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Oil Intensities and Oil Prices : Evidence for Latin America

Alaimo, Veronica; Lopez, Humberto
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
36.72%
Crude oil prices have dramatically increased over the past years and are now at a historical maximum in nominal terms and very close to it in real terms. It is difficult to argue, at least for net oil importers, that higher oil prices have a positive impact on welfare. In fact, the negative relationship between oil prices and economic activity has been well documented in the literature. Yet, to the extent that higher oil prices lead to lower oil consumption, it would be possible to argue that not all the effects of a price increase are negative. Climate change concerns have been on the rise in recent years and fossil fuel consumption is generally viewed as one of the main causes behind it. Thus this paper explores whether higher oil prices contribute to lowering oil intensities (that is, oil consumption per unit of gross domestic product). The findings show that following an increase in oil prices, OECD countries tend to reduce oil intensity. However, the same result does not hold for Latin America (and more generally for middle-income countries) where oil intensities appear to be unaffected by oil prices. The paper also explores why this is so.

Assessing the Impact of Higher Oil Prices in Latin America

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
36.73%
For some Latin American countries - especially, the oil importers in the Caribbean - rising energy prices could pose a significant threat to their current account sustainability, particularly if they are accompanied by other negative shocks. In some countries the fiscal costs associated with subsidies to protect domestic consumers have been considerable so far. Hence, a better understanding of the effects of high oil prices and potential responses in the region is needed. This report evaluates the effects of oil shocks on economic performance for a sample of selected Latin American countries. The effects at the country level depend not only on the structural characteristics of the economy, such as the degree of dependence on oil, but also on the policy reactions to rising prices. Among the countries included in our study we have: large economies (Argentina, Brazil, Colombia and Mexico), net oil exporters (Venezuela and Ecuador), and net oil importers (Dominican Republic, El Salvador, Guyana and Honduras).

Oil Price Risks and Pump Price Adjustments

Kojima, Masami
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
36.73%
Between 1999 and 2008, world oil prices more than quadrupled in real terms. For oil importers, vulnerability to oil price increases, defined as the share of gross domestic product spent on net oil imports, rose considerably. Considering medians, low-income countries had the highest vulnerability in 2008 and the highest increase in vulnerability between 1999 and 2008. When changes in vulnerability were decomposed into several contributing factors, more than two-thirds of 170 countries studied were found to have offset the increase in the value of oil consumption by reducing the oil intensity of gross domestic product. Oil intensity fell in more than half the countries in every income group and in every region of the world, driven by falling energy intensity and, to a lesser extent, the oil share of energy. This study also examines the degree of pass-through to consumers of increases in world prices of gasoline, diesel, kerosene, and liquefied petroleum gas between January 2009 and January 2012, when oil prices in nominal U.S. dollars more than doubled. Retail fuel prices varied by two orders of magnitude in 2012...

Caucasus Transport Corridor for Oil and Oil Products

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
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36.72%
This study evaluates the potential demand for oil and oil products transport via the existing rail corridor in the Caucasus, taking into consideration the competition from alternative routes. It identifies potential bottlenecks that would prevent the potential traffic from using the corridor and proposes solutions for the physical and operational improvements to the corridor needed to attract the potential traffic. The report is based on a review of studies of oil production and transport, and interviews with oil producers, transportation intermediaries, railways, and ports in the region. The report begins with a discussion of the outlook for Caspian oil production and transport options for oil. Next, it discusses the physical and commercial constraints on the Caucasus rail corridor. It ends with a market analysis, strategies for attracting business, and significant actions needed to address the problems outlined previously in the report.

Strategic Environmental and Social Assessment of Oil and Gas Development in Mauritania

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
36.71%
The objectives of this Strategic Environmental and Social Assessment (SESA) are as follows: To identify the social and environmental impacts which could be generated by oil and gas development, evaluating the scope and probability of these impacts due to increased activities in the onshore and offshore; to put forward recommendations to avoid, manage and/or attenuate these impacts; to facilitate the integration of these measures into a coherent policy and to ensure its application; and to help in capacity building and training of Government officials in the management oil and gas sector impacts, in particular the Ministries of Environment and Petroleum, Energy and Mines. It is divided into two parts. Part A contains the project background; hydrocarbon potential trend scenarios; critical environmental and social risks; and key SESA findings. Part B contains background and supporting information used in development of the SESA: Description of methodology used in the SESA; legal, regulatory and institutional framework; development trends...

The Vulnerability of African Countries to Oil Price Shocks : Major Factors and Policy Options, The Case of Oil Importing Countries

Bacon, Robert; Mattar, Adib
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
36.73%
Apart from a few oil exporters, Sub-Saharan Africa consists of a large number of low-income countries, many of which are highly dependent on oil imports as a source of primary energy. The purpose of this study is to provide information on a number of aspects of energy and oil use in these countries, with a view to highlighting the vulnerabilities of the different countries against sustained or even increasing oil prices, and explore some of the policy implications. The topics investigated are: 1) How vulnerable is each country at present to a sustained oil price rise measured in terms of the ratio of net oil imports to gross domestic product (GDP), and in terms of its ability to pay as indexed by the ratio of net external debt to GDP? 2) What are the energy and oil intensities of the economies and what are the recent trends (measured by the ratio of energy use to GDP)? Can countries expect that energy and oil intensity will rise or fall as the level of development improves? 3) What is the oil fuel dependence of the economy...

Ecuador : Diversification and Sustainable Growth in an Oil - Dependent Country

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
36.72%
Diversification is important to sustainable economic growth and economic development in an oil-dependent country like Ecuador because it allows the country to be less vulnerable to external shocks. An analysis of diversification in the Ecuadorian economy is needed at this time because (a) the growth has been sluggish despite favorable terms of trade in recent years, and (b) external and fiscal balances are highly vulnerable to shocks in oil prices. This study focuses on the general concept of diversification, including diversification of public revenues, trading partners, and production. It seeks to understand the linkages between the oil and non-oil sectors and offer recommendations on how Ecuador could frame public policy to achieve diversification.

MENA Quarterly Economic Brief, January 2015 : Plunging Oil Prices

Devarajan, Shanta; Mottaghi, Lili
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
EN_US
Relevância na Pesquisa
36.73%
This issue of the MENA Quarterly Economic Brief focuses on the implications of low oil prices for eight developing countries, or the MENA-8 (oil importers: Egypt, Tunisia, Lebanon and Jordan and oil exporters: Iran, Iraq, Yemen and Libya) and the economies of the GCC (Gulf Cooperation Council), who play a major role in providing funds in the form of aid, investment, tourism revenues and remittances to the rest of the countries of the region. We make the following assumptions about the future price of oil: (i) The price will average $65 Brent p/b in 2015; (ii) a higher price $78 Brent p/b will be used for comparison analysis. As with other economic variables, there is uncertainty associated with the future price of oil, which adds to the error involved in projections. The data for 2015 2017 in the figures and tables are projections. These projections are based on statistical information available through early January 2015.

Leveraging Oil and Gas Industry for the Development of a Competitive Private Sector in Uganda

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Relatório
EN_US
Relevância na Pesquisa
36.73%
The study represents a background study for the proposed Uganda Country Economic Memorandum (CEM), which seeks to address the issue of efficient use of oil resources and examine synergies between the oil industry and the rest of the economy, through growth poles or linkages. The oil industry can help Uganda to promote robust growth in the economy. However, it is important to keep in mind that it will take a number of years until oil revenues start flowing into Uganda s economy. After the Final Investment Decision (FID) is reached, it will take time to develop the oil fields and start oil production. In the meantime, there are immediate opportunities opening up for Uganda s businesses to supply the oil industry with goods and services. In most cases, Uganda s suppliers, especially micro, small and medium enterpises (MSMEs), are not expected to become first tier contractors to the International Oil Company (IOCs). The main objective of this study is to provide recommendations to the Government of Uganda (GoU) on policies and strategies of leveraging the oil discoveries for the development of the national economy in order to transform the oil resources into sustained growth. The study reviews the typology of policies for local sourcing used in the world. It includes ample examples of other countries experiences with developing their local content policies and providing support to priority sectors to boost local content which could be useful for Uganda from the standpoint of lessons learned. The study conducts a detailed analysis of the binding constraints faced by domestic oil and gas suppliers in Uganda...

Merchants & Planters Oil Company lease agreement with International and Great Northern Railroad Company, Oct. 1900

International & Great Northern Railroad; Merchants and Planter Oil Company
Fonte: Rice University Publicador: Rice University
Tipo: documents; Text
ENG
Relevância na Pesquisa
46.58%
One page lease agreement between the International and Great Northern Railroad Company and Merchants & Planter Oil Company. Lease shows rental price of $5.oo per annum and states the premises will be used as Seed House. Lease signed at Palestine, Texas on October 5, 1900. Copy signed by Merchants and Planters Oil Company secretary, Benjamin Botts Rice. Accompanying map shows area and relevant buildings, near Buffalo, Texas. Buildings listed on the map are Depot, Cot. Plat., Palestine Cot. Seed W. Ho., South Cotton Seed Ho., C.W. Phillips Seed Ho., and M. &. Oil Co. Seed Ho. Scale of map is 100' = 1". Back of map has Buffalo written on it.; This lease agreement is an example of many such agreements where the Merchants and Planters Oil Company can clearly be seen actively participating not only in the production of cotton goods but also in the wide transportation of its goods by railway by use of many seed house warehouses along the railways. Merchants and Planters Oil Company, manufacturers of cottonseed oil, oil cake, meal and linters, based in Houston, Texas, was founded in 1890. The business was one of a number of cotton-based businesses owned by Rice Institute founder, William Marsh Rice at the time of his death in 1900. On September 8...

Reforming Fuel Pricing in an Age of $100 Oil

Kojima, Masami
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Energy Study; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
36.72%
Increases in world oil prices since 2004 have challenged consumers and oil-importing countries across the world. Oil prices temporarily fell sharply in 2009, only to triple three years later. The oil import share of gross domestic product rose by nearly half among net oil importers in just two years between 2009 and 2011. Governments that control oil product prices have come under pressure to intervene by keeping domestic prices low and effectively subsidizing consumers. This study focuses on the evolving role of oil in national economies, particularly those of developing countries, and proposes a menu of options for drawing a roadmap for pricing policy reform for oil products. In light of events since 2009, it examines how recent price movements have affected countries' vulnerability to world oil price increases, how governments have adjusted domestic fuel prices in response, the consequences of the policy responses, other coping mechanisms to deal with high oil prices and price volatility, the roadblocks to reforming pricing policy...

Natural Oil Companies and Value Creation : Volume 2. Case Studies

Tordo, Silvana; Tracy, Brandon S.; Arfaa, Noora
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
36.74%
Approximately two billion dollars a day of petroleum are traded worldwide, which makes petroleum the largest single item in the balance of payments and exchanges between nations. Petroleum represents the larger share in total energy use for most net exporters and net importers. While petroleum taxes are a major source of income for more than 90 countries in the world, poor countries net importers are more vulnerable to price increases than most industrialized economies. This paper has five chapters. Chapter one describes the key features of upstream, midstream, and downstream petroleum operations and how these may impact value creation and policy options. Chapter two draws on ample literature and discusses how changes in the geopolitical and global economic environment and in the host governments' political and economic priorities have affected the rationale for and behavior of National Oil Companies' (NOCs). Rather than providing an in-depth analysis of the philosophical reasons for creating aNOC, this chapter seeks to highlight the special nature of NOCs and how it may affect their existence...

Natural Oil Companies and Value Creation

Tordo, Silvana; Tracy, Brandon S.; Arfaa, Noora
Fonte: World Bank Publicador: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH
Relevância na Pesquisa
36.72%
Approximately two billion dollars a day of petroleum are traded worldwide, which makes petroleum the largest single item in the balance of payments and exchanges between nations. Petroleum represents the larger share in total energy use for most net exporters and net importers. While petroleum taxes are a major source of income for more than 90 countries in the world, poor countries net importers are more vulnerable to price increases than most industrialized economies. This paper has five chapters. Chapter one describes the key features of upstream, midstream, and downstream petroleum operations and how these may impact value creation and policy options. Chapter two draws on ample literature and discusses how changes in the geopolitical and global economic environment and in the host governments' political and economic priorities have affected the rationale for and behavior of National Oil Companies' (NOCs). Rather than providing an in-depth analysis of the philosophical reasons for creating aNOC, this chapter seeks to highlight the special nature of NOCs and how it may affect their existence...

Vulnerability to Oil Price Increases : A Decomposition Analysis of 161 Countries

Bacon, Robert; Kojima, Masami
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
36.74%
This paper examines the levels of and changes in vulnerability to oil price increases between 1996 and 2006 in 161 countries for which data are available. Vulnerability defined here as the ratio of the value of net oil imports to gross domestic product (GDP) rises if oil consumption increases and oil production decreases per unit of GDP. By comparing the level of vulnerability of different economies at a point in time, those that are particularly vulnerable to oil price increases can be highlighted. This enables consideration of the factors (variables) that help determine the magnitude of vulnerability. Over time economies change in ways that may make them more vulnerable to oil price increases or less so, and the change in vulnerability will be related to changes in the underlying variables. The analysis this paper uses is a starting point for linking these factors. The study also examined changes in vulnerability by subdividing the period under review into two sub-periods, 1996-2001 and 2001-6. The oil price increase during the first sub-period was small...

Planning for Higher Oil Prices : Power Sector Impact in Latin America and the Caribbean

Yépez-García, Rigoberto Ariel; San Vicente Portes, Luis; García, Luis Enrique
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Energy Study
ENGLISH; EN_US
Relevância na Pesquisa
36.74%
A scenario with higher oil prices has important implications for diverting from oil-based technologies to renewables, as well as gas, coal, and nuclear alternatives. By 2030, energy demand in Latin America and the Caribbean (LAC) is expected to double from 2008 levels. A key issue is deciding on the most appropriate mix of fuels for power generation, given the various prices of energy sources and technologies, as well as availability of renewable energy. The study's broad aim is to evaluate the impact of higher oil prices on the cost of generating electricity in countries of the LAC region so that better-informed energy policy planners can buffer future adverse effects. The study defines high oil prices as those above United States (U.S.) $100 per barrel. This price is considered a reasonable starting point for discussion given the recent range in oil prices, which averaged $95 a barrel in 2011. A price of $150 per barrel is defined as considerably high yet plausible given historical and current price levels...

Black Hole or Black Gold? The Impact of Oil and Gas Prices on Indonesia's Public Finances

Agustina, Cut Dian R.D.; Arze del Granado, Javier; Bulman, Tim; Fengler, Wolfgang; Ikhsan, Mohamad
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
Relevância na Pesquisa
36.73%
Indonesia's oil revenues and fuel subsidies dominate the nation's economic policy agenda. This paper estimates the impact of higher international oil prices on the Indonesian government's fiscal position in 2008 and beyond. It analyzes the interactions between government revenues and expenditures, as well as international oil prices, energy subsidies, and inter-governmental transfers. Looking at the impact of oil prices over US$100 per barrel, the paper presents five main findings. First, despite record high oil prices, the government's oil and gas revenues have been decreasing relative to non-oil and gas revenues since 2001. Second, fuel subsides will reach record levels in 2008 while electricity subsidies have been increasing even faster. Third, the paper finds that most of the fuel subsidy that directly benefits households goes to the richest 20 percent. Fourth, even at levels above US$100 per barrel, the government receives more revenues from oil and gas than it spends on energy subsidies. However...

Impact of lipase-mediated hydrolysis of castor oil on γ-decalactone production by Yarrowia lipolytica

Gomes, Nelma; Braga, Adelaide; Teixeira, J. A.; Belo, Isabel
Fonte: Springer; American oil chemists' society Press Publicador: Springer; American oil chemists' society Press
Tipo: Artigo de Revista Científica
Publicado em //2013 ENG
Relevância na Pesquisa
46.43%
γ-Decalactone is an industrially interesting peach-like aroma compound that can be produced biotechnologically through the biotransformation of ricinoleic acid. Castor oil (CO) is the raw material most used as the ricinoleic acid source. The effect of different CO concentrations on the γ-decalactone production by Yarrowia lipolytica was investigated in batch processing, and 30 g L−1 was found to be the optimal oil concentration. Under these conditions, cells were able to produce lipase but at low activity levels, which might limit ricinoleic acid release and consequently, the γ-decalactone production rate. Thus, the enzymatic hydrolysis of CO by commercial lipases was studied under different operating conditions. Lipozyme TL IM was found to be the most efficient and the optimal hydrolysis conditions were pH 8 and 27 °C. The use of hydrolyzed CO in the aroma production allowed a decrease in the lag phase for γ-decalactone secretion.

Lipase induction in Yarrowia lipolytica for castor oil hydrolysis and its effect on γ-decalactone production

Braga, Adelaide; Gomes, Nelma; Belo, Isabel
Fonte: American oil chemists' society Press Publicador: American oil chemists' society Press
Tipo: Artigo de Revista Científica
Publicado em //2012 ENG
Relevância na Pesquisa
46.51%
γ-Decalactone is an aromatic compound of industrial interest, resulting from the biotransformation of ricinoleic acid, the major constituent of castor oil. In order to increase the availability of the substrate to the cells for the aroma production, castor oil previously hydrolyzed can be used. This hydrolysis may be promoted by enzymatic action, more specifically by lipases. In this work, the influence upon the aroma production of the lipase produced by Yarrowia lipolytica, a microorganism able to carry out the biotransformation, was studied. In a first approach, lipase induction conditions were analyzed using different Y. lipolytica strains and culture conditions, such as the inoculation mode of the lipase production medium. Lipase production was not affected by the cells centrifugation, so this step was eliminated, reducing the time and phases of the process. Moreover, Y. lipolytica W29 was shown to be the most adequate strain for lipase production. To investigate the importance of castor oil hydrolysis, the pre-addition of an inducer of lipase production (olive oil) to the biotransformation medium was tested. Results showed that the highest aroma production (1,600 mg L−1) was obtained without a lipase inducer. However, the pre-induction of lipase decreased the lag phase for γ-decalactone secretion.

Characterization of forced oxidation of sardine oil: Physicochemical data and mathematical modeling

Dahl, Stefan; Malcata, F. Xavier
Fonte: American Oil Chemists Society Publicador: American Oil Chemists Society
Tipo: Artigo de Revista Científica
Publicado em //1999 ENG
Relevância na Pesquisa
46.36%
It is of major interest to the food industry to understand the mechanisms and kinetics underlying spontaneous oxidation of marine oils because these polyunsaturated fatty acid (PUFA)-rich oils, the object of several health claims, have been repeatedly recommended for dietary intake. The present study attempts to characterize forced oxidation and hydrolytic breakdown of glycerides and fatty acids in sardine oil. A simple, first-order mathematical model was postulated and successfully fitted to the experimental data. This model confirmed that the rate of decrease in concentration of intact fatty acid moieties is almost directly proportional to the number of double bonds present. Therefore, as expected, the rate of oxidative decay was virtually independent of chain length, with an overall activation energy of ca. 22 kJ mol−1. Additionally, the rate of hydrolysis was correlated with the rate of oxidative decay. With the exception of fatty acids possessing more than four double bonds, PUFA proved to be relatively stable to oxidation for up to 10 h at 50–70°C, and the qualitatively richest pattern of volatiles was obtained when the reaction was performed at the highest temperature (80°C).

Effect of Temperature, Modified Atmosphere and Ethylene During Olive Storage on Quality and Bitterness Level of the Oil

Yousfi, Khaled; Cayuela, José Antonio; García Martos, José M.
Fonte: American Oil Chemists' Society; Springer Publicador: American Oil Chemists' Society; Springer
Tipo: Artículo Formato: 918459 bytes; application/pdf
ENG
Relevância na Pesquisa
46.43%
6 pages, 4 tables.-- Printed version published Mar 2009.; Mill olives (Olea europaea L. cv. ‘Lechín’), harvested at the green mature stage of ripening, were stored for 72 h under six different storage conditions: in air, in a closed container, and in a closed container with 30 ppm ethylene either at 20 or at 40 °C. The use of 40 °C as the fruit storage temperature reduced oil bitterness, regardless of the atmosphere applied; however, it also induced a significant reduction in stability and pigment content of the oil extracted. At 20 °C, mill olives stored under air supplemented with 30 ppm ethylene engendered oils with middle bitterness intensity, whereas the oils obtained from fruit stored similarly, but without ethylene, or in an open container exhibited a strong intensity of this sensory attribute. Fruit respiration in the closed containers caused a CO2 accumulation and an O2 decrease in the storage atmosphere. This CO2 concentration was increased by the previous ethylene addition, but O2 presence did not suffer an additional reduction. The use of modified atmospheres in fruit storage induced off-flavor development in the oils extracted, producing a significant reduction in the overall grading of their sensory quality.; The authors are grateful to the Project Citrisaude SP5.P120/03 of the Program Interreg IIIA of the European Community for their financial support. The authors also gratefully acknowledge M.C. Martínez for technical assistance and Sociedad Agraria de Transformacion N-1941 Santa Teresa de Osuna for supplying the olive fruit.; Peer reviewed