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Many studies examined the association between gross domestic production (GDP) and environmental pollution to test the inverted U-shaped environmental Kuznets curve (EKC) hypothesis for varied country groups. Although it has useful implications for achieving a climate–neutral world economy, the exploration of the relationship is yet limited for oil-rich economies. On the other hand, the ambiguity of the available EKC evidence addresses the consideration of other pillars of economic development. Therefore, this paper tests the EKC hypothesis comparatively in the separate non-linear effects of financial and industrial development, as well as the traditional GDP-based economic development, on per capita fossil carbon dioxide (CO2) emissions for the Organization of the Petroleum Exporting Countries (OPEC) bloc. Financial development is proxied by the financial institutions development index, industrial development is measured by per capita industry value-added, and traditional economic development is indicated by per capita GDP. The trade, financial, social, and political dimensions of globalization are also incorporated as control variables in these three models. The paper applies the cross-sectionally augmented autoregressive distributed lag (CS-ARDL) estimator to a dataset from ten OPEC members over the 1980–2019 period. The results clearly contradict the EKC hypothesis and reveal rather a persistent U-shaped pattern for all models in both the short-run and the long-run. In addition, financial globalization is negatively associated and political globalization is positively associated with CO2 emissions. The paper discusses how such oil–rich countries as OPEC may decouple economic growth, financial development, and industrialization trajectories from environmental pollution induced by fossil CO2 emissions. [ABSTRACT FROM AUTHOR]

The growing interstate rivalry sweeps more and more areas of international relations, including energy issues. While the ‘traditional’ oil and gas exporters are trying to maintain or even strengthen their current positions, new players in the oil and gas market are trying to challenge the status quo. The changing situation on the oil market due to the ‘price war’ between the United States and OPEC countries serves as a clear manifestation of this trend and encourages the OPEC members to coordinate their policies more closely with external partners. This paper aims to identify the prerequisites and assess the dynamics of cooperation between Russia and the Kingdom of Saudi Arabia (KSA) within the OPEC+ framework. The first section of the paper examines the logic behind the OPEC+ agreement in the context of the development of energy cooperation between the Russian Federation and the KSA before the outbreak of the Ukrainian crisis. The authors note that the new format demonstrated stability within the first years of its existence and generated closer cooperation between the hydrocarbon exporting countries. The second section examines the development of OPEC+ in the face of increased geopolitical pressure from the United States and its allies. The authors conclude that the efforts of Washington and oil importing countries to undermine energy cooperation within the OPEC+ format have not succeeded, on the contrary the international stance of the group members has only strengthened. In conclusion, the authors emphasize that OPEC+ not only contributes to the stability of energy prices, but also brings tangible political benefits to its members. At the same time, according to the authors, the future of this format largely depends on the dynamics of international environment and, particularly, on the scale of the US-Russian confrontation.

To limit global warming to 1.5 °C, it is imperative to accelerate the global energy transition. This transition is crucial for solving the climate issue and building a more sustainable future. Therefore, within the loaded capacity curve (LCC) theory framework, this study investigates the effects of digital adaptation, energy transition, export diversification, and income inequality on the load capacity factor (LCF). This study also attempts to investigate the integration effects of digital adaptation and energy transition, and digital adaptation and export diversification, on LCF. Furthermore, we explored how income inequality influences the LCF in economies. For this study, 112 countries were selected based on the data availability. Panel data from 2010 to 2021 were analyzed using the STATA software 13 application utilizing a two-step system generalized method of moments (GMM) approach. First, interestingly, our finding shows that digital adaptation and income significantly affect the LCF. An increase in income increases the LCF among the middle-income group of countries. Therefore, LCC is confirmed in this research. Surprisingly, energy transition, export diversification, and foreign direct investment negatively impact the LCF in the base model. Second, the impact of integrating digital adaptation and energy transition has a positive effect on LCF. Third, a negative correlation was observed between the interaction of export diversification and digital adaptation with the LCF. Fourth, a positive correlation was observed between the interaction of renewable energy and digital adaptation with the LCF. Finally, this study explores the impact of the energy transition, export diversification, and income inequality on the LCF with reference to the Organization of Petroleum Exporting Countries (OPEC). The result shows a negative effect between export diversification and LCF among OPECs at a 10% significance level. To improve the quality of our planet, policymakers must understand the forces causing climate change. By adopting a comprehensive perspective, the study aims to understand how these interrelated factors collaboratively influence the LCF thoroughly. Additionally, this research seeks to provide valuable insights related to energy transition, digital adaptation, and export diversification to policymakers, researchers, and stakeholders regarding possible avenues for cultivating a more joyful and sustainable global community. [ABSTRACT FROM AUTHOR]

Our paper explores the impact of energy consumption, foreign direct investment, and economic expansion on greenhouse gas emissions in OPECmember states. A panel data of 12 out of 13 OPEC nations over the period 1983 to 2022 obtained from the World Development Indicators is used. The autoregressive distributed lag simulation was adopted to determine the correlation among the series. Our estimations unveil that economic growth in the member states contributes 7.47 per cent to greenhouse gas emissions for every 1 percent increase, trade flow tends to reduce greenhouse gas emissions by 0.37 per cent for every 1 percent rise. Though the impact of foreign direct investment on greenhouse gas emissions in the OPEC member states is negative, it is statistically insignificant. The positive association between energy consumption and greenhouse gas emissions emphasizes the need for OPEC countries to move to cleaner energy sources in order to reduce environmental damage. A proactive approach to investing in clean technology is critical for governments and companies in OPEC countries. This includes supporting research and development of renewable energy sources, encouraging the adoption of environmentally-safe practices in industry and fostering innovation to promote sustainable development. Strict environmental standards for industries that contribute significantly to greenhouse gas emissions should be adopted and enforced. This includes: Setting caps on emissions, advocating for cleaner production processes, and imposing penalties for non-compliance with environmental regulations. Sustainable practices should be encouraged through tax incentives, subsidies, and other financial mechanisms designed to incentivized companies to adopt environmentally friendly processes. The implications of these findings for policymakers and future studies are discussed. [ABSTRACT FROM AUTHOR]

In the present research, we are going to propose a novel model to maximize the Organization of Petroleum Exporting Countries (OPEC) crude oil profit considering various influential variables. It is well known that the unbalanced distribution of oil in some countries along with market power causes the dependence of the economy on oil revenues. Hence, the sensitivity of countries with oil-dependent economies to the oil price and oil supply shocks is high. OPEC members control more than half of the world's known oil reserves. Therefore, awareness of the optimum oil supply of each member country according to proper influential variables is crucial. In this regard, this study uses linear integer optimization and also panel data models to investigate the behavior of the OPEC concerning selected socio-economic variables. Reported results point out that the oil price cannot be the only factor affecting the OPEC oil supply, but also the political, social, and cultural variables should be considered. [ABSTRACT FROM AUTHOR]

This study investigates export diversification among OPEC countries, emphasizing its importance for economic resilience and stability. The objective is to assess which factors influence export diversification in OPEC countries. Methodologically, the research analyzes panel data from 2011 to 2022 using the Herfindahl-Hirschman Index (HHI) and the GINI coefficient to measure export diversification. The panel analysis considers GDP per capita, population (market size), FDI, trade openness, education, infrastructure, economic diversification, and the impact of the COVID-19 pandemic. The study employs both pooled and fixed effects (FE) models. The fixed effects model was employed to account for country-specific characteristics that may influence the results and was chosen because the Kruskal-Wallis test indicated statistically significant differences in the medians of HHI and GINI among countries, both for individual observations and average values. The Panel-Corrected Standard Errors (PCSE) model was used to address heteroskedasticity. The Shapiro-Wilk test was initially used to test for normal distribution, and due to its results, the Kruskal-Wallis test was subsequently employed. The results from the PCSE model indicate robust findings, confirming the significant impact of trade openness, economic diversification, and education on export diversification in both models where the dependent variable is HHI and GINI. This study highlights the importance of understanding various economic and infrastructural factors contributing to export diversification, providing valuable insights for policymakers aiming to enhance economic stability and growth in OPEC countries. This research first quantified export diversification indices using HHI and GINI, revealing the countries with the highest and lowest export diversification. The quantification was based on the HS6 classification, which represents the highest level of aggregation in export data, allowing for a detailed analysis of export diversification. According to the HHI, Iraq has the highest market concentration and, thus, the lowest export diversification, while Indonesia shows the highest diversification with the lowest market concentration. On the other hand, the GINI coefficient indicates that Angola has the lowest level of export diversification, whereas Iraq has the highest. Despite using the same dataset, these differing results arise because the HHI measures market concentration across products or countries. At the same time, the GINI coefficient assesses the inequality in export shares, focusing on the distribution of export income among different entities. [ABSTRACT FROM AUTHOR]

This paper uses the system dynamics approach to model the changes in oil price prospects in the framework of the shared socio-economic pathways (SSP) climate scenarios proposed by the Intergovernmental Panel on Climate Change (IPCC) until 2100. This theoretical structure connects the primary feedback mechanisms: supply, demand, and price. The determining factors of most tremendous significance in the supply sector are the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC production levels. The production targets set by OPEC are indicative of its market management policies and are significantly influenced by the actions of its key members. The oil price indicates a cyclical relationship with the oil supply of significant players. The determination of global oil demand in the demand section is based on various climate scenarios presented in the IPCC report. The fluctuation of Brent oil prices over time can be linked to the disparity between supply and demand. According to the model outcomes, the price of oil will be projected to decline to $20 per barrel by the year 2100 if the sustainability policies outlined in the SSP1 framework are implemented. However, in the alternative scenarios of SSP3, characterized by regional competition, and SSP4, characterized by heightened inequality and competition, oil prices are anticipated to rise to $100 per barrel. In the context of the SSP5 scenario, which posits a path of economic and social development reliant on the consumption of fossil fuels, the price of oil displays a declining pattern after a period of relatively higher prices. The peak oil prices within the Intergovernmental Panel on Climate Change (IPCC) scenarios exhibit significant variation based on their Representative Concentration Pathways (RCPs).

ABSTRACTWorldwide, countries are constantly exposed to the effects of global political and economic changes owing to benefit-sharing connections, whereby changes in the forms of relationships and sanction impositions can put pressure on countries’ financing systems, including the healthcare sector. This study examines the effects of economic sanctions on government healthcare spending. Quantitative data on government healthcare spending from the WHO covering the 2000–2020 period were evaluated using the Wilcoxon – Mann – Whitney test. The results showed that government healthcare spending in Iraq, Libya, and Iran did not respond to economic sanctions but it did decline significantly in Venezuela, suggesting a limited effect on countries with long economic sanction experiences. With the world’s continuous political and economic uncertainty, countries worldwide should not focus on short-term plans but regularly revise and bolster their healthcare financing pool and maintain financing strategies that limit the effect of global political and economic changes.

Since its formation in the 1960s as a regime, OPEC has primarily controlled the world's energy supply and price regulations. The journey of the organization as an energy cartel to the regional geopolitics and to face climate change challenges has been difficult. Although OPEC has undergone various changes in the coming time, its role in the energy market and process cannot be ignored. Despite the shifting energy market, OPEC will remain the dominant force in the coming year, even with the ongoing situation in the current global world order. This research paper intends to understand the various aspects within and outside OPEC, how its role plays a vital role in the current status of OPEC, and how much climate change will impact the organization as a whole. [ABSTRACT FROM AUTHOR]

The impact of crude oil on global industrialization and economic growth has been profound since its initial discovery. The geopolitical uncertainties and global pandemic events have always affected the trend of crude oil prices. This article provides a systematic analysis of the correlation between significant changes in the price of crude oil and global events. This comprehensive study spans over 160 years, encapsulating the evolution of the oil industry in four distinct phases. The first phase, “Initial phase of the Oil boom (1860 to 1900)” highlights the rapid oscillation in oil prices driven by demand–supply imbalances. The subsequent phase, “The period of global rebellion (1901–1945)” delves into the era of rapid industrialization, geopolitical dominance, and conflicts over the emerging oil economy. The third phase, “Industrial Expansion & emergence of OPEC (1946–2000)” provides intriguing insights into the interplay between the global economy, oil prices, and the geopolitical supremacy of developed nations. This period witnessed a roller-coaster ride in oil prices, marked by rapid fluctuations fueled by conflicts among oil-producing Gulf countries. The fourth phase, “Post K20 phase (2001–2023)” explores the advent of the digital economy, process automation, and the dominant control of producer countries on oil prices. Within this era, significant challenges emerged for major oil-consuming nations such as India and China as they sought to harmonize economic growth with fluctuating oil prices. Additionally, this phase witnessed geographical uncertainties in oil pricing exacerbated by natural disasters, pivotal events like the 9/11 terrorist attack, the COVID-19 pandemic, the Russia-Ukraine conflict, and booming demand from Asian countries in a later phase. Overall, the current review encapsulates the profound influence of crude oil on the socioeconomic and geopolitical landscape of our world. [ABSTRACT FROM AUTHOR]

During the Suez crisis, the written media served as the primary method which provided the British populace with information. Strong anti-Egyptian sentiment permeated the British press. It was constantly fuelled by the Government's propaganda strategy. In the USA the crisis was also covered by the news media, particularly in the light of the fact that it was President Eisenhower's greatest foreign policy challenge at the time and the crisis reached its zenith a few days before his re-election. Nasser utilised the Egyptian press and radio to accomplish his goals against Britain and France and to promote his nationalist image inside and outside of Egypt. When a permanent member's veto prevented the Security Council from fulfilling its primary responsibility of maintaining international peace and security, the General Assembly could consider the matter and make recommendations to member states to restore international peace and security. In November 1956, the "Uniting for Peace" resolution, which stipulates this procedure, went into effect. Prior to the crisis, two-thirds of Europe's crude oil was transported via the Suez Canal. Due to the strategic significance of Suez, the canal zone was always vigilantly guarded by Britain. After the crisis, oil emerged as the new deterrent in international affairs, and the crisis was the primary impetus for the establishment of the Organisation of Petroleum Exporting Countries (OPEC) in 1961. When the crisis broke out and the canal was closed, the strategic significance of the sea route around the Cape regained prominence, and in subsequent months, port traffic in South Africa increased. South Africa and the United Kingdom were already negotiating the status of the naval base at Simonstown, which was subsequently transferred to South Africa. In order to receive training from the Algerian National Liberation Army ( Front de Libération Nationale -- FLN) in preparation for the South African revolution, Nelson Mandela joined the revolutionary forces of Algeria in 1961. He visited FLN training camps where he established Umkhonto weSizwe (Spear of the Nation) or MK of the African National Congress (ANC). According to Mandela, his visits to Egypt were educational, whereas his encounters in Algeria served a different purpose. He received training in revolutionary strategy and tactics, as well as military instruction. All of these were crucial elements for him in shaping the ANC into a liberation movement. During a visit to Algeria following his release from prison, he declared that he deemed Algeria to be his home and that he regarded himself to be an Algerian. Algeria provided a great deal of military and diplomatic instruction to liberation movements. The Third World won a decisive diplomatic victory at Suez. The geopolitical implications of the crisis were thus widespread and significant. Several changes took place with regard to the policies of the nations involved and the climate of global affairs changed. The crisis resulted in significant geopolitical ramifications and had profound effects for the nations involved. Furthermore, within a wider regional framework, significant transformations occurred in the political structure of multiple nations. The crisis necessitated political decision modifications and the implementation of new policy ideas by the key stakeholders involved, including Egypt, Britain, France, and the USA. The crisis also had an influence on other countries, including South Africa. Undoubtedly, this particular juncture in history can be seen as being of significant consequence. Nasser emerged as a central figure in this crisis, garnering increased recognition both domestically and internationally. One notable accomplishment of his was his adeptness in retaining his position as the political leader of Egypt for a duration of 18 years, even in the face of significant opposition. He is generally recognised as an important political figure in modern Egyptian history and is highly respected as an emblematic figure in the Arab world. This is mostly due to his significant contributions to social justice, Arab unity, and unwavering resistance against colonialism and imperialism. [ABSTRACT FROM AUTHOR]

This paper uses the system dynamics approach to model the changes in oil price prospects in the framework of the shared socio-economic pathways (SSP) climate scenarios proposed by the Intergovernmental Panel on Climate Change (IPCC) until 2100. This theoretical structure connects the primary feedback mechanisms: supply, demand, and price. The determining factors of most tremendous significance in the supply sector are the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC production levels. The production targets set by OPEC are indicative of its market management policies and are significantly influenced by the actions of its key members. The oil price indicates a cyclical relationship with the oil supply of significant players. The determination of global oil demand in the demand section is based on various climate scenarios presented in the IPCC report. The fluctuation of Brent oil prices over time can be linked to the disparity between supply and demand. According to the model outcomes, the price of oil will be projected to decline to $20 per barrel by the year 2100 if the sustainability policies outlined in the SSP1 framework are implemented. However, in the alternative scenarios of SSP3, characterized by regional competition, and SSP4, characterized by heightened inequality and competition, oil prices are anticipated to rise to $100 per barrel. In the context of the SSP5 scenario, which posits a path of economic and social development reliant on the consumption of fossil fuels, the price of oil displays a declining pattern after a period of relatively higher prices. The peak oil prices within the Intergovernmental Panel on Climate Change (IPCC) scenarios exhibit significant variation based on their Representative Concentration Pathways (RCPs). [ABSTRACT FROM AUTHOR]

It has been clearly shown that despite having an abundance of natural resources, several resource‐rich countries have experienced slower economic growth that makes it challenging for them to use these resources as a driver of growth. The relationship between economic growth and natural resources has remained an issue of debate over the decades. However, the question of natural resources being a curse or blessing for resource‐abundant economies is still unanswered and gathered the attention of many researchers. The goal of the present study is to provide fresh insights on the matter by estimating the relationship between economic growth, oil resources and natural resources in top oil‐rich Organization of Petroleum Exporting Countries (OPEC) over the 1990–2020 period. The augmented mean group (AMG) and recently introduced method of moments quantile regression (MMQR) are applied in the study for empirical estimation as the cross sectional dependence and slope heterogeneity are present in data series. The findings of both AMG and MMQR regressions show that oil resource richness does not contribute to uplifting the economic status of the studied countries. However, opposite findings are found for natural resources. Moreover, Granger causality analysis shows that unidirectional causal association is present between natural resources and economic growth but oil resources and economic growth have no causal relationship. It is concluded from the findings that the oil resources confirm the resource curse hypothesis, whereas natural resources confirm the resource bless hypothesis. The findings recommend the policymakers and government to enact adequate policies to connect rent‐based industries to other sectors and improvements in the financial sector to make an avenue for rents to effect economic growth. Most importantly, the government is recommended to pair these measures with anti‐corruption policies to ensure the sustainable use of the resources. [ABSTRACT FROM AUTHOR]

Amid global imperatives to combat climate change and achieve sustainable economic development, the convergence of digital transformation and the transition to clean energy has emerged as a critical focal point for oil-exporting nations. This study comprehensively investigates the interplay of digital technology, clean energy transition, climate change, and economic growth among selected oil-exporting nations. Drawing upon a diverse set of economic and geographical contexts, this study uses panel data analysis of data from the World Bank's Economic Indicators and the United Nations Development Program for the period from 2006 to 2020. The results show that digital technology reduces climate change by improving environmental quality, but internet and mobile access have insignificant and negative effects on environmental quality, respectively. Meanwhile, all technology variables negatively impact green energy and economic growth, while the Happy Planet Index and financial development positively impact the green energy transition. This study is important for regulators, producers, and consumers, as it provides a better understanding of the crucial role of digital transformation in sustainable development within oil-export countries. This study's findings can be used to develop policy recommendations for a low-carbon economy, the promotion of digital transformation through green energy, and the management of climate change. [ABSTRACT FROM AUTHOR]

The production of petroleum substances has a long historical tradition in Iran. Glance (1970) reported that the "first man‐made oil well was dug" in the ancient city of Susa (present‐day Shush), about 40 km northwest of Ahwaz, in 500 BC during the reign of the Achaemenid emperor Darius I. Writing in the fifth century BC, Herodotus described petroleum production near a place called Ardericca, probably present‐day Masjed Soleyman, located 210 furlongs from Susa (Lees, 1950). The petroleum substances produced included bitumen which was used in construction and the waterproofing of ships. Sorkhabi (2005) detailed the petroleum history in Iran during ancient and medieval times. The modern quest for oil in Iran dates from the second half of the 19th century. From a historical perspective, this modern period can be divided into six distinct phases: (i) The early years, 1872–1900; (ii) The Anglo‐Persian years, 1901–1932; (iii) The Anglo‐Iranian Years and Nationalization, 1933–1953; (iv) The second Pahlavi years, 1954–1978 including the rise of OPEC; (v) The Islamic Revolution and Iran‐Iraq War, 1979–1989; and (vi) Buyback Contracts and US Sanctions, 1990–Present. The search for oil was singularly unsuccessful during the first of these phases and the early years of the second phase. However, after a difficult six‐year exploration campaign, oil in commercial quantities was struck in the early hours of 26 May, 1908 at Maidan‐e Naftun, which in later years achieved world fame as the Masjed Soleyman oil field. Since then, more than 120 oil and gas field discoveries have been made in Iran's onshore areas and its territorial waters in the Persian Gulf. The story of oil has always been an emotive and politically charged issue in Iran and has been the focus of great national interest and debate for over a century. Certainly, the discovery in 1908 marked a milestone in Iran's 20th century history: it ushered in a new era – an era not only of progress and prosperity, but also of social and political upheaval and turmoil that has not yet ended (Ala, 2007). In this paper, important events in each of the historical phases identified above are briefly reviewed. Emphasis is placed on the emergence of the modern petroleum industry in Iran, and the early phases are covered in particular detail. [ABSTRACT FROM AUTHOR]

This study examines the relationship between oil production and oil price determination among OPEC and non-OPEC countries during the period of 1965–2021. The study period chosen captures perfectly the various historical geopolitical crises, oil shock supply, GFCS and recent global health pandemic that have stirred up the global issue of oil price war among leading oil producing countries. After carrying out the preliminary tests, we adopt both the static and dynamic Bayesian Graphical Network causality along with the traditional Granger causality test for robustness analysis. Our results show Saudi Arabia as the world leading producer of oil and Russia as the main determinants of the global oil prices, while USA acts as a stabilizer in the global oil market. The reliability of our results lies in the very low in-sample forecast error. The implication of our results is that Saudi Arabia, Russia and USA as leading oil producing countries matter for oil price and oil supply determination in the global market. Therefore, the three countries should cooperate with other OPEC and non-OPEC member countries than compete to ensure stability in oil price and the global economy. The outcome of this study can serve as a guide to oil producing cartels in coordinating the global oil price for global economic stability. [ABSTRACT FROM AUTHOR]

Due to the heavy reliance on oil revenue in oil-exporting countries, fluctuations in oil prices can impact the social behavior of individuals within society. As a result, it appears that social capital, as a process of social institutions, is affected by oil rent. The purpose of this research is to investigate the impact of oil rent on social capital in selected OPEC oil-exporting countries from 2009 to 2020 using the threshold panel method. The findings indicate that the threshold value for the ratio of oil rent to GDP is estimated at 3.4%. Prior to this threshold, the ratio of oil rent to GDP had a positive and significant effect on social capital; however, after surpassing this threshold, the ratio of oil rent had a negative and significant effect on social capital. Inflation also had a non-linear effect on social capital, while government size did not have a significant impact. Based on these results and the detrimental effects of high levels of oil rent on social capital, it is necessary to control methods that divert oil resources towards rent-seeking activities. One solution could be removing control over oil rent from governments and transferring it directly to citizens. Experience with government management of oil has shown that instead of optimal allocation, most funds have been spent destructively; therefore, mismanagement has turned this divine gift into a curse.

To limit global warming to 1.5 °C, it is imperative to accelerate the global energy transition. This transition is crucial for solving the climate issue and building a more sustainable future. Therefore, within the loaded capacity curve (LCC) theory framework, this study investigates the effects of digital adaptation, energy transition, export diversification, and income inequality on the load capacity factor (LCF). This study also attempts to investigate the integration effects of digital adaptation and energy transition, and digital adaptation and export diversification, on LCF. Furthermore, we explored how income inequality influences the LCF in economies. For this study, 112 countries were selected based on the data availability. Panel data from 2010 to 2021 were analyzed using the STATA software 13 application utilizing a two-step system generalized method of moments (GMM) approach. First, interestingly, our finding shows that digital adaptation and income significantly affect the LCF. An increase in income increases the LCF among the middle-income group of countries. Therefore, LCC is confirmed in this research. Surprisingly, energy transition, export diversification, and foreign direct investment negatively impact the LCF in the base model. Second, the impact of integrating digital adaptation and energy transition has a positive effect on LCF. Third, a negative correlation was observed between the interaction of export diversification and digital adaptation with the LCF. Fourth, a positive correlation was observed between the interaction of renewable energy and digital adaptation with the LCF. Finally, this study explores the impact of the energy transition, export diversification, and income inequality on the LCF with reference to the Organization of Petroleum Exporting Countries (OPEC). The result shows a negative effect between export diversification and LCF among OPECs at a 10% significance level. To improve the quality of our planet, policymakers must understand the forces causing climate change. By adopting a comprehensive perspective, the study aims to understand how these interrelated factors collaboratively influence the LCF thoroughly. Additionally, this research seeks to provide valuable insights related to energy transition, digital adaptation, and export diversification to policymakers, researchers, and stakeholders regarding possible avenues for cultivating a more joyful and sustainable global community.

OPEC continued its efforts to strengthen and stabilize the global oil market in the 2000. Increasing market volatility and the collapse of the global financial sector have unfortunately led to an economic recession. The Organization then began to support the oil sector to address the crisis. The purpose of this article is to provide an explanation from the Organization of Petroleum Exporting Countries. To begin with, we will give some general information on this organization and with the help of statistical data we will give an analysis of the evolution of the price of oil correlatively with the events which marked the oil industry which will enable us to see that the principle of supply and demand is respected in the form, because oil prices fluctuate with supply and demand levels.

Since 2017, a new coalition of oil producers led by OPEC and Russia (known as OPEC+) implemented production cuts to limit downward pressure on crude prices. The Covid-19 shock led to a temporary collapse of this coalition and to a price war among OPEC+ members, which contributed to the oil price slump that had originally been caused by widespread containment measures. As the oil market balance seems to crucially hinge on the stability of this coalition, we draw on the 2017--2020 experience to assess the effectiveness of OPEC+ in sustaining oil prices. Using a counterfactual analysis based on two complementary structural vector autoregression (SVAR) models, we find that the impact of OPEC+ on the price of oil was small, owing to significant deviations of oil producers from their assigned quotas. On average, without the OPEC+ cuts, the oil price would have been 6 percent (4 USD) lower than observed. [ABSTRACT FROM AUTHOR]

This work examines how the dependence structures between energy futures asset prices differ in two periods identified before and after the 2008 global financial crisis. These two periods were characterized by a difference in the number of extraordinary meetings of OPEC countries organized to announce a change of oil production. In the period immediately following the global financial crisis, the decrease in oil prices and oil and gas demand forced OPEC countries to make frequent adjustments to the production of oil, while, since the first quarter of 2010, the recovery led to more regular meetings, with only three organized extraordinary meetings. We propose to use a copula model to study how the dependence structure among energy prices changed among the two periods. The use of copula models allows to introduce flexible and realistic models for the marginal time series; once marginal parameters are estimated, the estimates are used to fit several copula models for all asset combinations. Model selection techniques based on information criteria are implemented to choose the best models both for the univariate asset prices series and for the distribution of co-movements. The changes in the dependence structure of couple of assets are investigated through copula functionals and their uncertainty estimated through a bootstrapping method. We find the strength of dependence between asset combinations considerably differ between the two periods, showing a significant decrease for all the pairs of assets. [ABSTRACT FROM AUTHOR]

The membership structure matters to ensure a durable negotiating forum in an international organization. However, in July 2017, Saudi Arabia and the United Arab Emirates, on behalf of the Organization of the Petroleum Exporting Countries (OPEC), requested Indonesia to reactivate its membership, which the country had suspended—for the second time—in November 2016. The first suspension was in January 2009—annulled in January 2016. The Government of Indonesia (GoI) then welcomed the invitation. This study aims to analyze OPEC’s membership scheme, which has given leeway to its members to send a request like the above. In-depth interviews were conducted with Indonesia’s representatives in OPEC to capture the organization’s internal condition. By analyzing the organization’s membership dynamics, we can identify three reasons behind Indonesia’s invitation to rejoin. The first is because OPEC’s country members need Indonesia’s presence in negotiations as they consider Indonesia neutral. Second, OPEC needs a country with a different attribute to strengthen the organization’s image of diversity on the international stage. The third reason is the historical elements. OPEC strives to maintain historically good relations with the GoI as the country has contributed to the organization’s development. For those reasons, an international organization might reinvite its former member to join the group.

Considering the undeniable role and importance of the environment in people's lives, the present study is designed to investigate the combined effect of information and communication technology (ICT) and foreign direct investment (FDI) on achieving environmental sustainability. Since the increasing emission of carbon in society and its destructive environmental effects on social economic aspects and even political tensions have become a challenge, the main question of the research is what strategies have governments, especially oil exporting countries, used in the past to reduce the level they have discovered pollution and what policies do they want to follow in the future? Among the policies undertaken by the OPEC oil exporting countries, has the action for foreign direct investment (FDI) and the development of information and communication technology (ICT) been effective in preventing harmful environmental effects? For this purpose, data on renewable energy consumption, the intensity of use of information and communication technology, foreign direct investment (FDI), and urbanization have been used as explanatory variables, and carbon dioxide (CO2) emission as a dependent variable. The target countries selected are oil exporting countries (OPEC) for the period 2000 to 2020, and the analysis method used is panel VAR. The results showed that creating a shock in FDI, labor force, urban population, and renewable energy consumption decreases CO2 while creating a shock in Gross capital formation increases CO2. The impact of shock of ICT on CO2 is also insignificant and can be ignored. The results of variance analysis also showed that urban population, labor force, and FDI variables have the largest contribution in explaining the behavior of CO2; therefore, it is necessary to pay attention to FDI and try to increase the attraction of foreign direct investment to reduce CO2 in OPEC countries. JEL: C23, F43, F64 [ABSTRACT FROM AUTHOR]

The article is focused on the influence of the climate agenda on the policy of Arab oil-producing countries and the prospects for cooperation with them of Russia in general and Bashkortostan in particular. The authors investigate the transformation of the climate agenda into a mechanism used to compensate for the growing geopolitical influence of Arab oil-producing countries, including trends formed by global climate agreements to abandon hydrocarbon fuels and divestment in the oil industry. The article analyzes the new types of risks that have appeared in the oil in-dustry in recent years and are tied to the climate agenda. Fundamentally new mo-ments in the policy of the Persian Gulf countries in 2022 are revealed: an attempt to promote their own version of the climate agenda and «Net zero» concept. The pros-pect of changing the role of Arab countries in the global climate agenda is assessed in the light of the fundamental changes in the world order in 2022.

The article examines reasons for the increased «concern» of the states of the Middle East about what is happening around Ukraine. At the official level, they declare their neutrality and noninterference in the conflict, although some of them supply military equipment and ammunition to one of the warring parties. Under the current conditions, the Middle Eastern states are primarily concerned about their own security to a much greater extent than the countries of other regions, since over the past decades, the growth of tension between the USSR/Russia and the West has often been directly projected onto the Middle East, leading to a surge of confrontation between its main players. The concern of the states of the region with what is happening around Ukraine is connected not only with fears that a European war could «revive» muted conflicts in Syria, Libya, Yemen, increase tension in the Persian Gulf, but also with their involvement in global processes both in the sphere of economy and politics. For example, the latest moves by oil-exporting countries to protect their interests in the energy market are often interpreted in the West as «assistance to Russia». This forces some countries in the region to emphasize their neutrality with political gestures – such as voting in international organizations against the Russian Federation. The elites of a number of Arab states in these conditions are trying to offer intermediary services to Russia and Ukraine. Below we consider the reasons for such an approach to the crisis in Europe by Turkey, Saudi Arabia and the UAE.