Chapter II. The World Economy

This paper attempts to systematize factors of the fall in the global oil price in 2014 and discusses potential trajectories of its further dynamics. Examining the effects of supply and demand on the market, similarities are drawn with the fall in the oil price in 1986.

Last year, the unexpectedly slow growth of output in the world economy, and of trade relative to it, reinforced doubts as to whether developing countries would recover from their depression and financing crisis. Since then, the fall in oil prices has altered substantially the outlook for industrial countries. The process of re-examining the prospects for developing countries has scarcely begun.This note describes developments in their trade and financing over the past five years, since the second oil price rise, as background to the judgement that the trends expected previously would have been economically and politically impossible to sustain. It then assesses the prospect now—after the fall in oil prices.

Nigeria’s debt at independent was put at about N488.8 million which was mainly long-term development soft loans. The world economic recession and fall in price of oil in 1982 were identified as major factors that led many countries to debt crisis. Nigeria’s debt accumulated due to gross mismanagement of resources and loans contracted as well as failure of governments to keep-up with repayment schedules. This paper assesses the management of Nigeria’s debt. It examined the role of International Financial Institutions (IFIs) in discussing the politics of Nigeria’s debt management vis-à-vis motivational factor behind consideration for loans, disbursement and at what rate? The paper employed both primary and secondary sources of data. Primary data was sourced from Debt Management Office, National Bureau of Statistics, Central Bank of Nigeria and National Institute for Social and Economic Research while secondary data was sourced from journals, books, official government gazettes and internet. Data was analyzed using descriptive method. The result of the analyses revealed that 79% of the respondents agreed that Nigeria’s oil contributed to its huge debt accumulation and denied it debt cancellation. Also 65% believed that government has been prudent in managing the nation’s debt with every action taking in the interest of the people even when it failed to keep up with repayment schedules. The dependency theory formed the basis of discussion and analyses in this work. It concluded that, oil was a major factor behind the granting of loans to Nigeria as well as responsible for fiscal irresponsibility on part of the government which led to the failure of efficient management of such loans. This paper recommended that there should be prudent management of the economy while all forms of corruption must be eradicated to bring about real development.

This paper looks at Tourism as a Sector that can contribute substantially to the growth of Nigeria economy especially in this era where everyone is calling for diversification of the economy, resource control, restructuring and true federalism. It is of common knowledge that our dependence on oil as a country is no longer sustainable because of the fall in price of oil in the international market and the domestic problems of oil theft, pipeline vandalization and militancy of the youths in the oil communities. More importantly, oil is a wasting asset that is being depleted every day. It is therefore the thrust of this paper that if our tourism sector in Nigeria can be developed and well branded, Nigeria can make a lot of money from it, like Israel, Saudi Arabia and United Arab Emirate. The research method used in this paper is the doctrinal method of research.

In recent years, new terms and concepts have appeared that describe the digital transformation currently in progress. The world image, including in the industrial world, has been changed by the concept of intelligent enterprise (IE) - a set of technological innovations, including artificial intelligence (AI), intelligent automation (IA), deep learning technologies, predictive analytics and cognitive computing. The increasing complexity of the oil and gas business and the decreasing optimization potential from traditional approaches require the use of new, innovative digital technologies to remain competitive. Responding to the market conditions of falling hydrocarbon prices, the oil and gas industry is increasingly mastering Big Data to optimize technological processes and prevent accidents. The emergence of Big Data technologies, predictive analysis and machine learning are changing the general image of many industries, and the oil and gas industry is no exception. New players are quickly emerging throughout the industry, and digitalization will affect the entire value chain throughout in the oil and gas industry. Among the most promising segments for the transition to digital technologies are asset management and infrastructure facilities, field development, geophysical services, pipelines and processing. Digital technology is the most powerful driver for cost reduction. It is expected that implementing these solutions will, by 2030, reduce the costs of E & P projects by up to 30%. Thus, Russia can leverage these new technologies and retain a share in the world energy market for another 50 years. The oil industry has recently passed the most difficult period in the last 30 years. The fall in oil prices since 2014, the reduction of 350 thousand employees worldwide, and fall in production investment are examples of serious challenges that the industry has faced in recent years. These challenges have resulted in new attempts to optimize business through implementing new technologies to improve the efficiency and profitability of companies.

This paper aims to simulate and evaluate the impacts of increases and decreases in oil price on industrial sectors in China. We develop an oil-economy computable general equilibrium (OE-CGE) model with crude oil as an important factor in production. The transmission mechanism of crude oil price swings to various industrial sectors is described in the model. We calibrate parameters in the model parameters using input-output data. In addition, we simulate the rise and fall of oil prices in the model and assess the impact of crude oil prices on various industrial sectors. The results show that crude oil price changes have the greatest impact on the output and consumption of crude oil and gas extraction products sector, crude oil refined coke products, and processed nuclear fuel products sector. The investment of public utilities sector is the most sensitive to changes in crude oil price. When the price of crude oil changes, its investment drops significantly. Crude oil price stability is extremely important for investment and output stability in all sectors.

Responses of monetary policies to oil price changes in Malaysia

Impact of Collaboration Amongst Tax Authorities on Revenue Generation and Service Delivery to Taxpayers in Nigeria

The Ups and Downs of Oil

At the end of 1982 output in the world economy was still falling, although there were signs that the decline had very nearly run its course. We expect a radual recovery to begin in the first half o f 1983. Unlike the recovery which began in the late summer of 1980, when inflation was still in double figures, any upturn in 1983 would be set against a background of declining inflationary expectations and weak oil prices. IJ. as we expect, a falling inflation rate proves a decisive factor in keeping interest rates on a downward path, we forecast that the output will gather pace in I983 and rise reasonably strongly in 1984. Of the 4 per cent rise in industrial production which we foresee in 1984. a large part is due to the fall in real oil prices.

Iran–US relations – strained at the best of times since the 1979 Iranian revolution – have never been worse than during the past six years, due to the much more intense interaction between the two ...

Oil Project Selection by Metrics

The price of oil: Lower and upper bounds

High oil prices have once again led to large external surpluses of oil exporting countries, similar to the 1970s and 1980s. This paper analyzes the extent to which (i) oil exporters use bank deposits to invest these surpluses, and (ii) banks are lending on these funds to emerging market economies. Bank recycling of petro dollars to emerging market economies is found to be almost as important as in the 1970s and 1980s, even though during the current boom, petro dollar bank flows tend to originate in countries like Russia, Libya, or Nigeria rather than in the Middle East. As one consequence, a fall in oil prices could yet again disrupt financing flows to emerging economies. Especially at risk could be countries that rely heavily on bank loans to finance external deficits, many of them in Emerging Europe.

Oil Project Selection by Metrics