This study investigates why the exchange rates of oil-exporting countries do not follow the monetary model after the oil prices hikes in 2000. In empirical research, real GDP is considered as real output, while changes in oil rents are not included in GDP growth. However, in practice, oil rents...

With greater importance given to the climate change debate, energy has slowly attracted the complete attention of the whole world. The energy sector can be roughly divided into renewable energy, on the one hand, and fossil fuels, on the other. The former category is at the core of all the main...

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...

The development and use of intelligent methods as an emerging trend is attracting attention in the academia and industries, including petroleum industry. Forecasting OPEC petroleum consumption can go to a greater extend in helping the management of OPEC to properly manage petroleum demand and...

We examine the predictive ability of economic policy uncertainty on stock returns of selected OPEC countries. In order to deal with certain statistical properties of the predictors, which include serial correlation, persistence, conditional heteroskedasticity, and endogeneity effects, wse...

Purpose: This paper examines whether the economies of oil-exporting countries respond to oil shocks differently, depending on the country's political economy factors, such as regional economic alliance, stage of economic development, and the exchange rate regime, using a structural Vector Error...

When stock markets are less liquid or illiquid, investors are expected to require compensation for taking the risk of not being able to sell quickly. Many studies have documented the existence of the co-movements (commonality) of market liquidity in equity markets as a priced factor. The primary...

The aim of this paper is to investigate how major net oil exporter economies react to oil price shocks. We contribute to the literature by considering, at the same time, the possible nonlinearity and asymmetry of this relationship with respect to sign, size and causes of the oil price shocks, as...

The aim of this paper is to investigate how major net oil exporter economies react to oil price shocks. We contribute to the literature by considering, at the same time, the possible nonlinearity and asymmetry of this relationship with respect to sign, size and causes of the oil price shocks, as...

This research examines empirically volatility spillover effect of oil prices on exchange rate. We are specifically concerned with the comparison of the relative magnitude of the oil shock on the exchange rate volatilities of 5 major oil importers (Pakistan, India, China, Japan, and Germany) and...

In this paper we estimate a dominant firm-competitive fringe model for the crude oil market using quarterly data on oil prices for the 1986-2009 period. All the estimated structural parameters have the expected sign and are significant at standard test levels. We find that OPEC exercised its...

This paper develops a long-run growth model for a major oil exporting economy and derives conditions under which oil revenues are likely to have a lasting impact. This approach contrasts with the standard literature on the 'Dutch disease' and the 'resource curse', which primarily focuses on...

Fiscal policy choices have a particularly significant impact on economic performance in oil-exporting countries, owing to the importance of the oil sector in the economy and the fact that in most countries oil revenues accrue to the government. At the same time, fiscal policy in oil-centered...

This paper discusses the choice of an optimal external anchor for oil exporting economies, using optimum currency area criteria and simulations of a simple model of a small open economy pegging to a basket of two currencies. Oil exporting countries - in particular those of the Gulf Cooperation...

This paper investigates whether the real oil price has an impact on the real exchange rates of three main oil-exporting countries: Norway, Russia and Saudi Arabia. We create our measure of the real effective exchange rates for Norway and Saudi Arabia (1980-2006) and for Russia (1995-2006),...

This paper discusses issues relating to the domestic pricing of petroleum in oil-producing countries. It finds that in most major oil-exporting countries, government policies keep domestic prices below free-market levels, resulting in implicit subsidies that equaled 3.0 percent of GDP, on...

This paper studies the impact of oil price shocks on fiscal policy and real GDP in Oman using new unexplored data. We find that an oil price shock explains around 22% and 46% of the variation in the government revenue and GDP, respectively. Decomposing the government revenue and GDP further into...

This paper studies the impact of oil price shocks on fiscal policy and real GDP in Oman using new unexplored data. We find that an oil price shock explains around 22% and 46% of the variation in the government revenue and GDP, respectively. Decomposing the government revenue and GDP further into...

In 2018, the United Nations' Intergovernmental Panel on Climate Change that CO2 emissions would need to fall by 45% by 2030 to meet a key goal of the Paris climate agreement to keep temperatures from rising more than 1.5 degrees Celsius.Two years on, in a world shaken by a global pandemic, the...

Part 1 Gulf Energy Sector and the COVID-19 -- Chapter 1 GCC Oil Industry Response to the COVID-19 Challenge -- Chapter 2 Qatar LNG Industry in the post-COVID Period -- Chapter 3 Renewable Energy Prospects in the GCC in the Post-COVID era -- Part 2 Socio-Economic Dimensions of the Oil Market...

Despite the adherence to the commitments according to the OPEC+ deal on the joint efforts to cut production, during Russia's three-year participation in the deal as a whole the annual crude oil production in the country increased by 2.4% on the back of stabilized world crude oil prices. Collapse...

Starting in mid-2014, oil prices began to fall drastically, hereafter this is referred to as the oil price crisis. This paper investigates the impacts of this crisis on earnings management behaviour in Gulf Cooperation Council (GCC) countries. Earnings management is measured in terms of accrual...

This paper deals with the complexities of crude oil geopolitics in the wake of recent escalating tensions between OPEC led by Saudi Arabia and OPEC plus members led by Russia. The paper traces the story of the Syrianic Dreams of global super powers in the Middle East and in the surrounds of the...

We show that OPEC's market power contributes to climate change by enabling producers of relatively expensive and dirty oil to start producing before OPEC reserves are depleted. We examine the importance of this extraction sequence effect by calibrating and simulating a cartel-fringe model of the...

Purpose - The so-called "oil price war" of 2014-2016 took place between several main global oil producers; OPEC (led by Saudi Arabia), Russia and the newcomer; American tight oil or fracking oil. These oil producers were competing against each other over market shares in the global oil market,...

This note expands Kilian's (2008) original time series of exogenous oil supply shocks along two dimensions. First, we extend the sample period and include production shortfalls in OPEC member states during 2004:10-2018:12. Second, we also consider production shortfalls in non-OPEC countries. Our...

We show that OPEC's market power contributes to climate change by enabling producers of relatively expensive and dirty oil to start producing before OPEC reserves are depleted. We examine the importance of this extraction sequence effect by calibrating and simulating a cartel-fringe model of the...

In a simplified theoretical framework we model the strategic interactions between OPEC and non-OPEC producers and the implications for the global oil market. Depending on market conditions, OPEC may find it optimal to act either as a monopolist on the residual demand curve, to move supply...

This paper performs a two-stage methodology based on the Structural VAR and time-varying parameter regression models to examine the dynamic reaction of a set of oil-related countries' stock markets to oil price shocks. Oil prices are studied by disentangling demand and supply shocks. Based on...