The 2023 war between Hamas and Israel elicits many different explanations. As with previous regional hostilities, here too, the pundits and commentators have numerous overlapping processes to draw on - from the struggle between the Zionist and Palestinian national movements, to the deep...

This chapter surveys the literature on the political-economy of oil and gas governance by focusing on the exploration, production and revenue sharing in the hydrocarbon sector. Emphasis is placed on the extent to which oil and gas governance is shaped by geopolitics and interpartyparty politics....

Strategic petroleum reserve (SPR) plays an important role in ensuring energy security. China has launched the SPR in response to the potential oil shortage since 1970. The optimal scale of SPR has become a concern to policy makers. The paper adopts a computable general equilibrium (CGE) model to...

We show that the share of oil in real output is relatively large, nearly 60 percent. Effectively, the government of Iraq– not the people – owns and manages the oil wealth. This dependence on oil as the main income is also consistent with the rentier economy and the Resource Curse phenomenon....

Effectively, the government of Iraq, not the Iraqi people, owns the oil wealth; the oil industry is a government monopoly. We make the case against such monopoly and for a competitive oil industry. We estimate the share of oil in real output to be relatively large, and show that most...

The aim of this study is to assess whether fuel prices in Greece respond asymmetrically to changes in the global oil prices. To do so, we depart from the current practice in the literature that focuses on fuel prices. Rather, we consider the mark-up of both the refineries and retailers. Even...

Part I of this Comment describes the OPEC practices that form the basis of opponents’ complaints, including OPEC member countries’ efforts to influence the world oil market and help oil producers achieve certain rates of return, as well as the General Agreement on Tariffs and Trade8...

The current article aims to contribute to the debates on the linkages between oil price shock and exchange rates by asking: What are the impacts of shocks of oil supply, global demand, and oil-specific demand on exchange rates for OPEC's 13-member countries? To this purpose, the method of...

The US set an oil export ban after the Iranian crisis in the 1970s due to energy security issues. Since US oil production has been continuously diminishing, there had not been many issues until recently. However, after the hydraulic fracturing technology was introduced to development of shale in...

This paper studies the historical importance of OPEC for oil price fluctuations. An event-study approach is used to identify the effects of OPEC announcements on oil price fluctuations. Results show that price volatility is higher than typical around OPEC meetings. Also, members' compliance, a...

Oil Spaces traces petroleum’s impact through a range of territories from across the world, showing how industrially drilled petroleum and its refined products have played a major role in transforming the built environment in ways that are often not visible or recognized. Over the past century...

The recent calls for the revival of the Oil Price Stabilization Fund (OPSF) are tantamount to a call for a policy reversal, that is, reversal of the downstream oil industry deregulation that began in 1998. The history of the OPSF presents important lessons for policymakers. Petroleum price...

Purpose This paper aims to argue that the Global Political Economy (GPE) theory of neomercantilism provides a sound explanation to the American military involvement in the Persian Gulf. Accordingly, this paper also proposes the concept of "Neomercantilist War" which analyses the use of military...

The crucial position that Saudi Arabia has in global oil markets cannot be overstated. In 2019 its proven crude oil reserves stood at 297.6 billion barrels, representing 17 per cent of the world's total. In the same year Saudi Arabia produced 11.8 million barrels per day (mb/d) of crude,...

Chapter 7 of Geo-Economics: The Interplay between Geopolitics, Economics, and Investments focuses on globally connected economies, the economic damage caused by successful cyber attacks, and the potential impact of a large-scale cyber attack. Could a successful cyber attack cause a prolonged...

We analyse fiscal policy responses in oil rich countries by developing a Bayesian regimes-witching panel country analysis. We use parameter restrictions to identify procyclical and countercyclical fiscal policy regimes over the sample in 23 OECD and non-OECD oil producing countries. We find that...

After opening up of the Interconnector, the liberalized UK natural gas market and the regulated Continental gas markets became physically integrated. The oil-linked Continental gas price became dominant, due to both the large volume of the Continental market and to the fact that the significant...

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 uses a model of intergenerational accounting to simulate the intergenerational distribution of oil wealth in Venezuela. Venezuelan oil production does not seem to follow an optimal extraction path. Nevertheless, this is true if we do not consider what the government does with the...

Raw material criticality has played an important role in geostrategic thinking, especially since the crisis surrounding the price and supply of rare earths at the beginning of the 2010s. However, once dependency and strategic importance grow too strong, substitution efforts will take place that...

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...

Is The Oil Price a Determinant of Employment in Oil Intensive Romanian Communities?Abstract: Purpose: The purpose of this study is to determine the resilience of oil intensive Romanian communities to oil price fluctuations. Design/methodology/approach: The methodology employed is based on...

This paper uses a model of intergenerational accounting to simulate the intergenerational distribution of oil wealth in Venezuela. Venezuelan oil production does not seem to follow an optimal extraction path. Nevertheless, this is true if we do not consider what the government does with the...

"Following a wave of oil discoveries in Africa, Oil-Age Africa offers new perspectives and critical reflections on the prevalent academic discourses on oil in Africa. This collection brings together researchers from the social sciences to challenge simplified readings of the complex realities of...