Local truces could increase Libya's oil production

2015 ◽  
Keyword(s):  
Oil Production ◽  
Emergency Relief ◽  
Content Type ◽  
Oil Resources ◽  
The Impact ◽  
Improve Access

Subject The impact of the rising number of local truces. Significance Elders from the towns of Zintan, Zawiya and Rujban on July 14 agreed never to attack each other again. A series of local truces in western Libya in recent months has brought about a cessation of hostilities in several regions. This process has been taking place in parallel to the UN-brokered negotiations to end the divide between Libya's two governments, which resulted in a political agreement on July 11. Impacts Local truces will improve access to emergency relief for medical, fuel and food supplies in several communities. If local agreements continue to hold and inspire others, the UN-brokered national political deal will be bolstered. Reopening pipelines to El Feel and El Sharara oilfields and increasing oil production may intensify the battle for oil resources.

Oil price uncertainty and equity returns

2016 ◽  
Vol 8 (1) ◽  
pp. 64-79 ◽  
Author(s):  
Aktham Maghyereh ◽  
Basel Awartani
Keyword(s):  
Stock Returns ◽  
Oil Production ◽  
Equity Returns ◽  
Oil Price ◽  
Policy Implications ◽  
Price Uncertainty ◽  
Mena Region ◽  
Stock Market Returns ◽  
Content Type ◽  
The Impact

Purpose This paper aims to examine the impact of oil price uncertainty on the stock market returns of ten oil importing and exporting countries in the Middle East and North Africa (MENA) region. The sample contains both oil importing and oil exporting countries that depend heavily on oil production and exports. Design/methodology/approach This paper intuitively applies the generalized autoregressive conditional heteroskedasticity (GARCH)-in-mean vector autoregression (VAR) model using weekly data over the period January 2001-February 2014. Findings The findings indicate that oil uncertainty matters in the determination of real stock returns. There is a negative and significant relationship between oil price uncertainty and real stock returns in all countries in the sample. The influence of oil price risk is more serious in those economies that depend heavily on oil revenues to grow. Practical implications The findings have important implications. For instance, managers should be aware of the linkages between oil price uncertainty and equity returns when they use oil to hedge and diversify equities, particularly in economies where oil is important for economic growth. The policymakers in oil importing countries should encourage companies to improve efficiency in the usage of energy and to resort to alternative sources to avoid fluctuations in earnings and equity prices. In the countries that heavily depend on oil efforts should focus on diversifying the domestic economy away from oil to protect against oil price fluctuations. Originality/value To the best of our knowledge, this is the first attempt to study the influence of oil price uncertainty in the MENA region. The sample contains both oil importing and oil exporting countries that depend heavily on oil production and exports. The empirical findings of the paper have valuable policy implications for investors, market participants and policymakers.

OPEC quotas may have small impact

2016 ◽  
Keyword(s):  
Saudi Arabia ◽  
Oil Production ◽  
Change Strategy ◽  
Content Type ◽  
Small Impact ◽  
Future Action ◽  
The Us ◽  
Policy Direction ◽  
The Impact

Significance OPEC's decision to try to agree new quotas for its members, albeit with key exemptions, suggests a fragile consensus is growing around a change in policy direction towards cooperation. Impacts Perceptions will strengthen that Saudi Arabia is prepared to change strategy. A framework and platform for future action should allow OPEC to reassert its cartel position. Agreement on quotas is unlikely to reduce export volumes much, limiting the impact on prices. The prospect of a deal will see further additions to the US rig count, with implications for US oil production in 2017. If prices rise, encouraging more investment, and Libyan and Nigerian output recovers, OPEC output could rise even if quotas are imposed.

Azerbaijan looks to gas as oil's importance wanes

2017 ◽  
Keyword(s):  
Oil Production ◽  
Strong Ties ◽  
Social Unrest ◽  
Content Type ◽  
The Government ◽  
Russian Military ◽  
The Impact

Subject Impact of oil output cuts on Azerbaijan. Significance Azerbaijan has agreed to cut oil production in the first half of 2017 in support of the agreement reached by OPEC and non-OPEC states. It can ill afford a further loss of revenues, but the bigger picture is that oil production is already on a downward curve. Impacts To avoid social unrest, the government will need to allocate spending to mitigate the impact of rising prices. Fiscal pressures may rein in lavish spending on Russian military hardware. The government will maintain strong ties with Turkey as an export route and security ally.

Does crude oil output aid economy boom or curse in Nigeria? An inference from “Dutch disease”

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Samuel Oludimu ◽  
Adewale Andrew Alola
Keyword(s):  
Economic Growth ◽  
Crude Oil ◽  
Resource Curse ◽  
Oil Production ◽  
Income Level ◽  
Dutch Disease ◽  
Least Square ◽  
Content Type ◽  
Crude Oil Production ◽  
The Impact

PurposeA reflection on some supposed oil exporting states constantly reminds of the (in) validity of the resource curse hypothesis and environmental consequences of oil exploration. In Africa, especially the case of Nigeria, the argument has remained whether the country's voluminous deposit of crude oil has positively affected the livelihood of the people. The study aims to examine the impact of oil production on the income level in Nigeria.Design/methodology/approachIn this context, the study first examined validity of Dutch disease in Nigeria, thus providing a foundation to further establish the resource curse hypothesis. As such, the impact of crude oil production (CRUDE), square of crude oil production (CRUDESQ), crude oil reserves (RESERVES) and population (POP) on economic growth over the period of 1980–2018 is examined through the combination of autoregressive distributed lag (ARDL), fully-modified ordinary least square (FMOLS) and canonical cointegration regression (CCR) methods.FindingsWhile the study revealed the existence of Dutch disease in Nigeria, the resource curse hypothesis is also valid. However, the study found that the resource curse hypothesis in Nigeria can be over-turned when the CRUDE attains a certain maximum threshold, i.e. when crude oil output is doubled over time. In addition, either of crude RESERVES or oil rent (RENT) is seen as a limiting factor to economic growth while POP poses a positive and desirable impact on the country's economic development.Originality/valueThus, the implication of a U-shaped relationship between oil production and income level is that Nigeria's natural resources exploration could be employed to over-turn the potential of resource curse hypothesis by increasing exploration while the sources of leakages and misappropriation of the oil revenues are deliberately mitigated. Other useful socio-economic policies were proposed for the Government.

scholarly journals Economic implications of domestic natural gas allocation in Indonesia

2019 ◽  
Vol 13 (2) ◽  
pp. 424-449
Author(s):  
Aldi M. Hutagalung ◽  
Djoni Hartono ◽  
Maarten J. Arentsen ◽  
Jon C. Lovett
Keyword(s):  
Natural Gas ◽  
National Economy ◽  
Oil Production ◽  
Data Availability ◽  
Added Value ◽  
Economic Implications ◽  
Content Type ◽  
Allocation Policy ◽  
The Government ◽  
The Impact

Purpose The purpose of the paper is to provide to a better scientific understanding of Indonesia’s domestic gas allocation policy and its effects on the national economy and to answer the question of what best priorities can be set in allocating the natural gas for the domestic market to maximize the benefits for the national economy. Design/methodology/approach The authors apply a Computabled General Equilibrium (CGE). The Social Accounting Matrix 2008 is used to calibrate the CGE Model. There are two scenarios proposed, each is simulated with certain percentage of gas supply curtailment (50 MMSCFD, Scenario A), (100 MMSCFD, Scenario B). Findings It is confirmed that government’s current policy to give priority to oil production is not the optimum way to maximize added value of natural gas to Indonesian economy. While oil production generates state revenue, it is industry and petrochemical sector that induces high economic impacts because of strong backward and forward linkages. Research limitations/implications Due to the limited data availability, it is assumed that the data on the SAM 2008 are valid for describing the structure of Indonesian economy. Practical implications The paper provides recommendation to the government to revise gas allocation policy by changing the rank of consumers’ priority. Originality/value This paper provides instruments to measure the impact of Indonesia’s domestic gas allocation policy. Finding the best hierarchy of consumer priorities is essential for maximizing added value of natural gas for the national economy.

Uganda energy moves pose risks for the president

2017 ◽  
Keyword(s):  
Political Economy ◽  
Oil Production ◽  
Recent Experience ◽  
Energy Infrastructure ◽  
Content Type ◽  
Investor Confidence ◽  
Energy Fund ◽  
The Impact ◽  
The Imf

Subject Political economy of energy in Uganda. Significance After 20 years of growth averaging 8% per annum, the Ugandan economy has begun to falter. In July, the IMF reported that 2016-17 growth had slowed to 3.9%. Both the IMF and Museveni agree that further investment in infrastructure -- especially energy infrastructure -- will help to alleviate the current pressures. However, recent experience suggests that such investments are not without risks. Impacts Controversies related to the Bujagali dam will raise concerns over the viability of other hydro-electric projects. The depletion of the national ‘Energy Fund’ will reduce the government’s ability to mitigate the impact of shocks in the sector. Reduced investor confidence will undermine Uganda’s attempts to kickstart oil production.

The More Control, the Better?

2014 ◽  
Vol 26 (2) ◽  
pp. 81-91 ◽  
Author(s):  
Jeeyun Oh ◽  
Mun-Young Chung ◽  
Sangyong Han
Keyword(s):  
Mixed Design ◽  
Negative Effects ◽  
Story Structure ◽  
Content Type ◽  
High User ◽  
User Control ◽  
Rigorous Research ◽  
Control Versus ◽  
The Media ◽  
The Impact

Despite of the popularity of interactive movie trailers, rigorous research on one of the most apparent features of these interfaces – the level of user control – has been scarce. This study explored the effects of user control on users’ immersion and enjoyment of the movie trailers, moderated by the content type. We conducted a 2 (high user control versus low user control) × 2 (drama film trailer versus documentary film trailer) mixed-design factorial experiment. The results showed that the level of user control over movie trailer interfaces decreased users’ immersion when the trailer had an element of traditional story structure, such as a drama film trailer. Participants in the high user control condition answered that they were less fascinated with, absorbed in, focused on, mentally involved with, and emotionally affected by the movie trailer than participants in the low user control condition only with the drama movie trailer. The negative effects of user control on the level of immersion for the drama trailer translated into users’ enjoyment. The impact of user control over interfaces on immersion and enjoyment varies depending on the nature of the media content, which suggests a possible trade-off between the level of user control and entertainment outcomes.

Perceived workplace gender-bias and psychological impact

2019 ◽  
Vol 43 (3/4) ◽  
pp. 339-353 ◽  
Author(s):  
Siham Lekchiri ◽  
Cindy Crowder ◽  
Anna Schnerre ◽  
Barbara A.W. Eversole
Keyword(s):  
Gender Bias ◽  
Critical Incident ◽  
Psychological Impact ◽  
Working Women ◽  
Content Type ◽  
Treatment Bias ◽  
Male Dominated ◽  
The Impact ◽  
Organizational Mechanisms ◽  
Practical Implications

Purpose The purpose of this paper is to explore the experiences of working women in a male-dominated country (Morocco) and unveil the unique challenges and everyday gender-bias they face, the psychological impact of the perceived gender-bias and, finally, identify a variety of coping strategies or combatting mechanisms affecting their motivation and retention in the workplace. Design/methodology/approach Empirical evidence was obtained using a qualitative research method. The Critical Incident Technique (CIT) was used to collect incidents recalled by women in the select institution reflecting their perceptions of their managers’ ineffective behaviors towards them and the impact of these behaviors. The critical incidents were inductively coded, and behavioral statements were derived from the coded data. Findings The qualitative data analysis led them to structure the data according to two theme clusters: The perceived gender-bias behaviors (Covert and evident personal and organizational behaviors) and Psychological impacts resulting from the perceived bias. These behavioral practices included abusive behaviors, unfair treatment, bias and lack of recognition. The psychological impact elements involved decreased productivity, depression, anxiety and low self-esteem. Practical implications Understanding these experiences can facilitate the identification of strategies geared towards the retention of women in the workforce, and Moroccan organizations can develop and implement strategies and policies that are geared towards eliminating gender-bias in the workplace and to retaining and motivating women who remain ambitious to work in male-dominated environments and cultures. Originality/value This paper provides evidence that sufficient organizational mechanisms to support women in male-dominated environments are still unavailable, leaving them to find the proper coping mechanisms to persevere and resist.

An empirical examination of firm financial performance along dimensions of supply chain resilience

2017 ◽  
Vol 40 (3) ◽  
pp. 254-269 ◽  
Author(s):  
Xun Li ◽  
Qun Wu ◽  
Clyde W. Holsapple ◽  
Thomas Goldsby
Keyword(s):  
Supply Chain ◽  
Financial Performance ◽  
Three Dimensions ◽  
Empirical Examination ◽  
Content Type ◽  
Supply Chain Resilience ◽  
Critical Dimensions ◽  
Firm Financial Performance ◽  
Supply Chain Agility ◽  
The Impact

Purpose This paper aims to investigate the impact of three critical dimensions of supply chain resilience, supply chain preparedness, supply chain alertness and supply chain agility, all aimed at increasing a firm’s financial outcomes. In a turbulent environment, firms require resilience in their supply chains to prepare for potential changes, detect changes and respond to actual changes, thus providing superior value. Design/methodology/approach Using survey data from 77 firms, this study develops scales for preparedness, alertness and agility. It then tests their hypothesized relationships with a firm’s financial performance. Findings The results reveal that the three dimensions of supply chain resilience (i.e. preparedness, alertness and agility) significantly impact a firm’s financial performance. It is also found that supply chain preparedness, as a proactive resilience capability, has a greater influence on a firm’s financial performance than the reactive capabilities including alertness and agility, suggesting that firms should pay more attention to proactive approaches for building supply chain resilience. Originality/value First, this study develops a comparatively comprehensive definition for supply chain resilience and explores its dimensionality. Second, this study provides empirically validated instruments for the dimensions of supply chain resilience. Third, this study is one of the first to provide empirical evidence for direct impact of supply chain resilience dimensions on a firm’s financial performance.

Proprietary information and the cost of bank debt

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
HyunJun Na
Keyword(s):  
Least Square ◽  
Bank Loan ◽  
Content Type ◽  
Loan Contracts ◽  
Proprietary Information ◽  
Banking Deregulation ◽  
Interstate Banking ◽  
Innovative Firms ◽  
Bank Loan Contracts ◽  
The Impact

PurposeThis study explores how the firm’s proprietary information has an impact on the bank loan contracts. It explains the propensity of using the competitive bid option (CBO) in the syndicate loans to solicit the best bid for innovative firms and how it changes based on industry competition and the degree of innovations. This research also examines how the interstate banking deregulation (Interstate Banking and Branching Efficiency Act) in 1994 affected the private loan contracts for innovative borrowers.Design/methodology/approachThe study uses various econometric analyses. First, it uses the propensity score matching analysis to see the impact of patents on pricing terms. Second, it uses the two-stage least square (2SLS) analysis by implementing the litigation and non-NYSE variables. Finally, it studies the impact of the policy change of the Interstate Banking and Branching Efficiency Act of 1994 on the bank loan contracts.FindingsFirms with more proprietary information pays more annual facility fees but less other fees. The patents are the primary determinants of the usage of CBO in the syndicate loans to solicit the best bid. While innovative firms can have better contract conditions by the CBO, firms with more proprietary information will less likely to use the CBO option to minimize the leakage of private information and the severe monitoring from the banks. Finally, more proprietary information lowered the loan spread for firms dependent on the external capital after the interstate banking deregulation.Originality/valueThe findings of this research will help senior executives with responsibility for financing their innovative projects. In addition, these findings should prove helpful for the lawmakers to boost economies.

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