scholarly journals Predictive Scenarios of the Russian Oil Industry; with a Discussion on Macro and Micro Dynamics of Open Innovation in the COVID 19 Pandemic

2020 ◽  
Vol 6 (3) ◽  
pp. 85 ◽  
Author(s):  
Vadim Ponkratov ◽  
Nikolay Kuznetsov ◽  
Nadezhda Bashkirova ◽  
Maria Volkova ◽  
Maria Alimova ◽  
...  
Keyword(s):  
Crude Oil ◽  
Supply And Demand ◽  
Scientific Information ◽  
Sharp Decrease ◽  
Oil Industry ◽  
Activity Level ◽  
Demand And Supply ◽  
Industry Development ◽  
Oil Companies ◽  
The World

The decrease in the economic activity level around the world due to the COVID-19 pandemic spread has led to a sharp decrease in the crude oil price and provoked an oil war outbreak in the global energy market. The current situation has provoked the need for a total decrease in the crude oil production in the world. Considering that Russia is one of the main oil exporters on the world market, the need to determine the supply and demand levels for Russian oil is becoming relevant. The aim of the paper is to model predictive scenarios of Russian oil industry development, considering the specifics of the current economic environment given the COVID-19 pandemic. The multifactor correlation modeling method was used to form the system of indicators determining the level of demand and supply for Russian oil used and the total level of their influence. The functions determine the probability of implementing various scenarios of oil industry development depending on the predicted values of demand and supply. The three-sigma rule and the fuzzy sets method were used to estimate three scenarios of oil industry development for 2020–2021. Changes in revenues of the industry under the influence of forecast indicators of supply and demand for oil have been assessed and the probability of implementation of each of the scenarios has been reasoned. The results obtained are of a practical nature and can be used by government agencies, financial intermediaries, and scientists to diagnose Russian oil industry development. The results will be useful for oil companies to develop a strategy of open innovations for further design of the scientific information field for the effective functioning of the industry in complete uncertainty conditions.

scholarly journals THE HISTORY OF THE COVID 19, AND ITS IMPACT ON THE CRUDE OIL PRICE CHANGES (IN CONTEXT OF INDIA`S COVID 19 CONTEXT)

2022 ◽  
pp. 42-44
Author(s):  
Dr. Mohan Kumar K
Keyword(s):  
Crude Oil ◽  
International Energy Agency ◽  
Oil Prices ◽  
Indian Government ◽  
Energy Agency ◽  
Demand And Supply ◽  
Oil Companies ◽  
The World ◽  
History Of ◽  
The Government

Oil is the most essential fuel for the world presently and the world, India is the third largest oil importer in the world, with 9.7 percent of the world oil imports, after China and USA, India imports around 80 percent of its oil needs and aims to bring down to 67 percent by 2022, by replacing it by local exploration, renewable energy and indigenous ethanol fuel, but in India there is lack of demand for crude oil and oil products due to Covid-19 epidemic, which made Indian government to imply restrictions, to lockdown of various firms, industries, public and private sector institutions, as health emergency, according to the report of IEA ( International Energy Agency) India’s 40 days lockdown has led to decrease in 30 percent fall in countries demand for energy. Price inflexibility is concern for Indian oil producers, as it is the biggest shock since the Second World War, The global economy is expected to enter recessionary zone in 2020, as countries have shut down there normal business activities, to fight the pandemic led to imbalances in demand and supply of oil prices in the Indian market, Indian oil companies are waiting for the tax reductions and packages by the government, in the short term imbalance in oil demand and supply situation. The purpose of the research paper is that, Indian government has a great task to fight against pandemic as a health emergency and oil prices fluctuations in the year 2020. KEY WORDS: History of the pandemic covid social growth and crude oil prices (PETROLEUM),

scholarly journals The Nexus between Stock Returns of Oil Companies and Oil Price Fluctuations after Heavy Oil Upgrading: Toward Theoretical Progress

Economies ◽  
2019 ◽  
Vol 7 (3) ◽  
pp. 71 ◽  
Author(s):  
Sedighi ◽  
Mohammadi ◽  
Fard ◽  
Sedighi
Keyword(s):  
Stock Market ◽  
Crude Oil ◽  
Stock Returns ◽  
Petroleum Industry ◽  
Oil Industry ◽  
Oil Price ◽  
Investment Policies ◽  
Price Fluctuations ◽  
Oil Companies ◽  
Petroleum Companies

This study attempts to discover the nexus between crude oil price fluctuation after heavy oil upgrading and stock returns of petroleum companies in the U.S. Stock Exchange for the years 2008 to 2018. One of the methods of upgrading heavy crude oil is to extract asphaltene from crude oil. Considering the Asphaltene Removal (AR) as a factor in the nexus between oil price and the stock market is an innovation in the literature of energy finance. Asphaltenes cause many problems in the petroleum industry, which increases the cost of oil production and reduces the financial efficiency of oil companies. The AR is certainly one of the significant matters of the oil industry and can affect the price of oil. Therefore, changes in the price of oil can influence the price of oil company stocks. Hence, changes in stock prices will certainly affect the stock returns of oil companies. In an effort to solve this puzzle, the four financial models were employed to explore the nexus between oil price fluctuations and stock returns. The analysis of the results demonstrated that the oil price fluctuations caused by the removal of asphaltenes influence the stock returns of petroleum companies. Eventually, the theoretical hypothesis was confirmed by considering the USA as a case study. The outcomes of this investigation are a theoretical progression in areas related to the petroleum industry and the stock market that could lead to the adoption of new investment policies in the petroleum industry including investing in new procedures to manage and decrease the costs and time of the AR process, which would result in the advancement of petroleum companies. In fact, we have introduced a modern investment strategy in the oil industry aimed at reducing oil production costs, improving financial statements and increasing the stock returns of petroleum companies. Eventually, we will present new investment policies in the oil industry that can lead to economic growth and development of financial markets especially stock market, derivatives market, futures exchange, commodities exchange, as well as bond market.

RECENT ACTIVITIES OF THE PRIVATE OIL SPILL COOPERATIVE IN JAPAN

1989 ◽  
Vol 1989 (1) ◽  
pp. 247-252
Author(s):  
Naomichi Kusunoki ◽  
Takeo Saito
Keyword(s):  
Crude Oil ◽  
Oil Spill ◽  
Oil Industry ◽  
Oil Companies ◽  
Set Up

ABSTRACT The grounding of the Juliana, a crude tanker, off the Niigata Port, in late November 1971, caused the first major oil spill in Japan, a spill of 7,200 kL (45,000 bbl) of Oman crude oil. The member companies of Petroleum Association of Japan (PAJ) hurriedly sent their oil booms and chemical dispersants to Niigata under the instructions of the headquarters set up in the secretariat of PAJ. This accident showed the oil industry the necessity of a nationwide network to supply oil cleanup equipment and materials in an emergency. In January 1973, a nationwide oil spill cooperative in Japan was initiated, with the agreement of 51 oil companies of PAJ. The organization of 47 branches covered all the Japan Islands, stretching about 3,000 km from Hokkaido to Okinawa. Each branch represents several petroleum facilities, a total of about 380. This oil spill cooperative has continued to act effectively. The utility of the arrangement has been proved clearly through provision of about 30 percent of the oil cleanup equipment and materials in Japan.

INTERDEPENDENCE IN WORLD‐WIDE OIL EXPLORATION

Geophysics ◽  
1958 ◽  
Vol 23 (2) ◽  
pp. 318-325
Author(s):  
D. C. Ion
Keyword(s):  
World Wide ◽  
Geophysical Methods ◽  
Oil Industry ◽  
Oil Exploration ◽  
Mutual Dependence ◽  
Oil Companies ◽  
The Past ◽  
The World ◽  
Geological And Geophysical Methods ◽  
Early Training

Current exploration for oil is being conducted by governments, major integrated oil companies, independent oil companies and syndicates, all of whom have different interests. The interdependence of the various aspects of exploration, production, transportation, refining and consumption within the oil industry is obvious; but the interdependence of the producing, transit, refining, and consuming countries has only recently been realized by the world. Within the exploration branch of the oil industry the mutual dependence of geological and geophysical methods has become generally accepted over the past thirty years. Good early training and collaboration along the whole chain of exploration can solve many industrial problems, and education can solve the world‐wide problems between countries

INDONESIA—GROWTH OF THE OIL INDUSTRY DURING 1970

1971 ◽  
Vol 11 (1) ◽  
pp. 43
Author(s):  
Ir. Soediono
Keyword(s):  
Crude Oil ◽  
Rapid Growth ◽  
Oil Industry ◽  
The Political ◽  
Political Climate ◽  
Oil Companies ◽  
The Past ◽  
Production Sharing ◽  
Start Up ◽  
To Come

The growth of the oil industry in Indonesia during 1970 was the result of Pertamina's policy of encouraging foreign oil companies to invest in the country. By the end of the year production-sharing contracts had been signed with more than 35 groups of companies.The stabilisation of the political climate under the new government enabled exploration to start up again during 1967 and the next two years saw a rapid growth in geological activity. This has led to the drilling of over sixty exploration wells during the past year, and expenditure on exploration is now in excess of $U.S. 150 million per annum. A large part of the exploration effort is directed to offshore acreage and has been rewarded with discoveries by Sinclair in 1969, followed in 1970 by IIAPCO, Union Oil and Cities Service. These finds are expected to lead to production in 1971. Production in 1970 was in excess of 900,000 BOPD, compared with 600,000 BOPD in 1966. Existing refineries are being rehabilitated, a new plant at Dumai is planned to come on stream in July, 1971, and a further refinery is proposed for Java. A polypropylene plant is being built at Pladju, South Sumatra.As the campaign against pollution intensifies, other countries, particularly Japan, are hopeful of further significant finds of the good quality, low sulphur crude oil known to exist in Indonesia.

The Fall and Rise of Oilfield Ethics

2021 ◽  
Author(s):  
Ahmed Dahroug ◽  
Kevin O’Connell
Keyword(s):  
Production System ◽  
Code Of Ethics ◽  
Supply And Demand ◽  
Oil Industry ◽  
Gas Production ◽  
Engineering Practice ◽  
Monitoring Methods ◽  
Wide Range ◽  
The World ◽  
Surface Production

Abstract The oilfield is in many ways the backbone of the world economy. Historically economic recessions and booms were linked directly or indirectly to the oil price, itself governed by supply and demand. Since the start of this industry, it has experienced multiple scandals and major accidents that have affected its path to date. In 2001 the Enron scandal of poor accounting practices shook the entire stock market, and it contributed to the complete recession in the same year. Not too long after, a supermajor revealed in 2004 a reserves accounting error that surprised the world. In 2010 the Deepwater Horizon blow out known as the "Macondo Incident" caused serious damage to the environment and significant fines to be paid in compensation due to poor engineering practice. Incidents like these arise concurrent with times of high demand and are instructive as we study their causes and effects on the oil industry and therefore the global economy. Areas of study for this paper include reserves/production estimation as well as ethical considerations for the oil industry at large. Our study is based on the review of uncertainty in both the subsurface and surface parts of oil and gas production. We refer to the previous classifications of uncertainty for the subsurface part and focus on the uncertainty currently existing within the surface production system. Current surface production monitoring methods are discussed. We propose a more automated process to reduce the current uncertainty about hydrocarbon production. Artificial intelligence applicability in the surface production system is investigated. Additionally, in this paper we review the previously mentioned poor practices and accidents briefly and use them to guide our suggestions about preventive actions to avoid future wrongdoing and incidents. We attempt to provide an objective for oilfield ethics and advocate for a unified oilfield industry code of ethics. However due to the large diversity that exists in the wide range of oilfield disciplines, a single code of ethics may not be applicable. Accordingly, we propose a guideline that may be used by different parts of the oilfield industry to develop an application-specific code of ethics. It is hoped that this guideline will guard against the gaps that may foster errors that affect the oilfield industry and global markets.

scholarly journals Venezuela's Nascent Oil Industry and the 1932 US Tariff on Crude Oil Imports, 1927–1935

2009 ◽  
Vol 27 (3) ◽  
pp. 427-462 ◽  
Author(s):  
Brian S. McBeth
Keyword(s):  
Crude Oil ◽  
Negative Impact ◽  
Oil Prices ◽  
Oil Industry ◽  
Petroleum Products ◽  
Initial Development ◽  
Oil Companies ◽  
Competitive Edge ◽  
Crude Oil Prices ◽  
The Impact

ABSTRACTAfter a brief description of the initial development of Venezuela's crude oil industry, this paper examines the impact the 1932 US tariff on crude oil imports had on the country. The US tariff on crude oil imports stabilised domestic crude oil prices but prevented consumers from benefting from lower prices in refned petroleum products. The large us international integrated crude oil companies gained from higher crude oil prices for their domestic production while supplying their european markets with mostly cheap crude oil from their newly developed Venezuelan oilfelds. The tariff increased the Venezuelan oil industry's vulnerability to international events because it narrowed the competitive edge it had over domestic us crude oil production. consequently, the Gómez dictatorship in Venezuela at the time became more dependent on the oil companies operating in the country since they could reduce production considerably, or even leave the country as quickly as they entered with a negative impact on government revenues.

U.S. DIESEL FUEL PRICE RESPONSES TO THE GLOBAL CRUDE OIL SUPPLY AND DEMAND

2018 ◽  
Vol 13 (04) ◽  
pp. 1850018 ◽  
Author(s):  
BAHRAM ADRANGI ◽  
ARJUN CHATRATH ◽  
JOSEPH MACRI ◽  
KAMBIZ RAFFIEE
Keyword(s):  
Crude Oil ◽  
Supply And Demand ◽  
Fuel Price ◽  
Demand And Supply ◽  
Vector Autoregressive ◽  
Vector Error Correction ◽  
Vector Error ◽  
Global Demand ◽  
Market Fundamentals ◽  
The U.S

The objective of this study is to examine the monthly movements of U.S. diesel price for the period 1974–2017. We argue that the diesel price may be responsive to crude oil market fundamentals. The model employed includes the global demand and supply for crude oil, in addition to the inventory of crude oil and the level of industrial production for the U.S. The Structural Vector Autoregressive formulation and the Vector Error Correction model suggest that global demand shocks to crude oil, including the inventory of crude oil in the U.S. are primarily responsible for diesel price movements in the U.S., accounting for up to 30–70% of its variation.

scholarly journals Accounting for the expenses of the stages of oil research and exploration and its role in improving revenues for crude oil companies

2021 ◽  
Vol 7 (3) ◽  
pp. 92-103
Author(s):  
Hawre Jalal Huseein
Keyword(s):  
Crude Oil ◽  
Oil Industry ◽  
Kurdistan Region ◽  
Total Cost ◽  
Oil Companies ◽  
The Third ◽  
Industry Sector ◽  
Local Organizations ◽  
Total Capital ◽  
The One

The research dealt with one of the important topics that received great attention in the field of accounting in general and in the field of accounting for oil costs in particular, which is the topic of methods for recording the expenses of the stages of oil research and exploration, at a time when contributions and research efforts were focused on searching for procedures and factors of success of these methods Which was often based on traditional discussions, by focusing on the differentiation between registration methods and the assumption of calculating costs and risks for each of them, despite the importance of such discussions in understanding how accountants work and the preference procedures in adopting each of these methods in oil companies as it is the best for the work of companies oil organizations. However, it does not express the specificity of each of these methods, and then reveals the foundations of their advantage based mainly on maximizing the revenues of the crude oil companies. Based on this, the research aims to measure the contribution of methods for recording the expenses of the stages of oil research and exploration in improving revenues for crude oil companies, within a framework that simulates the reality of local organizations on the one hand and embodies their available applicable accounting practices on the other hand. The research was conducted in the crude oil industry sector by adopting personal interviews and surveying the opinions of a sample of accountants in crude oil companies operating in the Erbil Governorate - Kurdistan Region of Iraq. The first axis included (15) questions that embodied the contents of the methods of recording the expenditures of the stages of oil research and exploration and their practices, which were measured into three methods: (revenue cost method, total cost method, and successful efforts method) for each of them (5) questions, while the third axis included (10) questions about the contents of the revenues of oil companies Crude, with the aim of identifying the methods of recording the expenses of the stages of oil research and exploration, and the extent of their contribution to improving the revenues of the researched organizations. A set of statistical tools were adopted to test the study's hypotheses using the Rasa program and its diagnosis. The research reached a set of conclusions, the most important of which was, the existence of a significant effect of the methods of recording the expenses of the stages of oil research and exploration in improving the revenues of the oil companies in the organization, the study sample, and the most effective method is the total cost (capital) method, and based on that, some proposals were indicated, the most important of which is the necessity Enhancing the organization's interest in the study sample in analyzing the total (capital) cost related to the work of oil companies and studying it to find out the contents that can be benefited from in the future.

Underkeel Clearance

1967 ◽  
Vol 20 (4) ◽  
pp. 363-387 ◽  
Author(s):  
A. F. Dickson
Keyword(s):  
Crude Oil ◽  
Oil Industry ◽  
Rule Of Thumb ◽  
The World ◽  
Minimum Depth

The problem of underkeel clearance is not new; since time immemorial navigators have been concerned to know the minimum depth of water in which they can sail with a ship of given draught. Until quite recently, underkeel clearance requirements were determined almost entirely empirically, and in many cases the rule of thumb values used can be shown to be greater than the requirement of navigational safety would dictate.In the years since the war the pattern of the oil industry has changed and very large ships are now commonly used to carry crude oil cargoes to a large number of ports around the world. It is obvious that use of these ships, with their deep draughts, has meant that a number of expensive dredging projects have been put in hand to provide adequate access to the ports served. Continuing escalation in size means this will probably continue.

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