Deepwater in West Africa
... • Development of FPSO technology meant easier on-site installation for deepwater developments. • Downside is that newer technology resulted in less employment by local communities or indigenous companies that had not acquired new technical skills. • Result: Greater and faster applications of new tec ...
... • Development of FPSO technology meant easier on-site installation for deepwater developments. • Downside is that newer technology resulted in less employment by local communities or indigenous companies that had not acquired new technical skills. • Result: Greater and faster applications of new tec ...
... market. Although OPEC’s December meeting confirmed major disagreements within the organisation over the current policy, with some producers arguing for production cuts to support prices, there appears to be little prospect of a change in the Saudi-led plan anytime soon. While oil prices may have fal ...
Oil Price Shocks, Monetary Policy and Stagflation
... Inflation will rise slowly initially, but will continue to rise even after output has peaked, resulting in stagflation. ...
... Inflation will rise slowly initially, but will continue to rise even after output has peaked, resulting in stagflation. ...
Abstract
... in the relative price stemming from increased demand in the service sector. Indeed, when manufacturing output falls, its price does not change because it is determined on the international market and the economy is considered as small. Demand for services will, therefore, increase along with its pri ...
... in the relative price stemming from increased demand in the service sector. Indeed, when manufacturing output falls, its price does not change because it is determined on the international market and the economy is considered as small. Demand for services will, therefore, increase along with its pri ...
Current Drop in Oil Prices: Impact on Africa
... Even though, OPEC is not intervening for now, the prevailing low oil prices are also hurting economies of its members since the group needs an average oil price of at least $100 per barrel to balance their annual domestic budgets.(4) Saudis might be taking direct aim at the U.S. shale industry and i ...
... Even though, OPEC is not intervening for now, the prevailing low oil prices are also hurting economies of its members since the group needs an average oil price of at least $100 per barrel to balance their annual domestic budgets.(4) Saudis might be taking direct aim at the U.S. shale industry and i ...
Not Too Hot, Not Too Cold (with the exception of Japan)
... prices are too low, as they were in late 2015 and early 2016, sovereign wealth fund selling and fears of defaults by oil producers can destabilize financial markets. By contrast, oil prices rising too high could undermine the accelerating consumer spending that is driving economic growth in both the ...
... prices are too low, as they were in late 2015 and early 2016, sovereign wealth fund selling and fears of defaults by oil producers can destabilize financial markets. By contrast, oil prices rising too high could undermine the accelerating consumer spending that is driving economic growth in both the ...
Energy Security of the United States
... was over USD 500 billion • Estimates vary from USD 13 – 143 billion – Wide range of estimates reflect the difficulty in calculating the cost – Certain forces have multiple aims and missions – Cost generally includes CENTCON, protection of maritime transit in the Persian Gulf region and Indian Ocean, ...
... was over USD 500 billion • Estimates vary from USD 13 – 143 billion – Wide range of estimates reflect the difficulty in calculating the cost – Certain forces have multiple aims and missions – Cost generally includes CENTCON, protection of maritime transit in the Persian Gulf region and Indian Ocean, ...
Cursed by King Midas
... The sharp fall in oil prices clearly causes a significant amount of wealth transfer globally (it doesn’t create any unless productivity gain allows them to move permanently lower). The income flowing to net oil producers (Middle East, Russia) will be at least temporarily transferred to net consumers ...
... The sharp fall in oil prices clearly causes a significant amount of wealth transfer globally (it doesn’t create any unless productivity gain allows them to move permanently lower). The income flowing to net oil producers (Middle East, Russia) will be at least temporarily transferred to net consumers ...
Global implications of low oil prices
... tightly managed exchange rate arrangements (e.g. Iran, Iraq, Nigeria, Saudi Arabia, the United Arab Emirates and Venezuela). Monetary policy has also been constrained in commodity-exporting countries with more flexible exchange rates (e.g. Canada, Mexico, Norway and Russia). As the currencies of the ...
... tightly managed exchange rate arrangements (e.g. Iran, Iraq, Nigeria, Saudi Arabia, the United Arab Emirates and Venezuela). Monetary policy has also been constrained in commodity-exporting countries with more flexible exchange rates (e.g. Canada, Mexico, Norway and Russia). As the currencies of the ...
Plunging Oil Prices - Federal Reserve Bank of Dallas
... maintain production levels, which changed people’s expectations of future supply from the cartel. Some analysts believe that the appreciation of the dollar also played a role. The decline of other currencies relative to the dollar makes oil more expensive for consumers outside the U.S. For example, ...
... maintain production levels, which changed people’s expectations of future supply from the cartel. Some analysts believe that the appreciation of the dollar also played a role. The decline of other currencies relative to the dollar makes oil more expensive for consumers outside the U.S. For example, ...
Global Demand Dynamics: Determinants and Policy Issues
... • Share on expenditure on energy out of the total budget tends to rise at early levels of economic development – In non-OECD percentage growth in income is likely to be associated with larger percentage growth in oil demand ...
... • Share on expenditure on energy out of the total budget tends to rise at early levels of economic development – In non-OECD percentage growth in income is likely to be associated with larger percentage growth in oil demand ...
INSIDE COMMODITIES LME ALUMINIUM-OUTLOOK
... necessary to pave the way for higher revenue in the medium term, by curbing new investment and further increases in supply from places like the U.S. shale patch or ultra-deepwater, according to the sources, who declined to be identified due to the private nature of the discussions. The conversations ...
... necessary to pave the way for higher revenue in the medium term, by curbing new investment and further increases in supply from places like the U.S. shale patch or ultra-deepwater, according to the sources, who declined to be identified due to the private nature of the discussions. The conversations ...
Exogenous Oil Supply Shocks
... late 1973 would be misleading, however, because of differences in economic incentives across these countries. ● 1971 Tehran/Tripoli agreements between the oil companies and Middle Eastern OPEC oil producers: - Duration of five years - Moderate improvement in the financial terms that host governments ...
... late 1973 would be misleading, however, because of differences in economic incentives across these countries. ● 1971 Tehran/Tripoli agreements between the oil companies and Middle Eastern OPEC oil producers: - Duration of five years - Moderate improvement in the financial terms that host governments ...
EROI, Insidious Feedbacks, and the End of Economic Growth
... assumption as GDP, incomes, and most other measures of economic growth have in fact grown steadily over the past century. (Note: economic growth and “business as usual” economic growth are used synonymousy to mean an annual growth in GDP) But if you believe as I do that the world is entering a uniqu ...
... assumption as GDP, incomes, and most other measures of economic growth have in fact grown steadily over the past century. (Note: economic growth and “business as usual” economic growth are used synonymousy to mean an annual growth in GDP) But if you believe as I do that the world is entering a uniqu ...
Oil Security 2025
... Oil Markets I • Due to heavy reliance on oil, American consumers and businesses are fully exposed to oil prices • Few opportunities to choose less costly alternatives in the short run – demand is price inelastic • If oil prices jump, consumers divert expenditures away from other items – can cause a ...
... Oil Markets I • Due to heavy reliance on oil, American consumers and businesses are fully exposed to oil prices • Few opportunities to choose less costly alternatives in the short run – demand is price inelastic • If oil prices jump, consumers divert expenditures away from other items – can cause a ...
... countries, so the oil-importing countries would decline their consumption [2]. While as the decreasing demand of importing countries is greater than the increase of exporting countries, thus the whole world consumption would decline, which would finally inhibit economic growth, a recession happens t ...
Can Canada become a Responsible Oil Power? What it means to
... its country great wealth and a curse because it hinders democracy. Countries depend on fossil fuels for 80% of its national energy1. The resource curse thesis, otherwise known as Dutch Disease, attempts to explain “how countries with abundant energy resources not only do not benefit from them but al ...
... its country great wealth and a curse because it hinders democracy. Countries depend on fossil fuels for 80% of its national energy1. The resource curse thesis, otherwise known as Dutch Disease, attempts to explain “how countries with abundant energy resources not only do not benefit from them but al ...
Addressing the impact of the decreasing oil price on
... boosted by the growing demand from fast-growing economies in Asia and beyond. After a sharp decline in 2008, prices went up to a relatively stable price thanks to the global stability in finance and energy sector. The oil price plummeted again from mid-2014 onwards. Since then, prices have been slow ...
... boosted by the growing demand from fast-growing economies in Asia and beyond. After a sharp decline in 2008, prices went up to a relatively stable price thanks to the global stability in finance and energy sector. The oil price plummeted again from mid-2014 onwards. Since then, prices have been slow ...
Lessons to be drawn from the oil price shocks of the 1970s and early
... The initial monetary policy response to the second oil price shock differed significantly across countries. On average, short-term nominal interest rates rose in 1980 but ex post “real” interest rates declined slightly in 1980. Only the subsequent steady rise in average nominal (and real) interest r ...
... The initial monetary policy response to the second oil price shock differed significantly across countries. On average, short-term nominal interest rates rose in 1980 but ex post “real” interest rates declined slightly in 1980. Only the subsequent steady rise in average nominal (and real) interest r ...
Middle Eastern Political and Economic Systems
... •Some countries in Southwest Asia are very rich in oil and natural gas, but they lack farmland and the ability to produce enough food •Saudi Arabia is able to specialize in the production of oil and natural gas and sell these products at great profit on the world market •The money earned in this tr ...
... •Some countries in Southwest Asia are very rich in oil and natural gas, but they lack farmland and the ability to produce enough food •Saudi Arabia is able to specialize in the production of oil and natural gas and sell these products at great profit on the world market •The money earned in this tr ...
Middle Eastern Political and Economic Systems
... •Some countries in Southwest Asia are very rich in oil and natural gas, but they lack farmland and the ability to produce enough food •Saudi Arabia is able to specialize in the production of oil and natural gas and sell these products at great profit on the world market •The money earned in this tr ...
... •Some countries in Southwest Asia are very rich in oil and natural gas, but they lack farmland and the ability to produce enough food •Saudi Arabia is able to specialize in the production of oil and natural gas and sell these products at great profit on the world market •The money earned in this tr ...
Middle Eastern Political and Economic Systems
... •Some countries in Southwest Asia are very rich in oil and natural gas, but they lack farmland and the ability to produce enough food •Saudi Arabia is able to specialize in the production of oil and natural gas and sell these products at great profit on the world market •The money earned in this tr ...
... •Some countries in Southwest Asia are very rich in oil and natural gas, but they lack farmland and the ability to produce enough food •Saudi Arabia is able to specialize in the production of oil and natural gas and sell these products at great profit on the world market •The money earned in this tr ...
Oil in Southwest Asia: How “Black Gold” Has Shaped a Region
... b. Buying weapons and fighting wars has used up their money ...
... b. Buying weapons and fighting wars has used up their money ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... The block recursive matrix in the estimated model ensures that the X1t variables depend on their lags, the X2t variables depend on their own lags and those of X1t, and the X3t variables depend on its own lags and those of X1t and X2t. By adopting this approach, the chapter can analyze how the shocks ...
... The block recursive matrix in the estimated model ensures that the X1t variables depend on their lags, the X2t variables depend on their own lags and those of X1t, and the X3t variables depend on its own lags and those of X1t and X2t. By adopting this approach, the chapter can analyze how the shocks ...
Full-text article - Federal Reserve Bank of Boston
... nation has sharply increased its net imports of petroleum in recent years (Chart 2). This development was largely a response to the huge 1986 price decline, which occurred after Saudi Arabia stepped up its production in an attempt to enlarge its receipts and/or its market share in the face of relati ...
... nation has sharply increased its net imports of petroleum in recent years (Chart 2). This development was largely a response to the huge 1986 price decline, which occurred after Saudi Arabia stepped up its production in an attempt to enlarge its receipts and/or its market share in the face of relati ...
1973 oil crisis
The 1973 oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries (OAPEC, consisting of the Arab members of the OPEC plus Egypt and Syria) proclaimed an oil embargo. By the end of the embargo in March 1974, the price of oil had risen from $3 per barrel to nearly $12. The oil crisis, or ""shock"", had many short-term and long-term effects on global politics and the global economy. It was later called the ""first oil shock"", followed by the 1979 oil crisis, termed the ""second oil shock.""