Oil-producing Countries Research Articles

Research on the Investment of Chinese and Korean Enterprises in the Middle East Arab Market

Purpose - The Middle East is experiencing constant international conflict. Still, with global investment attracting much attention, trade continues to increase, and the image of war-torn areas is changing gradually.
 Design/Methodology/Approach - Many countries in the Middle East are opening up their markets from oil and state monopolies, trying to attract investment and participate in the construction of diversified domestic industries.
 Findings - These countries are actively promoting that they are safe and reliable investors, regardless of regional conflicts, when political instability or tension in certain regions of the Middle East increases. In addition, Korean and Chinese companies are increasingly interested in the Middle East due to increased economic exchanges between Arab countries and China, increased investment in infrastructure by oil-producing countries, and increased imports and exports of Korean products. However, companies seeking access to Middle Eastern markets often face more complex problems than when they entered other regions.
 Research Implications - Investment in the Middle East market depends on the needs of related companies and governments in the Middle East, so it isn't easy to find a common point of contact. The number of Arab countries in the Middle East, including Kuwait, Saudi Arabia, Iran, Iraq, Egypt, Qatar, and Palestine, is estimated to be about 20. By analyzing the practicality and applicability of commercial and corporate laws in these countries, we will give some legal issues that Chinese and Korean companies should pay attention to when investing in the Middle East market.

The Renewable Rentier State in Algeria

Abstract This article focuses on a major problem: How can the rentier state renew itself? The article focuses on oil-producing countries and their ability to survive during the economic crises they are exposed to due to the collapse of oil prices and the shocks they generate. The oil rentier state has proven its ability to rebuild itself after oil shocks. This study thus analyzes the basic ingredients for the renewal of the rentier state: the rentier economy, the rentier system, and rentier society. Algeria was chosen as a case study during the period under consideration (2000–2022) because it is an oil rentier country that was exposed to both an oil boom and oil shock. The article includes four axes: the definition of the renewable rentier state; the sustainable crises of the rentier state in Algeria; levels of renewal of the rentier state in Algeria; the rentier state between continuity and change after the popular movement in Algeria.

Exploring the potential of Bornean polypore fungi as biological control agents against pathogenic Ganoderma boninense causing basal stem rot in oil palm

Basal stem rot due to a fungal pathogen, Ganoderma boninense, is one of the most devastating diseases in oil palm throughout the major palm oil producer countries. This study investigated the potential of polypore fungi as biological control agents against pathogenic G. boninense in oil palm. In vitro antagonistic screening of selected non-pathogenic polypore fungi was performed. Based on in planta fungi inoculation on oil palm seedlings, eight of the 21 fungi isolates tested (GL01, GL01, RDC06, RDC24, SRP11, SRP12, SRP17, and SRP18) were non-pathogenic. In vitro antagonistic assays against G. boninense revealed that the percentage inhibition of radial growth (PIRG) in dual culture assay for SRP11 (69.7%), SRP17 (67.3%), and SRP18 (72.7%) was relatively high. Percentage inhibition of diameter growth (PIDG) in volatile organic compounds (VOCs) in dual plate assay of SRP11, SRP17, and SRP18 isolates were 43.2%, 51.6%, and 52.1%, respectively. Molecular identification using the internal transcribed spacer gene sequences of SRP11, SRP17, and SRP18 isolates revealed that they were Fomes sp., Trametes elegans, and Trametes lactinea, respectively.

Measuring the Impact of Structural Imbalances on Managing Government Spending in Iraq During the Period (2005-2020)

The problem of structural imbalances in the Iraqi economy is one of the most important problems facing the oil-producing countries, and this problem moved from the oil sector to other sectors because of the duplication of the economy. The researchers point out that structural imbalances are integrated with government spending during the long term, and can be exploited to rationalize government spending and diversify sources of income in the Iraqi economy. Fiscal policy, especially government spending, is affected by structural imbalances in the structure of the Iraqi economy. Private and support products in which Iraq can achieve an absolute advantage and a comparative advantage to reduce the degree of structural imbalance.

Institutional and country level determinants of vertical integration: New evidence from the oil and gas industry

The aim of this study is to identify the determinants of vertical integration in the oil and gas industry at the firm and country level. A sample dataset of oil and gas companies in the top ten oil-producing countries spanning 10 years (2011–2020) is analysed. Using pool-fixed regression techniques, a firm's size, firm's age, and reserves replacement ratio create incentives for vertical integration in the oil and gas industry at firm-level have been identified. While country-level factors such as oil price and oil demand are negatively correlated with vertical integration, drilling productivity is positively correlated with vertical integration. The findings are important not only for the managers of oil and gas firms but also for the policymakers and regulatory authorities of oil-producing and exporting countries.

Crude oil price prediction using Artificial Neural Network-Backpropagation (ANN-BP) and Particle Swarm Optimization (PSO) methods

Crude oil price prediction using Artificial Neural Network-Backpropagation (ANN-BP) and Particle Swarm Optimization (PSO) methods

Research on the Role of RMB-denominated Oil Trade in Promoting RMB Internationalisation

With the development of the global economy and the continuous expansion of international trade, currency internationalization has become an important goal of monetary policies of various countries. In this context, China has become the second largest economy in the world, and promoting the internationalization of the RMB has become one of the urgent issues for the Chinese government to address. In recent years, the internationalization of RMB has achieved remarkable results, but the use of RMB is still limited in the international commodity market, especially in the oil market. This paper takes the RMB-denominated oil trade as an entry point to analyze its contribution to the internationalization of the RMB and its potential impact. The paper first explains the importance of oil trade to the global economy and analyzes the current situation of the oil market with the US dollar as the main settlement currency. As one of the most important energy sources in the world, oil occupies a pivotal position in international trade. However, for a long time, the pricing and settlement of the oil market has relied mainly on the U.S. dollar, which gives the U.S. dollar a significant dominant position in the global arena and also exposes other countries to the risks associated with exchange rate fluctuations in oil trade. Second, this paper analyzes theoretically and empirically the role of RMB-denominated oil trade in promoting RMB internationalization. Theoretically, RMB-denominated oil trade will help increase the demand for RMB in the international market, reduce exchange rate risk, and thus accelerate the process of RMB internationalization. The empirical analysis shows that in recent years, with the growing volume of China's oil imports and the advancement of RMB internationalization, RMB-denominated oil trade has achieved initial results, and some countries have started to adopt RMB for oil settlement. Then, the paper discusses the challenges faced by RMB-denominated oil trade and the policy measures that the Chinese government should take. In the current international financial system, the U.S. dollar is "entrenched" as an international currency, and it is not easy to realize RMB-denominated oil trade. The Chinese government should strive to improve the credibility and convertibility of the RMB, actively participate in international oil market rule-making, strengthen cooperation with major oil producing and marketing countries, and promote domestic financial market reform to create a favorable external environment for RMB-denominated oil trade. Finally, the paper concludes that RMB-denominated oil trade is important for RMB internationalization. By realizing RMB-denominated oil trade, it is expected to improve the position of RMB in the international market and create favorable conditions for RMB internationalization. At the same time, it will help promote global currency diversification, reduce the sensitivity of China's economy to external shocks, and achieve more stable and sustainable economic development.

Life Cycle Assessment of Olive Oil Production in Turkey, a Territory with an Intensive Production Project

The global warming fight should focus on agriculture, especially on olive crops, due to their potential role in combating it. One of the leading olive oil-producing countries is Turkey; therefore, evaluating and quantifying the environmental impacts of its olive oil production is essential. This is the first analysis of Turkey that encompasses both the farming and the industrial phases through a cradle-to-gate life cycle assessment (LCA). As a representative value chain, it was considered an intensive system, according to the representativeness of rainfed and irrigated areas, with two-phase and three-phase olive oil extraction in Turkey. In the climate change category, analysis results gave a value of 3.04 kg of CO2 equivalent for 1 kg of unpackaged virgin olive oil. The phase that contributes the most in all impact categories is the farming phase (2.53 kg of CO2 equivalent), whereas the most impactful activities are fertilization and irrigation (69.5% of impact in this stage). The results have been compared to others obtained by different value chains, revealing an intermediate position in environmental impact. It can be concluded that better agricultural practices should be implemented, including the optimization of energy and water systems, in order to minimize the negative environmental effect of olive oil production.

ANALYSIS OF THE RELATIONSHIP BETWEEN CRUDE OIL PRICES AND ECONOMIC PERFORMANCE INDICATORS IN IRAQ FOR THE PERIOD (2004-2021)

Global economies are significantly affected by the volatility of crude oil prices. The economies of oil-producing countries may thrive when crude oil prices are high or stable within a range that achieves their desired goals, driving development and accelerating economic growth. This is achieved through targeted expansionary policies that promote local and foreign investments in infrastructure development. Conversely, the opposite occurs when prices decline. The study found that sharp fluctuations in oil prices lead to varying economic and social impacts, affecting economic growth, unemployment rates, and inflation. It also recommended the possibility of achieving sustainable economic growth by the government exerting more efforts in diversifying income sources, reducing heavy dependence on oil, and enhancing adaptability to price fluctuations.

Is energy transition possible for oil-producing nations? Probing the case of a developing economy

An expected decline in oil revenue and a complicated global energy market present significant concerns about oil-producing countries’ intentions to move away from fossil fuels. Understanding the dynamics of these concerns, particularly in light of potential energy transitions, is crucial for future energy supply and sustainable energy discussion. Given the scarcity of research on the issue, this study examined whether an implied shift from fossil fuels to a cleaner energy state is possible for Ghana, a small oil-producing economy in sub-Saharan Africa. A two-state Markov Switching Model (MSM) was applied to a dataset covering 1980–2019. Results based on a multivariate state-dependent regression technique were documented as follows: First, the probability of transitioning from a nonrenewable energy state to a renewable energy state is 76.5%. Second, there is 80.2% chance of remaining in a renewable energy state for five years. Third, fossil fuel production undermines cleaner energy development as 1% growth in nonrenewable energy causes a 0.20% decline in renewable energy generation. Finally, trade openness and foreign direct investment promote cleaner energy growth. The study concluded that Ghana’s economy has a greater chance of transitioning from fossil fuels and an equally higher chance of realizing a cleaner energy state, despite a declining policy support for renewable energy development.

Renewable Energy Targets and Policies in Traditional Oil-Producing Countries: A Comparison of Azerbaijan and Kazakhstan

The clean energy transition has entered the policy discourse and government agenda of the Caspian oil-producing countries of Azerbaijan and Kazakhstan. Both countries have set a target to increase the share of renewable energy sources (RES) in total energy production by 2030. This article presents a comparative analysis of Azerbaijan and Kazakhstan in their paths to a low-carbon sources of energy covering the status of RES, renewable energy targets, and the role of government policy schemes in promoting renewable energy (RE) deployment. The study shows that despite some commonalities in the initial conditions (such as Soviet-era legacies of fossil-fuel-based infrastructure, a high degree of dependence on oil and gas rents, and dominance of state-owned enterprises), Kazakhstan adopted a more targeted regulatory framework and more elaborate policy schemes with regards to renewables than Azerbaijan did. In the latter case, the introduction of relevant renewable legislation has been significantly delayed or implemented only partially. As a result, Kazakhstan has performed relatively more successfully on advancing non-conventional renewable energy targets: non-hydro renewable sources accounted for 3% of total electricity generated in Kazakhstan and made up only 1% of electricity produced in Azerbaijan (as of 2020). This article highlights the following factors that stand out in explaining these variable outcomes: the degree of economic liberalization, quality of governance of the oil and gas sector, regulatory frameworks, and policy support schemes.

Investigating CO2 emissions from aviation in oil producing countries using a two-stage maximum entropy approach

The transportation sector plays a major role in the rapid economic growth of developing countries. Since this sector requires large amounts of fossil energy resources, it has a very important impact on global warming and greenhouse gas emissions. As aviation has a significant contribution to carbon dioxide (CO2) emissions among different type of transportation, there is considerable interest in policies, regulations and research to mitigate the adverse effects of aviation on climate [1]. This work investigates the role of air passengers and air freight on CO2 emissions from aviation for eight oil-producing countries in the middle east for the years 2013–2019. Maximum entropy bootstrap for time series and generalized maximum entropy estimation are used in this work, which represent two powerful techniques that lead to reliable and stable results in ill-posed models. The empirical results confirm the existence of a positive impact of air passengers on CO2 emissions from air transport in all the sample countries. But the connection between air freight and CO2 emissions from aviation is only confirmed for Iran and Qatar. The findings for the other countries regarding the impact of air freight on CO2 emissions from aviation depend on the significance levels considered.

The impact of natural resources on renewable energy consumption

In this paper, we examine the relationship between natural resources and renewable energy consumption. We employ robust econometric modelling on a large sample of 162 developed and developing countries between 1990 and 2021. Consistent with expectation, we find a positive and significant association between natural resources and renewable energy consumption, suggesting that the extraction of natural resources promotes renewable energy consumption. Contrary to prior studies, we find that oil-producing countries have high renewable energy consumption. In cross-sectional analyses we found that relationship between natural resources and renewable energy consumption is stronger in developed countries than developing countries. Our results are robust to advanced econometric identification such as autoregressive fixed effect modelling and two-step system generalized method of movement. These findings extend the debate on the role of natural resources in the greening of economic recovery.

A sectoral specification of Okun’s law in oil-producing countries: evidence from panel ARDL model

A sectoral specification of Okun’s law in oil-producing countries: evidence from panel ARDL model

Evaluating the total-factor efficiency of E3 in oil-producing countries, with emphasis on education.

Global warming is one of the greatest challenges of the contemporary world. Overcoming this problem requires a global determination in energy management and a significant reduction in the use of fossil fuels worldwide. The objectives of this article are to investigate the role of education in economic growth and to evaluate the total-factor energy, economic and environmental efficiency (E3) of oil-producing countries and productivity changes between 2000 and 2019. These countries were divided into two categories of middle- and high-income ones. The panel data model was used to estimate the role of education in the countries' economic growth, and the data envelopment analysis (DEA) method was used to measure their total-factor efficiency (E3). The findings indicate that education has a positive role in economic growth. In general, Norway proved to be efficient in all indicators of e1, e2, e3, and E3. The worst performance in e1 belonged to Canada (0.45) and Saudi Arabia (0.45); in e2, to Algeria (0.67) and Saudi Arabia (0.73); in e3, to the USA (0.04) and Canada (0.08); and in E3, to Canada (0.46), Saudi Arabia (0.48), and the USA (0.64). The average total-factor efficiency of all indicators for the selected countries was low. Average changes in total-factor productivity and technological changes for all the selected countries had decreased in e1 and e3 but improved in e2 and E3 during the studied period. The changes in technical efficiency also decreased during the period. Moving towards a low-carbon economy, developing creative and environment-friendly technologies, more investment in clean and renewable energy, and creating diversity in production, especially for OPEC and countries with single-product economies, are some of the ways suggested for improving E3 efficiency in the countries.

The Role of Farmers in Overcoming Scarcity and Increasing Cooking Oil Prices in Malang Regency, Indonesia

The high price of cooking oil in Indonesia has been in the spotlight from the fourth quarter of 2021 until the beginning of the first quarter of 2022. The scarcity and very high spike in oil prices of course attract the attention of almost all countries in the world. world, both oil-producing (exporting) countries and consuming (importing) countries. From these problems, farmers need to play an important role in overcoming the scarcity and rising prices of cooking oil through the use of coconut oil. This research activity aims to 1) explore the creativity and innovation of farmers to make coconut-processed products, 2) find out farmers’ understanding of VCO processing that can provide economic and health impacts- 3) Describe the role of farmers in making Virgin Coconut Oil (VCO) using technology and technology. local potential in overcoming scarcity and rising cooking oil prices. The manufacture of virgin coconut oil has many advantages. It does not require expensive costs because raw materials are easily obtained at low prices. Processing is simple and not too complicated. Nutrients are maintained, especially the fatty acids in the oil. When compared to cooking oil (copra coconut oil), pure coconut oil has better quality.

Export diversification and income inequality in Central Africa: An analysis of the employment channel

ABSTRACT This paper analyses the effect of export diversification on income inequality in Central Africa through the employment channel. The sample consists of 9 countries over the period 2000–2019. A quadratic regression is applied to a panel data model using the random effect and the two stages least squares methods. The results show that export diversification increases income inequality in Central Africa. However, this effect is non-linear with the form of an inverted U. Increasing the number of wage workers reduces the marginal effect of export diversification on income inequality while increasing the number of unpaid workers increases this effect. Moreover, diversification is less likely to reduce income inequality when it increases male employment than when it increases female employment. The effect of diversification on income inequality remains non-linear in an inverted U-shape for CEMAC countries’ members (CEMAC: Economic and Monetary Community of Central African States) and oil-producing countries, while it is non-linear in a U-shape for non-CEMAC countries and non-oil-producing countries. We recommend that Central African countries promote the diversification of exports while encouraging new productive activities to generate more paid jobs and to favor female employment.

Biomimicry as a Primer in Policy Enterpreneurship for Environmental Sustainability in Developing Oil Producing Countries: A Case Study of Nigeria and Qatar

Over the last few years, the paradigm shift from extracting from nature to learning from nature has emerged as a context of academic interest and global debate. Generally regarded as biomimicry, a growing body of literature demonstrating the considerable lessons which can be drawn from nature’s approach for attaining sustainable development has emerged. However, despite the awakened interest, there remains significantly less literature on how the biomimicry approach can be useful in the context of policy ideating by policy entrepreneurs to yield policy ideas presented to decision-makers. Thus, this paper is driven on the assumption that the biomimicry approach holds a huge potential for guiding the development of policy in developing countries, which are struggling with a catalog of environmental sustainability challenges due to oil exploration related degradations.

IMPACT OF SANCTIONS FOR THE DEVELOPMENT OF OIL PRODUCING COUNTRIES

The purpose of this study is to assess the prospects for the functioning of the Russian economy in the context of the imposed sanctions based on a generalization of international experience. Materials and methods. The main methods were a comparative analysis of the development of countries under sanctions restrictions and a retrospective analysis of the formation of oil and gas revenues in the Russian Federation. Results. Using the example of Iran, it has been established that a high share of oil and gas budget revenues and a favorable oil price environment allows maintaining the existing economic model, however, the tightening of sanctions is gradually having a more negative impact on the welfare of the population in Iran, as well as on the state of the country's budget. The paper also examines the measures taken by the Bank of Russia in 2022 in order to ensure the stability of the country's financial system; it was found that the impact of sanctions was largely delayed due to the focus of the European Union on the priority satisfaction of its own energy needs. Conclusions. The main result of the study is the position that in assessing the effect of sanctions on the development of oil-producing countries, it is necessary to assess the equivalence between import and export restrictions in order to further assess the private effects on the welfare of the population and budget losses. The stabilization of the exchange rate allows the Russian government to lock in inflation expectations for the moment and support consumption, but this comes at the expense of financial suppression of domestic development instruments. The consequences of such decisions in the medium term may be the fall of the ruble and further weakening of the ability to finance public spending.

The effects of the “Zero Routine Flaring by 2030” initiative: International comparisons based on generalized synthetic control method

Environmental initiatives play an important role in reducing global greenhouse gas emissions. The “Zero Routine Flaring by 2030” (ZRF) Initiative, launched by the World Bank in 2015, has been widely echoed worldwide by major oil-producing governments, oil companies, and energy institutions. Based on the generalized synthetic control method, we use panel data covering 45 major oil-producing countries to conduct an empirical analysis of the gas flaring reduction effect within the ZRF Initiative from 1994 to 2021. In addition, we use the Multiphase difference-in-differences model to test the robustness results and analyze the impact mechanism. The results show the following: (1) The ZRF Initiative has a significant impact on reducing flaring in the endorsing countries, and the effect is particularly significant in developing countries. (2) In some developing countries, the ZRF Initiative could reduce domestic flaring through demonstration effects, and asset income in the oil industry can positively moderate the Initiative's flaring reduction effect. (3) The ZRF Initiative and the practical experiences of the participating countries provide valuable insights into the goal of zero routine flaring by 2030 for oil-producing countries. This paper provides a new perspective on the effectiveness of policy evaluation by the World Bank, and provides a diffusion mechanism for the policy implementation process.