Peer-reviewed articles 17,970 +


Title: PROSPECTS OF THE OIL INDUSTRY OF OPEC+ COUNTRIES - MAJOR OIL EXPORTERS IN THE CONTEXT OF POST-PANDEMIC AND POLITICAL INSTABILITY
PROSPECTS OF THE OIL INDUSTRY OF OPEC+ COUNTRIES - MAJOR OIL EXPORTERS IN THE CONTEXT OF POST-PANDEMIC AND POLITICAL INSTABILITY

PlumX Article Metrics by Elsevier
Gurgen Gukasyan; Ali Nasser Khayder
10.5593/sgem2022/1.1/s06.075
10.5593/sgem2022/1.1
1314-2704
978-619-7603-38-5
English
22
1.1
•    Prof. DSc. Oleksandr Trofymchuk, UKRAINE 
•    Prof. Dr. hab. oec. Baiba Rivza, LATVIA
Oil and Gas Exploration
The purpose of the analysis is to identify prospects and opportunities for the development of the oil industry of Arab countries (including Saudi Arabia, the United Arab Emirates. Kuwait, Qatar. Oman, Iraq) as well as Iran, Venezuela, Russia and some others), in the difficult post–pandemic and political conditions of 2022.
In our opinion, there is a strong influence on the oil industry of cyclical and structuralcyclical fluctuations of the world economy, along with the environmental policy of the OECD countries, long-term trends in the consumption of fossil fuels. In this aspect, the historical approach to analysis contributes to a better forecasting of the studied problem, namely, an experience of the OPEC policy in the 20th century.
At the same time, in the context of the events of 2022, there is an overlap of political factors of the development of the oil market with its economic trends. This may lead to a change in the entire configuration of the oil market and industry. The bet on the exceptionally decisive role of "green energy" does not fully justify itself due to various difficulties. The oil resource is viewed differently by developing countries and OECD. Under these conditions, it is possible to identify and justify the impact of a number of unexpectedly intensified factors and strategic directions of the development of the oil industry for key OPEC+ member countries.
In the article the methods of macro and microeconomic analysis, historical approach, statistical analysis, and partly, political analysis, are used. The results can be used in further investigation of oil-exporting countries oil policy.
[1] UAE, Saudi say OPEC+ should not play politics. //Indian Times. 29.03.22. https://economictimes.indiatimes.com/news/international/saudi-arabia/uae-saudi-sayopec-should-not-play-politics/articleshow/90517166.cms
[2] Saudi Arabia’s Vision 2030 Faces its Biggest Test. https://www.euromoney.com/article/b1kwsyr21vw5qs/saudi-arabias-vision-2030-facesits-biggest-test
[3] Crude Oil Prices - 70 Year Historical Chart. https://www.macrotrends.net/1369/crude-oil-price-history-chart
[4] TASS. 6.06.2020 https://tass.ru/info/8665041
[5] OPEC+ to stick to oil rise plan despite EU sanctions –sources. https://www.reuters.com/business/energy/opec-technical-meeting-did-not-discussrussia-suspension-sources-say-2022-06-01/
[6] Forbes. 24.03.2022. https://www.forbes.ru/mneniya/460017-arabskij-miraz-smogutli-strany-persidskogo-zaliva-zamenit-rossiu-na-rynke-nefti
[7] OPEC cuts 2022 world oil demand forecast again on Ukraine war. https://www.reuters.com/business/energy/opec-cuts-2022-world-oil-demand-forecastagain-ukraine-war-2022-05-12/#
[8] BP Statistical Review of World Energy 2021. 70th Edition. London, UK.
[9] Fortune. China is guzzling crude oil. Where is it all coming from? https://fortune.com/longform/china-crude-oil-consumption-map/
[10] Annual Energy Outlook 2020 with projections to 2050. U.S. Energy Information Administration. Washington. January 2020, pp. 9-10
[11] Global Growth to Slow through 2023, Adding to Risk of ‘Hard Landing’ in Developing Economies. The World Bank. https://www.worldbank.org/en/news/pressrelease/2022/01/11/global-recovery-economics-debt-commodity
[12]. Gazoline Demand in Non-OECD Asia. The Oxford Institute for Energy Studies. November, 2017.
[13]. Gulakova O.I. Oil Consumption in China, South Korea and Japan. Regional Economics: Theory and Practice. №30, 215, pp. 25-45
[14]. Kumar R., Shalini S. New International Economic Order: the Traditional Framework and Relevance in 21st Century World with Special Reference to India. Indian Journal Soc. and Pol. 05(01), 2018, pp. 73-78.
conference
https://doi.org/10.5593/sgem2022/1.1/s06.075
Download PDF
Proceedings of 22nd International Multidisciplinary Scientific GeoConference SGEM 2022
22nd International Multidisciplinary Scientific GeoConference SGEM 2022, 04 - 10 July, 2022
Proceedings Paper
STEF92 Technology
International Multidisciplinary Scientific GeoConference SGEM
SWS Scholarly Society; Acad Sci Czech Republ; Latvian Acad Sci; Polish Acad Sci; Serbian Acad Sci and Arts; Natl Acad Sci Ukraine; Natl Acad Sci Armenia; Sci Council Japan; European Acad Sci, Arts and Letters; Acad Fine Arts Zagreb Croatia; Croatian Acad Sci and Arts; Acad Sci Moldova; Montenegrin Acad Sci and Arts; Georgian Acad Sci; Acad Fine Arts and Design Bratislava; Turkish Acad Sci.
645-652
04 - 10 July, 2022
website
8462
oil industry, OPEC+ agreement, world oil demand and supply, oil reserves, oil policy, political tension, “green economy”, interests of developing countries, longterm forecasting