Oil Consumption Research Articles

Impact of COVID-19 lockdowns on NOx emissions: A sector-specific analysis of transportation and power generation

To limit the transmission of COVID-19, a series of rigorous lockdown measures were implemented worldwide. These measures have caused a massive impact on the socio-economic conditions, especially on traffic flow as well as the demand for electricity. This study designs an integrated approach that incorporating an atmospheric dispersion model into a state-of-the-art traffic flow and power consumptions models to simulate the dispersion of the resultant emissions of NOx, considering the changes during the full and partial lockdown periods in comparison to the corresponding pre-pandemic period. This study is geographically focused on Kuwait, examining the impact of COVID-19 lockdown measures on NOx emissions within its transportation and power generation sectors. The results show that hourly averaged electricity generating decreased by 5.6% and 4.5% as a result of the partial lockdown and full lockdown respectively. Crude oil consumption increased from 12% to 27% during the partial lockdown, and rose to represent 20% as a result of the full lockdown. This is because power plants had to act quickly to secure supply chains and manage fuel inventory. More natural gas was consumed as a result of the partial lockdown, raising its share of total energy consumption to 57%. This resulted in a decrease of 14% and 36% in NOx emissions. Hotspots for NOx concentrations were observed over densely populated residential areas during the full lockdown period, since transportation-related emissions accounted for the bulk of NOx emissions during the full lockdown. In contrast, maximum NOx concentration hotspot for the partial lockdown period was observed in the vicinity of power plants. This sector-specific analysis provides insights into sustaining air quality gains by targeting interventions for transportation and energy use.

ANALISIS KINERJA KEUANGAN MENGGUNAKAN METODE EVA PADA PERUSAHAAN PELAYARAN SEKTOR ENERGI YANG TERDAFTAR DI BEI PERIODE 2019-2022

Abstract, This study aims to determine and analyze financial performance using the Economic Value Added (EVA) method in energy sector shipping companies listed on the Indonesia Stock Exchange (IDX) for the 2019-2022 period. This type of research is qualitative with a descriptive approach. The population in this study were energy sector shipping companies listed on the Indonesia Stock Exchange (IDX) totaling 19 companies. The sample in this study were 13 companies determined by purposive sampling method. The type of data used is secondary data. The results showed that financial performance using the Economic Value Added (EVA) method in energy sector shipping companies listed on the Indonesia Stock Exchange (IDX) for the 2019-2022 period fluctuated. The occurrence of the COVID-19 pandemic and the decline in demand for oil, gas and coal transportation made the company experience a decrease in revenue. Nevertheless, the company continues to strive to improve its performance by implementing and planning strategies and policies to be better in the future.

Understanding the Dynamics of Oil Price Shocks and Stock Market Volatility in Pakistan: A Non-Linear Approach during COVID-19

Purpose: This article examines the complex relationship between oil price shocks and stock market volatility in Pakistan during the COVID-19 outbreak. Design/Methodology/Approach: The study used a Non-Linear Autoregressive Distributed Lag (NARDL) model to meticulously explore how oil price fluctuations, specifically supply and demand shocks, affect Pakistan's stock market. Monthly data sets from 2020 to 2022 were utilized for the analysis. Research Findings: The study's significant findings reveal that oil price shocks, except for a demand shock specific to the oil industry, have varying long- and short-term effects on stock market volatility, leading to asymmetry. This asymmetrical impact of oil supply and demand shocks on stock market volatility is confirmed, with no asymmetry observed from oil-specific demand shocks in the short term. These findings hold crucial implications for policymakers and investors in understanding and managing the economic dynamics of Pakistan post-COVID-19. Theoretical Contribution/Originality: This research stands out for its originality in understanding Pakistan's economic dynamics post-COVID-19. It provides unique insights for policymakers and investors to navigate future uncertainties related to oil price changes and market volatility, thereby sparking new avenues of thought and action in the field. Implications/Originality/Value: The practical implications of this study's findings empower policymakers and investors to make informed decisions to stabilize Pakistan’s economy after the pandemic. Specifically, the research provides guidance on managing the behaviour of stakeholders and banks in response to oil shocks, thereby contributing to the economic resilience of the country.

Iraq’s Human Security and the Challenges of the Rapid Population Growth

Abstract 
 Iraq is going through a rapid population growth resulting from high birthrate and fertility compared to regional and international rates. Iraq’s annual population growth is estimated at 2.55, while the country’s fertility stands roughly at 3.5 births per woman. It is projected that Iraq’s population will reach around 50 million by 2030. This increase in Iraq’s population, especially when the majority of Iraq’s population is youth, has perilous impacts on Iraq’s human security. Challenges emanating from population growth and demographic transformation overlap and feed into an array of economic, social, security, and environmental problems that Iraq is already facing. Iraq’s economy which relies almost entirely on oil revenues is not capable of creating enough job opportunities to accommodate the increasing number of Iraq’s labour force. Also, the growing population is putting immense pressure on the country’s debilitated infrastructure and limited public services. Population growth puts pressure on the authorities to keep up with the people needs of millions of citizens for housing, health, and education. Population growth is straining Iraq’s natural resources when climate change and water scarcity are causing drought, destruction of arable land and demise of food crops. Finally, the loss of prospects for the future and lack of job opportunities are driving Iraqi youth to either migrate or resort to violence and organized crime.

Study on the Impact of Population and Economic Activities on Environmental Indicators through Pca

Principal Component Analysis (PCA) is applied in environmental policy planning to effectively identify and assess key factors affecting carbon peaking and emissions reduction. By analysing multidimensional data covering GDP, population, average temperature, oil consumption and price, and CO2 emissions, PCA reveals complex correlations of environmental challenges. Preliminary regression analyses expose complex relationships between variables, with a particular focus on anomalous oil consumption data for 2020, emphasising the importance of precise analytical methods.The PCA highlights the significant impacts of economic activity, population and oil-related factors on environmental indicators by simplifying the high-dimensional data, retaining the key information, and extracting the principal components with the highest variance.The KMO and Bartlett test confirms the applicability of PCA, with variance interpretation and dendrograms guiding principal component selection to ensure adequate retention of data information. This approach enabled precise identification of factors affecting environmental indicators, construction of a weighted composite model to quantitatively analyse environmental impacts on a yearly basis, and strengthened the understanding of the overall role of population and economic activities on the environment. Overall, the application of PCA highlights its key role in refining complex environmental data, clarifying the drivers of carbon emissions and energy consumption, and in the development of targeted environmental policies, enriching the environmental planning toolkit and demonstrating the contribution of statistical techniques to environmental governance.

Econometric Model Using Arbitrage Pricing Theory and Quantile Regression to Estimate the Risk Factors Driving Crude Oil Returns

This work presents a novel approach to determining the risk and return of crude oil stocks by employing Arbitrage Pricing Theory and Quantile Regression. Arbitrage Pricing Theory identifies the risk factors likely to impact crude oil returns. Subsequently, Quantile Regression estimates the relationship between the selected factors and the returns across different distribution quantiles. The West Texas Intermediate (WTI) crude oil price is used in this study as a benchmark for crude oil prices. WTI’s price fluctuations can significantly impact the performance of global crude oil stocks and, subsequently, the global economy. Various statistical measures are used in this study to determine the proposed model's stability. The results show that changes in WTI returns can have varying effects depending on market conditions and levels of volatility. This study emphasizes the influence of structural discontinuities on returns. These are likely generated by changes in the global economy and the unpredictable demand for crude oil during the pandemic. The inclusion of pandemic, geopolitical, and inflation-related explanatory variables adds uniqueness to the study as it considers current global events that can affect crude oil returns. Findings show that the key factors that pose significant risks to returns are industrial production, inflation, the global price of energy, the shape of the yield curve, and global economic policy uncertainty. This implies that while making investment decisions in WTI futures, investors should pay particular attention to these elements.

Import Demand of Palm Oil From Indonesia in The Indian Market

Import Demand of Palm Oil From Indonesia in The Indian Market

Towards Internationalization: Exploring Economic Diplomacy in the Middle East (GCC)

Internationalization is a crucial process for companies seeking growth and expansion in foreign markets, especially in the Middle East, where economies have been developing and diversifying business opportunities, seeing it as an attractive destination to expand their operations. This study presents a comprehensive analysis of the internationalization process of economic diplomacy by exploring the experiences of renowned Portuguese companies within the Gulf Cooperation Council. The Gulf Cooperation Council countries are integral players in the Middle East market, characterized as rentier states that are heavily reliant on oil and gas revenues and possess varying levels of economic and military strength, with Saudi Arabia and the UAE being the most prominent. The focus group method was applied in the qualitative research. It contributes to reinforcing the literature on internationalization processes, economic diplomacy, and the Middle East market. The findings provide valuable guidance to Portuguese companies, policymakers, and economic diplomats involved in promoting and facilitating international trade and investment.

The impact of oil revenues on some financial sustainability indicators: an applied study on the Iraqi economy for the period 2004-2021

The impact of oil revenues on some financial sustainability indicators: an applied study on the Iraqi economy for the period 2004-2021

Potential impacts of an autumn oil spill on polar bears summering on land in northern Alaska

Demand for oil and natural gas continues to increase, leading to the development of remote regions where it is riskier to operate. Many of these regions have had limited development, so understanding potential impacts to wildlife could inform management decisions. In 2017, the United States passed legislation allowing oil and gas development in the coastal plain of the Arctic National Wildlife Refuge in northeastern Alaska. This area has received limited industrial development and is an important region for polar bears that use the coastline as a travel corridor in autumn. We sought to understand how an autumn near-shore oil spill in the Refuge could affect polar bears. We simulated oil spills from shallow sub-sea pipelines at 3 locations along the coastline of the Refuge and allowed spills to discharge 4800 barrels of oil per day for 6 days, and tracked oil for 50 days. We interacted the trajectories with simulated polar bear movements to estimate how many bears might be exposed. Oil spread quickly along the coastline and during some weeks exposed an average of 10 bears (95 % CI: 0–37) to lethal levels of oil, and 60 (95 % CI: 9–120) to sub-lethal levels. Our results suggest a significant number of polar bears could become oiled from a spill in the region and require decontamination. Therefore, future mitigation strategies could include careful siting of future development and additional capacity to capture and decontaminate bears in the event of an oil spill.

Impact of the Petroleum Tax System in Norway on the evolution of money market and bond yields. Considerations from the “atypical” year 2022

We call the year 2022 as “atypical” for the Norwegian budget, given the record revenue that was achieved due to increases in oil and gas prices. After the Russian invasion in Ukraine in 2022, and the subsequent oil cut deliveries from Russia, Norway became Europe's largest supplier of natural gas. The event lead to Norway generating the highest oil and gas tax revenue ever recorded by the Scandinavian government, with spill-over effects on the economy as a whole and on the money market liquidity and hence interest rates in particular.Given the benefit that the Scandinavian state ended up with, as a result of the war in Ukraine, some researchers even argue about its so-called status of “war profiteer”.Also, the Norwegian Krone (NOK) significantly benefited from the demand of local currency from the oil and gas companies, especially in October 2022, when the second yearly tax installment was due. Money market rates skyrocketed in that particular period, as the structural liquidity decreased, signaling the level of oil and gas taxes (and hence the market demand for NOK to pay them) was markedly beyond Norges Bank estimations.

The importance of timing in energy shipping

Aim: Investment decisions in shipping are notoriously difficult. The key reason is that freight rates are highly volatile and often unpredictable. The energy shipping sector is most challenging. The paper formulates an investment decision rationale in energy shipping and provides insights as to the ability of experts to predict market trends when it comes to the oil tanker supply and demand and the resulting freight rates. Moreover, we focus on the timing of such investment decisions and ways to identify when the timing thereof is right. This paper aims to develop an investment decision framework in energy shipping, specifically investigating the importance of timing when making investment decisions in this sector, and to test the suggested rationale by applying it to a specific oil tanker purchase case. Design / Research methods: The research process started with a Delphi study to gather expert opinions on the changes taking place in the shipping market. We continued our research process with a concise economic analysis of the 2018 shipping market, and we then applied the findings to a feasibility study for purchasing a specific type of small-scale (Aframax) oil tanker by a company based in Cyprus. Conclusions / findings: Our main findings were that the opinions of the selected commercial experts supported the results of the secondary data analysis, and all the respondents found the year 2018 an attractive time for investing in ships. The results of an investment appraisal financial modelling exercise for the above-mentioned specific purchase case were satisfactory for accepting the project. Due to low purchase prices and high residual value, the initial required investment was lower while the return and other results would be better for a 15-year-old ship than for a 10-year-old unit. However, the risks were to increase together with age. Considering that the prices of Aframaxes were hitting their historically low levels in 2018, and that within the next five years the demand for modern tonnage was anticipated to be firm and thus raise their values up to 35% above the 2018 levels, the purchase of a more modern unit was recommended as it could give an opportunity of a beneficial resale at the end of the project or earlier. In view of the latest market developments, we can now conclude that overall, despite the unprecedented turbulence during the pandemic years, the 2018 investment recommendation proved correct and insightful. Originality / value of the article: The current paper’s intended contribution is an investment analysis based on the primary data from a relatively small shipping company. The disclosed primary data for the intended 2018 purchase of an Aframax oil tanker is unique. Thus, the current paper provides useful practical guidance for potential investors and other professionals who follow the energy shipping market as well as contribute to academic research in shipping finance by providing a framework that is applicable well beyond the described case study. Considering the upward move in the crude oil freight rates and anticipating investment interest in energy shipping, following the Covid-19 pandemic and the war between Russia and Ukraine, we believe that this research paper has a good timing. Keywords: energy shipping, investment appraisal, oil freight market, shipping cycles, decision framework, decision timing JEL: F44, G31, L22, L91, R42

The Influence of Corporate Governance, Leverage and Environmental Performance on Firm Value (Case Study of Plantation Subsector Companies Listed on the Indonesia Stock Exchange 2014-2022)

The decline in company value amidst high demand for domestic palm oil is interesting to study. The research was conducted to determine the influence of the Independent Board of Commissioners, Managerial Ownership, Audit Committee, Leverage and Environmental Performance on Company Value as measured by Tobins'q with Company Size as a control variable. The object of the research is the agricultural plantation subsector listed on the Indonesia Stock Exchange (BEI) in 2014-2022. This research uses secondary data obtained from the IDX and company websites. Determining the sample using purposive sampling found 16 companies. Data analysis uses panel data regression using the Eviews 12 analysis tool. The research results partially show the influence of Managerial Ownership on Company Value. The Independent Board of Commissioners and Audit Committee do not influence Company Value. New findings on the Environmental Performance and Leverage variables have a negative effect on Company Value. Independent variables simultaneously influence Company Value.

Unraveling Ghana’s Resource Curse Hypothesis: Analyzing Natural Resources and Economic Growth with a Focus on Oil Exploration

This study examines the intricate relationship between natural resource abundance, with a specific focus on oil production, and its impact on economic growth in Ghana. Through the application of the robust Fully Modified OLS methodology and using data spanned from 1960–2021 the research underscores the essential inclusion of oil as a significant variable in comprehending economic growth dynamics. Contrary to traditional resource curse theories, the study unveils a positive nexus between oil production and economic growth, particularly within a comprehensive variable framework. This finding challenges simplistic resource curse notions and underscores the need for a holistic economic perspective. Overall, the results show that the impact of oil production on economic growth is sensitive to the inclusion or exclusion of other variables in the model. In Model 1, where all variables are included, oil production has a significant positive (0.0112**) impact on growth. Ghana’s success in avoiding the resource curse is attributed to a multifaceted strategy encompassing diversified economic approaches, transparent governance, and responsible oil revenue management. Importantly, the inclusion of oil as a pivotal variable is well-justified by its tangible contributions to economic growth. The observed positive impacts emphasize the benefits of harnessing oil resources while maintaining a holistic view of the broader economic context. Looking ahead, the insights inform policymakers in resource-rich nations, illustrating how strategic resource management—illustrated by oil—can drive resilient and comprehensive economic growth. Ghana’s experience serves as a compelling template for informed policy decisions, offering valuable lessons for achieving sustainable prosperity.

Flexibility enhancement of renewable-penetrated power systems coordinating energy storage deployment and deep peak regulation of thermal generators

Higher proportions of renewable energy are one of the most prominent features of future power systems. However, renewable energy, such as wind and PV power generation, is subject to inherent variability and uncertainty, which leads to fluctuations in electrical production and necessities flexibility enhancement to ensure sufficient adjustable resources responding to such fluctuations. This paper proposes to enhance the flexibility of renewable-penetrated power systems by coordinating energy storage deployment and deep peak regulation of existing thermal generators. First, the growing flexibility requirement in the presence of variable renewable energy is discussed and quantified using proposed indices. Then, we analyze the characteristics of thermal generators providing deep peak regulation, and establish a comprehensive operation cost function including coal consumption, wear-and-tear consumption, and oil consumption of thermal generators. On this basis, we propose a flexibility enhancement method coordinating battery energy storage capacity optimization and deep peak regulation of thermal generators, which aims at minimizing the total investment and operation costs while satisfying operating constraints on representative days. Extensive case studies on a modified IEEE-RST 24 system verified the proposed flexibility enhancement method under different scenarios.

Food Consumption, Purchasing and Dietary Pattern of Farm Women in Dharwad District, Karnataka State, India

Present study was undertaken to analyze the socio-economic and nutritional status of women involved in farm activities and to know the impact of nutri-farms on food, nutrition and health security. Using 300 farm women in Chamarajanagar district. Health and nutritional status assessment, food intake, nutritional adequacy and screening for iron deficiency anaemia and KAP study on health and nutrition was conducted. Malnutrition is still one of the crucial problems in developing countries which is relationship between nutrition and health among a majority of the population. The objective of the study was dietary pattern of before and after intervention. This paper tries to analyze the food consumption and dietary pattern of women involved in farm activities and to know the impact of nutri-farms on food and nutrition security by using of 500 farm women in Dharwad district. A well-structured questionnaire was framed to gather the information on dietary pattern of the subjects was assessed by 24– hour diet recall method before and after intervention. The results revealed that, Among cereals, rice was consumed daily (90.4%) by all the families, where as food intake was observed that Pulses (67.67), milk and milk products (167.60), roots and tubers (67.80), GLV’s (47.17), other vegetables (96.47), fruits (37.33), fats and oil (17.70) consumption is very low when compared to RDA whereas consumption of cereal was on par with the recommended dietary allowances. The mean nutrient intake of energy (1794.5 kcal), protein (36.95 g), fat (17.95 g), iron (18.98 mg) and Vitamin C(42.85 mg) were less when compared to the RDA. The results shows that all nutrients and food intake consumption was found inadequate.

Transient Flow Characteristics of a Pressure Differential Valve with Different Valve Spool Damping Orifice Structures

Lubrication system failure is a significant cause of in-flight shutdown incidents in aviation engines. The pressure differential valve, an essential component of a certain type of aviation engine lubrication system, is responsible for controlling the flow rate and pressure of the lubricating oil. Comprehending the transient flow characteristics of the pressure differential valve is of paramount importance for the secure operation of lubrication systems. This paper establishes a transient flow model of a pressure differential valve based on a transient computational fluid dynamics (CFD) method, and the experimental validation demonstrates the effectiveness of the computational model. The internal flow characteristics of the differential pressure valve at different stages during the opening process were studied. Additionally, four transient lubricating oil flow models with different valve spool damping orifice were established to analyse the impact of damping orifice structure on valve spool movement characteristics, pressure control characteristics, and flow field distribution. The results indicate that when the diameter of the valve spool damping orifice increases from 0.3 mm to 1.0 mm, the valve spool displacement and fluid force increase by 88 % and 20 %, respectively. Meanwhile, the peak valve spool velocity, peak oil supply pressure, and steady-state value decreased by 15 %, 29 %, and 34 %, respectively. As the length of the valve spool damping orifice increases from 0.894 mm to 4.0 mm, the growth rate of valve spool displacement and fluid force gradually decreases, with the peak valve spool velocity decreasing by 7 %. This study has potential significance for the structural optimization and application of pressure differential valve in lubrication systems.

An Overview of Oil Recovery Techniques: From Primary to Enhanced Oil Recovery Methods

As we all know, numerous methods have been invented for better managing of the reservoirs to recover the trapped oil from them as much as possible. These techniques included primary techniques that were implemented primarily at the beginning of this industry. As these techniques were not effective enough, secondary techniques, like; water flooding and gas injection methods were created and the amount of recovered oil were increased, as well. On the contrary, the demand for more oil was raised up and it was felt that much more effective techniques are necessary. It resulted to creation of Enhanced Oil Recovery Techniques and these techniques are included; thermal methods (steam injection, steam assisted gravity drainage and in-situ combustion), Chemical methods (alkali flooding, surfactant flooding, polymer flooding, foam flooding, and combination of alkali-surfactant-polymer flooding), and microbial EOR. The most promising technique is microbial EOR because of being cost-effective and ecofriendly. GEMEOR (Genetically Engineered MEOR) and EEOR (Enzyme Enhanced Oil Recovery) are two new trends of MEOR that own potential hopes in petroleum industry.

Financial stability of the federal budget and budgets of the Russian constituent entities subjects under Western sanctions

According to the definition of the European Commission, public finances financial stability is the ability of a state to maintain current expenditures, conduct tax and social policy in the long term without the threat of loss of the country’s solvency to fulfill its obligations and stipulated expenditures. The subject of the study is the state of revenues and expenditures of the federal budget and budgets of the Russian constituent entities under the Western sanctions. The choice of the Ural Federal District regions (hereinafter – UFD) as the objects of the study is due to the significant share of oil and gas revenues in the federal budget revenues, the export-oriented regions place and role in the oil and gas revenues formation in the federal budget. The purpose of the study is to assess the budget system financial stability on the example of the federal budget and budgets of the Russian constituent entities, in particular, the UFD regions. The article uses generally accepted research methods, such as analysis and synthesis, generalization, grouping, tabular, etc. It has been established that the imposed sanctions have a negative impact on oil and gas revenues. Under such conditions, the budget system stability is supported by a low level of debt, especially at the federal level. The UFD export-oriented regions budget stability indicators exceed similar indicators of the Russian constituent entities budget. The budget stability risks remain the highest at the regional and local levels.

Economic Sustainability and Gas Flaring in Nigeria

The crude oil exploration leads to the flaring gas, which affects Nigerian economic sustainability. The empirical study is to inquire about the profitable (economic) sustainability of the flaring of natural gaseous substances in Nigeria. The survey is to employ the ready-made design through the National Bureau of Statistics, Central Bank of Nigeria Statistical Bulletin, Department of Petroleum Resources, and World Development Indicators. The Autoregressive Distributed Lag (ARDL) model and Augmented Dickey-Fuller test are employed as the estimation technique and unit root test for long-range presence association between the exogenous and explained variables. The findings of the study showed an insignificantly positive outcome of profitable (economic) growth on natural gas flaring in Nigeria. The current employment rate showed a positively insignificant impact on the gas flare. The current oil revenue value showed a positively significant impact on gas flaring. Meanwhile, the oil revenue lag showed an insignificantly negative impact on Nigerian naturally flared gaseous substances. The research recommends that the relevant natural gas authorities should put in place stringent laws to reduce the flaring of natural gas consequences to the well-being of humans, the environment, and the economic growth and development of the country. Alternatively, the government should encourage sound and viable gas flaring processes of industrial and domestic usage.