Comparative Review of Energy, Crude Oil, and Natural Gas for Exchange Markets in Nigeria, India and Bangladesh

Abstract

In 2021, there was a global energy crisis that affected different parts of the world. In most countries, energy heavily relies on natural gas, including Nigeria, India, and Bangladesh. Several studies have explored the differences in the energy of crude oil and natural gas. Nonetheless, little effort has been made toward exploring the exportation of energy for exchange markets in Nigeria, India, and Bangladesh. This paper primarily aims at comparatively exploring the energy of crude oil and natural gas for exchange markets in the aforementioned countries. The methodology used in this paper is qualitative content analysis (QCA) and a systematical literature review (SLR) which includes various sources such as journals, the core collection of the Web of Science (WOS), oil peer review resources, and library sources. The study systematically mapped out different bibliographic materials whereby the visualization of similarities (VOS) was used to explore exchange markets for energy, crude oil, and gas in Nigeria, India, and Bangladesh. The results of the analysis indicated that, in Africa, Nigeria is regarded as the largest producer of natural gas and crude oil, with an approximation of 1.2 million barrels per day. Concerning oil and gas reserves, the country is considered the 10th and 8th largest producer in the world, having 37 billion barrels and roughly 206 trillion cubic feet, respectively. Thus, the exportation of energy is considered a central pillar of the country’s economy. In addition, India is regarded as the second largest producer of crude oil with 4.972 million barrels per day, which is approximately 5.1% of the entire world’s capacity for refining crude oil. Similarly, at the global level, India is considered the topmost consumer of crude oil, accounting for 4.8% of the world’s consumption. In the context of Bangladesh, their gas reserves account for 39.4 trillion cubic feet, and they are considered to be 70% of the commercial energy supply in the country. In conclusion, the importance of energy, crude oil, and natural gas cannot be underestimated, specifically, for the exchange import markets in the current context of the aforementioned countries. It is, therefore, suggested that the governments of Nigeria, India, and Bangladesh should strengthen their national policies on energy in order to be responsive to the global energy crisis as well as boost the exchange market in the energy sector.