OPEC behaviour and world oil prices, Policies for coping with oil-supply disruptions and The impact of rising oil prices on the world economy

1983 ◽  
Vol 59 (3) ◽  
pp. 501-502
Author(s):  
C. P. L. Parsons
Keyword(s):  
World Economy ◽  
Oil Prices ◽  
Supply Disruptions ◽  
Oil Supply ◽  
The World ◽  
The Impact

The World Economy: The impact of rising oil prices and weak equity markets on global growth

2008 ◽  
Vol 205 ◽  
pp. 8-13
Author(s):  
Ray Barrell
Keyword(s):  
Central Bank ◽  
World Economy ◽  
Financial Innovation ◽  
Oil Prices ◽  
Output Growth ◽  
Sequence Of Events ◽  
The Us ◽  
The World ◽  
The Uk ◽  
The Impact

In interesting times several things may happen simultaneously, and they may have connected roots. The financial turmoil that developed initially in the US banking sector had its roots in financial innovation that had made available cheap finance and increased demand for housing. This wave of low cost finance had spread to Europe, and house prices rose in a correlated way. The increase in demand in the world economy that resulted from strong growth in lending and high asset values helped raise output growth outside the OECD, and this in turn put upward pressure on oil prices. Markets sometimes work slowly, and the effects of the increase in demand on prices appear to be coming through just as the asset bubble is collapsing. The sequence of events was not inevitable, as low personal sector saving in the US and the UK as well as elsewhere could have been offset by tighter fiscal policy, and better prudential regulation of lenders would also definitely have helped. The desire to move financial regulation from the central bank, as in the UK, may have been for good, competition based, reasons, but it has meant that financial sector oversight has not taken account of the macroeconomic implications of a wave of lending that rested on risky financial innovation and therefore it has not properly addressed the issue of systemic risk (see Barrell and Davis, 2005). The resulting financial turmoil has meant that banks have made losses, and have been unable to trust each other's solvency when making deals. As a result three month interbank rates have risen well above central bank intervention rates, as can be seen in figure 1.

Section II. The impact of higher oil prices: a return to the 70s?

2000 ◽  
Vol 174 ◽  
pp. 38-41
Keyword(s):  
World Economy ◽  
Strong Dependence ◽  
Oil Prices ◽  
The Third ◽  
Global Demand ◽  
The World ◽  
Imported Oil ◽  
The Impact ◽  
Considerable Concern ◽  
Sustained Increase

The sustained increase in the price of oil has generated considerable concern about the impact of higher oil prices on the world economy. The price of oil has risen from $11 a barrel in the first quarter of 1999 to around $31 a barrel in the third quarter of 2000, and is now at a 15 year high in real terms. Global demand has been increasingly strong and supply has been restricted. Economies with a strong dependence on imported oil, for instance in East Asia, have been growing strongly, and the world upturn has been sharper than many anticipated. Between 1998 and 1999 world oil demand rose by 1.6 per cent to 74.8 million barrels a day, and it is anticipated that demand will have risen again this year by 0.8 million barrels a day. Between 1998 and 1999 OPEC output fell by 1.2 million barrels a day, and non-OPEC supply was constant.

scholarly journals Macroeconomic analysis and forecasting of the impact of energy wars and geopolitics on currency rates and oil prices

2020 ◽  
pp. 7-20
Author(s):  
Alexander N. Bryntsev ◽  
Keyword(s):  
Exchange Rates ◽  
World Economy ◽  
Supply And Demand ◽  
Oil Prices ◽  
Close Correlation ◽  
Oil Market ◽  
Macroeconomic Analysis ◽  
Oil Markets ◽  
The World ◽  
The Impact

Subject/topic. In modern conditions, it is advisable to consider geopolitics through the prism of hybrid wars, when the theaters of war have moved from the ocean and land to the world financial and commodity markets. There is a close correlation be-tween changes in exchange rates and the price of oil on the results of energy wars. The aim of the article is to study the theoretical and empirical aspects of the impact of energy wars and geopolitics on the formation of oil prices and the dynamics of currency rates in modern conditions, as well as determining their vector of influence on the development of the world economy as a whole. Methodology of the article. To complete this article, a comparative and economic-statistical analysis was used. Results. The article shows that in the context of globalization of the world economy, there is a deep correlation between changes in currency rates and the price of oil and the consequences of energy wars, on the one hand, and on the other, currency rates and oil prices are the tools for geopolitics in achieving their goals. In addition, there is a fairly strong direct link between oil prices and exchange rates. Factors affecting the formation of the currency exchange and oil markets are sometimes artificial in nature by influencing appropriate macroeconomic conditions, for example, changing the balance of supply and demand. Findings. A macroeconomic analysis of the nature of the relationship between the dynamics of oil prices and currency fluctuations reveals the geopolitical interests of the main players in the oil market, indicating its redistribution. The stage of ousting Russia from the Chinese oil market with dumping prices began, not only with supplies from Saudi Arabia, but also with the active participation of the former partners of Iran and Venezuela, which themselves were under sanctions. The budget of these countries directly depends on oil imports. It is the force majeure circumstances that force them to abandon further partnership with Russia and become independent players in the Chinese hydrocarbon market.

The World Economy

2003 ◽  
Vol 184 ◽  
pp. 9-35
Keyword(s):  
Latin America ◽  
World Economy ◽  
Oil Prices ◽  
Output Growth ◽  
Annual Rate ◽  
China And India ◽  
The Us ◽  
The World ◽  
The Impact ◽  
World Output

World output growth continues to recover from its trough in 2001, albeit rather hesitantly. The slowdown in output growth in 2001 was largely centred in the OECD, with the US, Japan and Germany all recording growth below 1 per cent. In the last three years growth has been robust in other regions, but particularly in Asia, with China and India growing rapidly. Even Latin America is expected to show some signs of recovery this year after the currency related disruptions it experienced in 2002. It is becoming clear that 2002 saw reasonably strong output growth of 2.8 per cent in aggregate, rising from 2.2 per cent in 2001. Our forecast for 2003 is that the annual rate of output growth in the world will continue to increase, but weakness in a number of countries, including the US, at the end of 2002 suggests that it will not accelerate further into next year. The impact of the realignment of the dollar and the euro will also hold back world growth slightly this year and next. Our forecasts for output growth and inflation along with trade and oil prices are set out in Table 1.

The Impact of Rising Oil Prices on the World Economy.

1984 ◽  
Vol 94 (374) ◽  
pp. 424
Author(s):  
Brian Reddaway ◽  
Lars Matthiessen ◽  
Ali M. Jaidah
Keyword(s):  
World Economy ◽  
Oil Prices ◽  
The World ◽  
The Impact

scholarly journals The impact of the COVID-19 pandemic on socio-economic and sustainability

2021 ◽  
Author(s):  
Xueli Wei ◽  
Lijing Li ◽  
Fan Zhang
Keyword(s):  
World Economy ◽  
Social Economy ◽  
Secondary Data ◽  
Well Being ◽  
Cross Sectional ◽  
The Social ◽  
The World ◽  
The Status ◽  
Sectional Analysis ◽  
The Impact

Pumping elephantThe COVID-19 pandemic has adversely affected the lives of people around the world in millions of ways . Due to this severe epidemic, all countries in the world have been affected by all aspects, mainly economic. It is widely discussed that the COVID-19 outbreak has affected the world economy. When considering this dimension, this study aims to examine the impact of the COVID-19 pandemic on the world economy, socio-economics, and sustainability. In addition, the research focuses on multiple aspects of social well-being during the pandemic, such as employment, poverty, the status of women, food security, and global trade. To this end, the study used time series and cross-sectional analysis of the data. The second-hand data used in this study comes from the websites of major international organizations. From the analysis of secondary data, the conclusion of this article is that the impact of the pandemic is huge. The main finding of the thesis is that the social economy is affected by the pandemic, causing huge losses in terms of economic well-being and social capital.

The world economy

1998 ◽  
Vol 165 ◽  
pp. 35-42
Author(s):  
Nigel Pain
Keyword(s):  
Capital Market ◽  
World Trade ◽  
Global Economy ◽  
World Economy ◽  
Domestic Demand ◽  
The World ◽  
Asian Economies ◽  
Trade Growth ◽  
The Impact ◽  
The Capital Market

Developments in the Asian economies have clearly begun to be felt in the wider global economy in recent months. It has always been expected that the OECD economies would be affected by the aftermath of the capital market turmoil last year, although the timing and magnitude of the impact was difficult to predict. Domestic demand in the affected Asian economies has proved much weaker than expected, with the effects magnified by a continued downturn in Japan. GDP fell by 5¾ per cent in Korea in the first quarter of this year and by 1¼ per cent in Japan. The aggregate volume of merchandise imports in Asia is expected to decline by around 5½ per cent this year, with falls of up to 25 per cent in countries such as Korea, Thailand and Indonesia. This largely accounts for our projected decline in world trade growth to under 6 per cent this year from an estimated 9¾ per cent in 1997.

Chapter II. The World Economy

1986 ◽  
Vol 117 ◽  
pp. 20-29
Keyword(s):  
Interest Rates ◽  
World Economy ◽  
Oil Prices ◽  
Final Demand ◽  
Total Output ◽  
Cold Winter ◽  
The Us ◽  
The World ◽  
Initial Effect ◽  
Small Rise

Fuller data confirm the impression which we formed in May that OECD countries' total output did not change much in the first quarter. It probably increased by about ¼ per cent, with even this small rise attributable wholly to stock movements in the US. Final demand in the US fell and there were declines in total output in a number of countries, including Japan, Germany, Australia, the Netherlands, Switzerland and possibly Italy (for which there are conflicting estimates), white France achieved only marginal growth. The fall was notably severe in Germany, where construction suffered badly in the cold winter. This probably had a wider impact also, and, in North America at least, the initial effect of the slump in oil prices seems to have been depressive, with drilling activity sharply reduced, especially in the US. There may also have been a tendency for expenditure, perhaps on investment in particular, to be deferred in the expectation of falling prices and interest rates.

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