National Repository of Grey Literature 8 records found  Search took 0.01 seconds. 
The impact of the first oil crisis on the United States of America
Nováková, Markéta ; Bečka, Jan (advisor) ; Svoboda, Karel (referee)
The Bachelor's thesis investigates the impact of the first oil crisis, which meant an end of era of cheap oil. Because of the energy crisis at the beginning of the 1970s, when oil supply almost did not suffice to high demand, producing countries associated in Organization of the Petroleum Exporting Countries had for the first time a favorable position in negotiating with oil companies. In October 1973 representatives of the producing countries reduced drilling of oil and imposed embargo on the United States of America as retaliation for american support to Israel during Jom Kippur war. Thus they abused dangerous situation to cause shortage in oil market. Rising prize of oil should have compensated growing inflation and compel the United States to change its policy toward Israel. Other argument of OPEC countries was that until oil is cheap, this non-renewable source will be wasted. The aim of this thesis is to find an answer to the question, how much the first oil crisis influenced the United States and compare whether the greatest changes happened in the field of oil trade and oil market, politics or in economy. After brief introduction of the first oil crisis, the thesis is subdivided into three main chapters, which deal with changes in oil trade and oil market, politics and in economy In the...
Application of cooperative game theory in Cournot oligopoly
Eryganov, Ivan ; Mazal,, Jan (referee) ; Hrdina, Jaroslav (advisor)
This Master’s thesis deals with the application of cooperative game theory for solving the problems of Cournot's oligopolies. The knowledge of oligopoly theory and game theory has been elaborated to build a model describing the behavior of companies at a market that meets the preconditions of Cournot's oligopoly. The definition of cooperative game is based on the -characteristic function, which takes into account, compared to classical methods, that companies which are not in the coalition are pursuing their own profits, not suppressing coalition positions. The properties of the resulting cooperative games are examined in detail, focusing on monotony and convexity. Several theorems about these properties have been derived and their economic interpretations are given. Also, the question of calculation of the -characteristic function using the best-reply dynamics algorithm is being solved, and its convergence for a given type of games is justified. The model is applied to data from the oil market, which is further characterized by the results of the cooperative game.
Formation of market beliefs in the oil market
Anatolyev, Stanislav ; Seleznev, S. ; Selezneva, Veronika
We characterize formation of market beliefs in the oil market by providing a complete characterization of the market reaction to oil inventory surprises. We utilize the unique sequential nature of inventory announcements to identify inventory shocks. We estimate an AR-ARCH-MEM model of the joint dynamics of returns, return volatilities and trading volumes around the announcements using high frequency data on oil futures contracts. Our model (i) handles illiquidity of long maturity contracts by accounting for trading inactivity, (ii) captures time varying trading intensity, and (iii) allows for structural changes in the dynamics and responses to news over time. We show (i) uniform formation of expectations across oil futures contracts with different maturities, (ii) a strong negative relation between inventories surprises and re-turns, (iii) no effect on the term premium, which suggests that inventory shocks are always considered to be permanent, and (iv) di_erentiation in the reaction of volume by maturity. We demonstrate how our results can be used to test theories of oil price determination and contribute to the debate on the recent oil glut.
The Importance of Non-Price Competitiveness: Oil Downstream Sector in Europe
Sláma, Ondřej ; Baxa, Jaromír (advisor) ; Paulus, Michal (referee)
This thesis investigates the role of price and non-price competitiveness factors using a relative export price index, introduced by Benkovskis and Wörz (2016), that is adjusted for changes in quality and taste. First, we replicate their model employing an updated dataset, confirming previous results. Then, the framework is used to study the recent developments in the Europe's oil product market. Given the saturation of the market, decreasing demand, and converging prices, importance of non-price competitiveness factors, such as quality, increases. The results suggest that the problems of the underinvested oil downstream industry in Northwestern European producers are caused not only by decreasing aggregate demand, high costs, and low margins, but by non-price competitiveness factors as well. We find profound improvements in product quality in CEE countries, following substantial investments into the sector and market consolidation. Both regions are at risk of rising imports of high-quality products from the Middle East, Russia and USA. This thesis provides a comprehensive picture of price and non-price competitiveness developments of all players in the highly competitive European oil downstream market.
Global Oil Price and Its Impact on the Russian Economy
Suetina, Anna ; Jiránková, Martina (advisor) ; Hasík, Gabriel (referee)
The aim of this bachelor thesis is to determine oil price impact on the economy of the Russian Federation. The first chapter focuses on general information about oil and global oil price. Also it examines the history and the current situation of international oil trade and its dependency of the dynamics of global oil price. In the second chapter author describes Russian oil market and shows the significance of oil industry for the Russian economy. The last chapter analyses the impact of oil price on particular indicators of the Russian economy, i.e. on its efficiency, general price level and international trade. Conclusion includes a brief summary of global oil price dynamics and examined connections.
Prokletí přírodních zdrojů: případ Ruska
Belyakova, Elena ; Frömmel, Tomáš (advisor) ; Máslo, Lukáš (referee)
The purpose of this paper is to provide insight into the problem of the natural resource curse, particularly in the Russian Federation, with respect to history, changes in oil prices and the situation in the world arena. With the hypothesis that the changes in oil prices affect the Russian GDP and the development of other non-oil based industries, two different regressions for two time periods are run. The results of the regressions and subsequent test confirm the hypothesis that Russian GDP depends on the oil prices and on changes on the world resource market. It is found, that in the Soviet period there was no dependence of Soviet economy on oil export and prices. The results are in support of the previous paper, written by Benedictow et al. (2010), that indeed Russian economy suffers from the natural resource curse.
The impact of the first oil crisis on the United States of America
Nováková, Markéta ; Bečka, Jan (advisor) ; Svoboda, Karel (referee)
The Bachelor's thesis investigates the impact of the first oil crisis, which meant an end of era of cheap oil. Because of the energy crisis at the beginning of the 1970s, when oil supply almost did not suffice to high demand, producing countries associated in Organization of the Petroleum Exporting Countries had for the first time a favorable position in negotiating with oil companies. In October 1973 representatives of the producing countries reduced drilling of oil and imposed embargo on the United States of America as retaliation for american support to Israel during Jom Kippur war. Thus they abused dangerous situation to cause shortage in oil market. Rising prize of oil should have compensated growing inflation and compel the United States to change its policy toward Israel. Other argument of OPEC countries was that until oil is cheap, this non-renewable source will be wasted. The aim of this thesis is to find an answer to the question, how much the first oil crisis influenced the United States and compare whether the greatest changes happened in the field of oil trade and oil market, politics or in economy. After brief introduction of the first oil crisis, the thesis is subdivided into three main chapters, which deal with changes in oil trade and oil market, politics and in economy In the...
Analysis of factors affecting the oil market
Joneš, Pavel ; Jílková, Jiřina (advisor) ; Vojáček, Ondřej (referee)
Oil is currently one of the most used energy sources on earth because enters into almost all goods and services. A number of economy and households is dependent on oil. In recent years a trend in the oil market raises many questions. The scope of this diploma thesis is to identify and to analyze key factors influencing the oil market. The next aim is to predict future development of this market. The analysis is focused on the most important economic, geopolitical, environmental and technological factors affecting the oil market. Methodology of the thesis is based on the literature research and on the basic statistical methods to analyze the factors and estimate the future of the oil market.

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