The Oil Market Reactions to OPEC’s Announcements

Liu, Yue; Dong, Hao; Failler, Pierre

doi:10.3390/en12173238

Cited by 22 publications

(21 citation statements)

References 59 publications

(76 reference statements)

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“…Interestingly, the results are robust under an alternative measure of CO 2 emissions in both economies and validate the choice of the NARDL estimation as a useful tool for policy reforms. Aligned with recent literature [87][88][89], we also suggest that the related studies which have taken into account the traditional linear specification, such as ARDL, may review and extend the phenomena under a non-linear setting introduced in recent literature, for better policy input.…”

Section: Discussionsupporting

confidence: 58%

Does the Level of Absorptive Capacity Matter for Carbon Intensity? Evidence from the USA and China

et al. 2020

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Interest in the rapid growth of CO2 emissions, together with the economic performance of various countries continues to attract researchers and practitioners’ interest. Alongside, concerns regarding global warming and its effects on human and animal health, and thus sustainable development, escalate. The present study employs the nonlinear autoregressive distributed lag to identify short- and long-run dynamics and the asymmetric nexus between absorptive capacity, and CO2 emissions intensity from 1970 to 2018 in the case of the USA and China. In the short-run, an increase in technology transfer based on human resources increases CO2 emissions in China. Contrarily, the decrease in technology transfer based on infrastructure has an emissions-decreasing effect in China. In the long-run, the effects of an increase in absorptive capacity based on innovation and infrastructure developments provide positive and significant impetus to mitigate the carbon intensity in China and the USA. The results are robust using GHG intensity. Thus, policymakers and researchers have to consider the pivotal role of absorptive capacity in facilitating sustainable development.

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Section: Discussionsupporting

confidence: 58%

Does the Level of Absorptive Capacity Matter for Carbon Intensity? Evidence from the USA and China

et al. 2020

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“…In recent years, the linkages between oil and other commodity prices (including metals, industries, and agriculture) have increased (Ji and Fan, 2012;Wang et al, 2014;Luo and Ji, 2018) owing to the "financialization of commodities" (Vivian and Wohar, 2012;Creti et al, 2013;Fattouh et al, 2013;Adams and Glück, 2015;Basak and Pavlov, 2016;Liu K. et al, 2019;Liu Y. et al, 2019). In addition, the continuous replacement of fossil fuels by biofuels and the large-scale hedging strategies proposed for inflation caused by high oil prices have also enhanced the correlation of oil commodities (Ji and Fan, 2012).…”

Section: Introductionmentioning

confidence: 99%

Dynamic Spillovers Between International Crude Oil Market and China's Commodity Sectors: Evidence From Time-Frequency Perspective of Stochastic Volatility

2020

Front. Energy Res.

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We study the time-frequency dynamics of stochastic volatility spillovers between international crude oil markets and China's commodity sectors in the spectral representation framework of generalized forecast error variance decomposition (GFEVD). We find evidence that international crude oil markets has significant volatility spillover effects on China's bulk commodity markets, and the volatility spillovers are sensitive to extreme geopolitical or financial events. The net spillovers of international oil markets are almost positive and driven mainly by short-term components (within a week). However, uncertain financial factors from China such as the market-oriented reform in 2013 and the stock disaster in 2015 adversely affect the net oil-commodity volatility spillovers through the medium-term components (week to a month) and long-term components (month to a year). Moreover, the volatility spillover effects of crude oil prices on different commodity sectors in China are heterogeneous. Metal, coal coke, and steel ore and energy commodity sectors are more affected by crude oil prices, whereas nonmetal building materials and agricultural commodities are less affected. These outcomes implement necessary implications for investors and policymakers.

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“…The dynamic characteristics of the dominant position of oil's financial and commercial attributes are mainly caused by the time-varying monetary policy and oil demand shock. The time-varying shocks are mainly related to the external environment [42,43]. The dominant position of financial and commercial properties of oil refers to the fact that the price of the international crude oil market is mainly affected by a certain characteristic of oil in a particular period.…”

Section: Hypothesis 3 the Dominant Position Of Different Attributes Of Oil Has Dynamic Characteristicsmentioning

confidence: 99%

Dynamic Characteristics of Oil Attributes and Their Market Effects

et al. 2021

Energies

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The commercial and financial attributes of oil have significantly changed the evolution characteristics of prices and returns of the international crude oil market. Using monthly data from April 2003 to October 2020, this paper identifies dynamic characteristics of oil’s commercial and financial attributes based on the structural vector autoregressive model (SVAR) and further analyzes their market effects with different attributes. The result shows that there are situations of commercial and financial attributes dominating, and dual attributes co-dominating for oil. Furthermore, their durations account for 51%, 23%, and 26% respectively, of the full sample. Besides, the reactions of crude oil price or return to the different properties of oil are heterogeneous. Specifically, the dual attributes of oil play the most important role in the price evolution of the international crude oil market, which is 80.851. There are significant differences among the impact of different attributes of oil on the evolution of international crude oil market returns, which are 0.009, −0.008, and −0.004, respectively. Then, some relevant recommendations for policy-makers and investors based on the above research conclusions are also put forward.

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The Oil Market Reactions to OPEC’s Announcements

Cited by 22 publications

References 59 publications

Does the Level of Absorptive Capacity Matter for Carbon Intensity? Evidence from the USA and China

Does the Level of Absorptive Capacity Matter for Carbon Intensity? Evidence from the USA and China

Dynamic Spillovers Between International Crude Oil Market and China's Commodity Sectors: Evidence From Time-Frequency Perspective of Stochastic Volatility

Dynamic Characteristics of Oil Attributes and Their Market Effects

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