil/gas producing states.

U.S. oil-import vulnerability: The technical replacement capability

International Nuclear Information System (INIS)

1991-10-01

The report examines the changes that have taken place in world oil markets and the U.S. economy since 1984 and provides revised estimates of the technical oil replacement potential that might be attained in the event of a severe and long lasting cutoff of imported oil. The analysis focuses on technologies that are commercially available today or will be within the next 5 years and that are among the most cost-effective methods for replacing oil use in applicable sectors. It also considers the economic impacts of adopting an aggressive oil replacement strategy in a severe oil emergency. The report presents a variety of policy options that could help accelerate the adoption of oil replacement technologies in preparation for, or in response to, a severe supply disruption, or as part of a long-term national policy to reduce import vulnerability. The report concludes that U.S. capability to replace lost oil imports is shrinking. Market forces alone will not be sufficient to overcome the substantial economic and social dislocations that could result from a prolonged major oil disruption

Investment requirements in the oil industry of the independent oil exporting countries in the face of environmental challenges

International Nuclear Information System (INIS)

Rahmat, H.; Hamid, A.A.

1992-01-01

The oil industry has to operate under environmental constraints which involve commercial risks. Oil companies need to treat environmental management as an investment as well as an insurance problem, assessing risks and costs and deciding how to minimize them most cost effectively. Petroleum development in Malaysia is accelerating. In view of the high visibility of the industry and the wide publicity generated by a few incidents which have taken place outside Malaysia the national oil company, Petronas, is constantly vigilant in its efforts to preserve the environment. Oil producing countries like Malaysia will need to continue to set aside some of the revenue they obtain from the oil industry and use it for protecting the environment to ensure public acceptance and ultimately, orderly growth of their industry. Clearly they are less able to do so if their income is lessened through the interference with free trade among nations even if the purported reasons for the interference is the environment itself. Ultimately the environmental investment requirement in the oil industry of the independent and developing oil exporting countries is free trade without price distortions. The 1989 Langkawi Declaration on the Environment of the Commonwealth Heads of Government is appended to this article. (author)

Economic effects of peak oil

International Nuclear Information System (INIS)

Lutz, Christian; Lehr, Ulrike; Wiebe, Kirsten S.

2012-01-01

Assuming that global oil production peaked, this paper uses scenario analysis to show the economic effects of a possible supply shortage and corresponding rise in oil prices in the next decade on different sectors in Germany and other major economies such as the US, Japan, China, the OPEC or Russia. Due to the price-inelasticity of oil demand the supply shortage leads to a sharp increase in oil prices in the second scenario, with high effects on GDP comparable to the magnitude of the global financial crises in 2008/09. Oil exporting countries benefit from high oil prices, whereas oil importing countries are negatively affected. Generally, the effects in the third scenario are significantly smaller than in the second, showing that energy efficiency measures and the switch to renewable energy sources decreases the countries' dependence on oil imports and hence reduces their vulnerability to oil price shocks on the world market. - Highlights: ► National and sectoral economic effects of peak oil until 2020 are modelled. ► The price elasticity of oil demand is low resulting in high price fluctuations. ► Oil shortage strongly affects transport and indirectly all other sectors. ► Global macroeconomic effects are comparable to the 2008/2009 crisis. ► Country effects depend on oil imports and productivity, and economic structures.

CONSIDERATIONS ON ROMANIA’S AGRO-FOOD EXPORT AND IMPORT BY EUROPEAN UNION COUNTRY GROUP AND AGRO-FOOD PRODUCT GROUP

Directory of Open Access Journals (Sweden)

Agatha POPESCU

2013-10-01

Full Text Available The goal of the paper was the analysis of Romania’s the agro-food export, import and trade balance by the EU country group and agro-food product group based on the statistical data in the year 2010 in order to identify the commercial relationships with a positive and respectively a negative impact of the trade balance. The EU trade partners were divided into 4 groups: Central Eastern (CE, Western (W, Northern (N and Southern (S EU countries and the agro-food product groups were: Live animals and preparations of animal origin, Vegetal products, Fats and oils of vegetal and animal origin, Food, beverages and tobacco. The data were processed using the share and comparison methods. In 2010, Romania registered a negative agro-food trade balance with a deficit of Euro thousand 903,148.This was due to the unefficient commerce with the CE and W EU countries, which together recorded Euro Thousand 1,400,298 deficit. The balance was positively influenced by the Southern EU trade partners whose contribution accounted for Euro thousand 513,953. Therefore, the agro-food trade has to be intensified with the Southern EU countries and to become more relaxed with the CE and W EU countries, especially regarding imports. Live animals are mainly required in the CE and W EU countries, vegetal products in the W and S EU countries, fats and oils in the CE and S EU countries, and finally, food, beverages and tobacco in the S and the CE EU countries. Agro-food imports have to be substantially diminished as long as Romania’ s agriculture is able to produce for the internal market and export has to be intensified especially with the countries with a positive impact on the trade balance.

Oil and the political economy of energy

Energy Technology Data Exchange (ETDEWEB)

Matutinovic, Igor [GfK-Center for Market Research, Zagreb (Croatia)

2009-11-15

The key issues concerning oil exploitation are still open for discussion: there is no agreement about where we presently stand in the world oil extraction curve, what is its exact shape, and how far can oil price grow before it changes irreversibly the world economy and consumer behavior. The paper proposes an alternative scenario to the Hubbert's bell-shaped model of oil exploitation, based on more realistic assumptions regarding political agendas in oil-exporting countries and consumer behavior dynamics in oil-importing countries. Under this scenario, the joint impact of markets and public policy in oil importing countries together with 'resource pragmatism' policy in oil-exporting countries allows for a less steep oil supply curve with a much fatter tail compared to the Hubbert's model. (author)

78 FR 41421 - Certain Oil Country Tubular Goods From India, Korea, Philippines, Saudi Arabia, Taiwan, Thailand...

Science.gov (United States)

2013-07-10

... (Preliminary)] Certain Oil Country Tubular Goods From India, Korea, Philippines, Saudi Arabia, Taiwan, Thailand.... 1671b(a) and 1673b(a)) (the Act) to determine whether there is a reasonable indication that an industry... of an industry in the United States is materially retarded, by reason of imports from India, Korea...

Challenge - oil crisis

International Nuclear Information System (INIS)

Vogler, O.

1981-01-01

After a short survey on recent developments of energy supply the risks of future energy supply and its effects are discussed. The parameters of dependence on oil-producing countries are studied and an evaluation is given on the measures which have to be taken by the Western industrialized countries in response to the dependence on oil. Further subjects are: mechanism of oil distribution in case of crisis, long-term cooperation of producer countries, measures on international level in the USA and Japan, and the energy-importing countries in the conflict area between OPEC- and industrialized countries. (UA) [de

The Fantasy of Oil in War-torn Countries: A Geopolitical Analysis

International Nuclear Information System (INIS)

Perouse de Montclos, Marc-Antoine

2014-01-01

A highly symbolic resource, oil is often seen as a curse and a source of armed conflicts. It is of course a reason for competition and a strategic asset to conduct a war. But its role should not obscure other factors of armed conflicts. From various examples in Africa, Asia and Latin America, this article thus shows how the fantasy of oil can stimulate the imagination and confuse the geopolitical analysis of war, especially in countries without oil

Analysis of the impact of the Kyoto Protocol on the export revenues of OPEC member states and on the oil import requirements of non-Annex I countries

NARCIS (Netherlands)

Linden NH van der; Linde C van der; Lako P; Rooijen SNM van; Netherlands Energy Research; Netherlands Institute of International Relations; NOP

2000-01-01

The members of the Organisation of Petroleum Exporting Countries (OPEC) continue to voice their concerns about the adverse impact of the implementation of greenhouse gas emission reduction policies on the oil exporting countries. Referring to Article 4.8 of the UNFCCC, the OPEC is of the opinion

Barite: a case study of import reliance on an essential material for oil and gas exploration and development drilling

Science.gov (United States)

Bleiwas, Donald I.; Miller, M. Michael

2015-01-01

Global dependence on a limited number of countries for specific mineral commodities could lead to sudden supply disruptions for the United States, and barite is one such commodity. Analyses of barite supply amounts and sources for the United States are demonstrative of mineral commodities on which the country is import reliant. Mineral commodity trade flows can be analyzed more easily than import reliances for commodities in which U.S. domestic demand is primarily met by materials contained within manufactured products, as with the rare-earth elements in cellular phones and computers. Barite plays an essential role as a weighting material in drilling muds used in oil and gas drilling, primarily to prevent the explosive release of gas and oil during drilling. The Nation’s efforts to become more energy independent are based largely on the domestic oil and gas industry’s ability to explore and develop onshore and offshore fuel deposits. These activities include increased efforts by the United States to locate and recover oil and gas within unconventional deposits, such as those in the Bakken, Eagle Ford, and Marcellus Formations, using advanced drilling technologies.

Price elasticity of demand for crude oil: estimates for 23 countries

International Nuclear Information System (INIS)

Cooper, J.C.B.

2003-01-01

This paper uses a multiple regression model derived from an adaptation of Nerlove's partial adjustment model to estimate both the short-run and long-run elasticities of demand for crude oil in 23 countries. The estimates so obtained confirm that the demand for crude oil internationally is highly insensitive to changes in price. (author)

Electricity/oil substitution

International Nuclear Information System (INIS)

Melvin, J.G.

1980-09-01

The extent to which electricity could substitute for imported oil in Canada is assessed and it is concluded that the bulk of projected oil imports could be displaced. This substitution of electricity for oil could be largely completed within two decades, with existing technology, using Canadian resources. The substitution of electricity for imported oil would result in relatively low energy costs and would stimulate economic growth. Energy self-sufficiency through the substitution of electricity for oil is uniquely a Canadian option; it is not open to other industrial countries. The option exists because of Canada's resources of oil sands for essential liquid fuels, hydraulic and nuclear electrical potential, and natural gas as an interim source of energy. While other countries face an energy crisis due to declining supplies of oil, Canada faces opportunities. The policies of Federal and Provincial governments, as perceived by individual decision makers, will have a major influence on Canada's ability to realize opportunities. (auth)

Long-term oil strategy - creating an appropriate fiscal regime in OPEC countries to keep the upstream sector competitive

International Nuclear Information System (INIS)

Olorunfemi, M.A.

1992-01-01

The focus of this paper is to examine the factors that governed the upstream activities in OPEC countries during three distinct periods, namely: 1950 to 1973, 1974 to 1985 and 1986 to the present. Particular emphasis will be placed on the fiscal and legal instruments adopted by a number of OPEC countries in attracting oil companies to their respective countries, so as to maintain the momentum of oil exploration and production which is commensurate with their huge hydrocarbon reserves and also be in consonance with their pace of economic development while continuing to exercise their sovereign rights. The first part of the paper reviews the concepts governing the strategic behaviour of oil companies and oil-producing countries. Part two is devoted to the evolution of fiscal regimes in OPEC countries showing how the behaviour of OPEC Member Countries and oil companies illustrates the concepts in part one. How the dynamics of the oil market influence the upstream planning in OPEC Member Countries is examined in part three of the paper. Part four looks at the new cooperation and strategic alliances that are evolving between some OPEC countries and a number of oil companies to ensure that OPEC retains a leadership position which is commensurate with its Members' hydrocarbon resources. Conclusions are drawn in part five. (author)

An economic Manifesto for the oil exporting countries of the Persian Gulf

Directory of Open Access Journals (Sweden)

Hossein Askari

2006-12-01

Full Text Available The oil-exporting countries of the Persian Gulf have failed economically and socially. It is time for a radical new approach to managing oil revenues while oil and gas reserves last. We propose an approach to cut the level of oil revenues available to governments to zero while incorporating a formal “Oil Fund for All Generations”. Others have proposed and implemented oil funds but in our proposal the government would (in time lose all access to oil revenues; by taking easy money away from governments and rulers, the likelihood of waste, corruption and wars will be reduced, and there will be better chance of adopting and implementing rational economic policies to enhance equity across generations.

Oil and gas, strategic regional cooperation between Persian Gulf countries

Energy Technology Data Exchange (ETDEWEB)

Zalloi, Mir Mahdi

2010-09-15

Almost two-thirds of proven oil and a third of world natural gas resources are in the Persian Gulf countries. Unfortunately strategic region of Persian Gulf in the past three decades faced with many security challenges due to wars and political conflicts. For security in this region, there are several methods such as military treaties between regional countries or Military presence of foreign countries, but historical evidence has shown, none of them could not guarantee the stable security in this region. The regional cooperation between countries can be replaced to mentioned methods. IPI Gas pipeline is an objective sample for this regional cooperation.

Analysis Monthly Import of Palm Oil Products Using Box-Jenkins Model

Science.gov (United States)

Ahmad, Nurul F. Y.; Khalid, Kamil; Saifullah Rusiman, Mohd; Ghazali Kamardan, M.; Roslan, Rozaini; Che-Him, Norziha

2018-04-01

The palm oil industry has been an important component of the national economy especially the agriculture sector. The aim of this study is to identify the pattern of import of palm oil products, to model the time series using Box-Jenkins model and to forecast the monthly import of palm oil products. The method approach is included in the statistical test for verifying the equivalence model and statistical measurement of three models, namely Autoregressive (AR) model, Moving Average (MA) model and Autoregressive Moving Average (ARMA) model. The model identification of all product import palm oil is different in which the AR(1) was found to be the best model for product import palm oil while MA(3) was found to be the best model for products import palm kernel oil. For the palm kernel, MA(4) was found to be the best model. The results forecast for the next four months for products import palm oil, palm kernel oil and palm kernel showed the most significant decrease compared to the actual data.

Global market trade policy analysis for petroleum oils and oils obtained from bituminous minerals, crude

Directory of Open Access Journals (Sweden)

Bagheri, F.

2012-01-01

Full Text Available This article is based on surveying the custom tariffs imposed on the world export market of Petroleum Oils and Oils Obtained from Bituminous Minerals, Crude. We obtained the data according to the most updated available data provided online by UNCTAD and World Bank. The results indicate that none of the 142 countries in the world market of this product have imposed non-tariff trade barriers on the import of Petroleum Oils and Oils Obtained from Bituminous Minerals, Crude. The developed countries and the countries with transition economies are the main world import partners. European Union, United States, China, Japan, South Korea, Canada, Singapore, Taiwan, Thailand, South Africa, Australia, Turkey, Brazil, Sweden and Belarus are the examples and have imposed low custom tariffs on Petroleum Oils and Oils Obtained from Bituminous Minerals, Crude.

Oil prices, inflation and interest rates in a structural cointegrated VAR model for the G-7 countries

International Nuclear Information System (INIS)

Cologni, Alessandro; Manera, Matteo

2008-01-01

Sharp increases in the price of oil are generally seen as a major contributor to business cycle asymmetries. Moreover, the very recent highs registered in the world oil market are causing concern about possible slowdowns in the economic performance of the most developed countries. In this paper a structural cointegrated VAR model has been considered for the G-7 countries in order to study the direct effects of oil price shocks on output and prices, and the reaction of monetary variables to external shocks. Our results can be summarized as follows: i) a stationary money demand, as suggested by the classic theory of money, can be identified for most countries; ii) according to the estimated coefficients of the structural part of the model, for all countries except Japan and U.K. the null hypothesis of an influence of oil prices on the inflation rate cannot be rejected. Inflation rate shocks are transmitted to the real economy by increasing interest rates; iii) impulse response analysis suggests, for most countries, the existence of an instantaneous, temporary effect of oil price innovations on prices; iv) impulse response functions indicate different monetary policy reactions to inflationary and growth shocks; v) the simulation exercises directed to estimate the total impact of the 1990 oil price shock indicate that for some countries (U.S.) a significant part of the effects of the oil price shock is due to the monetary policy reaction function. For other countries (Canada, France and Italy), however, the total impact is offset, at least in part, by an easing of monetary conditions. (author)

Corporate Social Responsibility in the Oil Industry-Comparative Case Studies Of Chinese Oil Enterprises In Five Latin American Countries

Science.gov (United States)

Wu, Wenyuan

This dissertation evaluates and compares social and environmental records of Chinese national oil companies (NOCs) operating in Latin America from the early 21st century to 2015. Five countries representing the entirety of Chinese NOCs' physical presence are selected: Peru, Ecuador, Argentina, Colombia, and Venezuela. The project discovers that Chinese NOCs demonstrate the highest level of social responsibility in Peru and the lowest in Venezuela, with the other three countries constituting intermediate observations. The differences in social responsibility records are then causally traced to variances in the host countries' regulatory frameworks and civil society capacities. Chinese NOCs are found to be most willing to commit to social responsibility under an enabling regulatory environment in which the host government facilitates competitiveness and decentralization in its hydrocarbons industry while upholding inclusive policies regarding its civil society. Moreover, these NOCs are most likely to follow through on their CSR commitments when faced with a unified and collaborative civil society. These major findings yield important policy lessons for both the host government and the civil society in developing countries with abundance in energy resources.

Transporting US oil imports: The impact of oil spill legislation on the tanker market

International Nuclear Information System (INIS)

Rowland, P.J.

1992-05-01

The Oil Pollution Act of 1990 (''OPA'') and an even more problematic array of State pollution laws have raised the cost, and risk, of carrying oil into and out of the US. This report, prepared under contract to the US Department of energy's Office of Domestic and International Policy, examines the impact of Federal and State oil spill legislation on the tanker market. It reviews the role of marine transportation in US oil supply, explores the OPA and State oil spill laws, studies reactions to OPA in the tanker and tank barge industries and in related industries such as insurance and ship finance, and finally, discusses the likely developments in the years ahead. US waterborne oil imports amounted to 6.5 million B/D in 1991, three-quarters of which was crude oil. Imports will rise by almost 3 million B/D by 2000 according to US Department of energy forecasts, with most of the crude oil growth after 1995. Tanker demand will grow even faster: most of the US imports and the increased traffic to other world consuming regions will be on long-haul trades. Both the number of US port calls by tankers and the volume of offshore lightering will grow. Every aspect of the tanker industry's behavior is affected by OPA and a variety of State pollution laws

Transporting US oil imports: The impact of oil spill legislation on the tanker market

Energy Technology Data Exchange (ETDEWEB)

Rowland, P.J. (Rowland (P.) Associates (United States))

1992-05-01

The Oil Pollution Act of 1990 ( OPA'') and an even more problematic array of State pollution laws have raised the cost, and risk, of carrying oil into and out of the US. This report, prepared under contract to the US Department of energy's Office of Domestic and International Policy, examines the impact of Federal and State oil spill legislation on the tanker market. It reviews the role of marine transportation in US oil supply, explores the OPA and State oil spill laws, studies reactions to OPA in the tanker and tank barge industries and in related industries such as insurance and ship finance, and finally, discusses the likely developments in the years ahead. US waterborne oil imports amounted to 6.5 million B/D in 1991, three-quarters of which was crude oil. Imports will rise by almost 3 million B/D by 2000 according to US Department of energy forecasts, with most of the crude oil growth after 1995. Tanker demand will grow even faster: most of the US imports and the increased traffic to other world consuming regions will be on long-haul trades. Both the number of US port calls by tankers and the volume of offshore lightering will grow. Every aspect of the tanker industry's behavior is affected by OPA and a variety of State pollution laws.

76 FR 39071 - Certain Oil Country Tubular Goods From the People's Republic of China: Rescission of...

Science.gov (United States)

2011-07-05

... DEPARTMENT OF COMMERCE International Trade Administration [C-570-944] Certain Oil Country Tubular... administrative review of the countervailing duty order on certain oil country tubular goods (``OCTG'') from the... subject to administrative protective order (``APO'') of their responsibility concerning the disposition of...

The impacts of oil price shocks on stock market volatility: Evidence from the G7 countries

International Nuclear Information System (INIS)

Bastianin, Andrea; Conti, Francesca; Manera, Matteo

2016-01-01

We study the effects of crude oil price shocks on the stock market volatility of the G7 countries. We identify the causes underlying oil price shocks and gauge the impacts that oil supply and oil demand innovations have on financial volatility. We show that stock market volatility does not respond to oil supply shocks. On the contrary, demand shocks impact significantly on the volatility of the G7 stock markets. Our results suggest that economic policies and financial regulation activities designed to mitigate the adverse effects of unexpected oil price movements should be designed by looking at the source of the oil price shocks. - Highlights: • Effects of oil price shocks on the stock market volatility of the G7 countries. • Econometric identification of the different causes of oil shocks. • Stock market volatility does not respond to oil supply shocks. • Demand shocks impact significantly on stock market volatility. • Policy measures should be designed by considering the source of oil shocks.

Obesity, the metabolic syndrome, and type 2 diabetes in developing countries: role of dietary fats and oils.

Science.gov (United States)

Misra, Anoop; Singhal, Neha; Khurana, Lokesh

2010-06-01

Developing countries are undergoing rapid nutrition transition concurrent with increases in obesity, the metabolic syndrome, and type 2 diabetes mellitus (T2DM). From a healthy traditional high-fiber, low-fat, low-calorie diet, a shift is occurring toward increasing consumption of calorie-dense foods containing refined carbohydrates, fats, red meats, and low fiber. Data show an increase in the supply of animal fats and increased intake of saturated fatty acid (SFAs) (obtained from coconut oil, palm oil, and ghee [clarified butter]) in many developing countries, particularly in South Asia and South-East Asia. In some South Asian populations, particularly among vegetarians, intake of n-3 polyunsaturated fatty acids (PUFAs) (obtained from flaxseed, mustard, and canola oils) and long-chain (LC) n-3 PUFAs (obtained from fish and fish oils) is low. Further, the effect of supplementation of n-3 PUFAs on metabolic risk factors and insulin resistance, except for demonstrated benefit in terms of decreased triglycerides, needs further investigation among South Asians. Data also show that intake of monounsaturated fatty acids (MUFAs) ranged from 4.7% to 16.4%en in developing countries, and supplementing it from olive, canola, mustard, groundnut, and rice bran oils may reduce metabolic risk. In addition, in some developing countries, intake of n-6 PUFAs (obtained from sunflower, safflower, corn, soybean, and sesame oils) and trans-fatty acids (TFAs) is increasing. These data show imbalanced consumption of fats and oils in developing countries, which may have potentially deleterious metabolic and glycemic consequences, although more research is needed. In view of the rapid rise of T2DM in developing countries, more aggressive public health awareness programs coupled with governmental action and clear country-specific guidelines are required, so as to promote widespread use of healthy oils, thus curbing intake of SFAs and TFAs, and increasing intake of n-3 PUFAs and MUFAs. Such

Oil and gas activities of the world bank

International Nuclear Information System (INIS)

Hossein, R.

1993-01-01

The oil crisis of the 1970s profoundly challenged the economies of most developing countries. The crisis hit the the oil-importing countries severely, and many suffered deteriorating balances of payments and increasingly unmanageable import bills. It was in this context, in July 1977, that the World Bank's Executive Directors approved an expanded program of lending to assist the Bank's client countries in developing their own energy resources. In 1978, the Bonn Summit and the Secretary General of the United Nations endorsed the initiation of new approaches in the energy sector by the World Bank, particularly in financing oil exploration in countries that were significant oil importers. The new initiative led to a rapid expansion of the World Bank's lending for oil and gas projects, which reached about $1 billion in 1983

Is It Feasible for China to Optimize Oil Import Source Diversification?

OpenAIRE

Xu, Jian; Zhang, Jin-Suo; Yao, Qin; Zhang, Wei

2014-01-01

In 2013, China imported 282 million tons of crude oil with an external dependence of 58.1%, surpassing the USA as the world’s largest net oil importer. An import source diversification strategy has been adopted by China to ensure oil supply security and to prevent oil supply disruption. However, the strategy is restricted by the imbalance of oil reserves. What is the reasonable and clear objective of the diversification strategy under an imbalanced environment? How do we assess the natural i...

U.S. oil import vulnerability: The technical replacement capability. Summary

International Nuclear Information System (INIS)

1991-10-01

The report examines the changes that have taken place in world oil markets and the U.S. economy since 1984 and provides revised estimates of the technical oil replacement potential that might be attained in the event of a severe and long lasting cutoff of imported oil. The analysis focuses on technologies that are commercially available today or will be within the next 5 years and that are among the most cost-effective methods for replacing oil use in applicable sectors. It also considers the economic impacts of adopting an aggressive oil replacement strategy in a severe oil emergency. The report presents a variety of policy options that could help accelerate the adoption of oil replacement technologies in preparation for, or in response to, a severe supply disruption, or as part of a long-term national policy to reduce import vulnerability. The report's conclusion that U.S. capability to replace lost oil imports is shrinking should be sobering to those who believe that there are quick and easy technological solutions, or that market forces alone will be sufficient to overcome the substantial economic and social dislocations that could result from a prolonged major oil disruption

Energy conservation: an alternative for investment in the oil sector for OPEC member countries

International Nuclear Information System (INIS)

Zamani, M.

2005-01-01

Investment in the oil sector is the main policy of expanding net crude oil export capacity in OPEC Member Countries. The other alternative should be improving energy conservation policies. Since these countries benefit from cheap energy sources, it is reasonable to expect inefficient use of energy in their economies, resulting in relatively high energy intensity. This paper deals with the causality relationship between energy consumption and gross domestic product (GDP). First, stationary tests are run. Second, if there is a cointegrating relationship, an error correction model is applied; otherwise a standard Granger causality test is conducted. It was discovered that for all OPEC Member Countries we cannot statistically accept causality running from energy to GDP. Therefore, not only are proper conservation policies not a threat to economic growth, they also lead to an expansion of oil export capacity. (author)

Optimal gasoline tax in developing, oil-producing countries: The case of Mexico

International Nuclear Information System (INIS)

Antón-Sarabia, Arturo; Hernández-Trillo, Fausto

2014-01-01

This paper uses the methodology of Parry and Small (2005) to estimate the optimal gasoline tax for a less-developed oil-producing country. The relevance of the estimation relies on the differences between less-developed countries (LDCs) and industrial countries. We argue that lawless roads, general subsidies on gasoline, poor mass transportation systems, older vehicle fleets and unregulated city growth make the tax rates in LDCs differ substantially from the rates in the developed world. We find that the optimal gasoline tax is $1.90 per gallon at 2011 prices and show that the estimate differences are in line with the factors hypothesized. In contrast to the existing literature on industrial countries, we show that the relative gasoline tax incidence may be progressive in Mexico and, more generally, in LDCs. - Highlights: • We estimate the optimal gasoline tax for a typical less-developed, oil-producing country like Mexico. • The relevance of the estimation relies on the differences between less-developed and industrial countries. • The optimal gasoline tax is $1.90 per gallon at 2011 prices. • Distance-related pollution damages, accident costs and gas subsidies account for the major differences. • Gasoline tax incidence may be progressive in less developed countries

The Importance of Target Market Selection for More Profitable Olive Oil Exports by Turkey: A Case Study

Directory of Open Access Journals (Sweden)

Mustafa METE

2015-12-01

Full Text Available In this study, the quotas and taxes implemented by EU to Turkey were examined and it was observed that these policies have negative effects on Turkey’s olive oil exports. Due to the restrictive policies and low profitability in the entry to the EU market, it was determined that Turkey should be directed to the markets that have higher profitability compared with the exports to EU countries. These detections were carried out in accordance with the information obtained from International Trade Center (ITC and Market Access Database (MAD. As a result of the detections it has been found that exports to the EU countries are more profitable and the entry to the market is easier than to the US. As a result of the researches in ITC and MAD databases, actual companies in oil imports in the US market have been determined and it has shown by examining a bill of loading sample that the firms that make olive oils exports in Turkey easily enter new target markets if they know the usage of the databases

E-government factors to reduce administrative and finance corruption in Arab countries: Case study Iraqi oil sector

Science.gov (United States)

Mohammed, M. A.; Eman, Y.; Hussein, A. H.; Hasson, A. R.

2015-12-01

Arab countries face the corruption issues in its several public organizations. The corruption in these countries is considered as the main challenge. The oil sector is one of the public sectors that have huge level of corruption. However, the Iraqi economy had become dependable on oil sector daring the last three decades, and on the contrary, of what other oil countries did. The capital is considered as one of the essential factor for economic development. The revenues of oil exports will stay the essential source for economic development in Iraq in the future in order to reduce being dependable on oil. Since the beginning of the 3rd thousands, the world witnessed great rise in the demand on oil, but the Iraqi exports of crude oil come to be less than its similarities in the seventeenths of last century. So our oil sector is still in need of deep study. This study focuses on technological technique that can make huge decrease for corruption in oil sector in Iraq. However, e-government is considered as the best techniques that can decrease the corruption. Thus, this study bases on challenges that effect on build successful e-government project in Iraqi oil industry.

Estimating core inflation : the role of oil price shocks and imported inflation

OpenAIRE

Bjørnland, Hilde Christiane

1997-01-01

This paper calculates core inflation, by imposing long run restrictions on a structural vector autoregression (VAR) model containing the growth rate of output, inflation and oil prices. Core inflation is identified as that component in inflation that has no long run effect on output. No restrictions are placed on the response of output and inflation to the oil price shocks. The analysis is applied to Norway and the United Kingdom, both oil producing OECD countries. A model that ...

Implications for the Venezuelan oil industry of new environmental regulations in consumer countries

International Nuclear Information System (INIS)

Sanchez M, J.C.

1992-01-01

New and tighter environmental regulations are being enacted in major oil consumer countries, inducing a reshaping of oil business strategies and operations in oil exporting countries. The priority areas include air and water pollution control, waste management, conservation of natural resources and oil spill control among others. This paper summarizes the more significant of those regulations in the U.S.A. and Europe, their aims, as well as the implications for Petroleos de Venezuela, S.A. (PDVSA) in terms of investment in new product specifications and pollution prevention programmes. A review of the Venezuelan environmental regulations has also been done recently, and the necessary investment to comply with the new national standards in existing installations are estimated in US$500 million for the period 1992-1996. Investment in local environmental protection, associated with the new installations in Venezuela for manufacturing cleaner products during the same period, are included in the costs of these installations presented in this document. (author)

China's oil use, 1990-2008

International Nuclear Information System (INIS)

Leung, Guy C.K.

2010-01-01

Over the past two decades, China's oil demand has risen steeply. In 1990, it was only about 25% higher than that of 1978, the year economic reform was introduced. By 2008, it had reached 396.0 million tons, roughly four times the 1978 level, making China the second largest oil user worldwide. The country became a net oil importer in 1993, and between 1993 and 2008, its net import dependency - a yardstick for energy security - soared from 7.5% to 50.0%. China's increased demand for oil has made the country a global energy player of critical importance. Although the literature on the global implications of China's oil use has proliferated, relatively few studies have attempted to examine ''how China uses oil.'' Hence, this study covers every oil-consuming facility and sector in China, exploring the patterns of, and factors involved in, oil demand by power plants, oil refineries, heat plants and, gas-works, and industrial, transport, agricultural, household and commercial sectors. It concludes that in virtually all sectors in China, oil demand will grow, with transport and industry leading the way. (author)

Revisiting the impacts of oil price increases on monetary policy implementation in the largest oil importers

Directory of Open Access Journals (Sweden)

Nurtac Yildirim

2015-06-01

Full Text Available The aim of this paper is to test the impacts of oil price increases on monetary policy implementation in the largest oil importers. For that purpose, we estimate structural vector error correction (SVEC models to show the impacts of oil price increases on industrial production, consumer prices and immediate interest rates which are the elements of Taylor rule for the four largest oil importers (the USA, the EU, China and Japan. Our results indicate that oil price increases transmit to output and inflation and lead to fluctuations in industrial production, consumer prices and immediate interest rates which in turn influence the monetary policy stance in the following periods. The basic conclusion of research is that the channels through which oil prices affect output, inflation and interest rates should be identified by the monetary policy authorities of the USA, the EU, China and Japan. We also emphasize the importance of the determination of the optimal monetary policy framework to eliminate the negative consequences of oil price increases.

Asian oil demand

International Nuclear Information System (INIS)

Fesharaki, F.

2005-01-01

This conference presentation examined global oil market development and the role of Asian demand. It discussed plateau change versus cyclical movement in the global oil market; supply and demand issues of OPEC and non-OPEC oil; if high oil prices reduce demand; and the Asian oil picture in the global context. Asian oil demand has accounted for about 50 per cent of the global incremental oil market growth. The presentation provided data charts in graphical format on global and Asia-Pacific incremental oil demand from 1990-2005; Asia oil demand growth for selected nations; real GDP growth in selected Asian countries; and, Asia-Pacific oil production and net import requirements. It also included charts in petroleum product demand for Asia-Pacific, China, India, Japan, and South Korea. Other data charts included key indicators for China's petroleum sector; China crude production and net oil import requirements; China's imports and the share of the Middle East; China's oil exports and imports; China's crude imports by source for 2004; China's imports of main oil products for 2004; India's refining capacity; India's product balance for net-imports and net-exports; and India's trade pattern of oil products. tabs., figs

Simulation of demand (or consumption) of fuel and lubricating oils in countries of Asia

International Nuclear Information System (INIS)

Tuzelbaev, B.I.; Khisarov, B.D.

1997-01-01

Demand on fuel and lubricating oils mixtures is estimated in transport sector of the Asia countries. Model of demand is constructed with help of co-integration structures and error correction model for definition of fuel and lubricating oils mixtures elasticity. Researches have been conducted with use of program complex in operational medium of the Windows-95. Co-integrating vectors for demand on gasoline were defined by all of considered countries (beside Thailand), for demand on diesel fuel - for Indonesia and South Korea

EIA in the Baltic countries. The case of three oil terminals

Energy Technology Data Exchange (ETDEWEB)

Holm-Hansen, J. [ed.

1995-12-31

Environmental Impact Assessment (EIA) in the Baltic Countries: The Case of Three Oil Terminals is the second phase of a research and exchange project that has been going on between Baltic and Nordic experts on Environmental Impact Assessment since 1992. The objective of the projects is to contribute to the capability of the Baltic states in carrying out EIAs. By scrutinizing the processes of the EIAs carried out for three Baltic oil terminals, working groups consisting of both Nordic and Baltic EIA experts have sought to highlight the practical implications of the `EIA vocabulary` eagerly taught by Western experts and perhaps even more eagerly studied by their `Eastern` counterparts during the last few years. The three cases were: Lithuania, Oil Port of Klaipeda; Latvia, Oil Terminal in Liepaja; Estonia, Muuga Port. (au)

The macroeconomic effects of oil price fluctuations on a small open oil-producing country. The case of Trinidad and Tobago

International Nuclear Information System (INIS)

Lorde, Troy; Thomas, Chrystol; Jackman, Mahalia

2009-01-01

Using vector autoregressive (VAR) methodology, this paper empirically investigates the macroeconomic effects of oil price fluctuations on Trinidad and Tobago. Overall, we find that the price of oil is a major determinant of economic activity of the country. Our impulse response functions suggest that following a positive oil price shock, output falls within the first two years followed by positive and growing response. We also investigate the macroeconomic impact of oil price volatility. Results suggest that an unanticipated shock to oil price volatility brings about random swings in the macroeconomy; however, only government revenue and the price level exhibit significant responses. With regard to the magnitude of the responses, shocks to oil price volatility tend to yield smaller macroeconomic impacts in comparison to shocks to oil prices. Variance decompositions suggest that the price of oil is a major component of forecast variation for most macroeconomic variables. Finally, Granger-causality tests indicate causality from oil prices to output and oil prices to government revenue. (author)

The economic growth of oil countries; La croissance economique des pays petroliers

Energy Technology Data Exchange (ETDEWEB)

Arbod, G

2007-02-15

The literature tries to apprehend the weakness of the economic growth of oil culminates by the assumption of ousted growth factors. In the Dutch Disease models the non-oil exporting sector would be ousted whereas in the analyses in terms of economic policies it would be the efficient economic policies. We consider the phenomenon through the growth theories, the oil income being regarded as an additional exogenous income for the economy. In this manner the growth dynamic of oil countries, even the most unfavourable, can be modelled without utilizing any concept of economic inefficiency. The last part of our work is devoted to the Saudi economy. After having developed a macro-econometric model, and using scenarios of oil prices, we lead a forecasted analysis of this economy. (author)

OIL AS POLITICAL WEAPON

Directory of Open Access Journals (Sweden)

Mariana, BUICAN

2013-12-01

Full Text Available Oil (called by some black gold has not always been as coveted and used, but only in the last hundred years has established itself as a highly sought after as an indispensable proper functioning of modern economic activity that an important factor in international politics. International oil regime has changed in the last decades. In 1960, oil regime was a private oligopol which had links with governments main consuming countries. By then the price of a barrel of oil was two U.S. dollars and seven major transnational oil companies decided the amount of oil that will be produced. Meanwhile the world region with the largest oil exports were more strongly expressed nationalism and decolonization. Result, it was so in the late 60s in the region occur independent states. They have created an organization aim of this resource to their advantage - OPEC (Organization of Petroleum Exporting Countries. Thus since 1973 there have been changes in the international regime governing oil field, namely producing countries were fixed production rate and price. After this time the oil weapon has become increasingly important in the management of international relations. Oil influenced the great powers to Middle East conflicts that occurred in the last century, but their attitude about the emergence of new sources of oil outside OPEC. In the late 90's, Russia has become a major supplier of oil to the West.

78 FR 77421 - Certain Oil Country Tubular Goods From India: Preliminary Affirmative Countervailing Duty...

Science.gov (United States)

2013-12-23

..., Saudi Arabia, Taiwan, Thailand, the Republic of Turkey, Ukraine, and the Socialist Republic of Vietnam... DEPARTMENT OF COMMERCE International Trade Administration [C-533-858] Certain Oil Country Tubular... producers and exporters of certain oil tubular goods (OCTG) from India. The period of investigation is...

IEA Shows Concerns Over China's Oil Stockpiling

Institute of Scientific and Technical Information of China (English)

无

2004-01-01

@@ Reportedly, China's oil imports accounted for nearly one third of the world's total oil supply in 2003. The country's oil imports are estimated at 110～120 million tons in 2004,equal to 2.2～2.4 million barrels per day, much higher than 91 million tons in 2003. International Energy Agency has helped the Chinese government with the country's strategic oil stockpiling plan by offering the training. The Paris-based IEA has urged China to take into consideration how to operate and maintain the national strategic oil stockpiling system and clarify the roles of the enterprises and the State in oil stockpiling.

Price elasticity of petroleum products in selected African countries

International Nuclear Information System (INIS)

Kaul, S.

1995-01-01

In this paper, a fundamental understanding of the economic impact which is directly related to the price elasticity of petroleum products in six selected African countries is obtained by using the Jorgorson-Lian model for shares. Each kind of fuel price has a different impact on the share of oil products for the different countries. The price increase of one kind of fuel may increase or decrease the share of another fuel in the total oil products. In the oil importing African countries, the price of one product is relatively inelastic, whereas in the oil producing African countries, the price is elastic. (Author)

Separated influence of crude oil prices on regional natural gas import prices

International Nuclear Information System (INIS)

Ji, Qiang; Geng, Jiang-Bo; Fan, Ying

2014-01-01

This paper analyses the impact of global economic activity and international crude oil prices on natural gas import prices in three major natural gas markets using the panel cointegration model. It also investigates the shock impacts of the volatility and the increase and decrease of oil prices on regional natural gas import prices. The results show that both global economic activity and international crude oil prices have significant long-term positive effects on regional natural gas import prices. The volatility of international crude oil prices has a negative impact on regional natural gas import prices. The shock impact is weak in North America, lags in Europe and is most significant in Asia, which is mainly determined by different regional policies for price formation. In addition, the response of natural gas import prices to increases and decreases in international crude oil prices shows an asymmetrical mechanism, of which the decrease impact is relatively stronger. - Highlights: • Impacts of world economy and oil prices on regional natural gas prices are analysed • North American natural gas prices are mainly affected by world economy • Asian and European natural gas prices are mainly affected by oil prices • The volatility of oil prices has a negative impact on regional natural gas prices • The response of natural gas import prices to oil prices up and down shows asymmetry

Latin American oil markets and refining

International Nuclear Information System (INIS)

Yamaguchi, N.D.; Obadia, C.

1999-01-01

This paper provides an overview of the oil markets and refining in Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru and Venezuela, and examines the production of crude oil in these countries. Details are given of Latin American refiners highlighting trends in crude distillation unit capacity, cracking to distillation ratios, and refining in the different countries. Latin American oil trade is discussed, and charts are presented illustrating crude production, oil consumption, crude refining capacity, cracking to distillation ratios, and oil imports and exports

Oil Transport Networks in Europe

Directory of Open Access Journals (Sweden)

Igbal Guliyev

2014-01-01

Full Text Available The author examines the problems and prospects of crude oil and petroleum products transportation market on the European continent. Particular attention is paid to the possibilities of the planned pipeline routes and new supplies of oil and petroleum products. European Union countries have large reserves of hydrocarbons, but it is not enough to fully satisfy domestic consumption. Improved pipeline infrastructure both within the EU and oil pipelines from other countries is an important economic and social factor. Recent developments of this year especially emphasize the importance of strengthening the energy security in the foreign policy of the state. For transporting fuel energy in Europe used the following types of transport: marine (sea and river, truck, railway, and pipeline. It seems necessary to mention the fact that the role of pipeline transport is particularly high in the oil and gas industry. Pipeline transport has an important impact on the formation and developmen t of the fuel and energy complex of the state, as well as regions, as its integral part. An effective system of crude oil and petroleum products pipelines is an important tool for the implementation of public policies, policies at the EU level, allowing the country to regulate the supply of crude oil and petroleum products to the overseas and domestic markets.

Oil spill hazards at the upstream level: a risk management paradigm for a developing country

International Nuclear Information System (INIS)

Okogu, B.E.

1994-01-01

This paper documents the experience of recent oil spills internationally and in Nigeria and proposes an appropriate system of risk management. In the best of circumstances, externality problems are difficult to handle; they are even worse in developing countries with weak sociopolitical institutions and where transnational companies tend to have lower operating standards. Typically, a company would invest in spill prevention up to the point where the marginal benefit just equals marginal costs. In a situation where spill detection and clean up enforcement are weak, as is the case in many developing countries, investment in prevention will tend to be low. Consequently, an insurance-type oil spill contingency fund, financed through an oil tax, is proposed. (author)

Is There an Optimal Strategic Oil Reserve for Each Country? A Study Based on the Game Theory

DEFF Research Database (Denmark)

Yang, Junan; Cong, Ronggang

2014-01-01

-cooperative game theory. It also analyzes the establishment of strategic oil reserve among different countries based on the coalition game theory and presents the core solution for it. The results show that based on a certain constraint mechanism, it is feasible for different countries to establish their own...... suitable strategic oil reserves in theory and practice....

An oil-sick global economy?

International Nuclear Information System (INIS)

Anon.

2004-01-01

Since early 2004, oil prices have increased by 50% as a combined result of a demand shock, tensions on production capacities and supply disruptions. The surplus of wealth from oil importing to exporting countries nears 100 bn dollars (0.3% of OECD GDP) in the whole year. Households' real income should decrease by 0.3 point in the Euro zone and by 0.5 point in the US. According to our oil price forecasts (33 dollars a barrel by the end of 2005), GDP growth should be reduced by 0.4 point in 2004-2005. Should prices remain at 50 dollars throughout 2005, growth in industrial countries will be further impaired (0.6 point with a monetary policy response), but developing economies will suffer more. Oil producing countries should increase their imports and the reintroduction of petro dollars on financial markets should hold international interest rates down

Who are private alcohol importers in the Nordic countries?

Directory of Open Access Journals (Sweden)

Grittner Ulrike

2014-04-01

Full Text Available Aims - The high price of alcohol in the Nordic countries has been a long-standing policy to curb consumption, which has led consumers to importing alcohol from countries with lower prices. This paper seeks to develop a profile of alcohol importers in four Nordic countries. Methods - Cross-sectional data from general population surveys in Denmark (2003-2006, Norway (2004, Sweden (2003-2006 and Finland (2005-2006 were analysed by multiple logistic and linear regression. Independent variables included region, socio-demographics, drinking indicators and alcohol-related problems. Outcome variables were importer status and amount of imported alcohol. Results - People living in regions close to countries with lower alcohol prices were more often importers and imported higher amounts than people living in other regions. Higher educated persons were more likely to be importers, but the amounts imported were smaller than those by people with lower education. Persons with higher incomes were also more likely to be importers and they also imported larger amounts than people with lower incomes. In Sweden and Denmark regional differences of importer rates were more pronounced for persons of lower incomes. Age, risky single-occasion drinking, risky drinking and alcohol problems were positively related to the amounts of imported alcohol. Conclusions - Private importers in the Nordic countries are an integrated yet heavy drinking segment of society and do not appear to be located on the fringes of society

The other side of oil dependence

International Nuclear Information System (INIS)

Mitchell, John V.

2006-01-01

Policy makers in oil-importing countries express concern about political instability in exporting countries, and their willingness to invest for future exports. In fact, the petroleum exporting countries are more dependent on oil trade than the importing countries, and can be expected to invest to support this trade. They depend on growing foreign currency earnings and government revenue to sustain their economic growth and face difficult adjustments when, in the future, petroleum production ceases to grow. Failure to invest in the petroleum sector would accelerate their difficulties, but they also need to develop an export-oriented, tax generating growth outside petroleum

Time-varying predictability in crude-oil markets: the case of GCC countries

International Nuclear Information System (INIS)

El Hedi Arouri, Mohamed; Thanh Huong Dinh; Duc Khuong Nguyen

2010-01-01

This paper uses a time-varying parameter model with generalized autoregressive conditional heteroscedasticity effects to examine the dynamic behavior of crude-oil prices for the period February 7, 1997-January 8, 2010. Using data from four countries of the Gulf Cooperation Council, we find evidence of short-term predictability in oil-price changes over time, except for several short sub-periods. However, the hypothesis of convergence towards weak-form informational efficiency is rejected for all markets. In addition, we explore the possibility of structural breaks in the time-paths of the estimated predictability indices and detect only one breakpoint, for the oil markets in Qatar and the United Arab Emirates. Our empirical results therefore call for new empirical research to further gauge the predictability characteristics and the determinants of oil-price changes.

Oil and Gas Security. Emergency Response of IEA Countries - Denmark 2011 update

Energy Technology Data Exchange (ETDEWEB)

NONE

2011-08-12

This publication provides a detailed look at the specific systems in Denmark for responding to an oil supply crisis. Initially prepared as a chapter in the overarching publication on the emergency response mechanisms in various IEA member countries, the IEA has started a new cycle of reviews which now includes reviewing gas emergency policies. Rather than waiting for the completion of the current review cycle to renew the full larger publication, the IEA will be making available updates to the country chapters as these become available following the country's review.

Oil and Gas Security. Emergency Response of IEA Countries - Norway 2011 update

Energy Technology Data Exchange (ETDEWEB)

NONE

2011-08-12

This publication provides a detailed look at the specific systems in Norway for responding to an oil supply crisis. Initially prepared as a chapter in the overarching publication on the emergency response mechanisms in various IEA member countries, the IEA has started a new cycle of reviews which now includes reviewing gas emergency policies. Rather than waiting for the completion of the current review cycle to renew the full larger publication, the IEA will be making available updates to the country chapters as these become available following the country's review.

Oil and Gas Security. Emergency Response of IEA Countries - Poland 2011 update

Energy Technology Data Exchange (ETDEWEB)

NONE

2011-08-12

This publication provides a detailed look at the specific systems in Poland for responding to an oil supply crisis. Initially prepared as a chapter in the overarching publication on the emergency response mechanisms in various IEA member countries, the IEA has started a new cycle of reviews which now includes reviewing gas emergency policies. Rather than waiting for the completion of the current review cycle to renew the full larger publication, the IEA will be making available updates to the country chapters as these become available following the country's review.

Oil and Gas Security. Emergency Response of IEA Countries - Spain 2011 update

Energy Technology Data Exchange (ETDEWEB)

NONE

2011-08-12

This publication provides a detailed look at the specific systems in Spain for responding to an oil supply crisis. Initially prepared as a chapter in the overarching publication on the emergency response mechanisms in various IEA member countries, the IEA has started a new cycle of reviews which now includes reviewing gas emergency policies. Rather than waiting for the completion of the current review cycle to renew the full larger publication, the IEA will be making available updates to the country chapters as these become available following the country's review.

Oil and Gas Security. Emergency Response of IEA Countries - Italy 2010 update

Energy Technology Data Exchange (ETDEWEB)

NONE

2010-07-01

This publication provides a detailed look at the specific systems in Italy for responding to an oil supply crisis. Initially prepared as a chapter in the overarching publication on the emergency response mechanisms in various IEA member countries, the IEA has started a new cycle of reviews which now includes reviewing gas emergency policies. Rather than waiting for the completion of the current review cycle to renew the full larger publication, the IEA will be making available updates to the country chapters as these become available following the country's review.

Oil and Gas Security. Emergency Response of IEA Countries - Belgium 2010 update

Energy Technology Data Exchange (ETDEWEB)

NONE

2011-08-12

This publication provides a detailed look at the specific systems in Belgium for responding to an oil supply crisis. Initially prepared as a chapter in the overarching publication on the emergency response mechanisms in various IEA member countries, the IEA has started a new cycle of reviews which now includes reviewing gas emergency policies. Rather than waiting for the completion of the current review cycle to renew the full larger publication, the IEA will be making available updates to the country chapters as these become available following the country's review.

Oil and Gas Security. Emergency Response of IEA Countries - Portugal 2011 update

Energy Technology Data Exchange (ETDEWEB)

NONE

2011-08-12

This publication provides a detailed look at the specific systems in Portugal for responding to an oil supply crisis. Initially prepared as a chapter in the overarching publication on the emergency response mechanisms in various IEA member countries, the IEA has started a new cycle of reviews which now includes reviewing gas emergency policies. Rather than waiting for the completion of the current review cycle to renew the full larger publication, the IEA will be making available updates to the country chapters as these become available following the country's review.

Oil and Gas Security. Emergency Response of IEA Countries - Ireland 2011 update

Energy Technology Data Exchange (ETDEWEB)

NONE

2011-08-12

This publication provides a detailed look at the specific systems in Ireland for responding to an oil supply crisis. Initially prepared as a chapter in the overarching publication on the emergency response mechanisms in various IEA member countries, the IEA has started a new cycle of reviews which now includes reviewing gas emergency policies. Rather than waiting for the completion of the current review cycle to renew the full larger publication, the IEA will be making available updates to the country chapters as these become available following the country's review.

Oil and Gas Security. Emergency Response of IEA Countries - Canada 2010 update

Energy Technology Data Exchange (ETDEWEB)

NONE

2010-07-01

This publication provides a detailed look at the specific systems in Canada for responding to an oil supply crisis. Initially prepared as a chapter in the overarching publication on the emergency response mechanisms in various IEA member countries, the IEA has started a new cycle of reviews which now includes reviewing gas emergency policies. Rather than waiting for the completion of the current review cycle to renew the full larger publication, the IEA will be making available updates to the country chapters as these become available following the country's review.

Oil and Gas Security. Emergency Response of IEA Countries - Luxembourg 2010 update

Energy Technology Data Exchange (ETDEWEB)

NONE

2010-07-01

This publication provides a detailed look at the specific systems in Luxembourg for responding to an oil supply crisis. Initially prepared as a chapter in the overarching publication on the emergency response mechanisms in various IEA member countries, the IEA has started a new cycle of reviews which now includes reviewing gas emergency policies. Rather than waiting for the completion of the current review cycle to renew the full larger publication, the IEA will be making available updates to the country chapters as these become available following the country's review.

78 FR 77420 - Certain Oil Country Tubular Goods From the Republic of Turkey: Preliminary Negative...

Science.gov (United States)

2013-12-23

..., the Republic of the Philippines, Saudi Arabia, Taiwan, Thailand, the Republic of Turkey, Ukraine, and... DEPARTMENT OF COMMERCE International Trade Administration [C-489-817] Certain Oil Country Tubular... provided to producers and exporters of certain oil tubular goods (OCTG) from the Republic of Turkey (Turkey...

Transporting US oil imports: The impact of oil spill legislation on the tanker market. Draft final report

Energy Technology Data Exchange (ETDEWEB)

Rowland, P.J. [Rowland (P.) Associates (United States)

1992-05-01

The Oil Pollution Act of 1990 (``OPA``) and an even more problematic array of State pollution laws have raised the cost, and risk, of carrying oil into and out of the US. This report, prepared under contract to the US Department of energy`s Office of Domestic and International Policy, examines the impact of Federal and State oil spill legislation on the tanker market. It reviews the role of marine transportation in US oil supply, explores the OPA and State oil spill laws, studies reactions to OPA in the tanker and tank barge industries and in related industries such as insurance and ship finance, and finally, discusses the likely developments in the years ahead. US waterborne oil imports amounted to 6.5 million B/D in 1991, three-quarters of which was crude oil. Imports will rise by almost 3 million B/D by 2000 according to US Department of energy forecasts, with most of the crude oil growth after 1995. Tanker demand will grow even faster: most of the US imports and the increased traffic to other world consuming regions will be on long-haul trades. Both the number of US port calls by tankers and the volume of offshore lightering will grow. Every aspect of the tanker industry`s behavior is affected by OPA and a variety of State pollution laws.

Health Care Expenditure and GDP in Oil Exporting Countries: Evidence From OPEC Data, 1995-2012.

Science.gov (United States)

Fazaeli, Ali Akbar; Ghaderi, Hossein; Salehi, Masoud; Fazaeli, Ali Reza

2015-06-11

There is a large body of literature examining income in relation to health expenditures. The share of expenditures in health sector from GDP in developed countries is often larger than in non-developed countries, suggesting that as the level of economic growth increases, health spending increase, too. This paper estimates long-run relationships between health expenditures and GDP based on panel data of a sample of 12 countries of the Organization of the Petroleum Exporting Countries (OPEC), using data for the period 1995-2012. We use panel data unit root tests, cointegration analysis and ECM model to find long-run and short-run relation. This study examines whether health is a luxury or a necessity for OPEC countries within a unit root and cointegration framework. Panel data analysis indicates that health expenditures and GDP are co-integrated and have Engle and Granger causality. In addition, in oil countries that have oil export income, the share of government expenditures in the health sector is often greater than in private health expenditures similar developed countries. The findings verify that health care is not a luxury good and income has a robust relationship to health expenditures in OPEC countries.

Republic of Venezuela. Country profile.

Science.gov (United States)

Hakkert, R

1985-06-01

Venezuela's current economic and demographic situation is described. Venezuela is a major oil country, and the oil industry accounts for 90% of the country's foreign exchange, 70% of the government's revenues, and 15% of the gross domestic product. The economy experienced a sudden and high rate of economic growth in the mid-1970s as a result of high oil prices; however, in recent years, declining oil prices have had a negative effect on the economy. The country is now faced with a serious trade deficit, and the government recently imposed restrictions on imports. Imports in recently years had increased markedly. The emphasis on the oil industry weakened the agricultural sector and, as a result, food imports increased. In addition, the rapid economic growth experienced during the 1970s greatly increased the demand for imported consumer goods. Venezuela has the 4th highest foreign debt in the world (US$35 billion). Despite these problems Venezuela has a relatively high per capita income (US$4,140) and living standard, compared to other countries in the region. Venezuela's total population is 14.6 million, and the population is unevenly distributed. 86% of the population lives in cities of 2500 or more. 37.4% of the population and 70% of the industry is concentrated in the Federal District which contains Caracas, and in the surrounding states of Aragua, Miranda, and Carabobo. This area constitutes only 2.36% of the country's territory. Most of the oil fields are located in the state of Zulia which also contains the country's 2nd largest city (Maracaibo). The country's coastal area contains most of the agricultural lands, and the prairies just south of the coastal mountain ranges are devoted primarily to cattle raising. The remaining 58.2% of the country's territory is essentially jungle and contains only 6.9% of the country's population. The annual population growth rate is 3.11%. Although the rate declined in recent years it is higher than in most of the other

Imported palm oil for biofuels in the EU: Profitability, greenhouse gas emissions and social welfare effects

International Nuclear Information System (INIS)

Saikkonen, Liisa; Ollikainen, Markku; Lankoski, Jussi

2014-01-01

We examine the social desirability of renewable diesel production from imported palm oil in the EU when greenhouse gas emissions are taken into account. Using a partial market equilibrium model, we also study the sectoral social welfare effects of a biofuel policy consisting of a blend mandate in a small EU country (Finland), when palm oil based diesel is used to meet the mandated quota for biofuels. We develop a market equilibrium model for three cases: i) no biofuel policy, ii) biofuel policy consisting of socially optimal emission-based biofuel tax credit and iii) actual EU biofuel policy. Our results for the EU biofuel market, Southeast Asia and Finland show very little evidence that a large scale use of imported palm oil in diesel production in the EU can be justified by lower greenhouse gas emission costs. Cuts in emission costs may justify extensive production only if low or negative land-use change emissions result from oil palm cultivation and if the estimated per unit social costs of emissions are high. In contrast, the actual biofuel policies in the EU encourage the production of palm oil based diesel. Our results indicate that the sectoral social welfare effects of the actual biofuel policy in Finland may be negative and that if emissions decrease under actual biofuel policy, the emission abatement costs can be high regardless of the land use change emissions. - Highlights: • We study the social desirability of renewable diesel production from palm oil in EU. • We also study sectoral social welfare impacts of actual biofuel policy in Finland. • Life cycle GHG emission costs of diesels are included in the economic analysis. • Extensive use of palm oil diesel in EU is difficult to justify by climate benefits. • The social welfare effects of the actual biofuel policy in Finland can be negative

Sensory properties of Californian and imported extra virgin olive oils.

Science.gov (United States)

Delgado, Claudia; Guinard, Jean-Xavier

2011-04-01

Production and consumption of extra-virgin olive has been increasing in the United States, particularly in California. The objective of this study was to compare the sensory characteristics of 22 extra virgin olive oils (EVOO) from California, Italy, Spain, Chile, and Australia using a generic descriptive analysis. A total of 22 sensory attributes were identified and defined by the descriptive panel. With the exception of thick and citrus, all sensory attributes were significantly different among the oils. Canonical Variate Analysis (CVA) showed that California oils differed from some imported EVOOs, mainly by their absence of defects. A second analysis, of only those attributes included in the International Olive Council (IOC) official scorecard, provided a less detailed description of the samples and did not allow for a full characterization of the oils. While the IOC attributes allowed for faster classification in terms of clean versus defective EVOOs, the more comprehensive descriptive analysis provided both more information and a more refined classification of the samples. Variety and region of origin were important factors in the classification of both Californian and imported EVOOs.   Measuring olive oil sensory quality using the IOC method-positive attributes of fruitiness, bitterness, and pungency, and defects including fusty, musty, winey, and rancid-allows for the certification of oils as extra virgin but it provides limited information on the sensory characteristics of the oils. A full descriptive profile, on the other hand, provides information that can be used by producers in the processing and marketing of their oils, and is a useful tool in the education of consumers about the wide range of (positive) sensory attributes in EVOO and the various sensory styles of EVOO.

Comparison of China's oil import risk. Results based on portfolio theory and a diversification index approach

International Nuclear Information System (INIS)

Wu, Gang; Liu, Lan-Cui; Wei, Yi-Ming

2009-01-01

In recent years, the international oil price has fluctuated violently, bringing about huge risk for the international oil trade. In fact, the risk of crude oil and petroleum product imports is different because of the different import origins and prices. Which import risk is lower for China? From the perspective of oil supply security, how should China portfolio crude oil and petroleum product imports to minimize its oil import risk? Using portfolio theory and a diversification index approach, this paper compares and analyzes the supply, price and transport risks of crude oil and petroleum product imports. Our results show that the following: (1) Specific risk (diversification risk) and marine transport risk of China's petroleum product imports are lower than that of crude oil imports. (2) The average rate of return of China's petroleum product imports is higher than that of crude oil imports. Moreover, the average import price variance of petroleum product imports is lower than that of crude oil imports. Thus, the systematic risk (price risk) of petroleum products is lower too. Therefore, from the perspective of oil supply security, China should increase petroleum product imports to decrease its oil import risk. (author)

Oil Producers vulnerability: restrictions for oil supply strategy - OPEC, Mexico and Norway; Indicadores de vulnerabilidade do produtor de petroleo: restricoes a estrategia de oferta - OPEP, Mexico and Norway

Energy Technology Data Exchange (ETDEWEB)

Delgado, Fernanda; Schaeffer, Roberto; Szklo, Alexandre [Universidade Federal do Rio de Janeiro (UFRJ), RJ (Brazil). Coordenacao dos Programas de Pos-Graduacao de Engenharia (COPPE)

2008-07-01

Few analysts address the socio-economic vulnerability faced by large oil producers countries that restricts their oil supply strategies. However, such as net import countries may be vulnerable to oil supply, large oil exporters countries may also become vulnerable due to their socio-economic dependence on oil, as export revenues are so important to their wealth generation and their populations' well-fare status. The objective of this paper is to evaluate the vulnerabilities of some oil exporters as the OPEC's member-countries, Mexico and Norway face, or may face, and that may restrict their degree of freedom for productive decision making (including investments) and for elaborating oil supply strategies (aiming at taking a larger share of the oil revenue). In order to do that this paper is divided in 3 sections. Initially, socio-economic vulnerability indicators for the oil exporting countries are presented, built and analyzed. Socio-economic vulnerability indicators comprehend, for instance, the following dimensions: physical, productive, fiscal, commercial, macroeconomic and social. The next section regards the application of a multi criteria method, the AHP - Analytic Hierarchy Process in order to summarize and organize the indicators. Finally, implications of the socio-economic vulnerabilities of these oil export countries for the world oil supply and price are derived. (author)

Import demand of crude oil and economic growth. Evidence from India

International Nuclear Information System (INIS)

Ghosh, Sajal

2009-01-01

This study establishes a long-run equilibrium relationship among quantity of crude oil import, income and price of the imported crude in India for the time span 1970-1971 to 2005-2006 using autoregressive distributed lag (ARDL) bounds testing approach of cointegration. Empirical results show that the long-term income elasticity of imported crude in India is 1.97 and there exists a unidirectional long-run causality running from economic growth to crude oil import. So reduction of crude oil import will not affect the future economic growth in India in the long-run. India should take various energy efficiency and demand side management measures in transport sector along with other measures like expanding and strengthening indigenous resource-base, substituting imported fuels by domestic fuels and de-controlling the price of petroleum products to reduce its import dependence. (author)

The oil world war

International Nuclear Information System (INIS)

Lafargue, F.

2008-01-01

Since the beginning of the 21. century, a war has started between the USA, China and India. The USA, first oil consuming and importing country in the world, has now to take into account the increasing energy consumption of China and India. China is now, just behind Japan, the third oil importing country and India ranked number seven. From the Gulf of Guinea to the Arabic peninsula, from the Orenoque basin to the Caspian sea banks, Washington, Beijing and New Delhi covet the same oil fields. This rivalry exacerbates the political tensions in many regions of the Earth and already provokes a latent food crisis. This black gold war is changing the World's face and should provoke serious armed conflicts. (J.S.)

An empirical analysis of the risk of crude oil imports in China using improved portfolio approach

International Nuclear Information System (INIS)

Wu, Gang; Wei, Yi-Ming; Fan, Ying; Liu, Lan-Cui

2007-01-01

This paper quantifies the diversification index of China's crude oil imports during the period 1996-2004, and explores the relationship between the monthly prices and Brent crude oil cash prices. Accordingly, we calculate the systematic and specific risks using portfolio theory of China's crude oil import over the period 1996-2004. Because China's crude oil import increased rapidly since 1996, we improve upon the traditional portfolio theory and develop a risk index model of portfolio theory for crude oil imports in order to explore objectively the changes in China's crude oil import risks. The results show that China's crude oil import risk is affected extensively by the fluctuation of international oil prices. So the traditional portfolio theory is insufficient to measure China's crude oil import risk. The improved portfolio theory risks index model reflects the effect of international oil prices, diversification, imports, and geopolitics factors etc., on crude oil import risk, and changes in crude oil import risk. Therefore, the risk index model of portfolio theory provides greater theoretical and methodological robustness as an indicator of China's crude oil import security than that offered from the application of traditional measures of dependence. (author)

Challenge - oil crisis. Herausforderung Oelkrise. Risiken - Vorsorge - Alternativen

Energy Technology Data Exchange (ETDEWEB)

Vogler, O

1981-01-01

After a short survey on recent developments of energy supply the risks of future energy supply and its effects are discussed. The parameters of dependence on oil-producing countries are studied and an evaluation is given on the measures which have to be taken by the Western industrialized countries in response to the dependence on oil. Further subjects are: mechanism of oil distribution in case of crisis, long-term cooperation of producer countries, measures on international level in the USA and Japan, and the energy-importing countries in the conflict area between OPEC- and industrialized countries.

Energy taxes, trends and structure in OECD countries

International Nuclear Information System (INIS)

2000-01-01

Most forms of energy are taxed in industrialised countries, but taxes vary amongst regions and between products. Oil taxes are by far the most important. They accounted in 1999 for 45 per cent of the total value of the oil barrel in the market. Natural gas is taxed much less than oil, but taxes are increasing, whereas coal taxes are absent or remain negligible. Environmental considerations have resulted in higher energy taxes in some countries ? the best examples in recent years are Germany and the UK. However, treasury revenue is still the most important determinant both for the level and for the structure of energy taxes. (author)

COMMODITY MARKET REGULATION: EXPORTING COUNTRIES VERSUS IMPORTING COUNTRIES

OpenAIRE

Souza, Leonardo Silveira

2012-01-01

The high in commodity prices in the international market in the last decade, tensions escalated between exporting and importing commodities countries, the extent of having their demands and pressures discussed in the main international organizations, especially in the G20. As altas nas cotações das commodities no mercado internacional na última década acirraram as tensões entre países exportadores e importadores de commodities, a ponto de terem suas reivindicações e pressões debatidas no...

An estimation of crude oil import demand in Turkey: Evidence from time-varying parameters approach

International Nuclear Information System (INIS)

Ozturk, Ilhan; Arisoy, Ibrahim

2016-01-01

The aim of this study is to model crude oil import demand and estimate the price and income elasticities of imported crude oil in Turkey based on a time-varying parameters (TVP) approach with the aim of obtaining accurate and more robust estimates of price and income elasticities. This study employs annual time series data of domestic oil consumption, real GDP, and oil price for the period 1966–2012. The empirical results indicate that both the income and price elasticities are in line with the theoretical expectations. However, the income elasticity is statistically significant while the price elasticity is statistically insignificant. The relatively high value of income elasticity (1.182) from this study suggests that crude oil import in Turkey is more responsive to changes in income level. This result indicates that imported crude oil is a normal good and rising income levels will foster higher consumption of oil based equipments, vehicles and services by economic agents. The estimated income elasticity of 1.182 suggests that imported crude oil consumption grows at a higher rate than income. This in turn reduces oil intensity over time. Therefore, crude oil import during the estimation period is substantially driven by income. - Highlights: • We estimated the price and income elasticities of imported crude oil in Turkey. • Income elasticity is statistically significant and it is 1.182. • The price elasticity is statistically insignificant. • Crude oil import in Turkey is more responsive to changes in income level. • Crude oil import during the estimation period is substantially driven by income.

Oil and gas information 1995

International Nuclear Information System (INIS)

1996-07-01

This reference book on current developments in oil and gas supply and demand contains country-specific statistics for OECD countries on production, trade, demand and prices. This book is divided in four parts. Part 1 gives the statistics sources for oil, gas and by products (lubricants, bitumen, paraffin waxes etc..) supply, demand, consumption, origin, feedstocks, import and export prices, spot and end-user prices and taxes, and gives also the definitions of products, supply and consumption items reported in this book. Part 2 provides summary tables of world oil and gas market developments with time series back to the early 1970's. Parts 3 and 4 provide, in tables form, a more detailed and comprehensive picture of oil and gas supply and demand for the OECD by region and individual countries. (J.S.)

Oil and Gas Security. Emergency Response of IEA Countries - Czech Republic 2010 update

Energy Technology Data Exchange (ETDEWEB)

NONE

2010-07-01

This publication provides a detailed look at the specific systems in Czech Republic for responding to an oil supply crisis. Initially prepared as a chapter in the overarching publication on the emergency response mechanisms in various IEA member countries, the IEA has started a new cycle of reviews which now includes reviewing gas emergency policies. Rather than waiting for the completion of the current review cycle to renew the full larger publication, the IEA will be making available updates to the country chapters as these become available following the country's review.

Oil and Gas Security. Emergency Response of IEA Countries - Slovak Republic 2011 update

Energy Technology Data Exchange (ETDEWEB)

NONE

2011-08-12

This publication provides a detailed look at the specific systems in Slovak Republic for responding to an oil supply crisis. Initially prepared as a chapter in the overarching publication on the emergency response mechanisms in various IEA member countries, the IEA has started a new cycle of reviews which now includes reviewing gas emergency policies. Rather than waiting for the completion of the current review cycle to renew the full larger publication, the IEA will be making available updates to the country chapters as these become available following the country's review.

Oil and Gas Security. Emergency Response of IEA Countries - United Kingdom 2010 update

Energy Technology Data Exchange (ETDEWEB)

NONE

2010-07-01

This publication provides a detailed look at the specific systems in United Kingdom for responding to an oil supply crisis. Initially prepared as a chapter in the overarching publication on the emergency response mechanisms in various IEA member countries, the IEA has started a new cycle of reviews which now includes reviewing gas emergency policies. Rather than waiting for the completion of the current review cycle to renew the full larger publication, the IEA will be making available updates to the country chapters as these become available following the country's review.

Oil and Gas Security. Emergency Response of IEA Countries - New Zealand 2010 update

Energy Technology Data Exchange (ETDEWEB)

NONE

2010-07-01

This publication provides a detailed look at the specific systems in New Zealand for responding to an oil supply crisis. Initially prepared as a chapter in the overarching publication on the emergency response mechanisms in various IEA member countries, the IEA has started a new cycle of reviews which now includes reviewing gas emergency policies. Rather than waiting for the completion of the current review cycle to renew the full larger publication, the IEA will be making available updates to the country chapters as these become available following the country's review.

Ethics and the oil industry

International Nuclear Information System (INIS)

Bauquin, P.R.

2001-01-01

In many countries public opinions are more and more sensitive to ethical issues linked to the manner in which industries and particularly oil companies behave. Oil companies are frequently unpopular, among the public both in producing and consuming countries. After a brief analysis of the reasons for this unpopularity, the author attempts to show both the ambiguities surrounding the question of ethics, and its complexity. This is especially true when oil companies have to work in countries which are destabilized, and in which disturbances - or even civil wars - may be fuelled by the important revenue streams resulting from the oil production. The various ethical issues are reviewed, from human rights to political interference, without omitting global or local environmental problems. Despite the very deep roots of the various issues the author believe some progress is achievable and advocates that the oil industry lead the way in this difficult domain. (author)

On the cointegration and causality between oil market, nuclear energy consumption, and economic growth: evidence from developed countries

International Nuclear Information System (INIS)

Naser, Hanan

2017-01-01

This study uses Johansen cointegration technique to examine both the equilibrium relationship and the causality between oil consumption, nuclear energy consumption, oil price and economic growth. To do so, four industrialized countries including the USA, Canada, Japan, and France are investigated over the period from 1965 to 2010. The cointegration test results suggest that the proposed variables tend to move together in the long run in all countries. In addition, the causal linkage between the variables is scrutinized through the exogeneity test. The results point that energy consumption (i.e., oil or nuclear) has either a predictive power for economic growth, or feedback impact with real GDP growth in all countries. Results suggest that oil consumption is not only a major factor of economic growth in all the investigated countries, it also has a predictive power for real GDP in the USA, Japan, and France. Precisely, increasing oil consumption by 1% increases the economic growth in Canada by 3.1%., where increasing nuclear energy consumption by 1% in Japan and France increases economic growth by 0.108 and 0.262%, respectively. Regarding nuclear energy consumption-growth nexus, results illustrate that nuclear energy consumption has a predictive power for real economic growth in the USA, Canada, and France. On the basis of speed of adjustment, it is concluded that there is bidirectional causality between oil consumption and economic growth in Canada. On the other hand, there is bidirectional causal relationship between nuclear energy consumption and real GDP growth in Japan. (orig.)

On the cointegration and causality between oil market, nuclear energy consumption, and economic growth: evidence from developed countries

Energy Technology Data Exchange (ETDEWEB)

Naser, Hanan [Arab Open University, Faculty of Business Studies, A' ali (Bahrain)

2017-06-15

This study uses Johansen cointegration technique to examine both the equilibrium relationship and the causality between oil consumption, nuclear energy consumption, oil price and economic growth. To do so, four industrialized countries including the USA, Canada, Japan, and France are investigated over the period from 1965 to 2010. The cointegration test results suggest that the proposed variables tend to move together in the long run in all countries. In addition, the causal linkage between the variables is scrutinized through the exogeneity test. The results point that energy consumption (i.e., oil or nuclear) has either a predictive power for economic growth, or feedback impact with real GDP growth in all countries. Results suggest that oil consumption is not only a major factor of economic growth in all the investigated countries, it also has a predictive power for real GDP in the USA, Japan, and France. Precisely, increasing oil consumption by 1% increases the economic growth in Canada by 3.1%., where increasing nuclear energy consumption by 1% in Japan and France increases economic growth by 0.108 and 0.262%, respectively. Regarding nuclear energy consumption-growth nexus, results illustrate that nuclear energy consumption has a predictive power for real economic growth in the USA, Canada, and France. On the basis of speed of adjustment, it is concluded that there is bidirectional causality between oil consumption and economic growth in Canada. On the other hand, there is bidirectional causal relationship between nuclear energy consumption and real GDP growth in Japan. (orig.)

Future demands for imported coal in Asian countries

International Nuclear Information System (INIS)

Kimura, T.

1991-01-01

This paper reports that one of the main characteristics of international coal trade in the 1980's was a much higher growth rate recorded in steam coal trade than in coking coal trade. Another was that coal import in Asia started to expand rapidly at the start of the 1980's. Increased coal imports by Asian countries is primarily attributed to growing steam coal imports. Steam coal accounted for more than two-thirds of the additional coal imports by Asian countries between 1980 and 1988. Nonetheless, coking coal still forms the largest segment of Pacific coal trade. Only in the early 1990's is steam coal trade expected to exceed coking coal trade in the Pacific

Importance of algae oil as a source of biodiesel

International Nuclear Information System (INIS)

Demirbas, Ayhan; Fatih Demirbas, M.

2011-01-01

Algae are the fastest-growing plants in the world. Industrial reactors for algal culture are open ponds, photobioreactors and closed systems. Algae are very important as a biomass source. Algae will some day be competitive as a source for biofuel. Different species of algae may be better suited for different types of fuel. Algae can be grown almost anywhere, even on sewage or salt water, and does not require fertile land or food crops, and processing requires less energy than the algae provides. Algae can be a replacement for oil based fuels, one that is more effective and has no disadvantages. Algae are among the fastest-growing plants in the world, and about 50% of their weight is oil. This lipid oil can be used to make biodiesel for cars, trucks, and airplanes. Microalgae have much faster growth-rates than terrestrial crops. the per unit area yield of oil from algae is estimated to be from 20,000 to 80,000 l per acre, per year; this is 7-31 times greater than the next best crop, palm oil. The lipid and fatty acid contents of microalgae vary in accordance with culture conditions. Most current research on oil extraction is focused on microalgae to produce biodiesel from algal oil. Algal-oil processes into biodiesel as easily as oil derived from land-based crops.

Intrastate conflict in oil producing states: A threat to global oil supply?

International Nuclear Information System (INIS)

Toft, Peter

2011-01-01

In this paper I investigate how often and how much outbreaks of intrastate conflict in oil producing states translates into oil supply shortfalls. The Libyan conflict that broke out in February 2011 highlighted the fear that intrastate conflict in oil producing states may imply shortfalls and ensuing volatile global oil prices. I argue, however, that it is far from certain that shortfalls following conflict outbreak will occur, since both sides in a conflict face incentives simultaneously to protect and maintain oil installations and to strike and destroy these. Based on a quantitative analysis of 39 intrastate wars in oil producing countries (1965-2007) I conclude that outbreak of conflict does not translate into production decline with any certainty. In fact, likelihoods are less than 50% for reductions to occur. In many cases growing production actually followed conflict outbreak. I conclude by investigating four characteristics of intrastate conflict that may explain when oil production is at risk during conflict: (1) proximity of oil producing fields to key battle zones, (2) duration of conflict, (3) separatism and the location of oil in separatist territory, and (4) the relative size of oil production. While the first three factors did not prove important, oil producer size could be significant. But further research is needed to establish this with greater certainty. - Highlights: → Oil shortfall during intrastate conflict is not a given. → Statistical analysis of 39 intrastate conflicts in oil producing countries since 1965. → Examination of four characteristics of intrastate conflict in oil producing countries. → Marginal significance related to large producers and production shortfall.

Intrastate conflict in oil producing states: A threat to global oil supply?

Energy Technology Data Exchange (ETDEWEB)

Toft, Peter, E-mail: peter.toft@ec.europa.eu [Institute for Energy, Joint Research Centre of the European Commission, Westerduinweg 3, 1755 ZG Petten (Netherlands)

2011-11-15

In this paper I investigate how often and how much outbreaks of intrastate conflict in oil producing states translates into oil supply shortfalls. The Libyan conflict that broke out in February 2011 highlighted the fear that intrastate conflict in oil producing states may imply shortfalls and ensuing volatile global oil prices. I argue, however, that it is far from certain that shortfalls following conflict outbreak will occur, since both sides in a conflict face incentives simultaneously to protect and maintain oil installations and to strike and destroy these. Based on a quantitative analysis of 39 intrastate wars in oil producing countries (1965-2007) I conclude that outbreak of conflict does not translate into production decline with any certainty. In fact, likelihoods are less than 50% for reductions to occur. In many cases growing production actually followed conflict outbreak. I conclude by investigating four characteristics of intrastate conflict that may explain when oil production is at risk during conflict: (1) proximity of oil producing fields to key battle zones, (2) duration of conflict, (3) separatism and the location of oil in separatist territory, and (4) the relative size of oil production. While the first three factors did not prove important, oil producer size could be significant. But further research is needed to establish this with greater certainty. - Highlights: > Oil shortfall during intrastate conflict is not a given. > Statistical analysis of 39 intrastate conflicts in oil producing countries since 1965. > Examination of four characteristics of intrastate conflict in oil producing countries. > Marginal significance related to large producers and production shortfall.

Peak oil and gas

International Nuclear Information System (INIS)

Ziegler, W. H.; Campbell, C. J.; Zagar, J.J.

2009-01-01

Oil and gas were formed under exceptional conditions in the geological past, meaning that they are subject to natural depletion, such that the past growth in production must give way to decline. Although depletion is a simple concept to grasp, public data on the resource base are extremely unreliable due to ambiguous definitions and lax reporting. The oil industry is reluctant to admit to an onset of decline carrying obvious adverse financial consequences. There are several different categories of oil and gas, from tar sands to deep water fields, each with specific characteristics that need to be evaluated. It is important to build a global model on a country by country basis in order that anomalous statistics may be identified and evaluated. Such a study suggests that the world faces the onset of decline, with far-reaching consequences given the central role of oil-based energy. It is accordingly an important subject deserving detailed consideration by policy makers. (author)

Importance of Country-of-Origin on Different Product Categories Purchase Decision

Directory of Open Access Journals (Sweden)

Krupka Zoran

2017-12-01

Full Text Available Country of origin is an important factor in product evaluation process as well as for purchase decision. Its importance depends on the amount of information consumers have about the product and product category. This paper investigates the importance of coutry of origin in purchase decision-making process for three different product categories: high risk and high level of consumer involvement in purchasing process (car, medium risk and midium level of consumer involvement in purchasing process (TV, and low risk and low level of consumer involvement in purchasing process (confectionery products. Also, this paper investigates importance of country of manufacturing for purchase decision-making process in relation to country of origin’s importance. Research was conducted on 215 respondents from Belgium and Republic of Croatia. Results have shown that country of origin is important only for car purchase, but not for TV and confectionery products. For all product categories, country of origin has been shown to be more important in the decision-making process than country of manufacturing.

Cheap oil. Good news - for most

NARCIS (Netherlands)

Lorié, J.

2014-01-01

- The oil price has fallen by 40% in recent months, as a result of increasing oil supply, and is expected to be in the range of USD 70 - 80 per barrel in 2015. - The global economy is set to benefit, as are oil importing regions such as Europe and Asia. - Oil exporting countries like Brazil, Russia

Reliable in the long run? Petroleum policy and long-term oil supplier reliability

International Nuclear Information System (INIS)

Toft, Peter; Duero, Arash

2011-01-01

Accelerating oil import dependence in energy consuming nations highlights the importance of having energy supplies at sufficient levels and at stable and reasonable prices. Consequently, it is crucial that oil exporters realize their full production potential. Current debates on energy security are often focused on short-term risks e.g. sudden disruptions due to wars, domestic instability, etc. However, when it comes to assessing oil supplier reliability it is equally important to assess their longer term ability and willingness to deliver oil to the global market. This study analyzes the effects of petroleum investment policies on crude oil production trends in 14 major oil producing countries (2000-2010) by focusing on the political-institutional frameworks that shape the investment conditions for the upstream oil sector. Our findings indicate that countries with less favorable oil sector frameworks systematically performed worse than countries with investor friendly and privatized sectors. The findings indicate that assessments based on remaining reserves and planned production capacities alone could inflate expectations about future oil supplies in a world where remaining crude reserves are located in countries with unfavorable investment frameworks. - Highlights: → We explore if policies favoring state-ownership in upstream oil undermine output expectations. → We compare petroleum policies of 14 major oil producers vis-a-vis production trends 2000-2010. → We find major differences between countries favorable to state-owned or private investors. → Substantial private investment seems needed for oil production to meet long-term demand growth.

Why Is Inclusive Education Important to My Country?

Science.gov (United States)

Bevan-Brown, Jill; Heung, Vivian; Jelas, Zalizan M.; Phongaksorn, Sujinda

2014-01-01

This article presents a collection of personal perspectives of three academics and one ministry official from various countries in the Asia-Pacific region, namely, New Zealand, Hong Kong, Malaysia, and Thailand, on the importance of inclusive education. These perspectives offer an insider's understanding of the universal and country-specific…

Millionaire underdogs: The Independent Petroleum Association of American and the politics of imported oil, 1921-1941

International Nuclear Information System (INIS)

Staggs, K.J.

1991-01-01

Smaller, usually non-integrated producers, or independents, demanded a protective tariff on imported petroleum, the one policy that would make the majors bear all the burdens of curtailment. In 1929 they created a national organization, the Independent Petroleum Association of America (IPPA), and after 1929 spent the next 12 years lobbying Congress and the Executive for some form of protective legislation. The independents argued that protectionism was necessary in order to maintain a competitive balance in the industry, and that if the majors were allowed to buy them out, the country would face high monopolistic prices for petroleum products. This study explains why the independent oil producers wanted protectionist legislation in the 1920s and 1930s, how they influenced oil policy, and what the short-term and long-run effects of the compromise over import controls were for America. It focuses particularly on the IPAA and makes use of its publications and of archival and manuscript collections, government documents, and trade journals that illuminate its thinking and its political activities

Depletion policies for oil-exporting developing economies

Energy Technology Data Exchange (ETDEWEB)

Stournaras, Y A

1984-01-01

The fact that most oil-exporting countries are developing economies has important implications for oil supply which have not been properly taken into account in the literature on exhaustible resource depletion. The way in which depletion policies are affected by trade uncertainty, given the high degree of the major oil exporters' 'dependence' on crude oil revenues, by investment time lags which delay the exploitation of (some of) these countries' comparative advantage in a petroleum based development, and by ideological objections to the ideal of a rentier society and to foreign capital are examined.

THE GEOPOLITICS OF OIL AND CLIMATE CHANGE

Directory of Open Access Journals (Sweden)

BACIU Adrian

2012-12-01

Full Text Available This paper aims to present the role of oil in today’s world, society, and economy. It is important because anything nowadays is about oil, from economy, and society, to international politics. Since the development of air and road transportation, but especially after World War II, the transfer of wealth from some countries (the consuming countries to another countries (the producing countries is unique in human history; and the influence of the second group of countries in world politics is very high due to this situation.\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\r\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\

Global Trends and Development Prospects for Oil and the Oil Products Market

Directory of Open Access Journals (Sweden)

Maria Dorozhkina

2006-03-01

Full Text Available This article discusses the important issue of the development of the global market of oil and oil products. It offers an overview of how this market was formed and its current status, classification, location and potential of countries in the oil and oil processing business. It analyzes the Ukrainian oil products market. The article discusses the shortcomings and strategic areas for the development of Ukraine’s oil transport system. It presents an optimum method for creating integration groups in order to develop the oil processing business in Ukraine for the future. The article considers the main trends and outlines development prospects for the global oil and oil products market.

Ex-USSR: Oil exporter or importer?

International Nuclear Information System (INIS)

Khartukov, E.M.

1993-01-01

Political disintegration and economic perestroika in the former Soviet Union (FSU) have major international ramifications and some of these can be found in the oil sector. An overview is presented of the FSU oil industry, including the conditions preceding and following the breakup. Early effects of the breakup included shortages of liquid fuels and the introduction of a strict export quota and license system. The likelihood of disruptions in oil exports, caused by political clashes between Russia and the other oil-transporting republics is low. Rapid decentralization of the Soviet oil trade is likely to bring forth currency-starved national exporters that may add substantially to international market competition and further undercut unstable world oil prices. In the short term, the FSU oil industry will suffer from inevitable imbalances which will manifest themselves in regional oil shortages and gluts spreading towards neighbouring international markets. In the medium and longer term the cooperating parts will become more self-reliant or infrastructurally independent and will speed natural growth and integration into neighbouring petroleum markets. Crude oil and oil product balances of the FSU republics are presented. 2 refs., 2 figs., 7 tabs

New round for oil

International Nuclear Information System (INIS)

Delamarche, Myrtille

2018-01-01

After three years of crisis, oil companies are now strongly reinvesting, while oil prices are stabilizing at a reasonable long-term level, notably due to a rising demand from developing countries. Examples of new investments made by majors such as Total, Shell or Exxon but also by national companies and junior companies, are given. Oil price evolution as well as cost reductions (thanks notably to the digitalisation of the sector, leading to a decrease in exploration costs) are analyzed. The importance of the US oil production, and particularly shale oil production, is pinpointed

Pass-Through to Import Prices: Evidence from Developing Countries

OpenAIRE

Miguel Fuentes

2007-01-01

In this paper I study the pass-through of nominal exchange rate changes to the price of imported goods in four developing countries. The results indicate that 75% of changes in the exchange rate are passed-through to the domestic currency price of imported goods within one quarter. Complete pass-through is attained within one year. There is no evidence that exchange rate pass-through to the price of imported goods has declined over time even in those countries that have managed to reduce infl...

Energy profiles of selected Latin American and Caribbean countries. Report series No. 2

Energy Technology Data Exchange (ETDEWEB)

Wu, K.

1994-07-01

Countries in this report include Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Mexico, Peru, Trinidad and Tobago, and Venezuela. These ten countries are the most important oil and gas producers in the Latin American and the Caribbean region. In the following sections, the primary energy supply (oil, gas, coal, hydroelectricity, and nuclear power whenever they are applicable), primary energy consumption, downstream oil sector development, gas utilization are discussed for each of the ten countries. The report also presents our latest forecasts of petroleum product consumption in each country toward 2000, which form the basis of the outlook for regional energy production and consumption outlined in Report No 1. Since the bulk of primary energy supply and demand is hydrocarbons for many countries, brief descriptions of the important hydrocarbons policy issues are provided at the end of the each country sections.

Optimal capital accumulation and the allocation of investment between traded and nontraded sectors in oil-producing countries.

NARCIS (Netherlands)

van Wijnbergen, S.J.G.

1985-01-01

A paper on the optimal capital accumulation and allocation of investment in oil exporting countries. Investigates the basis of consumption and investment levels on optimizing forward-looking behavior, the role of physical capital in the production, the impact of the decline in oil revenues on the

Central European projects could alter oil movement patterns

International Nuclear Information System (INIS)

Deffarges, E.H.; Howard, D.J.; Treat, J.E.

1991-01-01

This paper reports that several oil transportation projects are set to transform the flows of oil in Central Europe, with potentially important implications for crude oil and product prices in the region. These projects are spurred by the desires of the newly opened economies of Central Europe to diversify their sources of oil supplies away from the U.S.S.R. and by expectations of economic growth in this region. Today, Central European countries (Poland, Czechoslovakia, Hungary, Yugoslavia, Romania, and Bulgaria) rely heavily on Soviet crude supplies. Of the 1.7 million b/d of crude oil consumed by these six countries, about 55% is imported from the U.S.S.R. This is down significantly from the more than 75% import dependence in the mid-1980s. This dependency on U.S.S.R. crude - for countries that either have a history of indigenous production (Romania) or access to Middle East or North African supplies (Yugoslavia) - testifies to more than 40 years of centrally planned economics in which Moscow provided the energy and raw materials and Central European countries delivered finished goods. Since the end of World War II, the pipeline flow of crude oil and products from Western to Central Europe has been almost nonexistent. In fact, the Western European crude and product pipeline network itself is a rather poorly integrated system, with only limited interconnections between northern and southern networks and no real competition across the major flow routes

Oil price, capital mobility and oil importers

International Nuclear Information System (INIS)

Gonzalez-Romero, A.

1992-01-01

A three-region, three-commodity general equilibrium model is constructed to explore the impact of OPEC's pricing policies on major macro variables of importer economies. The aim of this paper is to explore general macro characteristics of the trading economies to aid understanding of the world economy response after OPEC I and OPEC II in terms of the evolution of North - South terms of trade, rates of profit and output levels. We support the view of a world economy in a three regions setting, North - South - OPEC. The analysis increases our understanding of why regions respond differently to the same external shock and how from different regimes of capital mobility we should derive alternative policy implications. With the current rise in oil prices, the topic promises to be relevant for some time, although the direction of the shocks has been reserved. (Author)

Price and income elasticities of crude oil import demand in South Africa: A cointegration analysis

International Nuclear Information System (INIS)

Ziramba, Emmanuel

2010-01-01

This paper examines the demand for imported crude oil in South Africa as a function of real income and the price of crude oil over the period 1980-2006. We carried out the Johansen co integration multivariate analysis to determine the long-run income and price elasticities. A unique long-run cointegration relationship exists between crude oil imports and the explanatory variables. The short-run dynamics are estimated by specifying a general error correction model. The estimated long-run price and income elasticities of -0.147 and 0.429 suggest that import demand for crude oil is price and income inelastic. There is also evidence of unidirectional long-run causality running from real GDP to crude oil imports. - Research Highlights: →The paper examines the demand for imported crude oil in South Africa over the period 1980-2006. → The estimated long-run price and income elasticities are -0.147 and 0.429, respectively. → There is evidence of unidirectional long-run causality running from real GDP to crude oil imports.

Price and income elasticities of crude oil import demand in South Africa: A cointegration analysis

Energy Technology Data Exchange (ETDEWEB)

Ziramba, Emmanuel, E-mail: zirame@unisa.ac.z [Department of Economics, University of South Africa, P.O Box 392, Unisa 0003 (South Africa)

2010-12-15

This paper examines the demand for imported crude oil in South Africa as a function of real income and the price of crude oil over the period 1980-2006. We carried out the Johansen co integration multivariate analysis to determine the long-run income and price elasticities. A unique long-run cointegration relationship exists between crude oil imports and the explanatory variables. The short-run dynamics are estimated by specifying a general error correction model. The estimated long-run price and income elasticities of -0.147 and 0.429 suggest that import demand for crude oil is price and income inelastic. There is also evidence of unidirectional long-run causality running from real GDP to crude oil imports. - Research Highlights: {yields}The paper examines the demand for imported crude oil in South Africa over the period 1980-2006. {yields} The estimated long-run price and income elasticities are -0.147 and 0.429, respectively. {yields} There is evidence of unidirectional long-run causality running from real GDP to crude oil imports.

Country profiles: Belgium

International Nuclear Information System (INIS)

Anon.

1991-01-01

Within months, Belgium will have to import practically all of its energy requirements; coal production will stop in 1992. Though nuclear will continue to provide the bulk of the country's power supply, government policy has shifted away from reliance on the atom for electricity generation towards natural gas. With no oil reserves of its own, keeping demand under check has been a priority for governments down the years. The actual level of oil imports runs well above consumption since the refining sector supplies products for the European market. Belgium's own petrol station businesses face considerable rationalisation, with average throughput well below EC levels. (author)

The political role of national oil companies in the large exporting countries : the Venezuela case

International Nuclear Information System (INIS)

Mommer, B.

1994-01-01

This paper starts by defining the role of mining companies vis-a vis the landlords in a modern economy. Then it examines the role international oil companies played in exporting countries. Finally the role of national oil companies is analyzed following the same scheme : what is their contribution to the development of a new landlord-tenant relationship, nationally and internationally ? ''Petroleos de Venezuela'' is taken as an example. (Author). 27 refs

Uganda Country Economic Memorandum : Economic Diversification and Growth in the Era of Oil and Volatility

OpenAIRE

World Bank; Government of Uganda

2015-01-01

The objective of the Ugandan government is to make Uganda an upper - middle income country within thirty years. Economic diversification is a key component of that strategy. The country economic memorandum (CEM) report discusses how the emergence of oil and mineral production can contribute to Uganda’s effort to promote economic diversification as a means to achieve sustainable and shared ...

Terms of trade, countertrade and recycling under oil price shocks

Energy Technology Data Exchange (ETDEWEB)

Tolonen, Y. (Turku School of Economics (Finland))

1989-01-01

In this paper we first analyse the consequences of oil pricedisturbances in a model of two oil importing and one oil producingcountries. Attention is given both to the terms of trade between theoil importers and to the recycling of the oil revenues of the oilproducer to imports from these oil importing countries. Secondly,extending the model by another oil producer we discuss a situationwhere a part of the oil trade takes place on a countertrade basis. Thequestion is whether such countertrade deals are advantageous or notwhen oil price shocks occur. Various factors are presented upon whichthe outcome depends. 12 refs., 2 tabs., 1 app.

The rising price of oil: a window of opportunity for some Central American and Caribbean countries

International Nuclear Information System (INIS)

Lizardi, Carlos Guerrero de; Padilla-Perez, Ramon

2010-11-01

This research paper analyzes the direct impact of the rising price of oil on shipping costs of any product to any point in the United States from Central America, Mexico or the Dominican Republic (CAM-DR) versus products from Asia. First, the study provides a brief description of the commercial opening of the countries analyzed and the liberalization of their markets. Second, it analyzes the evolution of the competitiveness of selected countries in the U.S. import market. Third, the study presents an analysis for each product. The hypothesis of this study is that geographical distance will be increasingly key. It is recommended that enhance shipping procedures and time (transit and container stay) be enhanced by simplifying customs procedures and improving port infrastructure. By expanding and improving road and rail infrastructures, countries could reduce shipping costs within their own territories. Besides, to avoid significant gain or loss in market share, it is recommended that the current tariff gaps be maintained or better still, expanded. Furthermore, forming strategic alliances could help producers lower the prices of their exported manufactured products.

Price and income elasticities of crude oil import demand in South Africa. A cointegration analysis

Energy Technology Data Exchange (ETDEWEB)

Ziramba, Emmanuel [Department of Economics, University of South Africa, P.O Box 392, Unisa 0003 (South Africa)

2010-12-15

This paper examines the demand for imported crude oil in South Africa as a function of real income and the price of crude oil over the period 1980-2006. We carried out the Johansen co integration multivariate analysis to determine the long-run income and price elasticities. A unique long-run cointegration relationship exists between crude oil imports and the explanatory variables. The short-run dynamics are estimated by specifying a general error correction model. The estimated long-run price and income elasticities of -0.147 and 0.429 suggest that import demand for crude oil is price and income inelastic. There is also evidence of unidirectional long-run causality running from real GDP to crude oil imports. (author)

How Desert Storm changed U.S. oil imports

International Nuclear Information System (INIS)

Anon.

1992-01-01

During the past two years, US petroleum imports shrank because of economic recession. There were significant changes in the shares of the shrunken pie because of the Persian Gulf War. This issue of Energy Detente compares US crude and refined product imports by hemisphere and by country during 1991 and 1989. These trends are likely to be reversed for short and long term reasons discussed inside. US dependence on Western Hemisphere countries increased by 0.6%, Venezuela accounting for 17% more imports in 1991 than 1989 and Canada and Mexico 11% and 4% more, respectively. This issue also presents the following: (1) the ED Refining Netback Data Series for the US Gulf and West Coasts, Rotterdam, and Singapore as of April 10, 1992; and (2) the ED Fuel Price/Tax Series for countries of the Eastern Hemisphere, April 1992 Edition

International oil law

International Nuclear Information System (INIS)

Torkzad, B.

1997-01-01

The 1973 energy crisis demonstrated that the international petroleum industry is not totally free. Very often it has been the object of an organization, even during the domination of international oil companies which have established a petroleum international system with a system of concession rights. This system is based on an oligopolistic structure which had the characteristics of a monopoly. This vertically integrated structure of the world petroleum industry during the 1920-1950 era was more or less locked up by the system of concessions. The incompatibility of this system of excessively long concession contracts with the economical development needs of oil exporting countries has led to their abolishment. They have been replaced by new agreements. As soon as the creation of stable and permanent international oil organizations (OPEC, OAPEC, IEA), an institutional right has been established which has generated international rights and principles governing the contractual relations between oil exporting and oil importing countries. This international petroleum right is both original and specific, it is evolutive, contractual and normative. (J.S.)

Oil and entrepreneurship

International Nuclear Information System (INIS)

Majbouri, Mahdi

2016-01-01

Economic theory predicts that rents produced from natural resources, especially oil and gas, can increase opportunities for entrepreneurship, but they may also reduce engagement in entrepreneurial activities as they change incentives towards rent-seeking. Using Global Entrepreneurship Monitor (GEM) annual surveys, this study provides empirical evidence that more per capita profit from oil and gas reduces entrepreneurship only in corrupt environments. The more the corruption is, the larger is the impact. The results have important implications for policy makers, especially in resource rich developing countries. - Highlights: •Profits from oil and gas have positive and negative impacts on entrepreneurship. •This study explains these impacts and provides empirical evidence on them. •It uses Global Entrepreneurship Monitor and WB Subsoil and Forest rents datasets. •It employs a dynamic panel data estimation with country fixed effects. •It shows that the negative impact dominates as corruption and oil and gas rents increase.

Feasibility to apply the steam assisted gravity drainage (SAGD) technique in the country's heavy crude-oil fields

International Nuclear Information System (INIS)

Rodriguez, Edwin; Orjuela, Jaime

2004-01-01

The steam assisted gravity drainage (SAGD) processes are one of the most efficient and profitable technologies for the production of heavy crude oils and oil sands. These processes involve the drilling of a couple of parallel horizontal wells, separated by a vertical distance and located near the oil field base. The upper well is used to continuously inject steam into the zone of interest, while the lower well collects all resulting fluids (oil, condensate and formation water) and takes them to the surface (Butler, 1994). This technology has been successfully implemented in countries such as Canada, Venezuela and United States, reaching recovery factors in excess of 50%. This article provides an overview of the technique's operation mechanism and the process most relevant characteristics, as well as the various categories this technology is divided into, including all its advantages and limitations. Furthermore, the article sets the oil field's minimal conditions under which the SAGD process is efficient, which conditions, as integrated to a series of mathematical models, allow to make forecasts on production, thermal efficiency (ODR) and oil to be recovered, as long as it is feasible (from a technical point of view) to apply this technique to a defined oil field. The information and concepts compiled during this research prompted the development of software, which may be used as an information, analysis and interpretation tool to predict and quantify this technology's performance. Based on the article, preliminary studies were started for the country's heavy crude-oil fields, identifying which provide the minimum conditions for the successful development of a pilot project

The Asia-Pacific oil market : prospects for Canadian oil

International Nuclear Information System (INIS)

Fesharaki, F.

2004-01-01

The Asia-Pacific region is among the fastest growing oil markets for which analysts predict healthy growth rates due to high energy demands from developing countries such as China. Increased oil demand will mean new refining capacity needs and increased supplies of crude oil. The indigenous crude supply in the Asia-Pacific region is limited and unable to meet the region's needs. Imports are therefore expected to rise continuously. Although the Middle East will continue to be the dominant player in meeting these growing oil needs, Canada has an opportunity to diversify the supply source and play a significant role in meeting the energy needs of the Asia-Pacific region. tabs., figs

Energy demand in seven OECD countries

International Nuclear Information System (INIS)

Patry, M.

1990-01-01

The intensity of utilization of energy has been declining in all OECD countries since the first oil price shock of 1973. In 1988, the OECD countries were consuming 1.7 billion tonnes of crude oil, that is two hundred million tonnes less than fifteen years ago. From 1974 to 1988, OECD oil consumption decreased at an average annual rate of 1.3% while the GDP of these countries rose by an average of 2.6% per annum. The authors present here a model of sectoral energy demand and interfuel substitution for the G-7 countries: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. The ultimate goal is to determine the relative importance of the contributing factors to the observed reversal in energy consumption per unit of production in these countries. The results they present should be viewed as preliminary. They point in the paper to a number of extensions that should improve the theoretical quality of the modeling effort and the statistical robustness of the results. They are presently expanding the data set to pinpoint more adequately the effects of structural change and conservation

The influence of South Korean energy policy on OPEC oil exports

International Nuclear Information System (INIS)

Almansoori, Ali

2014-01-01

South Korea is the fifth top oil importer worldwide with 64% of its oil coming from OPEC member countries. Over the last 30 years, South Korea accounted for a rapid increase in energy use. This in turn led South Korea to be totally dependent on oil imports. Due to this increase, South Korea has been experiencing drastic changes in its energy system which could potentially impact its dependence on OPEC oil import. External and internal factors have forced South Korea to change its energy strategy and targets. These targets would be achieved by reducing its energy intensity and utilizing electricity and renewable energies in order to reduce its dependence on oil consumption. “Low Carbon, Green Growth” is one policy along with many other energy policies developed by South Korea for reducing greenhouse gases, thus this policy is receiving a remarkable attention today. These national policies along with other international ones are needed to mitigate greenhouse gas emissions and promote other green initiatives. This study puts emphasis on these policies as well as uses them to predict the future energy profile of South Korea and how these policies will impact on oil imports from OPEC member countries. - Highlights: • Analyze energy policy of South Korea and its energy profiles. • Study the factors that affect South Korea to change its energy strategy and targets. • Analyze the implications of South Korean energy policy on oil imports from OPEC. • South Korea will continue importing oil from OPEC countries for the next decade

Oil price and financial markets: Multivariate dynamic frequency analysis

International Nuclear Information System (INIS)

Creti, Anna; Ftiti, Zied; Guesmi, Khaled

2014-01-01

The aim of this paper is to study the degree of interdependence between oil price and stock market index into two groups of countries: oil-importers and oil-exporters. To this end, we propose a new empirical methodology allowing a time-varying dynamic correlation measure between the stock market index and the oil price series. We use the frequency approach proposed by Priestley and Tong (1973), that is the evolutionary co-spectral analysis. This method allows us to distinguish between short-run and medium-run dependence. In order to complete our study by analysing long-run dependence, we use the cointegration procedure developed by Engle and Granger (1987). We find that interdependence between the oil price and the stock market is stronger in exporters' markets than in the importers' ones. - Highlights: • A new time-varying measure for the stock markets and oil price relationship in different horizons. • We propose a new empirical methodology: multivariate frequency approach. • We propose a comparison between oil importing and exporting countries. • We show that oil is not always countercyclical with respect to stock markets. • When high oil prices originate from supply shocks, oil is countercyclical with stock markets

Country profiles: Lithuania [Analysis of energy supply options and security of energy supply in the Baltic States

International Nuclear Information System (INIS)

2007-01-01

Lithuania is a very dependent country in terms of energy resources. In 2000 only about 13.8% of the primary energy requirement was covered by domestic resources. The remaining primary fuel requirement is imported from neighbouring countries, mainly from Russia - all crude oil, natural gas and nuclear fuel are imported from this country. There is a concern about the political and economic consequences of this dependence. There is a good interconnection with neighbouring countries for both electrical grid and gas pipelines. The supply of crude oil is also available via pipeline from Russia and two existing oil terminals from other countries, including orimulsion from Venezuela. Coal can be supplied by railway from both Russia and Poland

Nuclear energy consumption, oil prices, and economic growth: Evidence from highly industrialized countries

International Nuclear Information System (INIS)

Lee, Chien-Chiang; Chiu, Yi-Bin

2011-01-01

This study utilizes the Johansen cointegration technique, the Granger non-causality test of Toda and Yamamoto (1995), the generalized impulse response function, and the generalized forecast error variance decomposition to examine the dynamic interrelationship among nuclear energy consumption, real oil price, oil consumption, and real income in six highly industrialized countries for the period 1965-2008. Our empirical results indicate that the relationships between nuclear energy consumption and oil are as substitutes in the U.S. and Canada, while they are complementary in France, Japan, and the U.K. Second, the long-run income elasticity of nuclear energy is larger than one, indicating that nuclear energy is a luxury good. Third, the results of the Granger causality test find evidence of unidirectional causality running from real income to nuclear energy consumption in Japan. A bidirectional relationship appears in Canada, Germany and the U.K., while no causality exists in France and the U.S. We also find evidence of causality running from real oil price to nuclear energy consumption, except for the U.S., and causality running from oil consumption to nuclear energy consumption in Canada, Japan, and the U.K., suggesting that changes in price and consumption of oil influence nuclear energy consumption. Finally, the results observe transitory initial impacts of innovations in real income and oil consumption on nuclear energy consumption. In the long run the impact of real oil price is relatively larger compared with that of real income on nuclear energy consumption in Canada, Germany, Japan, and the U.S.

Nuclear energy consumption, oil prices, and economic growth: Evidence from highly industrialized countries

Energy Technology Data Exchange (ETDEWEB)

Lee, Chien-Chiang, E-mail: cclee@cm.nsysu.edu.tw; Chiu, Yi-Bin

2011-03-15

This study utilizes the Johansen cointegration technique, the Granger non-causality test of Toda and Yamamoto (1995), the generalized impulse response function, and the generalized forecast error variance decomposition to examine the dynamic interrelationship among nuclear energy consumption, real oil price, oil consumption, and real income in six highly industrialized countries for the period 1965-2008. Our empirical results indicate that the relationships between nuclear energy consumption and oil are as substitutes in the U.S. and Canada, while they are complementary in France, Japan, and the U.K. Second, the long-run income elasticity of nuclear energy is larger than one, indicating that nuclear energy is a luxury good. Third, the results of the Granger causality test find evidence of unidirectional causality running from real income to nuclear energy consumption in Japan. A bidirectional relationship appears in Canada, Germany and the U.K., while no causality exists in France and the U.S. We also find evidence of causality running from real oil price to nuclear energy consumption, except for the U.S., and causality running from oil consumption to nuclear energy consumption in Canada, Japan, and the U.K., suggesting that changes in price and consumption of oil influence nuclear energy consumption. Finally, the results observe transitory initial impacts of innovations in real income and oil consumption on nuclear energy consumption. In the long run the impact of real oil price is relatively larger compared with that of real income on nuclear energy consumption in Canada, Germany, Japan, and the U.S.

Oil exports under GATT and the WTO

International Nuclear Information System (INIS)

Abdallah, H.

2005-01-01

This paper will try to focus on two aspects of oil production policy under the General Agreement on Tariffs and Trade (GATT) and the World Trade Organization. The first is how freely an oil producer can regulate the quantity of oil production and exports without violating GATT rules and the second is how an oil exporter could benefit from GATT rules to overstep barriers to market access imposed by oil-importing countries. (author)

Demand elasticity of oil in Barbados

Energy Technology Data Exchange (ETDEWEB)

Moore, Alvon, E-mail: armoore@centralbank.org.bb [Economist, Central Bank of Barbados, Toms Adams Financial Centre, Bridgetown (Barbados)

2011-06-15

The importation of oil is a significant component of Barbados' imports, rising from 7% of imports in 1998 to over 20% in 2009. This increase has impacted greatly on the level of foreign reserves. As a price-taker, relying entirely on imported oil for our energy needs could prove a continuous drain on the economy. With a view to formulating an appropriate energy policy for Barbados, this paper analyses the demand for oil using monthly data from 1998 to 2009. The paper estimates the elasticities of demand for oil by employing single equation cointegration approach and comparing the results with countries that rely heavily on imported oil and whose policy objective are to alter their energy structure to rely less on imported oil. The results show that the demand for oil imports is price inelastic in the long run. The consumption of oil is responsive to past consumption, prices, income, electricity consumption and the number of appliances imported in the short-run. A policy framework to reduce the use of oil for electricity consumption via alternative energy sources should be considered and the taxation of oil imports given its elasticity is a good source of revenue. - Highlights: > Demand for oil is price inelastic in the long-run (-0.552). > The relationship between oil demand and income is insignificant in the long run. > As electricity consumption increases by 1%, the demand for oil rises by 1.43%. > Need to determine if investments in alternative sources can offset demand for oil. > Investment in alternative resources may be required before gains are realised.

Dependent convergence: the importation of technological hazards by semiperipheral countries.

Science.gov (United States)

Siqueira, C E; Levenstein, C

2000-01-01

This article complements the substantial body of literature produced over the last three decades on the export of hazards from developed countries to developing countries. After reviewing the central arguments proposed by this literature, the authors add to the debate by focusing on the role of national actors in the importation of these hazards, based on the experience of late 1970s' developments in the petrochemical industry in Brazil. The Brazilian case indicates that social struggles and/or interactions among actors in developing and developed nations determine to what extent hazardous technologies are imported without environmental controls and to what extent their hazardous effects are controlled by these nations. This study suggests that the future development of a more inclusive theory of export-import of hazardous technologies and products should take into account the dialectical relationship established between social actors internal to the exporting and importing countries.

SUSTAINABILITY OF SUSTAINABLE PALM OIL: A MARKET INTEGRATION ANALYSIS

Directory of Open Access Journals (Sweden)

Diana Chalil

2016-07-01

Full Text Available Crude Palm Oil (CPO is the biggest consumed vegetable oil in the world. The increase in CPO production raises concern on the environmental impact even outside the producing countries. As a response to this matter, the EU has made a requirement to only import certified CPO (CSPO. India and China, the two biggest importers in the world, are less restrictive to the environmental issues, and their demands are more influenced by CPO price levels. These countries are the main export markets for Indonesia and Malaysia, the two biggest CPO exporters in the world. This research using monthly price data from the Netherlands, Germany, Italy, EU28, India, China, Indonesia and Malaysia. Market integrations are tested with Cointegration Test, Vector Error Correction Model and Seemingly Unrelated Regression. The results show that these markets are integrated, but European countries are unlikely to lead the price movement. Therefore, the concern on sustainable certification from the European countries still slowly spreads to other main importers, resulting in low absorption of CSPO. Keywords: market integration; sustainable palm oil; seemingly unrelated regression; vector Error correction model

Oil supply security: the emergency response potential of IEA countries

International Nuclear Information System (INIS)

1995-01-01

This work deals with the oil supply security and more particularly with the emergency response potential of International Energy Agency (IEA) countries. The first part describes the changing pattern of IEA emergency response requirements. It begins with the experience from the past, then gives the energy outlook to 2010 and ends with the emergency response policy issues for the future. The second part is an overview on the IEA emergency response potential which includes the organisation, the emergency reserves, the demand restraint and the other response mechanisms. The third part gives the response potential of individual IEA countries. The last part deals with IEA emergency response in practice and more particularly with the gulf crisis of 1990-1991. It includes the initial problems raised by the gulf crisis, the adjustment and preparation and the onset of military action with the IEA response.(O.L.). 7 figs., 85 tabs

Linking Agricultural Trade, Land Demand and Environmental Externalities: Case of Oil Palm in South East Asia

OpenAIRE

Othman, Jamal

2003-01-01

Reduction of support measures affecting soybean oil in the major soybean producing countries, as a consequence of WTO rules, coupled with rising demand for palm oil in non-traditional palm oil importing countries may lead to pronounced increases in agricultural land demand for oil palm expansion in Malaysia and Indonesia – two main palm oil producing and exporting countries. However, it is expected that the effects on agricultural land demand and consequently impact upon the environment will ...

Asian oil refining. Demand growth and deregulation - an uncertain future

International Nuclear Information System (INIS)

Sameer Nawaz.

1996-01-01

The objective of the report is to identify the most important features of the oil refining industry in Asia. Major developments in consumption patterns changes in regional importance of countries are discussed, highlighting potential future developments. The first chapter introduces the various refining processes and presents a simple model for the analysis of complex refineries. Chapter 2 examines the development of the Asian refining industry against a background of economic growth and analyses trends in consumption of all products in Asian countries. In Chapter 3, the key issues concerning the refining industry are examined, among them the forces driving consumption, including the importance of economic development, and electricity and transport demand. The importance of product imports and international trade is discussed, and the extent of government involvement and the effects of changing retail and market prices are analysed. Chapter 4 looks at the strategies that oil and gas companies are following in the Asian refining industry. Particular significance is attached to the vertical integration of the oil majors, Japanese and Middle Eastern oil companies. A brief overview of the importance of the petrochemical industry is presented. The countries of Asia that are involved in the refining industry are profiled in Chapter 5. The future trend in oil consumption is examined in Chapter 6. There follows a brief discussion of the plans to expand crude refining capacity in the various countries and a forecast of the state of overcapacity which will result. In the final chapter, brief profiles of some of the most important companies in the Asian refining industry are presented, discussing their major activities and future plans. (Author)

Oil and natural gas prospects: Middle East and North Africa

International Nuclear Information System (INIS)

Khatib, Hisham

2014-01-01

The MENA region is endowed with enormous resources of oil and gas, rendering it the world′s richest region in this regard. Endowment differs from one country to another with few countries are almost dry; however the economic benefits proliferated to almost every country in the region. In spite of some doubts being cast about the amount of proven oil reserves, these with improved technology and new discoveries are increasing year after another. With no long term feasible alternatives to oil for transport and the increasing trade in LNG, the region′s importance as a world′s leading supplier of fossil fuels will continue for decades to come. However, these favourable prospects hide many challenges facing the MENA region, among them is the difficulty in mobilizing investment funds for sustaining and increasing output to feed growing global demand. Growing local demand, due to the proliferation of subsides, is another worrying aspect that already caused few countries with modest resources to become oil importers instead of exporters, with larger exporters decreasing their surplus output. The region is also still mainly dependant on foreign technologies and skilled manpower. Regional cooperation in oil and gas networks and electricity interconnections is still modest. The region has a long history of conflict; correspondingly it is a major importer of armaments which is increasingly eating a lot of its surplus income. With the political and social changes presently taking place in many MENA countries, due to the Arab spring and continuation of local conflicts, the sustainability of supplies from the region are increasingly a source of worry to MENA exporters and its many importers. It is also causing increasing involvement of the super powers in regional affairs. - Highlights: • Global oil and gas reserves and prices. • Energy sustainability and the Middle East. • Energy economics and investments in the Middle East

Corruption and reduced oil production: An additional resource curse factor?

International Nuclear Information System (INIS)

Al-Kasim, Farouk; Søreide, Tina; Williams, Aled

2013-01-01

Prominent contributions to the resource curse literature suggest weak governance and corruption are important factors behind the wide welfare variations observed among oil producing countries. How weak governance and corruption influence revenue management and expenditure decisions, as well as the possible welfare benefits derived from oil, are broadly discussed. How they impact upon volumes of oil produced has, however, attracted little attention. This paper combines a review of the resource curse and oil production literatures with findings from qualitative interviews with oil sector experts to appreciate the feasibility of connections between corruption and oil production below its potential. We make particular reference to environments where regulatory institutions or political accountability are weak and focus primarily on producer government and oil firm relations. Drawing on insights from geology, political science and economics, we suggest suboptimal production solutions can impact volumes of oil actually produced and create constraints on long term revenues for oil producing countries. We argue greater disclosure of information on oil production efficiency on a field-by-field and country-by-country basis will assist further investigation of the relationships between corruption and volumes of oil produced. - Highlights: ► We combine a literature review with qualitative interviews with oil experts. ► We focus on feasible connections between corruption and oil production levels. ► We suggest suboptimal production solutions can impact volumes of oil produced. ► Corruption may reinforce suboptimal oil production. ► More data on oil production efficiency by field and country will assist research

76 FR 31220 - Importation of Horses From Contagious Equine Metritis-Affected Countries

Science.gov (United States)

2011-05-31

.... APHIS-2008-0112] RIN 0579-AD31 Importation of Horses From Contagious Equine Metritis-Affected Countries... regarding the importation of horses from countries affected with contagious equine metritis (CEM) by..., Equine Imports, National Center for Import and Export, VS, APHIS, 4700 River Road Unit 36, Riverdale, MD...

PREPARATION OF VARIOUS TYPES OF PULP FROM OIL PALM LIGNOCELLULOSIC RESIDUES

Institute of Scientific and Technical Information of China (English)

RyoheiTanaka; LehCheuPeng; WanRosliWanDaud

2004-01-01

Oil palm, Elaeis Guineensis, (Figure 1) is one of the most important plants in Malaysia. It produces palm oil and palm kernel oil, which is widely being used in food and other industries such as detergents and cosmetics. Malaysia is the world's largest producer and exporter of the oil, so that the country's economy is very much dependent on these oil products. Although oil from the palm tree is an excellent product for the country, residues from oil palm have not been used sufficiently. In this 10-15 years, development in new technologies for utilizing this lignocellulosic waste is categorized as one of the most important issues in science policy of Malaysia. Here we would like to introduce recent situation of palm oil and oil palm lignocellulosic residues at the first part of this paper. In the second part, our recent studies on the preparation of pulps for different purposes will be summarized.

The Necessity of a Graded Tariff System between Crude Oil and Oil Products

Energy Technology Data Exchange (ETDEWEB)

Kang, B.R. [SK Corporation, Seoul (Korea)

2002-06-01

Even though the graded tariff system between crude oil and oil products has been continuously insisted by oil refining companies since the export and import liberalization of 1997, and its necessity has been admitted by the government, press, and academia, the expanded implementation of the graded tariff system has not been yet realized. Some people says that the graded tariff system between crude oil and oil products is a kind of desperate plans, which oil refining companies suggests to stop the importing companies' rapid growth, so it will eventually restrict the competition of the domestic oil market due to the withering of importing companies. However, the graded tariff system between crude oil and oil products should have been enforced in 1997 as a complementary measure of the import liberalization like other industries or the advanced countries' cases. It is the basic tariff principle that the low tariff is levied on raw materials and the high tariff on final products in order to protect domestic industry. The remaining things are just to form the sympathy and to agree socially for the reorganization of tariff structure in the reasonable way. It is not desirable to make a fool mistake such as a proverb; t is too late to shut the stable door after the horse has bolted. owing to the unreasonable tariff system.

The importance of North Sea oil to European energy supply

International Nuclear Information System (INIS)

Bauw, R. De

1992-01-01

There is no doubt about the importance of North Sea oil to the energy supply of the European Community. One might however be used to it and forget about the nature and the size of its impact on our economies. Firstly, this paper intends to estimate this impact - past, present and future. Secondly, a more qualitative approach will explore possible consequences of the implementation of the internal market for North Sea oil. Thirdly, the assistance given by the Community to innovative technologies which enabled North Sea oil to contribute, under better economic conditions and within a safer environment, to our supply is recalled. And finally, some remarks on energy policy form an EC perspective, are offered. (author)

What is behind the increase in oil prices? Analyzing oil consumption and supply relationship with oil price

International Nuclear Information System (INIS)

Gallo, Andres; Mason, Paul; Shapiro, Steve; Fabritius, Michael

2010-01-01

The continuing increases in oil prices have renewed the argument over the real culprits behind these movements. The growth in demand for oil in international markets, especially from the United States and China, is often identified as the main source of consumption pressure on prices, and thus the upward trend in oil prices. This paper uses unit root tests with two endogenous breaks to analyze the characteristics of oil prices, production, and consumption for several countries. By taking into account structural breaks, we find that many countries' oil consumption and oil prices are stationary, while other countries' are not. We also perform causality tests to determine the direction of any possible relationship between oil price and oil consumption and production. Our statistical analysis reveals that production variables cause oil prices, while oil prices tend to cause consumption. As a result, we claim that the blame for the recent fluctuations in oil prices is more appropriately associated with supply factors, not consumption influences. (author)

Demand elasticity of oil in Barbados

International Nuclear Information System (INIS)

Moore, Alvon

2011-01-01

The importation of oil is a significant component of Barbados' imports, rising from 7% of imports in 1998 to over 20% in 2009. This increase has impacted greatly on the level of foreign reserves. As a price-taker, relying entirely on imported oil for our energy needs could prove a continuous drain on the economy. With a view to formulating an appropriate energy policy for Barbados, this paper analyses the demand for oil using monthly data from 1998 to 2009. The paper estimates the elasticities of demand for oil by employing single equation cointegration approach and comparing the results with countries that rely heavily on imported oil and whose policy objective are to alter their energy structure to rely less on imported oil. The results show that the demand for oil imports is price inelastic in the long run. The consumption of oil is responsive to past consumption, prices, income, electricity consumption and the number of appliances imported in the short-run. A policy framework to reduce the use of oil for electricity consumption via alternative energy sources should be considered and the taxation of oil imports given its elasticity is a good source of revenue. - Highlights: → Demand for oil is price inelastic in the long-run (-0.552). → The relationship between oil demand and income is insignificant in the long run. → As electricity consumption increases by 1%, the demand for oil rises by 1.43%. → Need to determine if investments in alternative sources can offset demand for oil. → Investment in alternative resources may be required before gains are realised.

Major oil exporters may profit rather than lose, in a carbon-constrained world

International Nuclear Information System (INIS)

Persson, Tobias A.; Azar, C.; Johansson, D.; Lindgren, K.

2007-01-01

The Organization of Petroleum Exporting Countries (OPEC) claims compensation for losses in expected oil export revenues due to CO 2 mitigation measures in developing countries. These losses are expected for two primary reasons: a reduction in the consumption of oil in importing countries and a reduction in the producer price of oil (taxation in an importing country implies a transfer of rents from producers to consumers). So far, most studies have focused on these two mechanisms and corroborated that revenue losses for OPEC are to be expected. However, there are also mechanisms that may be expected to raise the price of oil products. In a cost-effective regime for dealing with climate change, i.e., a regime in which all or most countries participate and in which the same carbon price is applied on all carbon-emitting activities, the cost of using unconventional oil, or synthetic diesel from coal, will increase even more than the cost of using conventional oil. Given that reserves of conventional oil are expected to dwindle over time, heavy oils and coal to liquids might set the long-run price for liquid fuels, which means that the price of oil would increase beyond the carbon fee; i.e., the rent on conventional oil would increase. We use an energy-economic optimization model to analyze these three mechanisms. We find that the net present value of OPEC revenue from conventional oil increases slightly (at most by 4 percent) with a global CO 2 restriction regime. We also consider conditions under which this result does not hold

Measuring the importance of oil-related revenues in total fiscal income for Mexico

Energy Technology Data Exchange (ETDEWEB)

Reyes-Loya, Manuel Lorenzo; Blanco, Lorenzo [Facultad de Economia, Universidad Autonoma de Nuevo Leon, Loma Redonda 1515 Pte., Col. Loma Larga, C.P. 64710, Monterrey, Nuevo Leon (Mexico)

2008-09-15

Revenues from oil exports are an important part of government budgets in Mexico. A time-series analysis is conducted using monthly data from 1990 to 2005 examining three different specifications to determine how international oil price fluctuations and government income generated from oil exports influence fiscal policy in Mexico. The behavior of government spending and taxation is consistent with the spend-tax hypothesis. The results show that there is an inverse relationship between oil-related revenues and tax revenue from non-oil sources. Fiscal policy reform is urgently needed in order to improve tax collection as oil reserves in Mexico become more and more depleted. (author)

Measuring the importance of oil-related revenues in total fiscal income for Mexico

International Nuclear Information System (INIS)

Reyes-Loya, Manuel Lorenzo; Blanco, Lorenzo

2008-01-01

Revenues from oil exports are an important part of government budgets in Mexico. A time-series analysis is conducted using monthly data from 1990 to 2005 examining three different specifications to determine how international oil price fluctuations and government income generated from oil exports influence fiscal policy in Mexico. The behavior of government spending and taxation is consistent with the spend-tax hypothesis. The results show that there is an inverse relationship between oil-related revenues and tax revenue from non-oil sources. Fiscal policy reform is urgently needed in order to improve tax collection as oil reserves in Mexico become more and more depleted. (author)

Performance of oil industry cross-country pipelines in Western Europe: statistical summary of reported spillages, 1979

Energy Technology Data Exchange (ETDEWEB)

de Waal, A.; Hayward, P.; Panisi, C.; Groenhof, J.

This report presents statistical data relating to spillages from oil industry cross-country pipelines during the calendar year 1979, with comments and comparisons for the five year period 1975-1979. (Copyright (c) CONCAWE 1980.)

What have we learned from the experience of low oil prices?

International Nuclear Information System (INIS)

Alhajji, A.F.

2001-01-01

This article is an attempt to assess the effect of the low oil prices the world experienced in the mid-1980s, 1998 and early 1999. Such an assessment will help us predict the consequences of low oil prices in the future. The study focuses on the boon and bane of low oil prices from the producers' and consumers' points of view. Low oil prices, which are not related to technology and lower production costs, have depleted oil reserves, increased the income gap between consumers and producers, created friction among OPEC Members and between OPEC and non-OPEC producers, and led to the imposition of tariffs on oil imports in consuming countries. In addition, they have led to economic hardship in oil-producing countries, including declines in oil revenue, budget deficits, budget cuts and cancelled projects, borrowing and debts, deterioration in the balance of payments, negative economic growth, currency devaluations and political unrest. They have affected oil companies through reduced earnings, forced lay-offs of workers, lower investment and increased mergers. Despite these disadvantages, oil producers may benefit from low oil prices in the long run. They will increase demand, slow the process of substitution and decrease non-OPEC production. Consumers, on the other hand, will benefit from low oil prices, through higher economic growth and disposable income, and lower legislative and import costs. In addition, consumers will drive faster and longer. These benefits do not come without cost. Low prices will also increase the future vulnerability of consuming countries and lead to more dependence on oil at the expense of alternative energy sources, more dependence on oil imports, more waste, more environmental damage and less efficiency. After outlining the advantages and disadvantages, the study concludes that the disadvantages of low oil prices outweigh their benefits; that is, low oil prices have caused substantial damage. This is due to market inefficiencies and

The impacts on U.S. energy markets and the economy of reducing oil imports. Service report

International Nuclear Information System (INIS)

1996-09-01

The General Accounting Office (GAO) has responded to a request from Representative John Kasich by requesting that the Energy Information Administration (EIA) use the National Energy Modeling System (NEMS) to estimate the cost to the U.S. economy of reducing oil imports. The analysis summarized by this paper focuses on two approaches toward a target reduction in oil imports: (1) a set of cases with alternative world crude oil price trajectories, and (2) two cases which investigates the use of an oil import fee

Oil and Gas Emergency Policy: India 2007 update

Energy Technology Data Exchange (ETDEWEB)

NONE

2007-07-01

With almost 1.1 billion inhabitants, India is the second most populous country in the world and the seventh-largest country by geographical area. In 2005, India’s GDP was about USD 644 billion. In terms of purchasing power parity (PPP)21, GDP stood at USD 3 362 which makes it the fourth-largest economy in the world (after the United States, China and Japan). Per capita income in PPP terms is around USD 3 582, about one-tenth of the OECD average. GDP growth in 2005 was 9.2%. India has about 5.6 billion barrels of proven oil reserves (January 2007). The combination of rising oil consumption and fairly stable production levels leaves India increasingly dependent on imports to meet consumption needs; most of these imports are coming from the Middle East. In 2006, the country produced an average of 792 kb/d of total oil liquids, of which 87% (687 kb/d) was crude oil. During 2006, India’s demand for oil reached 2.64 mb/d. In 2004, India decided to build a strategic petroleum reserve (SPR) in a phased manner. The work on the first phase started in 2007, with invitations for tender for the construction of rock caverns with a capacity of some 37 mb (5 Mt), which equates to 20 days of net imports or 15 days of consumption in 2005. The work is planned to be fi nished in 2010, after which the rock caverns will begin to be filled. A second phase is projected (but not yet scheduled), which would expand the storage capacity to 45 days of consumption (roughly 110 mb or 15 Mt). The Integrated Energy Policy of 2006 states that the effectiveness of the reserves can be increased through co-operative operation with the reserves of other countries, such as IEA member countries.

Trans fatty acids in dietary fats and oils from 14 European countries : the TRANSFAIR study

NARCIS (Netherlands)

Aro, A.; Amelsvoort, J. van; Becker, W.; Erp-Baart, M.A. van; Kafatos, A.; Leth, T.; Poppel, G. van

1998-01-01

The fatty acid composition of dietary fats and oils from 14 European countries was analyzed with particular emphasis on isomerictransfatty acids. The proportion oftransfatty acids in typical soft margarines and low-fat spreads ranged between 0.1 and 17% of total fatty acids and that

Population, petroleum, and politics: Mexico at the crossroads. Part 2. The potentials and problems of Mexican oil resources.

Science.gov (United States)

Gallagher, C F

1980-01-01

The 2 most important factors which will influence Mexico's future economic development are the country's overpopulation problem and the manner in which the country's oil reserves are exploited. This document describes the historical development of Mexico's oil industry and the current struggle of the government to ensure that the oil resources contribute toward the sound economic development of the country. The government expropriated foreign oil companies in 1938 and today most of the oil operations in Mexico are conducted by the state controlled Pemex Company. In recent years extensive oil reserves were discovered in Mexico and the country is now in the position of having large oil reserves at a time when oil prices are increasing. Known crude oil reserves are estimated at 31 billion barrels; however, an unconfirmed report by Pemex in 1980 placed the known reserves at 50 billion barrels. In the past the management of Pemex was corrupt and inefficient and many top positions in the company were filled by retired politicians. The recent appointment of Jose Andres de Oteyza as Chairman of the Board and of Jorge Diaz Serrano as the Director-General should greatly improve Pemex operations. In developing the country's oil industry the government wants 1) to keep production low enough to offset inflation and to preserve the resource but 2) to produce enough oil so that the country has sufficient funds for investment and for operating needed social programs. The government may not be able to keep oil production down to acceptable levels. It may be forced to increase oil exports to compensate for its growing reliance on imported food and other imported products. In recent years Mexico's industrial productivity and its agricultural production declined. The government wants to avoid being placed in the position where it will be forced to trade large quantities of oil for needed food. The current government is promoting investment in agriculture and industrial development in

Examining the impacts of oil price changes on economic indicators: A panel approach

Science.gov (United States)

Lim, Kah Boon; Sek, Siok Kun

2017-04-01

The impact of oil price on global economy is evident from many studies and research findings. In this study, we extend the research on examining the impact of oil price changes on economic indicators in terms of economic growth and inflation by comparing different groups of economies (high income versus low income countries and oil importing versus oil exporting countries). Our main objective is to reveal if such impact varies across country income level/ development and oil dependency. In addition, we also seek to compare the impacts of oil price relative to the other factors indicators (money supply, foreign direct investment, exchange rate, government expenditure, inflation and gross domestic product) on economy. For the purpose of this study, the co-integration regression (DOLS and FMOLS) techniques are applied to the panel dataset of four groups of economies which contain 10 countries in each panel dataset. The analysis results show that oil price is not the main determinant although it can have a significant impact on inflation and economic growth across all groups of economies. The three main determinants of economic growth are exchange rate, aggregate demand and government expenditure while the determinants of inflation are aggregate supply and exchange rate. Furthermore, our result also concludes that oil price has a positive impact in oil exporting economies but it shows a negative impact in oil importing economies due to the oil dependency factor.

THE WORLD OIL MARKET – STATISTICAL ANALYSIS

Directory of Open Access Journals (Sweden)

Alexandru AnaMaria

2009-05-01

Full Text Available For some countries the oil is the main source of income, while for others it represents the main raw material for energetic needs. Thus, the oil price has major influence on their economies and it is important for them that it stabilizes at a level profit

The relevance of asymmetry issues for residential oil and natural gas demand: evidence from selected OECD countries, 1970-95

International Nuclear Information System (INIS)

Haas, R.; Zoechling, J.

1998-01-01

In times of low oil prices, oil demand in OECD countries has not rebounded as textbook economic theory would suggest. On the other hand, natural gas demand has increased, despite prices being at almost the same level as in 1985. In this paper, the impact of volatile prices on oil demand is investigated. Different econometric approaches are applied. The major conclusions of these investigations are: (i) with respect to the the choice of fuels, strong patterns of asymmetry exist; (ii) the maximum historical oil price is the dominating parameter on residual oil demand; and (iii) volatile prices have a greater influence on energy demand than high but rather constant prices

Nuclear power aspects in an oil and coal producing country

International Nuclear Information System (INIS)

Iljas, J.; Subki, I.

1977-01-01

In the near future the Government of Indonesia will face a crucial problem, when it has to decide which kinds of energy resources would be reasonably feasible to replace the oil which is currently being used in the country as the main source of energy supply. A description is given of the presently known energy reserves and its potential in the Indonesian Archipelago and specifically on the island of Java. These resources comprise, next to oil, a significant amount of bituminous coal, natural gas, and some hydro and geothermal power. Previous indications of the existence of radioactive minerals have been confirmed lately. The possible use of solar and wind energy on the eastern Indonesian islands is being discussed. A number of studies and opinions expressed at national scientific meetings on the topic of energy have suggested the use of coal and nuclear power as the most economical resources to replace oil as of the beginning of the eighties. A number of constraints, for both coal and nuclear power, are being discussed. They mostly touch the technical, economical, financial and political aspects. A comparison study is made of coal versus nuclear power under the present local conditions. The prospects of nuclear power are reviewed, including the initial steps leading thereto, which have already been taken. In this connection the role of a domestic nuclear industry is being discussed, and also the accelerating effect it may have in the distant future on the growth of electricity from nuclear energy

The U.S. dollar exchange rate and the demand for oil

Energy Technology Data Exchange (ETDEWEB)

Schryder, Selien de; Peersman, Gert [Gent Univ. (Belgium). Dept. of Financial Economics

2013-02-15

Using recent advances in panel data estimation techniques, we find that an appreciation of the US dollar exchange rate leads to a significant decline in oil demand for a sample of 65 oil-importing countries. The estimated effect turns out to be much larger than the impact of a shift in the global crude oil price expressed in US dollar. Furthermore, the effect of the US dollar on oil demand tends to be declining over time and, for a subsample of OECD countries, stronger for an appreciation compared to a depreciation of the US dollar.

The U.S. dollar exchange rate and the demand for oil

International Nuclear Information System (INIS)

Schryder, Selien de; Peersman, Gert

2013-01-01

Using recent advances in panel data estimation techniques, we find that an appreciation of the US dollar exchange rate leads to a significant decline in oil demand for a sample of 65 oil-importing countries. The estimated effect turns out to be much larger than the impact of a shift in the global crude oil price expressed in US dollar. Furthermore, the effect of the US dollar on oil demand tends to be declining over time and, for a subsample of OECD countries, stronger for an appreciation compared to a depreciation of the US dollar.

The geopolitics of $10 oil

International Nuclear Information System (INIS)

Anon.

1998-01-01

The market and the geopolitical implications of the possibility of $10 a barrel becoming the norm for oil prices in 1999 are examined. The low price will present budgetary difficulties for all the world's major oil producing countries with the exception of Brunei. In some countries, such as Nigeria and Venezuela, general financial and economic reform will become inevitable with the pressure for political reform to follow. If energy development is to continue in the Caspian region in a low price era, long term political stability will be necessary and a move towards democracy from the present autocracies may be necessary to achieve this. In the Middle East, countries are facing the erosion of their core financial base. Depressed oil prices could force Gulf States, which in the past have depended on their oil revenues alone, to introduce taxation as an alternative source of income. Hitherto, oil has meant power in political as well as in energy terms, but the diminished value of oil in a world where their are alternative energy sources will reduce the importance, even of key regions such as the Middle East. The power of OPEC is threatened by its failure to bring about the massive co-ordinated production cutbacks which alone might turn the market around. The beneficiaries of cheap oil will be the consuming nations, particularly those of East Asia where the pace of economic recovery will be speeded up. (UK)

An overview of uranium industries in countries of completed market economy

International Nuclear Information System (INIS)

Tan Chenglong

2007-01-01

Uranium is an important energy mineral and strategic resources, in countries of completed market economy, energy mineral exploration belongs to commercial mineral exploration. Because uranium exploration is higher in investment risk and rebound, the countries of completed market economy regulate uranium exploration by using laws, paying taxes and protecting environment. China will put the exploration of coal, oil and gas, uranium, oil shale, gas in coalbed in the first place in commercial mineral exploration. Therefore, it is quite necessary to understand uranium exploration industries in countries of completed market economy. (authors)

China's oil market and refining sector

International Nuclear Information System (INIS)

Yamaguchi, N.D.; Fridley, D.G.

2000-01-01

The article assesses the future for China's oil industry as the country makes the transition from a command economy to an international market. China has one of the world's biggest oil industries and recent years have seen much growth in exploration and development, refining capacity and trade. China is more and more dependent on oil imports and is now a major international player; it has attracted much outside investment. Diagrams show (i) how coal dominates other sources of energy in China; (ii) crude production 1977-1998; (iii) how Middle East crudes now dominate Chinese crude imports; (iv) the growth of petroleum demand in China; (v) the Chinese demand for petroleum products; (vi) the growth in transport fuels; (vii) Chinese product imports: import ban targeted diesel; (viii) crude imports favoured over product imports and (ix) refinery capacity and throughput. The changes are expected to result in further integration into international markets, increased transparency and a healthier oil business

Can new legislation in importing countries represent new barriers to the development of an international ethanol market?

International Nuclear Information System (INIS)

Souza, Raquel R. de; Schaeffer, Roberto; Meira, Irineu

2011-01-01

The use of ethanol as a fuel has been attracting increasing attention in countries that are interested in reducing their dependence on imported oil and lowering their greenhouse gas emissions. Despite this growing interest, the global ethanol market is still incipient because of the small number of producing countries, the lack of technical standardization and the existence of tariff and non-tariff trade barriers. New laws have taken effect in 2010 in the United States and the European Union imposing domestic requirements for sustainable production of ethanol. Although these are generally positive developments, they can create greater difficulties for the development of an international ethanol market. This work examines the technical barriers posed by these new laws and how they can be resolved under the auspices of the World Trade Organization. In addition, this work analyses the Brazilian and Caribbean cases discussing to what extent these new technical barriers will affect ethanol production and exports arising from these countries. - Research highlights: → We examine the ethanol market and the increase of technical barriers. → Higher production costs will be associated with different environmental standards. → The adoption of international standards is key to develop the ethanol market. → A global agreement on biofuels will foster the development of its market.

The oil barrel price

International Nuclear Information System (INIS)

Blondy, J.; Papon, P.

2009-01-01

This paper proposes an overview and a prospective glance on the oil barrel price. It indicates the relevant indicators: Brent quotation, euro/dollar parity, economic activity indicators, world oil consumption distribution, crude oil production, refining capacity. It briefly presents the involved stake holders: crude oil producers, oil refiners, refined product dealers, and the OPEC. It discusses the major retrospective trends: evolution in relationship with geopolitical events and energy policies, strong correlation between oil demand and economic growth, prevalence of OPEC, growing importance of national oil companies. An emerging trend is noticed: growing role of emerging countries on the crude market. Some prospective issues are discussed: duration and intensity of economic recession, separation between economic growth and energy consumption, pace and ambition level of policies of struggle against climate change, exploitable resources, and geopolitical hazards. Four evolution hypotheses are discussed

New technologies in Islamic countries. Power engineering, transport, oil industry, machinery construction, building construction and information technologies problems

International Nuclear Information System (INIS)

Sharipova, N.S.

1999-01-01

The published proceedings contain brief presentations concerning new technologies in power engineering, transport, oil industry, machinery construction, building construction and information technologies presented to the International scientific and technical conference: New technologies in Islamic countries, which was organized within frame work of 6 General Assembly of Federation of engineering Institutes of Islamic countries (FEIIC). (author)

China's oil resources

Energy Technology Data Exchange (ETDEWEB)

Wiesegart, K

1981-03-01

The United Nations International Meeting on Petroleum Geology is being held this month from 18-25 in China, a country whose oil reserves up to mid-sixties had been judged by foreign observers to be minute and the development of her oil sector of no major importance. Today, with an annual crude output of 106 mn tons, China already ranks ninth among the world's oil producers. And, with the prospect of a further advance towards leadership among producers and exporters of the coveted energy material, the West is showing growing interest in China's energy potential. How real is this prospect forms the subject of this article. 3 tables.

Nigeria: the political economy of oil

International Nuclear Information System (INIS)

Khan, S.A.

1994-01-01

This book is the second in a series of books on the major petroleum exporting nations, most of them part of the developing world. These countries occupy a central position in the global economy given that oil is the energy source most used in the world and the most important primary commodity in international trade. At the same time they find themselves inescapably dependent on a single source of income. Their own economic prospects are closely bound to the future of their oil. It aims to provide a broad description of the oil and gas sectors, highlighting those features which give the country a physiognomy of its own. The analysis is set in the context of history, economic policy and international relations. It also seeks to identify the specific challenges that the exporting country studies will face in developing its wealth to the best advantage of the economy. (author)

Venezuela: the political economy of oil

International Nuclear Information System (INIS)

Boue, J.C.

1993-01-01

This book inaugurates a new series of books on the major petroleum exporting nations, most of them part of the developing world. These countries occupy a central position in the global economy given that oil is the energy source most used in the world and the most important primary commodity in international trade. At the same time they find themselves inescapably dependent on a single source of income. Their own economic prospects are closely bound to the future of their oil. It aims to provide a broad description of the oil and gas sectors, highlighting those features which give the country a physiognomy of its own. The analysis is set in the context of history, economic policy and international relations. It also seeks to identify the specific challenges that the exporting country studies will face in developing its wealth to the best advantage of the economy. (author)

A comparison of oil supply risks in EU, US, Japan, China and India under different climate scenarios

International Nuclear Information System (INIS)

Moerkerk, Mike van; Crijns-Graus, Wina

2016-01-01

For many countries, the inflow of energy is essential to keep economies running. Oil is typically considered to be the most critical fuel as an input for the petro-chemical and transportation sector and due to limited and less spread reserves. In this study external oil supply risks are assessed for the period up to 2035 for the European Union, United States, China, Japan and India (being the five largest importers of oil in the world), based on their current supplier portfolio. Scenarios are constructed for several climate policy and oil-supply projections. It is found that risks increase strongly, when stringent climate policies are prevented from being implemented, especially when a peak in oil supply is taken into account, resulting in major oil supply-disruptions. China faces the lowest oil supply risks in most scenarios but the trends of India, China and US converge over time due to increasing import dependency of China and India. Japan faces high risks since the country has the highest oil import dependency combined with a low oil import diversification. For the EU, all figures are strongly influenced by Russia, accounting for 32% of total imports, and to a lesser extent Norway (11%), with high overall risks. - Highlights: • External oil supply risks are assessed up to 2035 under different scenarios. • Included countries are EU, US, China, Japan and India (largest importers of oil). • India, China and EU show increasing oil supply risks in all scenarios. • Strong climate policies are needed to reduce future risks. • A constructed peak oil scenario predicts major oil supply disruptions.

31 CFR 560.513 - Importation of Iranian-origin oil.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Importation of Iranian-origin oil. 560.513 Section 560.513 Money and Finance: Treasury Regulations Relating to Money and Finance... the Government of the Islamic Republic of Iran of January 19, 1981, or where the proceeds are...

78 FR 9577 - Importation of Horses From Contagious Equine Metritis-Affected Countries

Science.gov (United States)

2013-02-11

.... APHIS-2008-0112] RIN 0579-AD31 Importation of Horses From Contagious Equine Metritis-Affected Countries... of horses from countries affected with contagious equine metritis (CEM) by incorporating an... FURTHER INFORMATION CONTACT: Dr. Ellen Buck, Senior Staff Veterinarian, Equine Imports, National Center...

The oil world war; La guerre mondiale du petrole

Energy Technology Data Exchange (ETDEWEB)

Lafargue, F

2008-07-01

Since the beginning of the 21. century, a war has started between the USA, China and India. The USA, first oil consuming and importing country in the world, has now to take into account the increasing energy consumption of China and India. China is now, just behind Japan, the third oil importing country and India ranked number seven. From the Gulf of Guinea to the Arabic peninsula, from the Orenoque basin to the Caspian sea banks, Washington, Beijing and New Delhi covet the same oil fields. This rivalry exacerbates the political tensions in many regions of the Earth and already provokes a latent food crisis. This black gold war is changing the World's face and should provoke serious armed conflicts. (J.S.)

Outline of energy (electricity) supply and demand outlook in Asian APEC countries

International Nuclear Information System (INIS)

Fujime, Kazuya

1995-01-01

Oil: Japan's oil demand is projected to be on a gradual decline in the future due to implementation of policy measures aimed at achieving that objective, while consumption of oil in three areas - China, NIES and six ASEAN countries -- is projected to increase to reach a level nearly three times as large as Japan's demand by 2010. Supply of oil in the region is projected to level off, making it necessary for the region to increase its reliance on other areas for additional volumes of oil supply. Coal: Demand for coal is projected to grow against a background of expansion of coal-fired power generation. Coal demand in China, in particular, is projected to grow to such an extent that China may become a net coal importer, thus having a great impact on coal supply and demand in Asian countries. Natural gas: Demand for natural gas is projected to grow in the region, centering on NIES and ASEAN countries. Although production in ASEAN countries is expected to increase, the region is anticipated to increase its reliance on other areas for natural gas supply from medium - and long term perspectives. Oil products: Demand for oil products is projected to grow due to stepped-up industrialization and motorization in China, NIES and ASEAN countries. From medium - and long-term perspectives, considerable volumes of additional oil product supply will become necessary, unless large-scale refineries are newly built or expanded within the region centering on China. (author)

How Do Oil Prices, Macroeconomic Factors and Policies Affect the Market for Renewable Energy?:Oil Price, Macroeconomic Factors and Renewable Energy

OpenAIRE

Shah, Imran; Hiles, Carlie; Morley, Bruce

2017-01-01

The aim of this study is to determine the nature of any relationship between renewable energy investment, oil prices, GDP and the interest rate, using a time series approach. We concentrate on three countries with different relationships to the renewable energy industry, with Norway and the UK being oil-exporters for most of the sample and the USA an importer. Following estimation using a VAR model, the results provide evidence of considerable heterogeneity across the countries, with the USA ...

The future of oil and bioethanol in Brazil

International Nuclear Information System (INIS)

Moreira, Jose R.; Pacca, Sergio A.; Parente, Virginia

2014-01-01

This work compares the return on investments (ROI) of oil versus biofuels in Brazil. Although several renewable energy sources might displace oil, the country's forte is sugarcane biofuels. In our analysis we carry out simplified benefit–cost analyses of producing oil fields, pre-salt oil fields (without and with enhanced oil recovery), a business as the usual ethanol scenario, and a high ethanol scenario. Excluding the ROI from existing oil fields, which is the highest, when the discount rate is 4% or more, the ROI of the high ethanol scenario is greater than that of the ROI of pre-salt oil. Considering a US$40/t CO 2 tax, the high ethanol scenario's ROI is greater than the pre-salt oil's ROI if a discount rate of 2% or more is adopted. Moreover, the high ethanol scenario throughput up to 2070 compares to 97% of the pre-salt oil reserve without EOR, and demands 78% of its investment. Pre-salt oil production declines beyond 2042 when the country might become a net oil importer. In contrast, ethanol production reaches 2.1 million boe per day, and another 0.9 million boe of fossil demand is displaced through bioelectricity, yielding a total of 3 million boe (62% of the country's oil demand). - Highlights: • Cost-benefit analyses of pre-salt and biofuels in Brazil. • Hubbert model applied to pre-salt oil reserves. • Sustainable energy scenarios. • Carbon mitigation accounting based on biofuel scenarios. • Enhanced oil recovery effect on pre-salt oil reserves

Three essays on political economy of oil revenues in the African states

International Nuclear Information System (INIS)

Omgba, Luc Desire

2010-01-01

The vision of the role of natural resources in the development process has changed over the last thirty years. The optimistic views of the beginning became more moderate, even pessimistic. This thesis focuses on the role of oil in the political, institutional, and economic performances of African countries, some of which are richly endowed. It revolves around three empirical essays. Chapter 2 focuses on the duration of political regimes in Africa and shows from a duration model that revenues from oil exploitation play an important role. Chapter 3 examines the high indebtedness of oil-producing countries. A collateral effect of oil resources is highlighted, it dominates an instability effect. Chapter 4 includes, in a dynamic computable general equilibrium model, the permanent income hypothesis presented in the literature as the answer to the fiscal management of oil revenues. It concludes that a relevant rule of oil revenues management in African countries should not reduce only the impact of volatility on public finances, but it should also address the development needs of African oil producing countries. (author)

Importance of the slick thickness for effective in-situ burning of crude oil

DEFF Research Database (Denmark)

van Gelderen, Laurens; Brogaard, Nicholas L.; Sørensen, Martin X.

2015-01-01

height. The experiments were performed in a new experimental apparatus, the Crude Oil Flammability Apparatus (COFA), which has been developed to study ISB of oil on water in a controlled laboratory environment with large water-to-oil ratios. The regression rate, average mass loss rate and burning...... efficiency reached a constant maximum value for all oils at slick thicknesses exceeding 10–20 mm. For thinner initial slick thicknesses, these values were greatly reduced, most likely due to heat losses to the water. A further increase in the initial slick thickness could not improve the burning efficiency......In order to improve the potential of in-situ burning (ISB), the importance of the oil slick thickness on two pure oils (n-octane and dodecane) and two fresh crude oils (Grane and REBCO) was studied in relation to the regression rate, boilover tendency, mass loss rate, burning efficiency and flame...

Effects of Oil Shocks on the Unemployment: GVAR Approach

Directory of Open Access Journals (Sweden)

Malek KhojastehNeghad

2017-09-01

Full Text Available Oil is not only one of the most significant and useful consumer goods but also is a remarkable material in energy production all around the world which has a lot of price fluctuation. oil shocks consider as a principal factor of many financial crises and have various effects on economy of countries. Hence, the assessment of price fluctuations on macroeconomic variables such as unemployment seems important. This paper survey the oil price inconstancy on unemployment in 31countries during the period from the second quarter of 1985 to the fourth quarter of 2009 through Global Vector Auto-Regression model. Results demonstrate except of the rest of W. Europe, there is a positive relationship between oil prices oscillation and unemployment. It should be noted in many area the feedback along with the lag that depends on the ratio of oil cost in national income, reliance level to imported oil, end-users ability to reduce their usage and substitute other sources, gas consumption quantity in economy, effect of higher prices on other energy sources, monetary policies adopt when face with oil price swaging and capability of goverments to apply the vary policies.

The overseas acquisitions and equity oil shares of Chinese national oil companies: A threat to the West but a boost to China's energy security?

International Nuclear Information System (INIS)

Zhang Zhongxiang

2012-01-01

This paper argues that both China and the Western countries need to de-politicize China's global quest for energy security. The Western politicians need to recognize that their rhetoric in relation to China's efforts to secure energy supplies overseas has done nothing but intensify China's fear that they might seek to deny China's access to the oil it needs for the development. China needs to reconsider its stance of distrusting global oil markets and to recognize that the reliance on aggressive acquisitions of overseas oil fields and equity oil production has been of little help in strengthening its energy security. Given that China's energy security depends increasingly and deeply on the stability of global oil markets and reliable and growing oil supplies to the market, China shares with other major oil importing countries profound common interests in maintaining and strengthening the stability of global oil markets and reducing the chance of potential disruptions to oil supply and the resulting damaging oil price shocks.

The third oil shock: The effects of lower oil prices

Energy Technology Data Exchange (ETDEWEB)

Pearce, J

1983-01-01

This book assesses how oil prices have affected other elements of the economy and assesses the costs and benefits that could result from lower oil prices for different groups of countries. The book also analyses the extent of OPEC's influence, the consumers countries' needs for energy security and the altered role of the oil industry.

Causality Relationship Between Import, Export and Growth Rate in Developing Countries

Directory of Open Access Journals (Sweden)

Serhat YUKSEL

2017-06-01

Full Text Available In this paper, we tried to determine the relationship between imports, exports and growth rate in developing countries. Within this scope, 6 developing countries (Argentina, Brazil, China, Malaysia, Mexico and Turkey were analyzed in this study. In order to achieve this purpose, annual data for the periods between 1961 and 2014 was tested by using Engle Granger co-integration analysis, Vector Error Correction Model and Toda Yamamoto causality analysis. According to the result of the analysis, it was determined that there is not any relationship among three variables in Brazil and Mexico. On the other hand, we defined that increase in export causes higher growth rate in Argentina. Moreover, it was concluded that there is a causal relationship from import to export in China and Turkey. Furthermore, it was determined that export causes higher import in Malaysia. Therefore, it can be concluded that the relationship between import, export and growth rate is not same for all developing countries..

Oil and Gas Emergency Policy: Japan 2013 update

Energy Technology Data Exchange (ETDEWEB)

NONE

2013-06-01

Oil remains the most significant energy source in Japan, accounting for some 45% of the country’s total primary energy supply (TPES) in 2011. Japan’s oil demand steadily decreased from 5.71 mb/d in 1997 to 4.47 mb/d in 2010. However, its oil demand increased to 4.48 mb/d in 2011 and 4.73 mb/d in 2012 due to the Great East Japan Earthquake in March 2011 and its subsequent impacts. The transport sector represented around 38% of total consumption in 2010, while the industry sector accounted for 30%. A significant proportion of the industry sector’s oil demand comes from the chemical industry. Of the 4.8 mb/d of oil imported by Japan in 2012, 3.5 mb/d consisted of crude oil, 209 kb/d of NGLs and feedstocks, and some 1.2 mb/d of refined products. About 83% of Japan’s crude oil imports in 2012 came from the Middle East. The country has 27 operational refineries with a total crude distillation capacity of around 4.5 mb/d. Japan meets its 90-day stockholding obligation to the IEA by holding government emergency stocks and by placing a minimum stockholding obligation on industry. JOGMEC’s primary role is to manage public stocks under the Oil Stockpiling Act, while industry (refineries, specified distributors and importers) is obliged to hold the equivalent of 70 days of their daily imports, sales or refinery production, based on the average of the previous 12 months. The public stocks mostly consist of crude oil, but the Administration has expanded its emergency inventory to include four categories of refined products - gasoline, kerosene, fuel oil and diesel oil. Japan held some 591 million barrels (mb) of oil stocks at the end of January 2013, equating to 166 days of 2011 net-imports (92 days of government stocks and 74 days of industry stocks). Around 72% of total stocks were held in the form of crude oil. Japan has consistently met its minimum IEA stockholding obligation. The share of natural gas in the country’s TPES increased significantly from 17% in 2010

Impact of oil price shocks on selected macroeconomic variables in Nigeria

International Nuclear Information System (INIS)

Iwayemi, Akin; Fowowe, Babajide

2011-01-01

The impact of oil price shocks on the macroeconomy has received a great deal of attention since the 1970 s. Initially, many empirical studies found a significant negative effect between oil price shocks and GDP but more recently, empirical studies have reported an insignificant relationship between oil shocks and the macroeconomy. A key feature of existing research is that it applies predominantly to advanced, oil-importing countries. For oil-exporting countries, different conclusions are expected but this can only be ascertained empirically. This study conducts an empirical analysis of the effects of oil price shocks on a developing country oil-exporter - Nigeria. Our findings showed that oil price shocks do not have a major impact on most macroeconomic variables in Nigeria. The results of the Granger-causality tests, impulse response functions, and variance decomposition analysis all showed that different measures of linear and positive oil shocks have not caused output, government expenditure, inflation, and the real exchange rate. The tests support the existence of asymmetric effects of oil price shocks because we find that negative oil shocks significantly cause output and the real exchange rate. (author)

Are fluctuations in oil consumption permanent or transitory? Evidence from linear and nonlinear unit root tests

International Nuclear Information System (INIS)

Solarin, Sakiru Adebola; Lean, Hooi Hooi

2016-01-01

This paper examines the integration properties of the total oil consumption in 57 countries for the period of 1965–2012. A combination of new and powerful linear and nonlinear stationarity tests are employed to achieve the objectives of the study. We find that the oil consumption series in 21 countries follow a nonlinearity path while those in the other countries are linear in nature. Evidence of the presence of a unit root is found for the total oil consumption series in 38 countries while the series is stationary in the remaining 19 countries. An important insight is that the blueprints that were designed to reduce oil consumption are likely to have a permanent effect in most of the countries. - Highlights: • We examine the integration properties of total oil consumption in 57 countries. • We apply new and powerful linear and nonlinear stationarity tests. • Unit root is found in two third of the countries. • Blueprints designed to reduce oil consumption are likely to have permanent effect.

The outlook for the world and Australian oil markets

International Nuclear Information System (INIS)

Donaldson, K.; Fok, G.

1996-01-01

Global demand for oil is projected to continue its upward trend to 2000-1, with growth in the transport sector expected to underpin future increases in oil consumption. World oil consumption is projected to be matched by global production, keeping the average annual oil price relatively stable. In many countries, the diversion of oil revenue to other projects is threatening to constrain increases in production capacity, particularly in the OPEC countries. The encouragement of foreign investment in state oil industries is a likely method of easing the constraint. Australian exploration activity is rising steadily with the prospect of stable oil prices, expanding gas markets and the incentives provided by a number of recent discoveries. While the geographical pattern of Australian production has now changed, with Western Australian production exceeding Victoria production, Australia is expected to maintain its position in the world oil market as a significant producer, importer and exporter. (author). 6 figs., 23 refs

Background issues of oil supply trading in Pacific island countries

International Nuclear Information System (INIS)

1990-01-01

The 1980s has been a decade of considerable change within the petroleum industry resulting in new supply arrangements and continued uncertainty within the island countries about reasonable supply and pricing terms. Formulating an effective response is all the more challenging for small countries which have only recently become independent, which have miniscule public sector organizations responsible for energy policy and which occupy a region where petroleum dominates commercial energy use to a greater extent, well over 90 per cent, than any other part of the world. During the past five years the Energy Resources Section of ESCAP, and staff members of the Energy Program within the East West Center in Honolulu have frequently worked closely with the Pacific Energy Development Programme (PEDP) to advise Pacific island Governments on a wide range of petroleum policy and administration issues, including shipping, overall supply arrangements, contracts for refined products, price control and monitoring, regional co-operation, and storage options. They have also organized a number of formal and informal training activities within the petroleum sector and worked closely with a World Bank team which investigated regional bulk oil purchase in 1986. This report is of interest to readers concerned with options facing small countries, from both national and regional perspectives, for dealing with petroleum policy. Refs, figs and tabs

Possible effects of the Worldwide production of ethanol in two of the main countries that imports corn. South Korea and Mexico

Directory of Open Access Journals (Sweden)

Saúl Martínez González

2010-01-01

Full Text Available South Korea is the second largest importer of corn and Mexico is the third. Although the corn has its origin in this country, since 1994 Mexico has become one of the major importers in the world. This essay examines the possible economic implications for Mexico and Korea for the increased production of ethanol from corn. The analysis parts of the close relationship of three interconnected problems, which are at the root of the current energy crisis: global warming, oil crisis and biofuel production. This is causing a global food crisis. The production of ethanol from corn is emerging as an alternative that may address global warming and attacking the alleged shortage of oil, which has resulted in rising prices. The point in discussion is what are the possible effects of policies to induce the production of biofuels (ethanol on the main importers of corn. That’s why the current status of the ethanol industry is analyzed, whose main protagonists on the world stage are the United States and Brazil. Then we made a brief analysis of the market of corn. Finally, based on the foregoing, we reflect on the possible implications it might have on the development of food production of etanol.

China's energy security: Oil and gas

International Nuclear Information System (INIS)

Wu, Kang

2014-01-01

China is currently the largest energy consuming country in the world. Until the early 1990s, China had long been a net energy exporter. The country became a net oil importer in 1993, the first time since the 1960s. For China, energy security first means oil supply security. China turned into a net natural gas importer in 2007 and then a net coal importer in 2009. In other words, China is now a net importer of all three types of fossil energy—oil, natural gas, and coal. In the context of rising oil imports and implementation of China's 12th Five-Year Program from 2011 to 2015, this paper examines China's energy security strategies with a focus on three leading elements, namely overseas oil investment, strategic petroleum reserves (SPR)and unconventional gas development. Our findings suggest that the Chinese government has promoted overseas investment strongly; its SPR program has been established though the progress for Phase II has been slower than expected and the government intends to boost the unconventional gas sector development. However, the challenges are enormous as well. As for future research, other elements for each dimension of energy security should be reviewed to reach a comprehensive conclusion about how well China has done and what steps are needed to move forward. - Highlights: • Identified China's key energy security strategies during the 12th Five-Year Program (FYP) and previous FYPs. • Provided a unique insight into China's rising oil imports. • Reviewed China's overseas oil and gas investment as a key energy security measure. • Assessed China's strategic petroleum reserves program and the future growth. • Provided a comprehensive coverage of China's unconventional gas development, including both coal-bed methane and shale gas

CRUDE OIL TRANSPORT FROM THE CASPIAN SEA REGION TO EUROPE

Directory of Open Access Journals (Sweden)

Adam Przybyłowski

2014-07-01

Full Text Available In the contemporary world, despite the growing importance and scale of the use of renewable energy , conventional energy resources still play a huge role. The European Union countries are dependent on the oil imports and the their main supplier of crude oil and natural gas has been the Russian Federation. After the collapse of the Soviet Union , the Caspian Sea region has become an alternative to Russian energy resources. The Unit-ed States , European Union, China and many other countries have shown their interest about this region. Despite a relatively large oil and natural gas reserves, the export of the-se commodities to the West is still problematic. Based on the available data and infor-mation, the publication explores the issue of energy resources transport directions with a particular emphasis on the crude oil from the Caspian Sea region to Europe.

Development of Exports and Imports of Kosova with European Union Countries

Directory of Open Access Journals (Sweden)

Ph. D. Myrvete Badivuku-Pantina

2009-05-01

Full Text Available Kosova, within the nine years period, has moved from a post conflict country to a country considered to be in transition. Kosova has passed from its determination for reconstruction of the country to the orientation towards economic development and integration to European structures. But economic development is not yet sufficient in order to address challenges that Kosova is facing, such as high percentage of unemployment and high deficit of trade exchange. The unemployment rate in Kosova is the most concerning economic issue. Unemployment norms move from about 30 % (IMF to 40% (SOK, 2006. High deficit of recurrent accounts also present a great concern for Kosova economy, which has been evaluated to be 17.3% of gross domestic production (GDP following receipt of assistance from abroad, and decrease of trade deficit remains one of economic priorities in Kosova. Current ways of cooperation between countries are based on ignoring existing borders and mutual cooperation among people of the world, based on freedom and equality among entities of market economy. Kosova supports open economic policies and it achieved to sign some of Free Trade Agreements (FTA with regional countries of western Balkans. It is expected that Kosova will endorse other FTA also with other countries in the region and wider since these actions are to be taken in order to support economic development of Kosova. In the post war period, the main trade partner of Kosova has been European Union (Germany, Greece, Slovenia, Italy, and Austria, whose participation in general import of Kosova for 2004 was 26.7%, while this integration in general export of Kosova in 2004 was 28.7%. The purpose of this study is that I wanted to present importance of trade cooperation of Kosova with UE countries and offer information of the course of imports and exports of Kosova with EU countries, as well as to analyze possibilities and advantages that this cooperation offers for economic development of

Military and Non Military Threats to the Gulf Cooperation Countries

National Research Council Canada - National Science Library

Al-Khulaifi, Hamad H

2008-01-01

The international strategic importance of Gulf oil resources, the intense political and economic attention to the Gulf Countries affairs by nations beyond the region, necessitate looking at the impact...

PREPARATION OF VARIOUS TYPES OF PULP FROM OIL PALM LIGNOCELLULOSIC RESIDUES

Institute of Scientific and Technical Information of China (English)

Ryohei Tanaka; Leh Cheu Peng; Wan Rosli Wan Daud

2004-01-01

@@ INTRODUCTION Oil palm, Elaeis Guineensis, (Figure 1) is one of the most important plants in Malaysia. It produces palm oil and palm kernel oil, which is widely being used in food and other industries such as detergents and cosmetics. Malaysia is the world′s largest producer and exporter of the oil, so that the country′s economy is very much dependent on these oil products. Although oil from the palm tree is an excellent product for the country, residues from oil palm have not been used sufficiently. In this 10～15 years, development in new technologies for utilizing this lignocellulosic waste is categorized as one of the most important issues in science policy of Malaysia.

Coals to Newcastle: Will Alberta become a crude oil importer?

International Nuclear Information System (INIS)

Haessel, W.; Foley, D.J.

1991-01-01

The security of markets for Canadian heavy crude oil (HCO) under different conditions is examined. The emphasis of the study is on the conditions under which bitumen blend from Alberta could penetrate certain markets that have generally been identified as potential prospects. A secondary question concerns the cost reductions in bitumen production and upgrading that would be needed for bitumen blend and synthetic crude oil (SCO) to penetrate these same markets if long-term oil prices settle at US$18/bbl for Saudi light delivered to the USA Gulf Coast in 2010. A brief overview is first presented of some of the world and US factors that will affect the demand for Canadian HCO, with specific reference to the demand in the northern USA in 2010. The determination of the volume of HCO that can or will be processed at a refinery or a combination of refineries in a given market is then discussed. The cost and volume numbers for 2010 as provided in the National Energy Board's latest Canadian energy supply and demand forecast are used in the analysis. It is concluded that all traditional markets outside of the Canadian prairies could be lost if world oil prices stay below US$18/bbl for extended periods. At prices below US$17/bbl, bitumen producers would have trouble competing with imported crude oils in Edmonton unless bitumen production costs decline from current levels. The potential for bitumen production costs to decline enough for diluted bitumen to compete with US$18/bbl oil is better than the prospect for SCO costs to decrease enough to compete in eastern Canada or the northern USA at those price levels. 9 figs., 8 tabs

Oil, Gas, Coal and Electricity - Quarterly statistics. Second Quarter 2012

Energy Technology Data Exchange (ETDEWEB)

NONE

2012-07-15

This publication provides up-to-date and detailed quarterly statistics on oil, coal, natural gas and electricity for the OECD countries. Oil statistics cover production, trade, refinery intake and output, stock changes and consumption for crude oil, NGL and nine selected oil product groups. Statistics for electricity, natural gas, hard coal and brown coal show supply and trade. Import and export data are reported by origin and destination. Moreover, oil and hard coal production are reported on a worldwide basis.

Effect of crude oil and refined petroleum product imports on the national security. Critical technologies

International Nuclear Information System (INIS)

1989-01-01

The report contains the results of an investigation requested under Section 232 of the Trade Expansion Act to study the effect of oil imports on the domestic petroleum industry and on United States energy security. It reviews previous energy security assessments and resulting initiatives, assesses current US energy security, and studies emergency petroleum requirements. The report finds that there have been substantial improvements in US energy security since the last Section 232 Petroleum finding in 1979. However, declining domestic oil production, rising oil imports, and growing dependence on potentially insecure sources of supply raise concerns of vulnerability to a major supply disruption

Oil pollution of the sea – global and regional aspects

Directory of Open Access Journals (Sweden)

Marek Begányi

2006-10-01

Full Text Available Transport of oil is very important for the world economic and industry. Oil is transported to the countries and states, where it is transformed for the industry. The oil transport is connected with some advantages and disadvantages. One of the disadvantages is the pollution of seas. The pollution is very dangerous for everything and everyone. Transport companies of oil must stop the pollution with new, safety and effective transport technologies.

A tale of two countries : blessed with huge heavy oil resources, Canada and Venezuela pursue different paths

International Nuclear Information System (INIS)

Ball, C.

2005-01-01

Both Canada and Venezuela are rich in heavy oil resources. This article presented an overview of current development activities in both countries. International interest in the oil sands region has been highlighted by the French oil company Total's acquisition of Deer Creek Energy Ltd in Alberta for $1.35 billion. The acquisition supports the company's strategy of expanding heavy oil operations in the Athabasca region. With 47 per cent participation in the Sincor project, Total is already a major player in Venezuela. Although the Sincor project is one of the world's largest developments, future investment is in jeopardy due to an unpredictable government and shifts in policy by the state-run oil company Petroleos de Venezuela S.A. (PDVSA). The country's energy minister has recently announced that all existing agreements will be terminated as of December 31, 2005. The government has allowed 6 months for companies to enter into new agreements with new terms. Under revised rules, foreign companies will be required to pay income tax at a rate of 50 per cent. The rate will be applied retroactively to profits made over the last 5 years. Under the new law, agreements could be established under the terms of mixed companies, where Venezuela will have majority equity in the company that exploits the oil. In addition, the government has accused companies of not paying the required income tax levels on contracts, and some companies have been fined as much as $100 million. It was suggested that current difficulties are the result of an incoherent energy policy and an unstable regime. The international oil and gas community is watching developments, and it was anticipated that parties previously considering Venezuela as an investment opportunity will now reconsider. By contrast, Alberta has been praised by oil companies for its stable regulatory regime and its reasonable royalty structure. Thanks to a purge of 18,000 employees from PDVSA by Venezuelan president, Alberta is now

Middle East oil and gas

International Nuclear Information System (INIS)

1995-01-01

This study is intended to shed light on structural changes occurring in six Middle East countries (Iran, Iraq, Kuwait, Qatar, Saudi Arabia and the United Arab Emirates) that can be expected to have a significant impact on their oil and gas industry. These six countries provide 42% of the world's traded crude oil, on which Member countries of the International Energy Agency (IEA) are increasingly dependent. They also contain about 65% and 30% of the world's proven oil and natural gas reserves, respectively, and command a strategic location between Europe and Asia. The Middle East has been one of the most volatile parts of the world where war, revolution and embargoes have caused major upheavals that have led to oil supply disruptions. The oil resources of all six countries were initially developed by international oil companies and all are members of the Organization of the Petroleum Exporting Countries (OPEC). In 1994, their crude oil production capacity was about 23 million barrels per day (mbd) and is planned to expand to about 28 mbd by the year 2000. Revenue from the sale of oil accounts for more than 80% of each nation's total exports and about 75% of each government's income. The objectives of this study are: to detail their announced oil and gas development plans, to describe the major trends occurring in these countries, to outline the government responses to the trends, and to analyse the impact of government policies on oil and gas development. (J.S.). 121 refs., 136 figs., 212 tabs

New trends in Saudi Oil policy

Energy Technology Data Exchange (ETDEWEB)

Akins, J E

1985-01-01

It is deplorable that the United States and other importing countries persist in viewing OPEC as the enemy. The OPEC plan, at least insofar as Yamani has outlined it (and it seems to be acceptable to other OPEC countries), is reasonable and should be supported by consumers as well as exporters. There should be some understanding, at least in governmental circles, of the ultimate consequences of the collapse of the price of oil, not only the effects it would have on major friendly oil exporters such as Mexico, Nigeria and Venezuela, but the consequences it would have on the banking system, and most important what would happen to long-term supply and demand. Unfortunately there is no indication of any understanding or any appreciation of OPEC's positive role or of the benign nature of the Yamani plan.

The Importance of Government Effectiveness for Transitions toward Greater Electrification in Developing Countries

Directory of Open Access Journals (Sweden)

Rohan Best

2017-08-01

Full Text Available Electricity is a vital factor underlying modern living standards, but there are many developing countries with low levels of electricity access and use. We seek to systematically identify the crucial elements underlying transitions toward greater electrification in developing countries. We use a cross-sectional regression approach with national-level data up to 2012 for 135 low- and middle-income countries. The paper finds that the effectiveness of governments is the most important governance attribute for encouraging the transition to increased electrification in developing countries, on average. The results add to the growing evidence on the importance of governance for development outcomes. Donors seeking to make more successful contributions to electrification may wish to target countries with more effective governments.

Assessing the energy vulnerability: Case of industrialised countries

International Nuclear Information System (INIS)

Gnansounou, Edgard

2008-01-01

The emergence of new big consumer countries on the energy markets and the perspective of oil and gas depletion at the end of the current century raise the concerns about fair distribution of the remaining resources for the common and sustainable well-being of the mankind. High volatility of energy prices discourages the investment and delays the energy technology transition. Voluntary measures are needed mainly in industrialised countries in order to develop alternative and sustainable energy sources, to enable technology transfer towards emerging and developing countries and to avoid struggle for energy procurement. In this paper, a composite index of energy demand/supply weaknesses is defined as a proxy of energy vulnerability. The proposed index is based on several indicators such as energy intensity, oil and gas import dependency, CO 2 content of primary energy supply, electricity supply weaknesses and non-diversity in transport fuels. The assessment of this composite index for selected industrialised countries is discussed as well as the sensitivity to various factors

China's energy policy toward Central Asia and the importance of Kazakhstan

OpenAIRE

Küçük, Zeki

2009-01-01

Oil has been a strategic commodity since the industrial revolution and it is the most influential element in contemporary world political history. When we observe historically important events, we can see that oil somehow affects these events and creates their causes. Good examples of this are World War I and II, the Gulf Wars, and the Oil Crises. Oil, as the only resource of the developed and developing countries, is likely to continue shaping world political history in the near future. In t...

Three different applications of genetic algorithm (GA) search techniques on oil demand estimation

International Nuclear Information System (INIS)

Canyurt, Olcay Ersel; Oztuerk, Harun Kemal

2006-01-01

This present study develops three scenarios to analyze oil consumption and make future projections based on the Genetic algorithm (GA) notion, and examines the effect of the design parameters on the oil utilization values. The models developed in the non-linear form are applied to the oil demand of Turkey. The GA Oil Demand Estimation Model (GAODEM) is developed to estimate the future oil demand values based on Gross National Product (GNP), population, import, export, oil production, oil import and car, truck and bus sales figures. Among these models, the GA-PGOiTI model, which uses population, GNP, oil import, truck sales and import as design parameters/indicators, was found to provide the best fit solution with the observed data. It may be concluded that the proposed models can be used as alternative solution and estimation techniques for the future oil utilization values of any country

Greater oil investment opportunities

International Nuclear Information System (INIS)

Arenas, Ismael Enrique

1997-01-01

Geologically speaking, Colombia is a very attractive country for the world oil community. According to this philosophy new and important steps are being taken to reinforce the oil sector: Expansion of the exploratory frontier by including a larger number of sedimentary areas, and the adoption of innovative contracting instruments. Colombia has to offer, Greater economic incentives for the exploration of new areas to expand the exploratory frontier, stimulation of exploration in areas with prospectivity for small fields. Companies may offer Ecopetrol a participation in production over and above royalties, without it's participating in the investments and costs of these fields, more favorable conditions for natural gas seeking projects, in comparison with those governing the terms for oil

Imported malaria in children in industrialized countries, 1992-2002.

Science.gov (United States)

Stäger, Katrin; Legros, Fabrice; Krause, Gérard; Low, Nicola; Bradley, David; Desai, Meghna; Graf, Simone; D'Amato, Stefania; Mizuno, Yasutaka; Janzon, Ragnhild; Petersen, Eskild; Kester, John; Steffen, Robert; Schlagenhauf, Patricia

2009-02-01

Children account for an appreciable proportion of total imported malaria cases, yet few studies have quantified these cases, identified trends, or suggested evidence-based prevention strategies for this group of travelers. We therefore sought to identify numbers of cases and deaths, Plasmodium species, place of malaria acquisition, preventive measures used, and national origin of malaria in children. We analyzed retrospective data from Australia, Denmark, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom, and the United States and data provided by the United Nations World Tourism Organization. During 1992-2002, >17,000 cases of imported malaria in children were reported in 11 countries where malaria is not endemic; most (>70%) had been acquired in Africa. Returning to country of origin to visit friends and relatives was a risk factor. Malaria prevention for children should be a responsibility of healthcare providers and should be subsidized for low-income travelers to high-risk areas.

CONTAGIOUS EFFECTS OF OIL PRICES ON ASIAN STOCK MARKETS’ BEHAVIOUR

Directory of Open Access Journals (Sweden)

Jok-Tong Wan

2016-05-01

Full Text Available The main objective of this study is to examine the stock markets’ shock due to the effect of the price of oil in the East Asia Region. Particularly, this study examines if there is stock market interdependence during global oil price shocks (sudden changes for a sample of five total oil importers (the Philippines, Hong Kong SAR, Taiwan, South Korea, and Japan, four net oil importers (Indonesia, Singapore, Thailand, and China, and one net oil exporter (Malaysia between 1999 and 2014. From the result, an oil price change is collectively found to have a small but significant positive impact on the stock markets, in particular where a sudden decrease in oil prices tends to cause a stock market downturn and volatility. The world economy’s spending, financial investments in oil futures and foreign investment by oil rich nations are some underlying motives for inducing this oil-stock positive relation. The same direction of time-varying conditional correlations is found across East Asian stock markets during negative oil price shocks. The integration among East Asian stock markets is inducing the oil shock contagion to be transmitted from direct oil-affected countries (South Korea, Hong Kong, and Singapore to non-direct oil affected countries’ (Japan and Taiwan stock markets. In spite of a long practiced ASEAN+3 macroeconomics surveillance process and Early Warning System (EWS which can be customized for stock markets to prevent or detect the oil risk, hedging against initial oil-affected stock markets and a stronger influence by the East Asian countries in the global world of oil and capital investment are strongly suggested.

Domestic demand for petroleum products in MENA countries

Energy Technology Data Exchange (ETDEWEB)

Bhattacharyya, Subhes C.; Blake, Andon [CEPMLP, Dundee University, Dundee DD1 4HN (United Kingdom)

2009-04-15

The purpose of this paper is to analyse the domestic demand for petroleum products in the Middle East and North African (MENA) countries employing a recent data series (1982-2005). Understanding the domestic demand of oil producing countries is important due to the existence of subsidised supply, loss of foreign exchange income and the environmental effects of oil use. The paper analyses the evolution of petroleum product demand in MENA and presents an econometric analysis of demand using a simple log-linear specification for four petroleum products, namely gasoline, diesel, kerosene and fuel oil. The study covers seven MENA countries, namely Algeria, Iran, Kuwait, Libya, Saudi Arabia, UAE and Qatar. The results show that demand has grown quite fast in these countries probably because the fuel price has been kept very low while income has risen fast and thus demand has grown fast. The gasoline demand model has performed better than other models in terms of producing expected signs for the parameters. The results for the kerosene model was the least satisfactory as most of the coefficients were found to be statistically insignificant. However, in terms of numerical results, this study compares well with other similar studies of the past. (author)

Domestic demand for petroleum products in MENA countries

International Nuclear Information System (INIS)

Bhattacharyya, Subhes C.; Blake, Andon

2009-01-01

The purpose of this paper is to analyse the domestic demand for petroleum products in the Middle East and North African (MENA) countries employing a recent data series (1982-2005). Understanding the domestic demand of oil producing countries is important due to the existence of subsidised supply, loss of foreign exchange income and the environmental effects of oil use. The paper analyses the evolution of petroleum product demand in MENA and presents an econometric analysis of demand using a simple log-linear specification for four petroleum products, namely gasoline, diesel, kerosene and fuel oil. The study covers seven MENA countries, namely Algeria, Iran, Kuwait, Libya, Saudi Arabia, UAE and Qatar. The results show that demand has grown quite fast in these countries probably because the fuel price has been kept very low while income has risen fast and thus demand has grown fast. The gasoline demand model has performed better than other models in terms of producing expected signs for the parameters. The results for the kerosene model was the least satisfactory as most of the coefficients were found to be statistically insignificant. However, in terms of numerical results, this study compares well with other similar studies of the past. (author)

Trade linkages and macroeconomic effects of the price of oil

International Nuclear Information System (INIS)

Korhonen, Iikka; Ledyaeva, Svetlana

2010-01-01

In this paper we assess the impact of oil price shocks on oil-producer and oil-consuming economies. VAR models for different countries are linked together via a trade matrix, as in Abeysinghe (2001). As expected, we find that oil producers (here, Russia and Canada) benefit from oil price shocks. For example, a large oil shock leading to a price increase of 50% boosts Russian GDP by about 6%. However, oil producers are hurt by indirect effects of positive oil price shocks, as economic activity in their exporter countries suffers. For oil consumers, the effects are more diverse. In some countries, output falls in response to an oil price shock, while other countries seem to be relatively immune to oil price changes. Finally, indirect effects are also detected for oil-consumer countries. Those countries, which trade more with oil producers, gain indirect benefits via higher demand from oil-producing countries. In general, the largest negative total effects from positive oil price shocks are found for Japan, China, the USA, Finland and Switzerland, while other countries in our sample seem to have fared quite well during recent positive oil price shocks. The indirect effects are negative for Russia, Finland, Germany and Netherlands. (author)

The Volatility of Oil Prices on Stock Exchanges in the Context of Recent Events

Directory of Open Access Journals (Sweden)

Popescu Maria-Floriana

2016-04-01

Full Text Available Oil along with currencies and gold are the main indicators of the most important processes which take place in the world economy, quotations’ volatility being always followed by economic and social events. Quiet periods of oil prices, when quotations have a constant evolution or only suffer minor fluctuations, are very rare. Most of the time, very sharp price increases or decreases are happening over night or week. This is mostly due to the fact that the oil market is extremely speculative, being influenced by political, military, social, or meteorological events. Since the major oil price shocks of the 70s, the impact of oil price changes on the economic reality of a country or region has been widely studied by academic researchers. Moreover, the stock market plays an important role in the economic welfare and development of a country. Therefore, a vast number of studies have investigated the relationship between oil prices and stock market returns, being discovered significant effects of oil price shocks on the macroeconomic activity for both developed and emerging countries. The purpose of this study is to investigate the volatility of oil prices on stock exchanges taking into consideration the recent events that have affected the oil markets around the globe. Furthermore, based on the findings of this research, some possible scenarios will be developed, taking into account various events that might take place and their potential outcome for oil prices’ future.

The economic cost of low domestic product prices in OPEC Member Countries

International Nuclear Information System (INIS)

Guerer, N.; Ban, J.

2000-01-01

The present state of subsidies on major oil products (gasoline, kerosene, diesel and fuel oil) in OPEC Member Countries is analysed, in order to quantify their economic cost, keeping in mind the importance of reforming or gradually removing subsidies as one of the crucial economic challenges facing many Member Countries. The paper begins with a general definition and description of subsidies, then discusses briefly the key issues in reforming/removing them, with the potential benefits. Following a section on subsidy level estimations in recent years, the subsidy implications in terms of the accruing budget burden and foregone revenues from additional export potential are presented. This is together with some arguments supporting the process of adjustment towards internationally competitive prices for oil products as an inescapable development for Member Countries; this should progress in gradual, but firm steps. (author)

Challenge of the oil market

Energy Technology Data Exchange (ETDEWEB)

Jaidah, A M

1981-11-01

The oil market is experiencing a different environment in 1981 as demand for OPEC oil fades while customers run down their inventories. The oil-producing countries face a new challenge, but the need of consuming countries for secure oil supplies and the need of producing countries to broaden their economies and reduce dependence on a depleting resource continue. Two episodes 1973 to 1975 and late 1978 to the present, illustrate the current market situation. The impact of these episodes is the basis for recommended long-run goals that go beyond market management to the real challenge of converting oil resources into the real assets of economic development. (DCK)

Overseas Investments by Chinese National Oil Companies

Energy Technology Data Exchange (ETDEWEB)

NONE

2011-07-01

This report examines inaccuracies in some commonly held views of China's National Oil Companies (NOCs). Until now, there has been little analysis to test the widely held presumption that these companies act under the instructions and in close co-ordination with the Chinese government. Nor have critics been challenged on the validity of their concerns about investments made by these NOCs, and how they could be blocking supplies of oil for other importing countries. The IEA analysis, however, finds that contrary to these views, the NOCs actually operate with a high degree of independence from the Chinese government, and their investments have in fact largely boosted global supplies of oil and gas, which other importers rely on.

Genetic determinism of oil acidity among some DELI oil palm (Elaeis ...

African Journals Online (AJOL)

USER

2016-08-24

Aug 24, 2016 ... Key words: Elaeis guineensis Jacq., free fatty acid content, crude palm oil, inheritance. INTRODUCTION. The oil palm (Elaeis ... of world's production of vegetable oils. The highest palm oil producing countries ... Without prior refining, acidic palm oil is improper for human consumption (Anonymous, 2005).

A CAUSAL RELATIONSHIP BETWEEN OIL PRICES CURRENT ACCOUNT DEFICIT, AND ECONOMIC GROWTH: AN EMPIRICAL ANALYSIS FROM FRAGILE FIVE COUNTRIES

Directory of Open Access Journals (Sweden)

Yuksel BAYRAKTAR

2016-09-01

Full Text Available The main objective of this study is to determine the impact of oil prices in the Fragile-Five countries (Brazil, Indonesia, South Africa, India, and Turkey on current account deficit and growth. In this study, the method of panel data analysis was used and the period of 1980-2014 was examined. The Levin, Lin, & Chu panel; Im, Pesaran, and Shin W-stat; ADF-Fisher Chi-square; and PP-Fisher Chi-square unit root tests were used to determine the stability of data before panel data analysis. The results of the study can be expressed as follows. i There was a statistically meaningful relationship in oil prices with both GDP and the current account deficit. While there was a positive correlation between oil prices and GDP, there was a negative relationship between oil prices and current account deficit. ii No long-term relationship was found between GDP and oil prices; there was a long-term relationship between current account deficit and oil prices as determined by the cointegration tests. iii Causality test also showed the presence of a bidirectional relationship between GDP and oil prices.  Causality between oil prices and the current account deficit was one-way from the variable of oil price to the variable of current account deficit.

Oilseeds and vegetable oils in asia: a world of diversity

Directory of Open Access Journals (Sweden)

Mittaine Jean-François

2016-11-01

Full Text Available Out of the two dozen countries that constitute what is generally called “Asia”, some are the largest in the world while others are islands with smaller populations. When looking at oilseeds and vegetable oils in the region, one is faced with the same huge diversity which makes it complex to analyze, all the more that statistics are not easily available for many countries. Aside from the large differences in size, the region covers a wide spectrum of diversified climate environments. Asia is also mainly characterized by its huge population which has become largely urban, a key factor leading to the impressive growth of vegetable oil demand in the past 30 years. At an verage of 23.2 kg/year, Asian per capita consumption of oils and fats still remains slightly below the world average of 28.3 kg/capita/year. Therefore, although 53% of the world population is located in Asia, only 45% of world oils and fats is consumed in the region. As detailed in the paper, the world of Asian oilseeds and vegetable oils is highly concentrated on soybeans and palm oil. In spite of a large domestic production in China (12.3 MnT, soybeans are imported in huge quantities, mostly by China (78 MnT, 84% of the region’s imports where more than 28% of world soybeans production is being crushed. Palm oil, the second large commodity consumed in the region, is mainly produced within the region, mostly in Indonesia and Malaysia. So where is the “world of diversity”? Hidden behind those two dominant commodities, practically all of the ten oilseeds constituting the core of the world production are grown in significant quantities in the region while, for vegetable oils, all those of significant importance are produced within the region with the exception of olive oil. The main question that should be kept in mind when reviewing this large regional demand is under what condition will future vegetable oil production be able to meet the expected rise of per capita oils and

Oil shale, shale oil, shale gas and non-conventional hydrocarbons

Directory of Open Access Journals (Sweden)

Clerici A.

2015-01-01

Full Text Available In recent years there has been a world “revolution” in the field of unconventional hydrocarbon reserves, which goes by the name of “shale gas”, gas contained inside clay sediments micropores. Shale gas finds particular development in the United States, which are now independent of imports and see a price reduction to less than one third of that in Europe. With the high oil prices, in addition to the non-conventional gas also “oil shales” (fine-grained sedimentary rocks that contain a large amount of organic material to be used both to be directly burned or to extract liquid fuels which go under the name of shale oil, extra heavy oils and bitumen are becoming an industrial reality. Both unconventional gas and oil reserves far exceed in the world the conventional oil and gas reserves, subverting the theory of fossil fuels scarcity. Values and location of these new fossil reserves in different countries and their production by comparison with conventional resources are presented. In view of the clear advantages of unconventional fossil resources, the potential environmental risks associated with their extraction and processing are also highlighted.

Less-developed countries have a huge equity in nuclear power

International Nuclear Information System (INIS)

Olds, F.C.

1978-01-01

Three-quarters of the world's people live in less-developed countries (LDCs). Few of these are energy self-sufficient, and their dependence on imported oil grows more risky as burgeoning world oil consumption seems likely to reach a practical ceiling of production long before demand is satisfied. Hence, LDCs push their nuclear power programs, and hope for strong nuclear programs in the industrialized world to ease the demand for oil. Standing against the LDCs are the international intervenors and the nuclear slowdown policy of the United States

Arab oil and gas directory

International Nuclear Information System (INIS)

2005-01-01

This reference book is the only oil and gas encyclopedia in the world providing detailed country surveys on the oil and gas industry in the Arab countries and Iran. It provides thorough country reports and detailed statistics on oil and gas exploration, production, transport, refining and petrochemicals, as well as on development projects in all countries in the Middle East and North Africa: Algeria, Bahrain, Egypt, Iran, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Qatar, Saudi Arabia, Sudan, Syria, Tunisia, United Arab Emirates and Yemen. Separate chapters cover OPEC and OAPEC, as well as world oil and gas statistics. It includes 53 maps and 268 tables and graphs, and 2420 addresses and contact names

China’s oil security from the supply chain perspective: A review

International Nuclear Information System (INIS)

Zhao, Chunfu; Chen, Bin

2014-01-01

Highlights: • The development phase of China’s oil industry is detailed. • Risk to oil industry in China is identified along the supply chain. • Policy aimed at improving oil security is examined. - Abstract: Oil security has become a major issue in China. This paper analyzes China’s oil security from the supply chain perspective, as the country faces challenges from an increasing reliance on imported oil, a fast-growing economy, the Malacca dilemma, and volatile international oil prices. To clarify the issue of oil security, we first review the development phase of China’s oil industry and previous research related to its energy security. Then a framework from the supply chain perspective is constructed to identify the current risk from three aspects: energy flow, financial and environmental. Finally, policies aimed at improving the country’s energy security are examined and potential problems presented. From this analysis, we conclude that the potential risk arising from China’s oil system is inherently interconnected. There is still great potential for the country to improve oil security by strengthening its strategic oil reserves, improving energy efficiency, and developing its domestic oil tanker fleet

Oil sector in Spain: Final adaptation

International Nuclear Information System (INIS)

Marin-Quemada, J.M.

1992-01-01

This paper analyzes organizational and marketing changes occurring in Spain's oil industry as a result of its conversion from a state run monopoly system to a free market system. The analysis uses statistical data to indicate national oil production, import and consumption trends and compares these with overall trends in the European Communities. An explanation of the way in which oil is marketed in Spain makes reference to data on Spain's refining capacity and pipeline network, deemed to be amongst the most complete and modern in Europe. Comments are also made on the efficacy of Spain's national energy policies which stress energy source diversification to lessen this country's heavy dependence on foreign supplied oil

Oil and Gas Emergency Policy: China 2012 update

Energy Technology Data Exchange (ETDEWEB)

NONE

2012-09-06

Although coal is the dominant energy source in China, accounting for some 70% of the country's Total Energy Consumption (TEC) in 2009, oil and gas are also essential energy sources. Despite strong growth in consumption of oil, its share of TEC fell from 22% in 2000 to 18% in 2009, as coal use rose even faster to meet burgeoning demand for electricity. A strong policy push boosted natural gas supplies, particularly to residential customers, so that the share of natural gas doubled from 2% in 2000 to 4% in 2009. China is one of the important oil and natural gas producing counties in the world. In 2010, China's crude oil production exceeded 4 million barrels per day (mb/d). However, with strong and sustained economic growth, its demand for oil has also increased, from 4.6 mb/d in 2000 to over 8 mb/d in 2009. In the New Policy Scenario (NPS) of the IEA World Energy Outlook (WEO) 2011, China's primary oil demand rises to 12.2 mb/d in 2020. Although China is now the world's fifth largest oil producer, the country has been a net oil importer since 1993. In 2011, China imported over 5 mb/d of crude oil, accounting for about 54% of its total demand. More than 50% of the total crude oil imports came from counties of the Middle East. To prevent a potential shock to the economy caused by an oil supply disruption, the Chinese government has been steadily pushing building an oil stock reserve system. China has completed four stockpiling facilities with a capacity of around 103 mb in the first phase of its Strategic Petroleum Reserve (SPR) plan, and has begun construction of its second phase, which comprises eight storage sites that will reportedly have a combined capacity of around 207 mb. Among them, two sites were completed in the second half of 2011 and the Tianjin site is reportedly set to be completed in 2012. According to unofficial reports, the remaining four SPR-II sites are expected to become operational by 2013. The third phase is expected to boost

The political economy of transnational oil

International Nuclear Information System (INIS)

Mikdashi, Z.

1993-01-01

This paper identifies some of the major policies adopted by the public authorities of both the oil importing and oil exporting countries, as well as the business strategies followed by the major energy corporate groups. The significance of governmental policies and business strategies are often reflected in transnational political or economic relations, market structures and price formation. The focus of this paper is to ascertain the impact of those policies and strategies. 1 ref., 1 fig

Panorama 2012 - The oil and gas producing countries of North Africa and the Middle East

International Nuclear Information System (INIS)

Cueille, Jean-Philippe

2011-11-01

Despite the extent of their reserves, oil production in most countries of the Middle East and North Africa is not likely to increase significantly in the years ahead. Exports from the Middle East, 75% of which are to Asia, and those from North Africa, most of which are focused on Europe, should remain stable overall. The increase in gas production will contribute more to meeting fast-growing domestic demand than to boosting exports. Indeed, many Middle Eastern countries are paradoxically experiencing strains on domestic energy supplies due to energy demand stimulated by energy prices that are generally - and artificially - very low, and the adoption of economic development models based on energy-intensive industries. (author)

Oil and development

Energy Technology Data Exchange (ETDEWEB)

Ellis, F

1974-10-01

The shift in world income due to the increase in oil prices has resulted in a world economy that has been thrown off balance. Nine papers are presented that explore the background and the main implications of this ''watershed'' in international relations, particularly the extent to which it will affect the development prospects of poor countries and the climate of trade between poor and rich nations in the next few years. Two papers, ''Diary of Events in the Oil Market 1971--1974'' and ''Statistical Background,'' provide information on the financial changes implied by the price increase; some of the figures should be treated as preliminary estimates only. ''Large International Firms in the Oil Industry'' examines the part played by the major oil companies in developments in the oil market leading up to the events of 1973. Two papers, ''Can OPEC Maintain Current Prices'' and ''OPEC As a Model for Other Mineral Exporters,'' present optimistic conclusions, from the viewpoint of developing countries, on their future capability for controlling their own destinies in trade. ''A Note on Some Issues Raised for Science and Technology Policy by the Increase in Oil Prices'' looks at options open to producers and consumers of raw materials. ''Assessing the Economic Impact on Developing Countries and Some Policy Suggestions,'' ''A Note on the Implications of the Oil Price Increases for British Aid Policy,'' and ''Confrontation Versus Co-operation'' are three papers concerned with difficulties of developing countries and particularly India, Bangladesh, and Sri Lanka. (MCW)

Near-term world oil markets : economics, politics and prices

International Nuclear Information System (INIS)

Dwarkin, J.

2002-01-01

This paper discusses the three main factors that will determine how OPEC oil production will impact on energy markets. OPEC reassured the market in September 2001, following the terrorist attack in New York that it would not cut oil production, but by December 2001, OPEC was threatening that it would cut production unless many key non-OPEC producers collaborated to shore up prices. On January 1, 2002, OPEC members went ahead with a quota reduction, based on pledges of cuts from the non-OPEC oil exporting countries. World economies, oil demand, and the path which the U.S. economy will take during 2002 is critical in determining what happens next in terms of oil production from OPEC. Another important factor is knowing whether non-OPEC producers will actually cut output to a significant extent. The most critical factor will be the response by OPEC members if non-OPEC exporting countries do not keep their promise

The Effect of Oil Spills on Marine Microbes: The Importance of Where, When, and How

Science.gov (United States)

Brock, M. L.; Ederington-Hagy, M.; Richardson, R. L.; Snyder, R.; Jeffrey, W. H.

2016-02-01

While much recent attention has been paid to the Deepwater Horizon oil spill in the Gulf of Mexico and biodegradation by microbial communities, it is important to remember that numerous factors may determine the types of environmental effects that may result from oil spills. Not all oil spills (e.g., crude, refined, weathered, fuels, use of dispersants) are created equal, and it is likely that the characteristics of different environments will affect ecosystem response to oil. Temperature, salinity, and solar radiation are three potentially important factors related to location and seasonality. The effects of some of these environmental factors on the formation of Water Accommodated Fractions (WAFs) developed from Deepwater Horizon oils and the subsequent effects on microbial growth is being investigated. WAFs were generated under varying solar but controlled temperature conditions, various temperatures and salinities, as well as from burned and weathered oil. After all WAFs were collected, each was added to a coastal seawater sample and their effects on bacterial production or phytoplankton photosynthesis determined. Results from both assays demonstrated that WAFs produced in the dark had minimal effects on growth while inhibition was proportional to the amount of solar exposure. Burning oil prior to formation of WAFs increased inhibition of production independent of subsequent solar treatment. Preliminary data suggests that temperature plays a minimal role. The results imply that the ecological effects caused by oil spills are very light dependent and thus could vary by season, location, and may occur to significant depths in the ocean.

76 FR 16683 - Importation of Horses From Contagious Equine Metritis-Affected Countries

Science.gov (United States)

2011-03-25

...-0112] RIN 0579-AD31 Importation of Horses From Contagious Equine Metritis-Affected Countries AGENCY... contagious equine metritis (CEM) by incorporating an additional certification requirement for imported horses... . FOR FURTHER INFORMATION CONTACT: Dr. Ellen Buck, Senior Staff Veterinarian, Equine Imports, National...

Renewable Energy and Proven Oil Reserves Relation: Evidence from OPEC Members

Directory of Open Access Journals (Sweden)

Mehmet Arcan TUZCU

2014-12-01

Full Text Available The well documented literature on the relation between energy consumption and climate change has been extended by the addition of renewable energy consumption. Several studies show its impact on technical efficiency, per capita income or carbon dioxide (CO2 emission levels for developed and developing countries. However, to the extent of our knowledge, very few of them state the importance of renewable energy for the countries where the main type of fossil fuels, oil, is exported. This study aims to explore the association between renewable energy, real gross domestic product (GDP, CO2 emission level, real oil prices as well as the proven oil reserves for seven members of Organization of the Petroleum Exporting Countries (OPEC. The analyses are conducted using panel data techniques, namely fixed effect – random effect tests. Our results show a positive and significant relation between renewable energy consumption, and real GDP and CO2 emission level. A statistically not significant coefficient is found for the relation between renewable energy and the proven oil reserves. The relation between energy and real oil prices is also insignificant.

What drives the formation of global oil trade patterns?

International Nuclear Information System (INIS)

Zhang, Hai-Ying; Ji, Qiang; Fan, Ying

2015-01-01

In this paper, the spatial characteristics of current global oil trade patterns are investigated by proposing a new indicator Moran-F. Meanwhile, the factors that influence the formation of oil trade patterns are identified by constructing four different kinds of spatial econometric models. The findings indicate that most oil exporters have an obvious export focus in North America and a relatively balanced export in Europe and the Asia-Pacific region. Besides supply and demand factors, technological progress and energy efficiency have also significantly influenced the oil trade. Moreover, there is a spillover effect of trade flow among different regions, but its impact is weak. In addition, oil importers in the same region have the potential to cooperate due to their similar import sources. Finally, promotion of oil importers' R&D investments can effectively reduce the demand for global oil trade. - Highlights: • A new spatial association Moran-F indicator that applies to trade flows is proposed. • Driving factors affecting the formation of oil trade patterns are identified. • Oil-exporting countries implement various export strategies in different regions. • Supply, demand and technological factors contribute to the oil trade patterns. • Spillover effect of each factor affecting oil trade flows does exist but is limited

The outlook for US oil dependence

International Nuclear Information System (INIS)

Greene, D.L.; Jones, D.W.; Leiby, P.N.

1998-01-01

Oil dependence is defined as a dynamic problem of short- and long-run market power. The potential monopoly power of an oil cartel depends on its market share and the elasticities of oil supply and demand, while the economic vulnerability of oil-consuming states depends most directly on the quantity of oil imported and the oil cost share of gross domestic product (GDP). Of these factors, only the market share of the Organization of Petroleum Exporting Countries (OPEC) cartel and the rate of growth of world oil demand are clearly different than they were 25 years ago. OPEC still holds the majority of world oil and, in the future, will regain market share. A hypothetical 2-year supply reduction in 2005-2006, similar in size to those of 1973-1974 or 1979-1980, illustrates the potential benefits to OPEC and harm to the US economy of a future oil price shock. OPEC's revenues are estimated to increase by roughly $0.7 trillion, while the US economy loses about $0.5 trillion. Strategic petroleum reserves seem ineffective against a determined, multi-year supply curtailment. Increasing the market's price responsiveness by improving the technologies of oil supply and oil demand can greatly reduce the costs of oil dependence. Each element of this interpretation of the oil dependence problem is well supported by previous studies. This paper's contribution is to unite these elements into a coherent explanation and to point out the enormously important implications for energy policy. (Author)

Preliminary evaluation of fuel oil produced from pyrolysis of waste ...

African Journals Online (AJOL)

It could be refined further to produce domestic kerosene and gasoline. The physical and structural properties of the fuel oil produced compared favorably with that of Aviation fuel JP-4 (a wide-cut US Air force fuel). Presently African countries are importing aviation fuels. The fuel oil produced from the pyrolysis of waste water ...

ANALYSIS, EVALUATION STRUCTURE AND SIMULATION OF OIL CONSUMPTION IN JAPAN FROM THE POSITION OF INTERESTS OF RUSSIA

Directory of Open Access Journals (Sweden)

O. I. Gulakova

2014-04-01

Full Text Available Russia to strengthen the economic position in the world arena is necessary to increase its presence in the Asia-Pacific region. To further assess the prospects for Russian oil exports to the east it is advisable to determine the main factors which determine the demand for oil in major Asian oil consumers. In this paper analyzes the oil consumption in Japan - both in the country which is one of the leading in the region on oil imports and the level of GDP. In this paper performed analytical review of the oil market, as well as identified and analyzed using econometric methods main factors which determine the demand for oil in this country. Concluded that Japan's economy is dependent on oil imports due to increased electricity production, as well as with the growth of national transport needs for energy. This state can be regarded as a stable strategic partner of Russia in the oil market. But the significant growth in oil consumption in Japan in the next decade is not expected.Purchase on Elibrary.ru > Buy now

Natural Resources and FDI in GCC Countries

Directory of Open Access Journals (Sweden)

Mohamed Mahjoub Elheddad

2016-08-01

Full Text Available Natural resources are a blessing for some countries to attract FDI but cursed for others. Existing literature argues the suggestion that resource-rich countries attract less FDI because of resource (oil price volatility. This study examines that natural resources discourage FDI in GCC countries (the FDI-Natural resources curse hypothesis, using panel data analysis for six oil dependent countries during 1980-2013 and applying several econometrics techniques. The main findings of this paper is that natural resources measured by oil rents have a negative association with FDI inflows; this negative impact is robust even when other FDI determinates of FDI  are included. FDI inflows decreased between 0.15 and 0.92% when oil rents increased by 1%. In addition, the empirical results show that trade openness and labour force are the main factors that encourage FDI, while political instability and corruption deter FDI inflows into GCC countries.

Gas in the former-USSR: energy of substitution to the oil

International Nuclear Information System (INIS)

Mercier-Suissa, C.

1993-01-01

Since the last ten years, natural gas is becoming more and more important in the energy consumption of the Soviet Union. This increase can be explained by the policy of this country in favour of the substitution of gas to oil. But even if there is many favorable parameters for this substitution, there are also very important obstacles to this process. Taking into account all the problems of the oil industry in Russia, gas is becoming the main source of foreign currencies income in the country. But prospects of extension of supply to the West are low. The exploitation of the most productive fields requires important investments, but the political instability of the CIS put a brake to foreign investments. 4 figs., 7 tabs

Uranium exports could match oil imports

International Nuclear Information System (INIS)

McIntyre, H.C.

1977-01-01

Apart from a temporary embargo while safeguards are negotiated, the Canadian government limits uranium exports so as to guarantee fuel for every Canadian reactor built or planned for 30 years. On the basis of present known reserves of 172 Gg of 'cheap' U 3 O 8 and 33 of 'dear', that would mean phasing out exports after the mid 1980's, but probably much more 'dear' uranium remains to be discovered. Provincial taxation and restrictions on foreign ownership may be limitations. Discoveries range over eleven areas, but production capacity at present is 14190 Mg/d from Ontario and 3400 from Saskatchewan, with 8800 mothballed and 4860 planned or being rehabilitated. The price has jumped to $95/kg, so that uranium exports may cover half the cost of oil imports. All producers use sulfuric acid leaching, except Eldorado, which uses carbonate leaching; a process using tertiary amine is being developed. Development of the organic-cooled Th/ 233 U fuelled reactor may greatly extend fuel resources. (N.D.H.)

Saudi Arabia's oil policy after 1. oil crisis explained with the help of a cartel model

International Nuclear Information System (INIS)

Linderoth, H.

1992-01-01

Saudi Arabian oil policy is analyzed by using a cartel model where Saudi Arabia's oil production is a function of oil price and oil production in other OPEC countries. Elasticities for oil production and oil price are estimated covering oil crises and 3 intercrises periods. During all intercrises periods, production elasticity is not significantly different from 1 which, to a considerable extent, shows that the oil production in Saudi Arabia followed that of the other OPEC countries. During oil crisis periods, production elasticities were either significantly negative or not significantly different from zero. In most cases, the price elasticity was not significantly different from zero. (au)

Cross dynamics of oil-stock interactions: A redundant wavelet analysis

International Nuclear Information System (INIS)

Jammazi, Rania

2012-01-01

The main aim of the present paper is to explore how the interactions between crude oil (CO) price changes and stock returns of five developed countries namely U.S.A, Canada, Germany, Japan and U.K., evolve simultaneously over time and frequency, in light of the conflicting evidence provided by much of recent studies on the sign and the direction of this relationship. To this end, we apply a more efficient wavelet tool, namely Haar à trous wavelet transform that helps circumvent the problems of the standard regression techniques and proves its effectiveness in encircling the real data features. In order to provide more credible conclusions, the wavelet variance, correlation and cross-correlation are implemented. In general, we extend the existing empirical works by providing more generalized and convincing results inherent to the stock-oil markets interactions which are usually reputed to be complicated. First, we find evidence that the wavelet variances of all the variables decrease with increasing scales. Second, from the analysis of the wavelet correlation, changes in CO and almost all the stock prices do not move together up to the intermediate scale, but since they abruptly shift their direction in unison. Third, results for the wavelet CCF at scales 2, 3 and/or 4 generally illustrate no transmission mechanism between CO and the stock market returns although we provide support for massive CO variations at these scales. In contrast, the CO-equity market relationships at higher scales become interconnected in a negative unidirectional pattern running from CO to stock market returns for only two oil importing countries but also Canada. For oil exporting countries, we have seen that while highly transient (scale 1) positive/negative causalities flowing from TSX stock market to CO changes are detected, highly persistent (scale 6) positive causality running from FTSE to the CO changes are rather found. Finally, the implications of the study's results vary depending

The domestic natural gas industry in developing countries

International Nuclear Information System (INIS)

Klass, D.L.; Khan, R.A.; Khwaja, S.

1992-01-01

The domestic natural gas industry has generally exhibited slow growth in most developing countries that are fortunate enough to have sufficient proved gas reserves to meet energy needs. But supportive government policies that promote the use of indigenous reserves are now beginning to have a positive impact in many parts of the world. Supply and distribution infrastructures are being built or modernized. And natural gas is now or will be available at prices that encourage the displacement of competitive fuels in the larger, energy-intensive industrial and power-generation markets of these countries. It is expected that the domestic gas industry in many developing countries will expand at higher rates than in the past. In the next few decades, the resulting benefits will include reductions in oil consumption per capita, improvements in the balance of payments for oil-importing and exporting developing countries, greater efficiency of energy usage and lower energy consumption per output unit, and improved environmental quality. The national economies and living standards will also undergo significant advancement

Oil pulling and importance of traditional medicine in oral health maintenance.

Science.gov (United States)

Naseem, Mustafa; Khiyani, Muhammad Faheem; Nauman, Hiba; Zafar, Muhammad Sohail; Shah, Altaf H; Khalil, Hesham S

2017-01-01

Dental diseases have detrimental effects on the functionality and quality of life of individuals. In addition, a strong relationship has been established between various oral and systemic diseases. In fact, the prevention and treatment of dental caries and periodontal disease have been shown to reduce the risk of diabetes and heart disease significantly. This goes beyond the role of oral health as a means to identify early manifestations of systemic diseases in the oral cavity. It highlights the necessity of maintaining an optimal oral hygiene to significantly modify the risk factors for serious systemic diseases. The use of oil pulling can be frequently found in ancient medical text and is supported by recent studies for its efficacy and long-term use for maintaining and improving oral health. This article provides an overview on the concept of oil pulling or oil swishing, its mechanism of action and a summary of the evidence available, which highlights the role of oil pulling in specific oral diseases. The goal of this review is to highlight the ancient procedure that has the potential to be used as an adjunct to conventional chemical means of dental plaque control, such as mouth rinses. Incorporating oil swishing as a component of daily oral hygiene can significantly improve oral and general health, specifically in lower socioeconomic groups and rural communities that may have interrupted access to health-care services and dental products such as dentifrices and mouth washes due to various factors; availability and affordability being the most important.

77 FR 34013 - Certain Oil Country Tubular Goods From the People's Republic of China: Preliminary Results of the...

Science.gov (United States)

2012-06-08

...\\ Moreover, U.S. Steel contends that financial statements will show that that surrogate financial ratios can... financial ratios.\\26\\ \\24\\ See Letter from U.S. Steel, ``Oil Country Tubular Goods from the People's... whether financial ratios reflect labor expenses that are included in other elements of the respondent's...

Government chartered banks step up oil and gas lending

International Nuclear Information System (INIS)

Crow, P.

1994-01-01

International government chartered banks are playing an increasingly prominent role in lending for world oil and gas development projects. The main players are the World Bank's International Finance Corp. (IFC), European Bank for Reconstruction and Development (EBRD), US Export-Import Bank, and Overseas Private Investment Corp. (OPIC). Those institutions and similar ones are the catalysts for a large number of projects in the former Soviet Union (FSU) and in other nations that are seeking to develop oil and gas resources and build processing plants, pipelines, and distribution networks. Banks also are taking a greater degree of interest in the environmental aspects of projects. In country after country, especially in the developing world, barriers to foreign investment in domestic petroleum sectors are falling. Oil and gas law reforms are under way on each continent. The paper discusses the major players, the World Bank grouped, the Romanian example, the Ex-Im Bank, OPIC, the emphasis on FSU, environmental issues, and new sources of capital in developing countries

The use of IRMS, (1)H NMR and chemical analysis to characterise Italian and imported Tunisian olive oils.

Science.gov (United States)

Camin, Federica; Pavone, Anita; Bontempo, Luana; Wehrens, Ron; Paolini, Mauro; Faberi, Angelo; Marianella, Rosa Maria; Capitani, Donatella; Vista, Silvia; Mannina, Luisa

2016-04-01

Isotope Ratio Mass Spectrometry (IRMS), (1)H Nuclear Magnetic Resonance ((1)H NMR), conventional chemical analysis and chemometric elaboration were used to assess quality and to define and confirm the geographical origin of 177 Italian PDO (Protected Denomination of Origin) olive oils and 86 samples imported from Tunisia. Italian olive oils were richer in squalene and unsaturated fatty acids, whereas Tunisian olive oils showed higher δ(18)O, δ(2)H, linoleic acid, saturated fatty acids β-sitosterol, sn-1 and 3 diglyceride values. Furthermore, all the Tunisian samples imported were of poor quality, with a K232 and/or acidity values above the limits established for extra virgin olive oils. By combining isotopic composition with (1)H NMR data using a multivariate statistical approach, a statistical model able to discriminate olive oil from Italy and those imported from Tunisia was obtained, with an optimal differentiation ability arriving at around 98%. Copyright © 2015 Elsevier Ltd. All rights reserved.

A New Era of Oil Abundance?

International Nuclear Information System (INIS)

Aoun, Marie-Claire

2015-01-01

From 2014 to 2015, the price of oil fell. The price drop is explained by several factors: a significant increase of oil production in the United States, the resumption of Libyan and Iraqi exports, the possible lifting of sanctions against Iran, and slowing growth in developing countries. The situation is having negative effects on oil-producing countries, but the Organization of the Petroleum Exporting Countries (OPEC) remains divided as to its stance on the situation, making it all the more difficult to predict future trends in oil prices

Oil and Gas Emergency Policy: Turkey 2013 update

Energy Technology Data Exchange (ETDEWEB)

NONE

2013-06-01

Oil has been one of the main energy sources in Turkey, accounting for some 28% of the country’s total primary energy supply (TPES) in 2011. Turkey’s oil demand slightly increased from 637 kb/d in 2003 to 670 kb/d in 2012, although it dropped down from 678 kb/d in 2009 to 650 kb/d in 2010. The transport sector accounted for half of total oil consumption in 2010. Domestic oil production is in decline in Turkey, amounting to 45 kb/d or about 6.7% of total consumption in 2012. In 2012, Turkey imported 712 kb/d, consisting of about 392 kb/d of crude oil and some 320 kb/d refined products. Around 39% of total crude oil imports came from Iran. Crude oil and petroleum products are mainly undertaken by tankers and two major international pipelines running through the country with a total annual handling capacity of 2.8 mb/d. In the country, there are four operational refineries with a total crude distillation capacity of around 610 kb/d. Turkey meets its 90-day stockholding obligation to the IEA by placing a minimum stockholding obligation on industry. Under the relevant acts, refineries and fuel distribution companies are obliged to hold at least 20 days of product stocks based on the average daily sales of previous year, while eligible consumers that use more than 20,000 tonnes annually are required to hold 15 days’ consumption of each type of liquid fuel. Turkey held some 61 million barrels of oil stocks at the end of January 2013, equating to 99 days of 2011 net-imports. Around 55% of total oil stocks are held in the form of crude oil. The use of emergency oil stocks is central to Turkey’s emergency response policy, which can be complemented by demand restraint measures. The share of natural gas in the country’s TPES significantly increased at 32% in 2011. Turkey’s gas demand significantly increased from 0.7 billion cubic meters (2 mcm/d) in 1987 to 45.3 bcm (124 mcm/d) in 2012, while indigenous natural gas production totalled some 0.63 bcm in the same year

Oil markets and prices: the Brent market and the formation of world oil prices

International Nuclear Information System (INIS)

Horsnell, Paul; Mabro, Robert.

1993-01-01

The purpose of this book is to enhance our understanding of the complex working of the world petroleum market and of the formation of oil prices in international trade. It devotes particular attention to the Brent market which involves spot, physical forward and futures trading of a blend of North Sea crudes known as Brent which has become one of the most important markers for world oil prices. Because the Brent market is central the research presented here examines its relationship to the constellation of other oil markets: those which deal on a spot basis with the main export crude of Africa, the Gulf, the Far East and the North Sea, the market for Dubai, another marker crude, and that for West Texas Intermediate (WTI). Finally an analysis of pricing mechanisms used by OPEC and many non-OPEC exporting countries for their oil sales under term contracts and which use Brent prices as one of their references complete this study on oil markets and prices. (author)

Oil companies and village development in Nigeria

International Nuclear Information System (INIS)

Ikporukpo, C.O.

1993-01-01

The economic interest of oil companies and the oil-producing Third World countries, together with the technological handicaps and political considerations of the latter, provide the scenarios within which the two groups interact. In the early history of oil exploitation, the relationship was such that the oil companies had the final say in all matters. Furthermore, apart from the token royalty, no taxes were usually imposed on the exploration companies. The relationship between the oil companies and the host local communities, even in the developed countries, seems to be a replica of that between the companies and the host countries. There is the feeling in many of the local communities that they have gained little or nothing from petroleum exploitation. This is the case not only in the setting of a less developed country, such as Nigeria, but also in that of a developed country, such as the United States. In these communities, the adverse environment effect of oil exploitation is usually perceived as being overwhelming. (author)

The effect of the downturn in oil prices on the relative efficiency of government expenditure in the GCC countries

International Nuclear Information System (INIS)

Metwally, M.M.; Perera, N.

1995-01-01

This paper tests a control model to discover the effect of the decline in oil prices on the relative efficiency of government expenditure in the member states of the Gulf Cooperation Council. The econometric analysis shows that as a consequence of the decline in oil prices, the GCC countries need a relatively higher proportional rate of growth in their government expenditure to maintain a given percentage of income growth in the long run. This may, however, prove difficult, which necessitates greater reliance on other means of control. (author)

WERE OIL PRICE MARKETS THE SOURCE OF CREDIT CRISIS IN EUROPEAN COUNTRIES? EVIDENCE USING A VAR-MGARCH-DCC MODEL

Directory of Open Access Journals (Sweden)

Nadhem Selmi

2014-04-01

Full Text Available This paper examines the role of oil prices, credit, financial and commercial linkages in the propagation of industrial market crises during the period 2004-2012. Using VAR-MGARCH-DCC model regressions on seven markets finds that credit linkage played a significant role in the subprime, financial and global crises. Our results also show that the European debt crisis has already spread like a crisis from oil prices to Ireland and Portugal, and other countries are now at risk: Spain is a probable candidate for financial crisis.

Fumigant Activity of Sweet Orange Essential Oil Fractions Against Red Imported Fire Ants (Hymenoptera: Formicidae).

Science.gov (United States)

Hu, Wei; Zhang, Ning; Chen, Hongli; Zhong, Balian; Yang, Aixue; Kuang, Fan; Ouyang, Zhigang; Chun, Jiong

2017-08-01

Sweet orange oil fractions were prepared by molecular distillation of cold-pressed orange oil from sample A (Citrus sinensis (L.) 'Hamlin' from America) and sample B (Citrus sinensis Osbeck 'Newhall' from China) respectively, and their fumigant activities against medium workers of red imported fire ants (Solenopsis invicta Buren) were investigated. The volatile composition of the orange oil fractions was identified and quantified using GC-MS. Fractions from sample A (A1, A2, and A3) contained 23, 37, and 48 chemical constituents, and fractions from sample B (B1, B2, and B3) contained 18, 29, and 26 chemical constituents, respectively. Monoterpenes were the most abundant components, accounting for 73.56% to 94.86% of total orange oil fractions, among which D-limonene (65.28-80.18%), β-pinene (1.71-5.58%), 3-carene (0.41-4.01%), β-phellandrene (0.58-2.10%), and linalool (0.31-2.20%) were major constituents. Fumigant bioassay indicated that all orange oil fractions exerted good fumigant toxicity against workers of fire ants at 3, 5, 10, and 20 mg/centrifuge tubes, and B1 had the strongest insecticidal potential, followed by A1, B2, A2, B3, and A3. The fractions composed of more high volatile molecules (A1 and B1) showed greater fumigant effects than others. Compounds linalool and D-limonene, which were the constituents of the orange oil, exhibited excellent fumigant toxicity against red imported fire ant workers. Linalool killed red imported fire ant workers completely at 5, 10, and 20 mg/tube after 8 h of treatment, and D-limonene induced >86% mortality at 8 h of exposure. © The Authors 2017. Published by Oxford University Press on behalf of Entomological Society of America. All rights reserved. For Permissions, please email: journals.permissions@oup.com.

The development process and its relation to oil revenues and dependence on imported labor market in Saudi Arabia

International Nuclear Information System (INIS)

Almtairi, N.M.

1991-01-01

This study describes and analyzes the process of development in Saudi Arabia in relation to oil revenues and Saudi Arabian dependence on imported foreign labor. Modern development and societal change in Saudi Arabia began with the commercial exploitation of oil in 1939, therefore Saudi economy must be viewed from a dual perspective: a highly capital-intensive oil sector and a labor-intensive non-oil sector. In one generation the Kingdom created an infrastructure suitable to a rapid transformation from Bedouin tribes to a modern state, which became a leading regional power and now occupies an important place in international society. Important advances were made in social services, health services and education at all levels. Large-scale importation of foreign labor workers during the 1970s and early 1980s was necessary for the Development Plans. By the 1990s the major infrastructure was completed and only the maintenance work and minor projects remained for foreign labor sources

Imported Malaria in Children in Industrialized Countries, 1992–2002

Science.gov (United States)

Stäger, Katrin; Legros, Fabrice; Krause, Gérard; Low, Nicola; Bradley, David; Desai, Meghna; Graf, Simone; D’Amato, Stefania; Mizuno, Yasutaka; Janzon, Ragnhild; Petersen, Eskild; Kester, John; Steffen, Robert

2009-01-01

Children account for an appreciable proportion of total imported malaria cases, yet few studies have quantified these cases, identified trends, or suggested evidence-based prevention strategies for this group of travelers. We therefore sought to identify numbers of cases and deaths, Plasmodium species, place of malaria acquisition, preventive measures used, and national origin of malaria in children. We analyzed retrospective data from Australia, Denmark, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom, and the United States and data provided by the United Nations World Tourism Organization. During 1992–2002, >17,000 cases of imported malaria in children were reported in 11 countries where malaria is not endemic; most (>70%) had been acquired in Africa. Returning to country of origin to visit friends and relatives was a risk factor. Malaria prevention for children should be a responsibility of healthcare providers and should be subsidized for low-income travelers to high-risk areas. PMID:19193261

Natural Resources and FDI in GCC Countries

OpenAIRE

Mohamed Mahjoub Elheddad

2016-01-01

Natural resources are a blessing for some countries to attract FDI but cursed for others. Existing literature argues the suggestion that resource-rich countries attract less FDI because of resource (oil) price volatility. This study examines that natural resources discourage FDI in GCC countries (the FDI-Natural resources curse hypothesis), using panel data analysis for six oil dependent countries during 1980-2013 and applying several econometrics techniques. The main findings of this paper i...

Measuring energy security: Trends in the diversification of oil and natural gas supplies

International Nuclear Information System (INIS)

Cohen, Gail; Joutz, Frederick; Loungani, Prakash

2011-01-01

We present evidence on one facet of energy security in OECD economies-the extent of diversification in sources of oil and natural gas supplies. Viewed from the perspective of the energy-importing countries as a whole, there has not been much change in diversification in oil supplies over the last decade, but diversification in sources of natural gas supplies has increased steadily. We document the considerable cross-country heterogeneity in the extent of diversification. We also show how the extent of diversification changes if account is taken of the political risk attached to suppliers; the size of the importing country; and transportation risk. - Highlights: → Global diversification is constant but large differences exist among countries. → Political risk and distance have large impacts on diversity measures. → Size has little impact on diversity measures. → France, US, and UK show low vulnerability for both fuels. → Smaller European countries show high vulnerability for both fuels.

Special report: EC oil market

International Nuclear Information System (INIS)

Anon.

1992-01-01

A European Commission report on the EC's oil market has conceded that the Community will not meet its official objective of reducing oil's share of energy consumption to 40% by 1995. The paper, a 'Communication' to the European Council entitled ''The Oil Market and the Refining Industry in the Community: Recent Developments and Prospects'' says oil will ''continue to account for a major share - of the order of 45% -of the Community's energy consumption'' up to the year 2000. Nonetheless, the report's authors insist the Commission has proposed ''a number of measures'' which could reduce the potential consumption of fossil fuels and help limit CO2 emissions. The report confirms that though lower in 1990 than 1980 at 530mt, oil demand picked up in the second half of the 1980s, reflecting world trends. Little impression has been made on the proportion of the Community's crude supply that is imported. However, one area where the report did find energy objectives successes was that of diversifying sources of crude oil supply. A major source of concern for the Commission at one stage in the second half of the 1980s was the possibility of massive imports of finished oil products from refineries in the oil producing countries. However, the fact that this threat did not materialise is taken as a vindication of the Commission's assessment in previous analyses that ''an open Community market should be maintained''. (author)

Exchange of researchers of oil substituting energies in EU countries; EU shokoku no sekiyu daitai energy kenkyusha koryu jigyo

Energy Technology Data Exchange (ETDEWEB)

NONE

1996-03-01

In order to further promote smoother introduction of oil substituting energies and development of new energies and energy saving technologies, it was intended to exchange and acquire items of information effective to learn the current state and policy trends on research and development of new energies and energy conservation in the EU countries who are the industrialized countries like Japan and enthusiastic in developing oil substituting energies. Therefore, exchange of researchers was carried out with an objective to contribute to research and development of oil substituting energies by deepening mutual understanding on the development efforts and forming efficient cooperative relationship. The researchers who visited Japan are Dr. Robert Durand (France) and Prof. and Dr. Bruno Scrosati (Italy). Dr. Durand has a great knowledge about fuel cells and storage batteries, and Dr. Scrosati about electrolytes and lithium batteries. Both gentlemen have visited the Agency of Industrial Science and Technology and the Agency of Natural Resources and Energy of the Ministry of International Trade and Industry, NEDO, Toshiba, Sony, Sanyo Electric, Japan Storage Battery, Matsushita Battery Industry, the Industrial Technology Research Institute of Osaka, and Kansai Electric Power Company. Views and information were exchanged and a number of good results were rewarded.

Performance of oil industry cross-country pipelines in Western Europe. Statistical summary of reported spillages: 1978

Energy Technology Data Exchange (ETDEWEB)

de Waal, A.; Baradat, Y.

1979-01-01

CONCAWE's annual report on oil industry cross-country pipelines in Western Europe shows that in 1978 the pipeline network reached a combined length of 18,500 kilometres and transported 594 million cubic metres of crude oil and refined products. The gross spillage amounted to 3639 m/sup 3/, that is 0.000613 percent or about 6.1 parts per million of the total quantity transported. The net spillage loss was 1,377 m/sup 3/ since 2,262 m/sup 3/ were recovered at site. There were 15 spillage incidents reported during 1978, all of which were directly related to pipelines (none to pump-stations). In 4 incidents the oil spilled was completely recovered, and in 10 cases clean-up was completed within one week of the discovery of the spillage. No contamination of potable water sources was reported. The causes of the spillages are attributed to corrosion (7 incidents), third party activities (4), mechanical failure (3) and natural hazards, i.e. excessive rainfall (1). The report also gives a comparison for the five-year period 1974 to 1978.

Performance of oil industry cross-country pipelines in Western Europe. Statistical summary of reported spillages, 1978

Energy Technology Data Exchange (ETDEWEB)

de Waal, A.; Baradat, Y.

1979-01-01

CONCAW's annual report on oil industry cross-country pipelines in Western Europe shows that in 1978 the pipeline network reached a combined length of 18,500 kilometers and transported 594 million cubic meters of crude oil and refined products. The gross spillage amounted to 3639 m/sup 3/, that is 0.000613% or about 6.1 ppM of the total quantity transported. The new spillage loss was 1377 m/sup 3/ since 2262 m/sup 3/ were recovered at site. There were 15 spillage incidents reported during 1978, all of which were directly related to pipelines (none to pump-stations). In 4 incidents the oil spilled was completely recovered, and in 10 cases clean-up was completed within one week of the discovery of the spillage. No contamination of potable water sources was reported. The causes of the spillages are attributed to corrosion (7 incidents), third party activities (4), mechanical failure (3) and natural hazards, i.e., excessive rainfall (1). The report also gives a comparison for the five-year period 1974-1978.

Performance of oil industry cross-country pipelines in Western Europe, statistical summary of reported spillages - 1978

Energy Technology Data Exchange (ETDEWEB)

de Waal, A.; Baradat, Y.

CONCAWE's annual report on oil industry cross-country pipelines in Western Europe shows that in 1978 the pipeline network reached a combined length of 18,500 kilometers and transported 594 million cubic meters of crude oil and refined products. The gross spillage amounted to 3639 cu. m, that is 0.000613 per cent or about 6.1 parts per million of the total quantity transported. The net spillage loss was 1,377 cu. m since 2,262 cu. m were recovered at site. There were 15 spillage incidents reported during 1978, all of which were directly related to pipelines (none to pump-stations). In 4 incidents the oil spilled was completely recovered, and in 10 cases clean-up was completed within one week of the discovery of the spillage. No contamination of potable water sources was reported. The causes of the spillages are attributed to corrosion (7 incidents), third party activities (4), mechanical failure (3) and natural hazards, i.e. excessive rainfall (1). The report also gives a comparison for the five-year period 1974-1978. (Copyright (c) CONCAWE 1979.)

Importance of Country-of-Origin on Different Product Categories Purchase Decision

OpenAIRE

Krupka Zoran; Arežina Darija

2017-01-01

Country of origin is an important factor in product evaluation process as well as for purchase decision. Its importance depends on the amount of information consumers have about the product and product category. This paper investigates the importance of coutry of origin in purchase decision-making process for three different product categories: high risk and high level of consumer involvement in purchasing process (car), medium risk and midium level of consumer involvement in purchasing proce...

legal and institutional framework for promoting oil pipeline security

African Journals Online (AJOL)

RAYAN_

Oil pipelines are no ordinary assets, and their security is of utmost importance especially in ... 1 US Energy Information Administration, “Country Analysis Brief: Nigeria” (EIA, ..... human factors to material defects: pipe corrosion, ground erosion,.

Three Papers on the Political Consequences of Oil Prices

Science.gov (United States)

Crespo Tenorio, Adriana

Given the importance of oil in any country's energy needs, it should not be surprising that the increasing volatility of oil prices in the past decades is a challenge for most political systems. While the political and economic impact of natural resource wealth in general is strongly debated, the political consequences of these sudden shifts have gone understudied. This dissertation examines the relationship between politics and oil from a new perspective. First, I implement a Bayesian meta-regression model to assess the state of research on the natural resource curse, finding that the measurement of resources is one of the most important sources of the debate. In the second part of the dissertation, I turn to discussing the impact of fuel prices on politics. I argue that at the domestic level, rational leaders feel pressured to compensate for oil price shocks because they are held accountable for these shifts by their constituents. This hypothesis is tested using Bayesian multilevel models that allow state and time-varying information to be matched to individual survey responses for a sample of voters in nine American states between 2008 and 2009. This chapter shows that fuel prices are related to appraisals of the economy only during electoral periods. The results also provide evidence that the degree to which voters use fuel prices to evaluate the president's performance varies greatly across party lines. At the global level, I posit in the final chapter that cross-country cooperation in other issue areas is pursued to mitigate the economic impact of oil price volatility. By developing a Bayesian bivariate Poisson change-point model and implementing it using MCMC methods, I find that fuel price shifts are related to increased trade networks, especially for oil-exporting countries.

Industrialized countries and the oil price crisis: how are they coping

Energy Technology Data Exchange (ETDEWEB)

Pringle, R

1975-03-01

The ways in which Japan, France, the U.S., the United Kingdom, and the German Federal Republic reacted to the 1973 oil crisis were surveyed. The contrasts in their individual responses to this situation were very sharp, putting in the background the few collective measures agreed to in the OECD and in the International Monetary Fund. Each country's response can be seen to have been shaped by its intellectual tradition, by its resources, and by its total geo-political and geo-economic situation. The author concludes that ''France turned to its diplomats and its arms salesmen, using flair and its new-found economic dynamism; Germany left the field to the big guns of its heavy industry, still keeping its head down politically; Japan decided it was a matter of discipline, and of adjusting policy towards a greater emphasis on social goals; the United States behaved like the super power it is. All of these countries decided to tighten belts at home. Britain alone went off on an expansionary tack, because its economists and Chancellors wanted to show the world the way forward, and because of the bias towards expansionism that has been the hallmark of its economic policy, and the reason for its low growth, since the war.'' (MCW)

The importance of foreign direct investment for South East European countries' agriculture

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Stojadinović-Jovanović Sandra

2015-01-01

Full Text Available As agriculture is strategically important sector for economic development and growth, it is also important every mode of foreign participation in agriculture, including foreign direct investments (FDI. The aim of the paper is to consider whether there are opportunities and potentials for improvements in SEE countries' agriculture through FDI and in which segments. Therefore, the paper analyses agricultural characteristics within other macroeconomic characteristics of SEE countries' economies and also possible FDI impacts on agriculture aiming to determine if there are opportunities for improvements in SEE agriculture through FDI. Research results, presented in the paper, suggest that FDI has significant potential for support and improvement of SEE countries' agricultural performances. However, there is a need for higher level of FDI in order to use potential positive effect as well as recognition of these potential benefits from FDI inflow in agriculture by the governments and policy makers.

A New Era of Oil Abundance?

International Nuclear Information System (INIS)

Aoun, Marie-Claire

2015-09-01

From 2014 to 2015, the price of oil fell. The price drop is explained by several factors: a significant increase of oil production in the United States, the resumption of Libyan and Iraqi exports, the possible lifting of sanctions against Iran, and slowing growth in developing countries. The situation is having negative effects on oil-producing countries, but the Organization of the Petroleum Exporting Countries (OPEC) remains divided as to its stance on the situation, making it all the more difficult to predict future trends in oil prices. Reprint of an article published in 'Politique Etrangere', vol. 80, no.4, Winter 2015. (author)

Effective Comparison of Global Financial Crisis (2007 on Inflation of OPEC Countries and Selected Countries of G8

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Yazdan Naghdi

2013-09-01

Full Text Available This study has attempted to examine and compare the effects of 2007 financial crisis on inflation in OPEC countries and selected countries of G8, based on a panel data regression model during 2000-2010. It should be noted that the selected countries of G8 group are 5 industrial countries member of this group, including: America, Italy, Britain, France and Japan, that crisis has been seen faster in them than other countries. Growth economic variables (real sector of the economy, oil price and stock price index (i.e. financial market have been considered as affected shared variables of the financial crisis in both countries group. According to the obtained results, the only affected variable by the crisis in OPEC countries, is oil price which has positive and significant effect on inflation in the above mentioned countries so that one percent increase in oil price lead to about 0.08 percent increase on inflation, on the other hand, according to survey results there is no relationship between output and inflation in OPEC countries, so it reflects weak manufacturing structure sector (real sector of the economy in these countries

The importance of subsample preparation practices in the analysis of crude oils

Energy Technology Data Exchange (ETDEWEB)

Pereira, K.S.; Iorio, S.M.B.M. [Petroleo Brasileiro S.A. (CENPES/PETROBRAS), Rio de Janeiro, RJ (Brazil). Centro de Pesquisas], e-mail: katiapereira@petrobras.com.br; Marques, M.L.S.P. [Fundacao Gorceix, Ouro Preto, MG (Brazil)

2011-01-15

There have been many subsample preparation practices proposed to reduce sources of error in analyses of crude oils. Optimal subsample preparation allows keeping the degree of representativity of the final aliquot going into the laboratory analyzer. The objective of this work was to discuss some experiences in order to understand the importance of sampling practices to obtain representative subsamples of crude oils and petroleum products, and measurements with minimized uncertainty whenever possible. Specific practices, whose effectiveness was tested by experiments, are discussed in this work. The analysis of variance showed that the subsamples should not be used in vapor pressure tests unless in case of interlaboratory cross check, and have to be considered as the first test from the bottle subsample. Sometimes long periods of crude oils samples storage are necessary for a complete evaluation, but because of the effect of this storage time it was observed a trend in the reducing of acidity and sulfur content. (author)

Saving oil in a hurry

Energy Technology Data Exchange (ETDEWEB)

none

2005-07-01

During 2004, oil prices reached levels unprecedented in recent years. Though world oil markets remain adequately supplied, high oil prices do reflect increasingly uncertain conditions. Many IEA member countries and non-member countries alike are looking for ways to improve their capability to handle market volatility and possible supply disruptions in the future. This book aims to provide assistance. It provides a new, quantitative assessment of the potential oil savings and costs of rapid oil demand restraint measures for transport. Some measures may make sense under any circumstances; others are primarily useful in emergency situations. All can be implemented on short notice ? if governments are prepared. The book examines potential approaches for rapid uptake of telecommuting, ?ecodriving?, and car-pooling, among other measures. It also provides methodologies and data that policymakers can use to decide which measures would be best adapted to their national circumstances. This ?tool box? may help countries to complement other measures for coping with supply disruptions, such as use of strategic oil stocks.

Coconut oil and palm oil's role in nutrition, health and national development: A review.

Science.gov (United States)

Boateng, Laurene; Ansong, Richard; Owusu, William B; Steiner-Asiedu, Matilda

2016-09-01