Crude Oil Export Research Articles

Правовое регулирование экспорта нефти и нефтепродуктов из Российской Федерации в рамках межправительственных соглашений с государствами-членами ЕАЭС

The article examines in detail the agreements between the Government of the Russian Federation and the other EAEU member states on cooperation in the supply of crude oil and petroleum products. The author reviews different ways of regulating supplies of these goods and current problems of implementing the agreements in practice, as well as disagreements between customs authorities and customs applicants. Based on the analysis of the relevant problems, the author proposes adjustments and updates to the legal regulation of supplies of crude oil and petroleum products to the other EAEU member states. In the author’s opinion, the procedure for official publication of indicative balances and protocols in the Russian Federation (or information on the scope of export of goods stipulated in these documents) should be regulated. Moreover, in order to allow participants of foreign economic activity to plan their economic activities in advance, it is necessary to provide for real-time publication of information on the current state of the possible scope of export of crude oil and petroleum products specified in indicative balances and protocols.

Under the background of 100 million tons of crude oil purchase and sale contract: Countermeasures for smooth operation of the Alashankou-Dushanzi-Urumqi crude oil pipeline

A 100 million ton crude oil purchases and sale contract signed between China and Russia, and the crude oil will pass through Kazakhstan and flow along the Alashankou-Dushanzi-Urumchi crude oil pipeline to western Region. As an important crude oil import channel, this paper analyzes the current situation of Alashankou-Dushanzi-Urumchi crude oil pipeline and puts forward some countermeasures. Both Russia and Kazakhstan are major crude oil exporters, with internal demand for exporting crude oil to China. There is a huge gap between domestic crude oil demand, and social and economic development depends on crude oil import. The geographical environment of the crude oil pipeline is conducive to pipeline protection. The security environment of Xinjiang has improved. The situation in Russia and Ukraine and the civil strife in Kazakhstan have limited impact on the pipeline which will have good development opportunities. Thus, this paper proposes the following management strategies. First of all, strengthen communication and coordination between upstream and downstream enterprises. Second, reduce cost and increase efficiency. Third, attach importance of the application of new technologies. Fourth, establish emergency plans and hold emergency drills for emergencies such as COVID-19 outbreak and pipeline leakage. Fifth, strengthen anti-terrorism and riot control. Sixth, strengthen corporate culture and talent team construction.

Crude Oil Price and Macroeconomic Variables Nexus: Impact on Nigeria’s Economic Growth

It is no longer news that Nigeria runs a single-product economy where the only source of revenue for the country is crude oil exportation. Changes in the prices of crude oil in the international market continue to have severe implications on the country's economy's growth rate, exchange rate and even inflation. This study seeks to investigate the impact of four key variables (crude oil price, real exchange rate, inflation and population) on Nigeria’s economic growth. This is to give necessary policy makers a clear direction on the inter-relationship of these explanatory variables on the economic growth of Nigeria. This study employs annual time series data obtained from the World Development Indicator (WDI). Augmented Dickey Fuller (ADF) test was used to determine the presence of unit roots among the variables before the Johansen Before the Johansen Cointegration test and Vector Error Correction Model (VECM) were carried out to determine the co-integration and relationships existing among the variables. The study reveals that all the variables were all integrated at the first order I which necessitated the presence of a long-run of a long-run relationship among the variables; this is further confirmed by the Johansen Cointegration test carried out. The findings of this study clearly show that the explanatory variables used in this study are all significant on the response variable (GDP) in both long-run and short-run. The rise and fall in the prices of crude oil have negatively affected Nigeria’s economic growth, real exchange rate and are equally responsible for the inflationary increase in the country in the long run.

Geopolitical risk and stock market volatility: A global perspective

This paper investigates the relationship between geopolitical risk (GPR) and stock market volatility from a global perspective. We use dynamic panel data including 32 countries and regions and the bias-corrected least-squares dummy variable (LSDV) estimator. Empirical results show that GPR has a significant positive effect on stock market volatility, which is not affected by control variables. Moreover, we find that the effect of GPR on stock market volatility is more significant for emerging economies, crude oil exporters, and countries at peace. Our study provides new evidence for the relationship between GPR and stock market volatility.

Correlations between the crude oil market and capital markets under the Russia–Ukraine conflict: A perspective of crude oil importing and exporting countries

This paper analyzes the effect of the Russia–Ukraine conflict on the crude oil market and the chain effect of the stock market in importing and exporting countries. We apply a multi-fractal detrended fluctuation analysis (MF-DFA) to investigate the efficiency of the crude oil market before and after the outbreak of the conflict. We also compare the cross correlations between the crude oil market and stock market in importing and exporting countries before and after the conflict by the method of multi-fractal detrended cross-correlation analysis (MF-DCCA). By measuring the generalized Hurst exponents, mass exponents and multi-fractal spectrums, we find that the efficiency of the crude oil market has been weaker after the Russia–Ukraine conflict than before. Besides, the cross correlations between the crude oil market and stock markets have been stronger after the conflict for the crude oil importers. However, for crude oil exporters, the cross correlations between crude oil market and stock markets have not significantly changed around the conflict. Furthermore, we investigate the persistence of the cross correlations between the crude oil and the capital markets of the importing and exporting countries. We find that the persistence of the cross correlations between the capital markets of the importing countries and the crude oil are weaker than those of exporting countries around the conflict. In addition, we check the robustness of our conclusions to ensure their reliability. The results can provide valuable insights for macroeconomic policy makers.

Hard-linking a top-down economic model with a bottom-up energy system for an oil-exporting country with price controls

This paper presents the hard-linking between a bottom-up model of energy sectors and a top-down Computable General Equilibrium (CGE) model, for an oil-exporting country - Saudi Arabia - where domestic energy prices are set by the government. The integrated model is solved with a Jacobi algorithm where the bottom-up and the top-down model are formulated separately and solved iteratively until convergence. The model is used to assess the sectoral and economy-wide consequences of domestic energy price reforms. Removing energy price controls triggers fuel switching and energy efficiency gains, increases crude oil exports and leads to a massive deployment of solar photovoltaic. As a result of price reforms, at the 2030 horizon, Saudi Arabia's Gross Domestic Product (GDP) increases by 3 to 6% and energy-related CO2 emissions are reduced by one third.

Iraq Crude Oil Exports – July, August, September/ 2020

Table 1. Iraq Crude Oil Exports – July 2020
 Table 2. Iraq Crude Oil Exports – August 2020
 Table 3. Iraq Crude Oil Exports – September 2020

The dynamics of uncertainty, macroeconomic variables, and capital market performance: A case study of Nigeria

Economic uncertainty is gradually spreading across the globe due to government intervention and global development. Though it has been extensively shown in the literature that uncertainty impacts every economic sector, various economic agents also respond to uncertainty differently, particularly when faced with an unexpected shock. Thus, this study explores the interrelationship between uncertainty, macroeconomic variables, and capital market performance in Nigeria. Findings show that uncertainty has no impact on the macroeconomic performance of Nigeria. However, the prices of crude oil impact macroeconomic performance in the country as it has a positive and significant impact on the gross domestic product, all-share index, and money supply of the Nigerian economy. The economy is exposed to external uncertainty from crude oil exports which trigger domestic uncertainty leading to macroeconomic instability in Nigeria. The study thereby recommended that a framework be developed in the Nigerian economy to reduce the domestic economy from external shock because the internal shock was found to be insignificant.

Crude Palm Oil Corruption: A Discourse on the Imposition of Capital Punishment

The study aims to discuss on the corruption of Crude Palm Oil (CPO) export cases that have led to the scarcity of cooking oil at affordable prices in Indonesia. It is harmful for the public as the Crude Palm Oil (CPO) has been exported without a permit and does not meet the requirements of Domestic Market Obligation (DMO) and Domestic Price Obligation (DPO). The study is a normative legal research employing descriptive-qualitative upon data collected through a library study. The study shows that the case of crude palm oil (CPO) export corruption made the supply of cooking oil disrupted that led to economic and political instability. In response to this, the government conducted an investigation and found several suspects of corruption cases. While the legal process running, the discourse on the application of death penalty arose within the society. It was so because this corruption occurred during the pandemic. However, the use of the capital punishment in cases of corruption is restricted because it can only be used in specified circumstances, especially when the funds are intended for dealing with dangerous situations, national natural disasters, social unrest, economic and monetary problems, and corruption repetition.

Impact of Tax Reforms on Economic Growth of Nigeria (2000-2021)

Abstract: Purpose: The objective of this study was to investigate the impact of tax reforms on economic growth of Nigeria. Methodology: This study adopted time series strategy basically concerned with how to perform impact analysis on already existing data. Secondary data were used in this study. However, relevant data for the study were obtained from Central Bank of Nigeria (CBN) Statistical Bulletins, Federal Inland Revenue Services Bulletins, and the World Bank, using judgmental sampling technique, a sample of 21 years’ period from 2000 to 2021. Regression analysis technique was used to measure the effects of the predictor variables on the criterion variables. This study used estimated technique of both descriptive statistics and Ordinary least square (OLS) regression analysis method with the help of Statistical Package for Social Sciences (SPSS 25). Results: The researcher revealed that there is a positive significant impact of VAT, CIT, & PPT on RGDP in Nigeria among other things. Therefore, the researcher established that there is a significant positive impact of tax reforms on Nigeria’s economic growth. Contribution: The study's researcher suggested that policymakers should focus on boosting the productive capacity of the economy by reforming the tax code to prioritize economic growth and opportunity, government should expand the tax yield through improved tax administration system. This is because of the danger of over-reliance on crude oil export receipts to drive the economy among other things. Limitations: One of the limitations encountered in this study is that the chosen sample size was limited to one economy in Africa which is Nigeria. Keywords: 1. Tax Reforms 2. Economic Growth 3. Value Added Tax 4. Real Gross Domestic Product

The impacts of fuel exports on sustainable economic growth: The importance of controlling environmental pollution in Saudi Arabia

Identifying pathways relevant for achieving sustainable economic growth has been established as a major macroeconomic agenda for Saudi Arabia. Since this Arab nation is the largest crude oil exporter in the world, fuel export revenues can be assumed to substantially contribute to the growth of its economy. On the other hand, Saudi Arabia is also considered a natural disaster-prone country whereby further degradation of the environment can possibly limit the nation’s prospects of achieving economic growth sustainability. Hence, this study aims to assess the impacts of fuel exports, environmental pollution, capital formation, and labor force expansion on economic growth in Saudi Arabia during the 1969–2020 period. It contributes to the literature by innovatively investigating the independent as well as the joint impacts of fuel exports and environmental pollution on Saudi Arabia’s economic growth performances. Furthermore, an additional literature gap is addressed by predicting the growth response paths concerning both positive and negative shocks to the levels of the potential economic growth facilitators considered in this study. Overall, the regression findings reveal that higher levels of fuel exports, capital formation, and expanision in the labor force size boost economic growth in Saudi Arabia in the long run. In contrast, greater carbon dioxide emissions-related environmental pollution is witnessed to dampen the nation’s long-run growth level. Interestingly, fuel exports and environmental pollution are jointly evidenced to exert long-run growth-inhibiting impacts as well. Moreover, the regression outcomes also appear to be robust when ecological footprints are considered as an alternative indicator of environmental pollution. Finally, the causality estimates support the regression findings by exposing the existence of unidirectional causal influences of fuel exports, environmental pollution, capital formation, and labor force participation on the economic growth figures of Saudi Arabia. Therefore, considering these results, several sustainable growth-facilitating policies are suggested.

China–Nigeria relations in crude oil production and local initiatives for petroleum refining

ABSTRACT This paper examines China’s engagement with Nigeria in the area of petroleum production and the need for harnessing local initiatives for petroleum refining. This is important because even though Nigeria is a major exporter of crude oil it remains an importer of refined petroleum products to meet domestic needs. With the aid of secondary data sourced from journal articles, books and reports of local and international organisations, this paper examines how China–Nigeria relations contribute to meeting the need for refined petroleum in Nigeria and how harnessing local initiatives can improve the situation in Nigeria.

The Impact of Oil Price Fluctuations on Bank Lending Power in Iran: An Application of GMM Approach

The abundance of oil resources and the dependence of the state budget on crude oil exports have exposed Iran's single-product economy to oil price fluctuations and its consequences. On the other hand, according to the country's financial system and its being bank-centric, one of the sectors that are constantly affected by oil price fluctuations is the banking system and its performance. To this end, the present study investigated the impact of oil price fluctuations on lending power of specialized banks in Iran using seasonal data from 1999 to 2018 using by Generalized Method of Moments (GMM). The results of this study indicate that during the period under review, oil price fluctuations has been a negative and significant effect (coefficient of -0.01) on the credit growth of specialized banks. In addition, GDP growth and inflation have been, respectively, a positive and negative effect (coefficients of 0.09 and -0.09) on the lending power of specialized banks during the period under review.

Determinants of International Reserves Among Organisation of Petroleum Exporting Countries (OPEC)

Member countries of the Organisation of Petroleum Exporting Countries (OPEC) are always in the news regarding the prices and supply of crude oil to the international market. One of the economic reasons for this is liquidity and the desire to accumulate international reserves by the respective countries. This paper examined the determinants of international reserves among the cartel against the backdrop of the motives for keeping reserves. With data from 2005 to 2018, the adopted variables that were tested with the system of generalised methods of moments (Sy‑GMM) are inflation, exchange rates, oil prices, crude oil dependence, economic crises and others. The results and outputs show that inflation was negatively impactful externally and internally, while FDI inflows recorded negative significance. Economic crises and economic openness were positively significant, while oil prices and exchange rates were not significant determinants of international reserves accumulation. The paper recommends the maximisation of opportunities available by members during economic crises to accumulate reserves that will enable them to diversify from dependence on crude oil exports to include other products and a higher level of openness to open the economy up for competition to make the economies stronger.

Iraq Crude Oil Exports – April, May, June/ 2020

Table 1. Iraq Crude Oil Exports – April 2020Table 2. Iraq Crude Oil Exports – May 2020Table 3. Iraq Crude Oil Exports – June 2020

Competitiveness of Nigerian Palm Oil in the World Market: An Econometric Analysis

The dependence on crude oil exports as a dominant source of foreign exchange earnings has retarded the growth of agricultural export and earnings in Nigeria. The steady decline of competitiveness in the foreign agricultural export market has been of great concern. The study investigated competitiveness of Nigerian palm oil in the global market. Annual time-series data obtained from Food and Agriculture Organization Statistics (FAOSTAT) databases were used in the study. The time trend analysis was used to examine the trends in the movement of production, export supply and competitiveness (market share) of palm oil in the world market. Cointegration and error correction analysis was used to understand the relationship between the competitiveness (market share) of palm oil and its selected determinants. Results revealed an increasing trend in the domestic production of palm oil over the study period. The average domestic production of palm oil over the study period was 77632.40 tonnes. The export supply and market share of palm oil fluctuated over the period of the study reaching an average of 5762.41 tonnes and 36.09 percent respectively Results of error correction analysis revealed that the exchange rate, export tax, the interest rate on the agricultural loan, and the inflation rate negatively affect the market share of palm oil. However, technological progress in agriculture positively affects the market share of palm oil.

Analisis Pengaruh Kurs, Harga Minyak Mentah Dunia, PDB Per Kapita Singapura Terhadap Volume Ekspor Minyak Mentah Indonesia Ke Singapura

The purpose of this study is toexplain the factors affecting the volumeIndonesia’s crude oil exports to Singapore,which include exchange rates, oil pricesworld crude and Singapore’s per capitagross domestic product (GDP) by volumeIndonesia’s crude oil exports to Singaporejointly or partial. The type of research inthis study is an explanatory research withquantitative approach, using secondarydata obtained from Indonesian CentralStatistics Agency, World Bank, andIndexmundi and analyzed with multiplelinear regression model using SPSS version22.00. The focus of this research is thevolume of Indonesia’s crude oil exports toSingapore 1994-2020.The data analysis used in thisresearch is statistical analysis multiplelinear regression using SPSS version 22.00.Test result F shows that the exchangerate, world crude oil prices, and grossdomestic product per Singapore. Partiallythere are two variables that have asignificant influence on the volume of oilexports Indonesian crude oil to Singapore, namely the exchange rate and world crudeoil prices which negative effect, while grossdomestic product per capita is positive andnot significantly affect the volume ofIndonesia’s crude oil exports to Singapore.
 Keywords : Exchange Rates,World Crude Oil, Gross Domestic Product,Per Singapore Capita, Indonesian Crude OilExports Volume To Singapore

The contribution of the agricultural sector to the strengthening of Iraq’s economic diversification strategy for the period (2004-2019)

The aim of the research is to identify the importance of policies to diversify the sources of national income in the Iraqi economy and to develop the productive base of the economic sector without relying on the oil sector, as well as to determine the role of agricultural production and its contribution to the process of diversifying sources of income. The Iraqi economy is heavily dependent on oil revenues, making it vulnerable to the volatility surrounding this sector and the fluctuating revenues from it, so it is necessary to adopt strategies and policies to economically diversify the sources of national income in the Iraqi economy, develop the economic base without relying on the oil sector, generating revenues and diversifying sources of national income .The agriculture sector is one of the leading sectors with its relative abundance of agricultural resources, allowing economic policy to successfully implement a policy of developing and achieving diversified revenues outside oil revenues, as the agricultural sector can play a key and effective role in achieving diversification of sources of income through the necessary food products provided by this vital sector to meet the needs of domestic demand, as well as its contribution to foreign trade through the export of surplus agricultural production and its contribution to output. Gross domestic. The research concluded that the structure of Iraqi exports did not diversify, as Iraq was primarily based on crude oil exports in the composition of its exports by more than 99 percent, making the Iraqi economy more vulnerable to global crises that could occur and which would have an impact on oil price changes.

Russia-Ukraine Crisis and Its Impact on South Asia

On February 24, 2022, Russia invaded Ukraine under the pretense of national security. The Russia-Ukraine war is likely bound to give birth to severe issues including economic implications for the parties involved, and for the world’s atomic states. The imposition of serious sanctions on a petro-state such as Russia will have long lasting terminal effects, one of which could be the surge in global oil prices. The economic impact of Putin’s war on Ukraine is largely political when it comes to Russia. The economic sanctions imposed on Russia by Western politicians will determine the disruptions in the supply of Brent crude oil and other exports by Russia. While as far as Ukraine is concerned, the extent of the damage caused by the Russian strikes on its infrastructure and agricultural land, will determine the disruptions in the supply of wheat, sunflower oil, and other exports. The research paper is aimed to discuss consequences of Russia-Ukraine crisis generally on South Asia and specifically on Pakistan.

Analysis of the Impact of Trade Shocks on Some Macroeconomic Variables in Iraq for the Period (2004-2020)

This research was presented to address a realistic problem affecting the Iraqi economy and its overall variables due to its rentier nature related to the oil sector. The right conditions to curb its negative effects. The research aims to analyze the impact of trade shocks on some macroeconomic variables represented by (Gross Domestic Product, Public Expenses, and Exchange Rate in the parallel market) for the period (2004-2020).The results of the analytical side showed the inherent rentier nature of the Iraqi economy and almost complete dependence on the revenues of crude oil exports. This indicates the failure of policies and the absence of economic planning, as it concluded that there is a strong direct response between trade shocks and both (GDP and Public Expenses), and an inverse response between trade shocks and the exchange rate. The research recommends the establishment of a sovereign fund to benefit from it in achieving economic stability and compensating for the severe shortage when adverse shocks occur.