Keywords: Azerbaijan; 007; Caspian Sea; James Bond; Marco Polo; Soviet Union; Eduard Shevardnadze; Azeri oil; Caucasus; British Petroleum; Black Sea
The oil pipeline across the Caucasus has long been a symbol of hope. It has now become a benchmark of public doubt about their governments.
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Keywords: war in Iraq; Iraq; Russia; Kremlin; Igor Ivanov; Vladimir Putin; Russia; Russian government; Tony Blair; State Duma; Sergei Yasterzhembsky
Western critics say the U.S.-led war in Iraq is about oil. In Russia, it’s peace that’s about oil.
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Keywords: oil; economic crisis; USA; Barack Obama;
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Keywords: oil; gas; industries; current trends
The power industry has signifi cantly affected the localization of energy intensive industries which were attracted due to the underdeveloped transport as well as high cost of transport. Traditional industrial areas with high energy consumption thus became the main cores of the territorial structure of the industrial production but also the centres of the economies of individual states and they were created within a background of the extraction of energy resources. The current trend now is more represented through the relation of the secondary energy production to the main economic energy intensive areas. Thanks to the substantially greater transport of the primary and secondary energy resources to the places of consumption it is at the same time prolonged the distance among the place of extraction, production and fi nal use of the energy recourse.
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Keywords: oil; oil shocks; macroeconomic stability
Crude oil is the main part of energy-mix in a greater number of economies in the world. In the last few years researchers are particularly interested in the oil market because of oil-price instability. Oil shock causes recession, especially in countries dependent on oil supply.
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Keywords: biofuels; oil; energetic security; sustainability; blending mandates.
Oil dominates our world energetic mix and this aspect is especially visible in the transportation sector with over 90% of the fuel supply being represented by oil. Due to the geographic concentration of oil reserves, assuring energetic security becomes a challenge for countries short of resources. Biofuels are liquid or gaseous fuels derived from biomass. Energy crops can be specially harvested for this purpose and thus a renewable resource is available. Due to climate change considerations, biofuels use can reduce GHG emissions. Originating from agricultural feedstocks biofuels can offer an alternative market for these commodities. Governments have developed biofuels instruments, such as blending mandates, in order to improve their energetic security, replace oil and maintain the agricultural feedstock prices. The present paper analyzes the opportunity of using biofuels regarding their sustainability, competitiveness and their potential to improve energetic security.
More...Keywords: Slovenia; 1990-2004;oil industry;oil;economy;energy industry; liquid fuels;natural gas;coal industry;electricity industry;
In the following article the author presents oil and gas economy, the position and role of this energy industry in Slovenia. Slovenia does not produce crude oil and gas and imports all of the required quantities. Production in the northeast of Slovenia, where the Lendava rafinery operated until the year 2000, is symbolic. Slovenia only produces methanol from the imported natural gas, and two oil pipelines are relevant for this country. Even though crude oil production and research in this area has a tradition in Slovenia, lasting for several decades, these fields had been developed especially until 1963, when the federal fund for research in the field of crude oil and gas production was abolished. Among other issues the article also focuses on the structure of final energy consumption, where liquid fuels represent the largest percentage, followed by natural gas. The Slovenian market for liquid fuels and natural gas is relatively small. However, one of the characteristics of the Slovenian liquid fuels market is a sufficient number of modern and ecologically-aware filling stations.
More...Keywords: crisis; oil price; extraction; oil consumption; military conflict; petrodollar;
The subject of this article is oil considered as an industrial raw material and a financial asset. The study of the development pathway of the global economy has shown that the global financial system is about to witness new virtual money and the financial instruments that may make oil non- demanded. The article analyzes the regularities reflected in oil price to understand the possibility of the crisis related to this situation. The article identifies the groups of factors directly or indirectly influencing oil and its price, which has enabled to establish their complicated correlation. Besides, it shows that the price of oil as a financial asset is greatly influenced today by the factors specific for the financial sphere.
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Keywords: oil; OPEC; oil shocks; oil price fluctuations; shale revolution; price war;
Oil is one of the commodities with the highest global demand and the largest trade volumes. It is useful both as a raw material tapped to produce other goods, and, when processed, as a commodity in its own right. The purpose of the article is to present the directions of impact of oil price changes on its trade and to analyse factors affecting crude oil prices in period 2014 2015 in the context of quick decrease of prices started in 2014. These analyses are crucial since changes of oil prices cannot be only explained by supply and demand. The research problem and methods: Research topics were formulated as questions: Who is responsible for the slump in the prices of the most important global energy source in the international raw material market? What events in the global market caused the slump in oil prices? Did the slump in oil prices increase oil trade in 2014 and 2015? The article is largely conceptual, based on literature surveys, the analysis of sources and statistical data, comparative analysis, and the descriptive method. The process of argumentation: The argument is composed of four basic parts. The first deals with the chief oil price-shaping mechanisms and their division into long-term and short-term drivers. The second outlines the situation in the global oil market in 2014. The third analyzes the causes of the slump in oil prices in 2014 and 2015. And, lastly, the fourth presents the possible impact of the slump on international oil trade. Research results: Chief price-shaping mechanisms in the oil market include: the supply-demand mechanism, global economic growth, OPEC policy, fluctuations in the US dollar exchange rate, geopolitical events, and the effect of speculation. Even though it is not possible to determine the precise role of each of these factors in shaping the situation in the oil market in 2014/2015, it seems that the slump in prices was primarily caused by a boost in shale oil production in the United States and the OPEC’s “price war” strategy. Conclusions, innovations and recommendations: The situation in the global market in 2017 is likely to be influenced by the OPEC’s decision to reduce oil extraction taken at the summit in Vienna on 30 November 2016. From January 2017, production is to go down to 32.5 million barrels per day and the move is expected to stop the downward price trend. An increase in oil prices could already be noted the day after the decision; however, analysts doubt that the trend will last.
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Keywords: oil; Brent; WTI; seasonality; investment strategy;
This paper focuses on the investigation of oil price seasonal patterns and their exploitability in the investment process. As oil is one of the most important and most traded commodities, a successful investment strategy exploiting seasonal patterns in oil price behaviour may be useful for many retail as well as institutional investors. The results show that during the 1983–2017 period, the Brent and WTI oil prices tended to record abnormally positive returns during the months of March, April and August and abnormally negative returns - during the months of October and November. The analysis also shows that simple investment strategies based on switching between the oil market and money market investments, that are utilizing the oil price seasonal patterns, can outperform in the long term.
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Keywords: oil; oil rig; production; recovery; drawing;
This paper is a short description of the history of oil extraction on the Trotus and Tazlau Valleys. The author presents the first metods used to extract oil, the way it was processed at the beginning oft he century. It is emphasized role of oil in economic life during the times, its uses and the risk of its lack.
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Keywords: oil; technology; method; patents; refinery;
Lazar Edeleanu was born in Bucharest, on Septem ber 1861. He attended St. Sava High School in Bucharest and he studied Chemistry at Berlin University being the student of famous professors: A.W. Hofmann, H.L. Helmotz, C.H. Wichel haus, J.K.F.Tiemann and C.F. Rammelsberg. His master’s degree paper “The study of some derivates of the phenylmetacrylic and phenilisobutiric acids” described an application of Pro fessor Hofmann method “Hofmann degradation on amine”. During his research, Edeleanu discovered the composite called phenylisopropylamine, used nowadays in the manufacture of amphetamines. Lazar Edeleanu was lecturer at the Royal Artillery College, assis tant of Dr. Constantin I. Istrati at the University of Bucharest, director of the chemistry laboratory for the Department of Mining. In 1906 he was appointed executive director of Vega Refinery in Ploiesti. In 1908, Lazar Edeleanu invented a new oil refinery method based on using liquid sulphur dioxide. In 1960 there were 80 Edeleanu installations in various countries in the world. Dr. Edeleanu’s work in the field of oil technology concretized in 57 patents and 77 scientific works. In 1932, the Institution of Petroleum Technologists awarded him the Redwood Medal. On that occasion Dr. Dunston, President of the Institution, charac terized the Romanian scientist first as a great chemist, no less important than Davy or Faraday, secondly, as a great technolo gist, who was able to apply the principles of pure science to the development of an important industrial method. Lazar Edeleanu died in Bucharest on the 7th April 1941, after a life time dedicated to science and technological progress.
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Keywords: climate change;oil;geopolitics;
Today, in the modern and dynamic development of humanity almost all activities are related to dependence on energy, especially oil dependence, starting from the economy as well as activities in the society and international politics. Since the development of air and road traffic, especially after World War II, the transfer of wealth from some countries (producing countries) to other countries (consumer countries) is already an everyday major activity. Climate change is expected to pose a safety hazardif the planet warms by 1.3 degrees by 2040, is expected to occur "enlarged internal and cross-border tensions caused by the large number of migrations, conflicts due to lack of resources, increased spread of diseases coming to possible new geopolitical change". Geopolitical approach of oil is in fact a key resource that is used in transport and is located in few countries (which then in 2000 moved to the resource nationalism that could use oil as a weapon and where people may face civil strife) that must betransported over long (and increasingly) risky maritime routes (including passage through straits), can lead to wars on access to oil resources or control over oil transport routes.
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Keywords: oil; contagion; emerging markets; systemic risk;
This paper analyses the volatility transmission from changes in prices in oil and developed stock markets to emerging markets. We test for volatility contagion from these two factors while allowing for interaction between them in order to account for diversification effects using the M-GARCH framework in a traditional two-factor market model. We find evidence that for all the periods under observation the covariance between developed markets and oil prices is negative. This negative covariance leads to a diversification effect, which lowers the impact of developed market prices on the systemic risk of emerging markets and gives support for the decoupling hypothesis concerning emerging market volatility during the beginning of the global financial crisis (GFC).
More...Keywords: oil; energy security; maritime campaigns
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Keywords: oil; gas; energy; United States; judicial evolutions;
Independenţa energetică constituie un obiectiv politic şi economic central al Statelor Unite. Din 2014, Statele Unite au fost pe primul loc între ţările producătoare de petrol în conformitate cu Energy Information Administration2. Această producţie este susţinută în mare măsură de petrolul de şist, precum şi de producţia offshore. Preşedinţia lui Barack Obama nu a pus la îndoială această strategie ofensivă.
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Keywords: oil; oil price; gas economy of Azerbaijan; gross domestic product of Azerbaijan; gross domestic product growth rate; oil production; oil industry; Azerbaijani manat; OPEC+;
Since oil plays an important role in the economy of Azerbaijan, the events in the global oil market deeply affect the national economy. Moreover, the COVID-19 pandemic influenced the economy of Azerbaijan, in which oil and gas have a significant place. In April 2020, the price of one barrel of oil on the world market fell to $1. One reason for this was the decrease in oil demand due to the lockdown regime implemented by many countries due to the rapid outbreak of the COVID-19 pandemic, and another reason was that the OPEC (Organization of the Petroleum Exporting Countries) countries could not agree on reducing oil production. The aim of this research is to show the impacts of oil prices on gross domestic product (GDP) of Azerbaijan, the growth rate of GDP, and the amount of oil production in Azerbaijan in 2009-2018. The hypothesis of the research is that oil prices seriously influence the economy of Azerbaijan and there is a correlation between the growth rate of Azerbaijan’s gross domestic product and the oil prices. The study starts with a brief description of the history of Azerbaijan’s oil industry, followed by oil industry’s importance in the economy of Azerbaijan, the role in foreign economic relations, and the effects on the economy of country. The quantitative method was used as a key research method. The data used in the analysis of this study were collected according to the literature scanning method, which is one of the data collection techniques. Further, descriptive statistics technique, which is a quantitative data analysis technique, was used to analyse the data. The findings show that the changes in oil prices in 2009-2018 directly affect the Azerbaijan’s gross domestic product, the growth rate of GDP, and the amount of oil production in Azerbaijan. Thus, as oil prices increase, the growth rate of the country’s gross domestic product and GDP increase and decrease as oil prices decrease.
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Keywords: oil; anointment; theopoetics; typology; mystagogy; theology;
St. Ephrem was not a theologian who wrote poems, he was a theopoet. His entire work illustrate his conception that the most adequate `vase` that can receive theological thinking is poetry. His theological conception is embodied in madrāšê, not to seduce, or convince a potential audience but to reveal the mysteries of faith. In a melting pot of liturgic, Christ-oriented poetic sensibility St. Ephrem mixes Biblical typologies with symbolism of nature, only to distill the most profound lines about the embodied Word. The result is a dramatic, and complete mystagogy, defused in his teachings that are still little known. In this paper I will analyze the theopoetics of sacred oil and of baptismal anointment, as it appears in Hymns 4-7 (De virginitate) and in Hymn 3 (De Epiphania). The complexity of this analysis requires a simultaneous examination of all types of baptismal anointment, as they appear in the liturgical traditions of the first centuries of Christianity. The paper will then present, and attempt to define St. Ephrem’s theological method, as it results from the dynamics of his theopoetics in the analyzed texts. By comparing and contrasting St. Ephrem’s method to what is loosely defined as tradition, the paper will highlight his originality and will demonstrate the use of the theopoetic approach to St. Ephrem’s mystagogy.
More...Keywords: high molecular weight compounds of oils; resins and asphaltenes; inhibiting properties; microelements; catalytic poisons; waste production;
The article discusses the environmental aspects of the use of oil and oil components. It is shown that for the most complete solution of applied problems in oil and gas production, taking into account the preservation of ecological biodiversity (meaning a decrease in anthropogenic environmental pollution), it is important to know the qualitative composition of the used hydrocarbon raw materials.
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Keywords: oil; international market; influence;
The purpose of this paper is to emphasize the importance of oil on the international market, its role and influence on the world economy. If oil had a remarkable continuity of its use in history, we see that today all modern industry depends on this "black gold", as it is rightly named. Hydrocarbons in the form of oil and its derivatives have become the main source of energy for most of the countries. It is a product that cannot be ignored neither in politics, nor in industry or economy. We can say that it is the product with the strongest influence in these sectors.
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