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Global Market for Crude Oil II

A special issue of Energies (ISSN 1996-1073). This special issue belongs to the section "C: Energy Economics and Policy".

Deadline for manuscript submissions: closed (30 June 2022) | Viewed by 10988

Special Issue Editor

Economics and Finance Group, Portsmouth Business School, University of Portsmouth, Portsmouth PO1 3DE, UK
Interests: blue economics; energy economics; sustainable development; blue energies; renewable energy resource
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

In the midst of the COVID-19 pandemic, the dynamic of the world crude oil market has drastically changed and will continue to show signs of alteration. The engagement of the United States to develop low carbon alternative energies contribute to shift the global market from a demand-driven position to a supply-driven one. As such, the global market of crude oil is currently at a tipping point, in which an entire reorganisation is required. In this contex, analysing the dynamic correlation between sanitary situation, climate change position and global market is important to understand the stability/instability of the market and its associated spillover effects. The Special Issue “Global market for crude oil in the context of the Covid and climate change mitigation policies”, proposed by the international journal Energies (SSCI and SCIE journal), addresses a wide spectrum of issues related to the challenges associated with the current reshaping of the world market. Researchers are thus invited to submit manuscripts showing how their research results contribute to solving the current and foreseeable problems that have arisen from the current dynamics of the global crude oil market. Suitable topics for papers include the analysis of a global energy strategy designed to deal with demand and supply side changes; geopolitical influences; effects of the COVID-19 pandemic; the implementation of national determined contributions in the context of the Paris Agreement; Silk Road developments and new oil routes; new oil field discovery impact on global oil prices; the effects of financialization; digitalization opportunities and challenges. This Special Issue is open to other topics and new approaches to analyse the global crude oil market in this new area. Papers selected for this Special Issue will be subject to a rigorous peer-review procedure with the aim of rapid and wide dissemination of research results, developments, and applications.

We are thus inviting you to submit your original work to this Special Issue. We look forward to receiving your outstanding research.

Prof. Dr. Pierre Failler
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Energies is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2600 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • oil prices
  • dynamic correlation
  • market stability
  • COVID-19
  • climate change
  • nationally determined contribution
  • institutional distance
  • network public opinion
  • blue energies
  • energy strategy
  • financialization
  • digitalization

Published Papers (6 papers)

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Research

10 pages, 699 KiB  
Article
Does the Volatility of Oil Price Affect the Structure of Employment? The Role of Exchange Rate Regime and Energy Import Dependency
by Piotr Adamczyk
Energies 2022, 15(19), 6895; https://0-doi-org.brum.beds.ac.uk/10.3390/en15196895 - 21 Sep 2022
Cited by 2 | Viewed by 1254
Abstract
The volatility of oil price as a key energy resource for modern economies has a significant impact on the macroeconomic situation. In addition to affecting aggregated production, consumption, employment and inflation, oil shocks can affect the economy in a more nuanced way. One [...] Read more.
The volatility of oil price as a key energy resource for modern economies has a significant impact on the macroeconomic situation. In addition to affecting aggregated production, consumption, employment and inflation, oil shocks can affect the economy in a more nuanced way. One consequence of the turmoil in the oil market may be a shift in the employment structure between the tradable and non-tradable sectors, which we investigate in this paper. The aim of this study is to test how oil price volatility affects the structure of employment in Central and Eastern European countries. Our main hypothesis is that oil price volatility causes a temporal employment reallocation between tradable and non-tradable sectors. To verify this assumption, we created Interacted Panel VAR (IPVAR), which showed that the shocks of oil price volatility affect the employment structure and this impact is conditioned by the level of dependence on energy imports and the exchange rate regime. The constructed impulse response functions showed that, in general, oil price volatility causes a temporal fall in relative employment in the manufacturing (tradable) sector. For periods of an above-average import of energy, the exchange rate regime does not matter for the response of the structure of employment. Inversely, when countries are less dependent on imports of energy, the exchange rate regime matters for shock absorption—for floats, oil price shocks cause a temporal fall in relative employment in manufacturing, whereas for pegs, there is a slight relative increase in employment in manufacturing. Full article
(This article belongs to the Special Issue Global Market for Crude Oil II)
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19 pages, 3265 KiB  
Article
Robust Exploration and Production Sharing Agreements Using the Taguchi Method
by Saad Balhasan, Mohammed Alnahhal, Brian Towler, Bashir Salah, Mohammed Ruzayqat and Mosab I. Tabash
Energies 2022, 15(15), 5424; https://0-doi-org.brum.beds.ac.uk/10.3390/en15155424 - 27 Jul 2022
Viewed by 986
Abstract
The short- and long-term volatility of oil and gas prices has a wide-ranging impact on both parties of petroleum contractual agreements, thus affecting the profitability of the project at any stage. Therefore, the government (first party) and the international oil company (second party) [...] Read more.
The short- and long-term volatility of oil and gas prices has a wide-ranging impact on both parties of petroleum contractual agreements, thus affecting the profitability of the project at any stage. Therefore, the government (first party) and the international oil company (second party) set the parameters of their contracts in a way that reduces the uncertainty. The effect of price fluctuations on economic indicators is investigated in this paper. The Taguchi method is used for the first time to find the best-agreement parameters, which are the “A” and “B” factors, in the standard Libyan agreement. There are four “A” components from “A1” to “A4”, and four “B” components from “B1” to “B4”. The purpose is to reduce the variability in the response variables, which are the company take (the percent of net cash flow for the international company) and average value of the second-party percent share of production (ASPS). The noise factors considered in this paper are oil, liquefied hydrocarbon byproduct (LHP), and gas prices. The method was applied to a case study of oil field development in Libya. The results showed that “A3” and “A4” were the most important control factors that affect the ASPS, while “B2” and “B3” are the most important factors affecting the company take. To obtain robust results, the most important factors to reduce variability were also determined. The effect of control parameters on the average NPV may be worth more than USD 22 MM in the 1-billion-barrel oilfield case study. The results showed that, for a given combination of “A” and “B” factors with a certain company take, the mean absolute deviation (MAD) of the NPV of the second party was reduced by 18% if the optimal combinations of the levels were used. Full article
(This article belongs to the Special Issue Global Market for Crude Oil II)
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17 pages, 1240 KiB  
Article
Will Oil Price Volatility Cause Market Panic?
by Min Hong, Xiaolei Wang and Zhenghui Li
Energies 2022, 15(13), 4629; https://0-doi-org.brum.beds.ac.uk/10.3390/en15134629 - 24 Jun 2022
Cited by 10 | Viewed by 1426
Abstract
It is generally known that violent oil price volatility will cause market panic; however, the extent to which is worthy of empirical test. Firstly, this paper employs the TVP-VAR model to analyze the time-varying impacts of oil price volatility on the panic index [...] Read more.
It is generally known that violent oil price volatility will cause market panic; however, the extent to which is worthy of empirical test. Firstly, this paper employs the TVP-VAR model to analyze the time-varying impacts of oil price volatility on the panic index using monthly data from January 1990 to November 2021. Then, after using the SVAR model to decompose the oil price volatility, this paper uses the PDL model to analyze the heterogeneous impacts of oil price volatility from different sources. Finally, based on the results of oil decomposition, this paper uses the TARCH model to analyze the asymmetric impacts of oil price volatility in different directions. The results show that: (1) oil price volatility can indeed cause market panic, and these impacts exhibit time-varying characteristics; (2) oil price volatility from different sources has different impacts on the panic index, and the order from high to low is oil-specific demand shocks, supply shocks, and aggregate demand shocks; and (3) oil price volatility has asymmetric impacts on the panic index, and positive shocks have greater impacts than negative. Full article
(This article belongs to the Special Issue Global Market for Crude Oil II)
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20 pages, 3183 KiB  
Article
Impact of Oil Financialization on Oil Price Fluctuation: A Perspective of Heterogeneity
by Yanhong Feng, Xiaolei Wang, Shuanglian Chen and Yanqiong Liu
Energies 2022, 15(12), 4294; https://0-doi-org.brum.beds.ac.uk/10.3390/en15124294 - 11 Jun 2022
Cited by 1 | Viewed by 1798
Abstract
A large number of studies have confirmed that oil speculation has played a vital role in oil price fluctuation in recent years. However, the heterogeneous impact of oil financialization on oil price fluctuation has not received enough attention. Based on time series data [...] Read more.
A large number of studies have confirmed that oil speculation has played a vital role in oil price fluctuation in recent years. However, the heterogeneous impact of oil financialization on oil price fluctuation has not received enough attention. Based on time series data from January 1990 to October 2021, this paper adopts the Time-Varying Parameter Vector Auto-Regression (TVP-VAR) model and the Ensemble Empirical Mode Decomposition (EEMD) method to study the heterogeneous impact of oil financialization on oil price fluctuation from three perspectives: different periods, different frequencies, and different time points of major events. The research results are as follows. First, the impact of oil financialization on oil price fluctuation in different periods is heterogeneous in terms of fluctuation amplitude and intensity. During major events such as the financial crisis or the COVID pandemic, the impact of oil financialization on oil price fluctuation is volatile and intense. Second, the impact of oil financialization on the oil price fluctuation of different frequencies is mainly reflected in the direction and duration. Oil financialization mainly promotes high-frequency oil price fluctuation in the short term, and it mainly suppresses low-frequency oil price fluctuation in the long term. Third, the impact of oil financialization on oil price fluctuation is heterogeneous in terms of duration, intensity, and transmission speed at different time points of major events. Full article
(This article belongs to the Special Issue Global Market for Crude Oil II)
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35 pages, 8746 KiB  
Article
The Impact of Uncertainties on Crude Oil Prices: Based on a Quantile-on-Quantile Method
by Yan Ding, Yue Liu and Pierre Failler
Energies 2022, 15(10), 3510; https://0-doi-org.brum.beds.ac.uk/10.3390/en15103510 - 11 May 2022
Cited by 14 | Viewed by 1914
Abstract
There has always been a complex relationship between uncertainty and crude oil prices. Three types of uncertainty, i.e., economic policy uncertainty, geopolitical risk uncertainty, and climate policy uncertainty (EPU, GPR, and CPU for short), have exacerbated abnormal fluctuations in the energy market, making [...] Read more.
There has always been a complex relationship between uncertainty and crude oil prices. Three types of uncertainty, i.e., economic policy uncertainty, geopolitical risk uncertainty, and climate policy uncertainty (EPU, GPR, and CPU for short), have exacerbated abnormal fluctuations in the energy market, making crude oil prices volatile more and more frequently, especially from the perspective of the financial attribute of crude oil. Based on the time-series data related to uncertainties and crude oil prices from December 2001 to March 2021, this paper uses the quantile-on-quantile regression (QQR) method to explore the overall impact of various uncertainties on crude oil prices. Moreover, this paper adopts the QQR method based on the wavelet transform to investigate the heterogeneous effects of various uncertainties on crude oil prices at different time scales. The following conclusions are obtained. First, there are significant differences in the overall impact of the three types of uncertainties on crude oil prices, and this heterogeneity is reflected in quantiles of the peak impact intensity, the impact direction, and the fluctuation change. Second, the impact intensities of the three types of uncertainties on crude oil prices are significantly different at different time scales. This is mainly reflected in the different periods of significant impact of the three uncertainties on crude oil prices. Third, the impact directions and fluctuations of the three types of uncertainties on crude oil prices are heterogeneous at different time scales. Full article
(This article belongs to the Special Issue Global Market for Crude Oil II)
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22 pages, 6493 KiB  
Article
Dynamic Correlation between Crude Oil Price and Investor Sentiment in China: Heterogeneous and Asymmetric Effect
by Zhenghui Li, Zimei Huang and Pierre Failler
Energies 2022, 15(3), 687; https://0-doi-org.brum.beds.ac.uk/10.3390/en15030687 - 18 Jan 2022
Cited by 32 | Viewed by 2820
Abstract
This paper aims to explore the dynamic relationships between the crude oil price (shocks) and investor sentiment. Specifically, this paper utilizes web crawler to construct Chinese investor sentiment index. The structural vector autoregression (SVAR) model is then used to decompose the crude oil [...] Read more.
This paper aims to explore the dynamic relationships between the crude oil price (shocks) and investor sentiment. Specifically, this paper utilizes web crawler to construct Chinese investor sentiment index. The structural vector autoregression (SVAR) model is then used to decompose the crude oil price shocks into three types of oil price shocks. Finally, the wavelet coherence analysis (WTC) is employed to study the dynamic correlation between crude oil price (shocks) and investor sentiment in the time and frequency domain, and their asymmetric dynamic correlation under different trends of crude oil price. Using data from February 2013 to June 2021, our empirical results suggest the heterogeneous dynamic correlations and lead-lag relationships exist between crude oil price (shocks) and investor sentiment over different time and frequency domains. In addition, there are asymmetric dynamic correlations and lead–lag relationships between crude oil price (shocks) and investor sentiment under different trends of crude oil price. Full article
(This article belongs to the Special Issue Global Market for Crude Oil II)
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