ENERGY ECONOMICS REVIEW
Year:2021 | Volume:17 | Issue:69|Papers Count:8

The purpose of this article is to examine the relationship between electricity consumption and economic growth in 13 OPEC member countries for the period 1980 to 2018. For this purpose we use the bootstrap panel causality test proposed by Konya (2006). This test can be useful in assessing the degree of dependence on electricity among OPEC members. It is noted that when a country's economy is dependent on electricity, environmental policies to save energy can negatively affect economic growth. Therefore, understanding the causal relationship between electricity use and economic growth can have important policy implications. The results of the Bootstrap causality test in this study show that the feedback hypothesis is confirmed for Iran, Ecuador, UAE, Saudi Arabia, Nigeria, Qatar and Kuwait. There is also evidence of the conservation hypothesis in Iraq, Algeria, Libya and Venezuela. In Angola and Congo, however, there is no link between electricity consumption and economic growth, and the neutral hypothesis is valid in these countries. Thus, in most OPEC countries, environmental policies that limit the growth of electricity consumption may have a negative impact on economic growth. Therefore, it is necessary for these countries to increase electricity production from renewable sources.

In the present study, we assess the effect of oil revenue shocks on the stock market index in the period 1384: 1 – 1397: 2 using the Markov switching vector autoregression model. The results indicate that when the stock index is in the lower bound, positive shocks of inflation, exchange rate and government debt to the banking network lead to an increase in the stock index, while a positive shock to the interest rate leads to a decrease in the stock market index in all periods. We further note that positive shocks of economic growth lead to increases in the stock index in most periods. But when the stock index is in the higher bound, positive shocks of oil revenues, interest rate and economic growth lead to decreases in the stock market index, while government budget deficit, liquidity, inflation, exchange rate and government debt to the banking network have positive effects on the stock market index. According to the research results, if the goal is normal growth in the stock market, monetary and fiscal policies as well as instruments under the control of the central bank (liquidity, exchange rate and interest rate) should be managed based on whether the stock market faces a bull or bear market. This will ensure that the stock market does not deviate from its positive role in funding private investment. Otherwise, the stock market can face uncertainty. This uncertainty is likely to push liquidity out of this market into parallel markets and create harmful economic effects.

Natural gas sales and purchase agreements include a variety of contractual terms in commercial, financial, technical, and legal areas. Some of these are volume constraints. These terms have a value of flexibility and the degree of flexibility of these volumes has a monetary value and influences the financial regime of the contract, including the applicable gas price. The purpose of this study is to optimize contractual volume flexibility and gas prices, while determining the optimal flexibility range for the constraints, focusing on gas export data to Turkey for the period 2010-2019. We optimize our mathematical model based on the cost-plus approach. The results show that the optimal output values for the variables of minimum and maximum daily contract quantities, percentage of take-or-pay and make-up gas quantity and carry forward will lead to optimal contract prices.

The purpose of this research is to determine factors that determine behavior of different percentiles of household’ s energy consumption expenditure through applying quantile regression to micro data of the Statistical Center of. Based on theoretical foundations and past studies, our model studies the effects of economic factors, demographic, appliance used in house and role of religious beliefs. The results show that increasing family income from poor to rich category (base on the AEI) increases household energy consumption expenditure, with this effect more marked in the upper quantiles. We also notice that increased share of food expenditure from the family is accompanied by increasing energy expenditure. We also notice that as the age of household head and household welfare increases, energy consumption increases. This impact however declines as age and welfare increase, leading to a negative signal of age square variable. Awareness of issues related to energy leads to reduced energy consumption amongst lower quantiles headed by someone with university education. Increased size of dwellings and higher number of family members increases consumption expenditure almost equally in different quantiles. Energy expenditure is not affected by additional level 2 facilities and equipment but level 3 equipment use has positive effect in lower quantiles. Religious beliefs and other demographic factors do not have any impact on energy consumption.

Choosing the appropriate distribution channel for companies is one of the main marketing activities in the supply chain. Accordingly, the purpose of this study is to design a system for predicting success of the distribution channel in the supply chain of the petroleum industry using ANFIS and the PSO algorithm for the national oil products distribution company in the two regions of West Azerbaijan Province. The research method was descriptive-modeling and the statistical population of this research included all the locators in the two regions (south and north) of West Azerbaijan. We collected data in this research through a questionnaire and documents of the National Oil Distribution Company of West Azerbaijan. We analyzed the data in this study through combining neuro-fuzzy adaptive network with Particle Swarm Optimization algorithm. Our research results show that, based on the designed system, the branding scheme has better performance than the traditional method.

Valuing reserves is important and essential for international oil companies because it enables them to finance projects at low rates in the financial markets. One criticism of buyback contracts is that they do not allow the contractor to reflect the value of reserves on its books. The purpose of this study is to investigate this issue in comparing Iran and Iraq oil service contracts with respect to joint fields. We undertake the study by examining primary sources such as rules and regulations related to oil producing companies in the USA, related international financial standards and financial provisions of Iran and Iraq oil service contracts. Our research indicates that procedures for valuing reserves on contractors books are not clearly stipulated, but in theory it should be possible to reflect reserves under all contracts reviewed. However, in practice reserves can be reflected on contractors books under the new Iran petroleum contracts and Iraq service contracts, through use of percentage work completed under long term contracts, but use of this method is not possible in buyback contracts.

In recent years, attention to the importance of optimal energy consumption has significantly increased. Meanwhile, the manufacturing sector is one of the most energy consuming sectors and its energy intensity index has always been high. In this study, we use a seemingly unrelated regression estimator to estimate factors that affect energy intensity in manufacturing industries with ten or more employees in Iran. We compare energy-based industries and non-energy-based industries. The results of this study show that while energy prices are inversely related to energy intensity in both groups of industries, the effect of rising energy prices on reducing energy intensity in energy-intensive industries is much greater. The ownership structure and industrial concentration are also inversely related to the energy intensity of industry. More privatization and increased industrial concentration will reduce energy intensity, especially in the energy-based industries. The effect of research and development costs on energy intensity was either not significant or, contrary to expectations, was directly related to energy intensity.

One of the main issues in Iran is energy efficiency. After announcement of Article 12 of the Law on Elimination of barriers to production, some public companies, such as IFCO, partner with the private sector in entities such as the Energy Services Company to implement Article 12 of the Law on Elimination of barriers to production. Special legal provisions should be foreseen for dealing with contractual issues that can arise in contracts related to Article 12. This is necessary as usual dispute resolution mechanisms such as arbitration or litigation are costly and time consuming. We suggest that disputes be resolved through intervention of a technical supervisor. This method reduces the cost and time of decision making and increases investor's willingness to invest.