Oil price, energy consumption and carbon dioxide (CO2) emissions: insight into sustainability challenges in Venezuela

Agbanike, Tobechi F.; Nwani, Chinazaekpere; Uwazie, Uwazie I.; Anochiwa, Lasbrey; Onoja, Thank-God C.; Ogbonnaya, Ikwor Okoroafor

doi:10.1186/s40503-019-0070-8

Cited by 58 publications

(29 citation statements)

References 54 publications

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“…Secondly, the El Niño phenomenon has led to frequent climate disasters, which results in human deaths and huge economic losses (Ogallo, 2010;Yeh et al, 2009). The combustion of fossil energy produces carbon dioxide emissions (Ramanathan, 2006;Alkhathlan & Javid, 2015;Agbanike et al, 2019;Kashif & Nimra, 2019), which worsens the negative impact of the El Niño phenomenon. In order to protect the ecological environment and maintain sustainable development, most countries have taken measures to reduce carbon dioxide emissions and fossil energy use (e.g., the Paris Climate Conference has reached an agreement to control the carbon dioxide emissions).…”

Section: Resultsmentioning

confidence: 99%

“…In turn, the increasing oil demand leads to high carbon dioxide emissions and global warming (Ramanathan, 2006;Alkhathlan & Javid, 2015;Agbanike et al, 2019;Kashif & Nimra, 2019), Collins et al (2010) prove that under the influence of global warming, the characteristics of El Niño phenomenon will probably be modified. Ciprian-Beniamin and Adrian (2012) suggest that the past and present pattern of oil consumption have negative influences on the environment and climate changes, which may cause EL Niño phenomenon.…”

Section: Literature Reviewmentioning

confidence: 99%

“…In turn, the development of the global economy is closely related to the oil consumption (Nel & Cooper, 2008;Al-Mulali, 2011;Saboori et al, 2017;Lahiani et al, 2019). The rise in oil demand leads to an increase in the carbon dioxide emissions, which causes to the global warming (Ramanathan, 2006;Alkhathlan & Javid, 2015;Agbanike et al, 2019;Kashif & Nimra, 2019). Under this condition, the warming of the ocean surface is faster than the subsurface, which may induce the occurrences of El Niño phenomena (Cai et al, 2014).…”

Section: Introductionmentioning

confidence: 99%

See 2 more Smart Citations

The inevitable role of El Niño: a fresh insight into the oil market

Qin

Qiu

Tao

et al. 2020

Economic Research-Ekonomska Istraživanja

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This paper explores the time-varying interaction between El Niño phenomenon and the oil market by applying the wavelet analysis. Few studies have explored the time-varying interrelationship between El Niño phenomenon and oil price (also the prices of petroleum products) by considering the time and frequency domains, and this paper will fill the above gaps. The empirical results reveal that El Niño index (NINO) which reflects the strength of El Niño phenomenon has a negative influence on oil price (OP) in the long run, but this view does not hold in the short and medium terms. These results are not consistent with the intertemporal capital asset pricing model (ICAPM), which indicates that there is a positive influence from NINO to OP. In turn, OP positively affects NINO in the medium term. Through comparing the five petroleum products, we can conclude that heating oil price (HOP) is the most relevant to NINO, while gasoline price (GOP) and diesel fuel price (DOP) have relatively weak relationships with it. Understanding the interactions between El Niño phenomenon and the oil market can provide insights for the investors, oil enterprises and related authorities.

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Section: Resultsmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 1 more Smart Citation

The inevitable role of El Niño: a fresh insight into the oil market

Qin

Qiu

Tao

et al. 2020

Economic Research-Ekonomska Istraživanja

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“…The results reported that positive and negative fluctuations in crude oil prices exert influence on CO 2 emissions in the USA and China. Agbanike et al ( 2019 ) proved that CO 2 emissions exert a negative effect on economic growth in the oil-rich economy by considering a causal interaction between oil price, energy consumption, and carbon dioxide emissions in Venezuela. Mensah et al ( 2019a , b ) investigated the causal relationship with economic growth, carbon emissions, fossil fuel energy, and oil price for 22 African countries.…”

Section: Oil Price and Carbon Dioxide Emissionsmentioning

confidence: 99%

Investigation of the N-shaped environmental Kuznets curve for COVID-19 mitigation in the KSA

Aljadani

Toumi

et al. 2021

Environ Sci Pollut Res

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Climate change mitigation has led to a recent question regarding many policymakers and sustainable development goals (SDGs) of the Kingdom of Saudi Arabia (KSA) for Vision 2030. In 2019 and 2020, COVID-19 mitigation was the only issue the world raised questions about; for example, the KSA and the rest of the world are working diligently to meet COVID-19 mitigation targets. To assess policy supervision in terms of the ability to achieve COVID-19 targets, this survey examines the operators necessary to achieve the SDGs in regard to improving COVID-19 mitigation and increasing economic growth. In particular, we examine COVID-19 mitigation under the setting of an N-shaped environmental Kuznets curve (N-shaped EKC) in the KSA. To identify the COVID-19 shock in the KSA, the effects of oil price and oil rent on CO 2 emissions are examined. The results of the autoregressive distributed lag (ARDL) and non-autoregressive distributed lag (NARDL) bound testing approach indicate that due to the COVID-19 pandemic, the inverted Nshaped EKC hypothesis is validated in the long term. Empirically, we find that oil price strengthens the relationship of level, quadratic and cubic of economic growth and environmental quality while oil rent weakens this relationship. Additionally, the long-term incidences of positive shocks on oil price in the presence of COVID-19 outbreak are not similar to the negative shock to CO 2 emissions, implying the existence of asymmetric impacts on carbon dioxide emissions in long-term forms. Our research implies that an oil price shock could be judicious for macro guidance of the economy in the KSA. Our findings are helpful for policymakers and investors in terms of their settlement planning because they can be used to evaluate prospective courses of economic profitability under the COVID-19 shock.

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“…In this regard, [11] suggested that there was a causality interaction from oil price to energy consumption in Tunisia, while [12] found that the oil price had a significant influence on energy consumption in China. [13] tested the causal linkage between oil price and the level of carbon emissions using the ARDL model. The findings indicated that there is a positive interaction between oil prices and the level of carbon emissions in Venezuela.…”

Section: Literature Reviewmentioning

confidence: 99%

Oil Price, Energy Consumption, and CO2 Emissions in Turkey. New Evidence from a Bootstrap ARDL Test

Abumunshar

Ağa

Samour³

2020

Energies

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The main objective of this research was to test the effect of oil prices, renewable and non-renewable energy consumption, and economic growth on Turkey’s carbon emissions by using three co-integration tests, namely, the newly-developed bootstrap autoregressive distributed lag (ARDL) testing technique as proposed by (McNown et al., 2018); the new approach involving the Bayer–Hanck (2013) combined co-integration test; and the H-J (2008) co-integration technique, which induces two dates of structural breaks. The autoregressive distributed lag model (ARDL), dynamic ordinary least squares (DOLS), canonical cointegrating regression (CCR), and fully modified ordinary least square (FMOLS) approaches were utilized to test the long-run interaction between the examined variables. The Granger causality (GC) analysis was utilized to investigate the direction of causality among the variables. The long-run coefficients of ARDL, DOLS, CCR, and FMOLS showed that the oil prices had a negative influence on CO2 emissions in Turkey in the long run. Furthermore, the findings demonstrate that non-renewable energy, which includes oil, natural gas, and coal, increased CO2 emissions. In contrast, renewable energy can decrease the environmental pollution. These empirical findings can be attributed to the fact that Turkey is heavily dependent on imported oil; more than 50% of the energy requirement has been supplied by imports. Hence, oil price fluctuations have severe effects on the economic performance in Turkey, which in turn affects energy consumption and the level of carbon emissions. The study suggests that the rate of imported oil in Turkey must be decreased by finding more renewable energy sources for the energy supply formula to avoid any undesirable effects of oil price fluctuations on the CO2 emissions, and also to achieve sustainable development.

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Oil price, energy consumption and carbon dioxide (CO2) emissions: insight into sustainability challenges in Venezuela

Cited by 58 publications

References 54 publications

The inevitable role of El Niño: a fresh insight into the oil market

The inevitable role of El Niño: a fresh insight into the oil market

Investigation of the N-shaped environmental Kuznets curve for COVID-19 mitigation in the KSA

Oil Price, Energy Consumption, and CO2 Emissions in Turkey. New Evidence from a Bootstrap ARDL Test

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