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What drives the formation of global oil trade patterns?

Author

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  • Zhang, Hai-Ying
  • Ji, Qiang
  • Fan, Ying

Abstract

In this paper, the spatial characteristics of current global oil trade patterns are investigated by proposing a new indicator Moran-F. Meanwhile, the factors that influence the formation of oil trade patterns are identified by constructing four different kinds of spatial econometric models. The findings indicate that most oil exporters have an obvious export focus in North America and a relatively balanced export in Europe and the Asia-Pacific region. Besides supply and demand factors, technological progress and energy efficiency have also significantly influenced the oil trade. Moreover, there is a spillover effect of trade flow among different regions, but its impact is weak. In addition, oil importers in the same region have the potential to cooperate due to their similar import sources. Finally, promotion of oil importers' R&D investments can effectively reduce the demand for global oil trade.

Suggested Citation

  • Zhang, Hai-Ying & Ji, Qiang & Fan, Ying, 2015. "What drives the formation of global oil trade patterns?," Energy Economics, Elsevier, vol. 49(C), pages 639-648.
    • Handle: RePEc:eee:eneeco:v:49:y:2015:i:c:p:639-648
    DOI: 10.1016/j.eneco.2015.02.017
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    13. Shao, Yanmin & Qiao, Han & Wang, Shouyang, 2017. "What determines China's crude oil importing trade patterns? Empirical evidences from 55 countries between 1992 and 2015," Energy Policy, Elsevier, vol. 109(C), pages 854-862.
    14. Franco Ruzzenenti & Francesco Picciolo & Andreas Papandreou, 2015. "A network analysis of the global energy market: an insight on the entanglement between crude oil and the world economy," Papers 1509.05894, arXiv.org, revised Sep 2015.
    15. Na Wei & Wen-Jie Xie & Wei-Xing Zhou, 2024. "Resilience of international oil trade networks under extreme event shock-recovery simulations," Papers 2406.11467, arXiv.org.
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    17. Masoud Shirazi Abdolrasoul Ghasemi Teymour Mohammadi Jurica Šimurina Ali Faridzad Atefeh Taklif, 2020. "A Dynamic Network Comparison Analysis of Crude Oil Trade: Evidence from Eastern Europe and Eurasia," Zagreb International Review of Economics and Business, Faculty of Economics and Business, University of Zagreb, vol. 23(1), pages 95-119, May.
    18. Xu, Bin & Lin, Boqiang, 2016. "Differences in regional emissions in China's transport sector: Determinants and reduction strategies," Energy, Elsevier, vol. 95(C), pages 459-470.
    19. Asna Ashari, Parsa & Blind, Knut, 2024. "The effects of hydrogen research and innovation on international hydrogen trade," Energy Policy, Elsevier, vol. 186(C).
    20. N. Wei & W. -J. Xie & W. -X. Zhou, 2021. "Robustness of the international oil trade network under targeted attacks to economies," Papers 2101.10679, arXiv.org, revised Jan 2021.
    21. Wu, X.F. & Chen, G.Q., 2019. "Global overview of crude oil use: From source to sink through inter-regional trade," Energy Policy, Elsevier, vol. 128(C), pages 476-486.
    22. Xie, Wen-Jie & Wei, Na & Zhou, Wei-Xing, 2023. "An interpretable machine-learned model for international oil trade network," Resources Policy, Elsevier, vol. 82(C).
    23. Chao Zhou & Dongyu Liu & Pengfei Zhou & Jie Luo & Serhat Yuksel & Hasan Dincer, 2020. "Hybrid Predictive Decision-Making Approach to Emission Reduction Policies for Sustainable Energy Industry," Energies, MDPI, vol. 13(9), pages 1-21, May.
    24. Zhang, Jing, 2019. "Oil and gas trade between China and countries and regions along the ‘Belt and Road’: A panoramic perspective," Energy Policy, Elsevier, vol. 129(C), pages 1111-1120.
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    More about this item

    Keywords

    Oil trade patterns; Spatial econometric model; Moran-F indicator; O–D model; Driving factors;
    All these keywords.

    JEL classification:

    • Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply; Prices
    • F1 - International Economics - - Trade
    • C31 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models
    • Q37 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Issues in International Trade
    • C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General
    • C5 - Mathematical and Quantitative Methods - - Econometric Modeling

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