Petroleum Economics and Engineering

Ali Mohammed Jaidah, the former secretary general of the Organization of Petroleum Exporting Countries, is a soft-spoken man of thirty-seven. He speaks as one comfortable with authority. His B.S. in economics and his M.S. in petroleum economics are from London University. His birthplace and home are in the capital, Doha, of Qatar, a tiny oil-rich peninsular country jutting into the Persian Gulf. He has served his country in many positions of responsibility in the Ministry of Finance and Petroleum and the Qatar General Petroleum Corporation. In January, 1977, he became OPEC secretary general. My meeting with Ali Jaidah took place at the OPEC secretariat in Vienna, Austria, in the summer of 1978.The secretary general and I chatted about Vienna, music, and the Spanish Riding School. He took a call from London—he would be heading there in a few hours—and referred the caller to a colleague in Kuwait. He told me I was sitting where President Carlos Andrés Pérez of Venezuela had sat recently on his first visit to OPEC headquarters. We spoke of Venezuela's leading role in the founding of OPEC. He inquired about my university, the course in energy economics I teach, and my interest in OPEC. Coffee served and the amenities observed, we got down to business.

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Examining the Impact of Oil Price Change on the Economy through GDP Change

Acta Carolus Robertus ◽

10.33032/acr.2019.9.2.149 ◽

2019 ◽

Vol 9 (2) ◽

pp. 149-159

Author(s):

Zoltán Szira ◽

Alghamdi Hani ◽

Erika Varga

Keyword(s):

Negative Impact ◽

Price Change ◽

Oil Prices ◽

Oil Price ◽

Pricing Strategies ◽

Price Variation ◽

Energy Demands ◽

Petroleum Resources ◽

Petroleum Economics ◽

The Impact

Petroleum economics is the field that studies human utilization of petroleum resources and the consequences of that utilization. Petroleum use allows the production of energy. Resources can be regarded as renewable or depletable; petroleum falls into the latter category, which can have an effect on pricing strategies. Crude oil is one of the main natural feedstocks used to meet energy demands and price variation has a significant influence on the society development. A large amount of research suggests that oil price fluctuations have considerable consequences on economic activity. These consequences are expected to be different in oil importing and in oil exporting countries. Whereas an oil price increase should be considered positive news in oil exporting countries and negative news in oil importing countries, the reverse should be expected when the oil price decreases. The paper investigates the co-movements and causality relationship between oil prices and GDP of selected oil exporting countries. Our assumption is decreasing oil prices have a negative impact on the GDP of such countries.

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