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Opportunities and challenges of the Ghanaian economy with the commercial production of Oil
Nchor, Dennis
The study sought to answer three research questions regarding the impact of the new oil sector on the economy of Ghana. The areas covered by these questions include: oil price developments and their impact on economic activities in Ghana, the overall productive impact of the oil sector on economic multipliers and linkages of other sectors of the economy as well as the impact of the sector on traditional agriculture, manufacturing and underground economic activities in Ghana. For the first research question on the impact of shocks to crude oil prices on economic activities, the study employed a Vector Error Correction model for the analysis. The modelled variables were GDP and crude oil prices. GDP was used as the measure of economic activities. Both variables were transformed into logarithmic form. The results show that Ghana as an oil exporting country and a net oil importer is affected by fluctuations in oil prices. It suggests that a one standard error shock to crude oil prices has a transitory and negative effect on GDP in Ghana after one year.
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Influence of energy policy on US-Saudi relations during Barack Obama's presidency 2009 - 2017: Possible end of exceptional partnership
Buriánek, Petr ; Bečka, Jan (advisor) ; El-Ahmadieh, Jakub (referee)
This bachelor thesis aims at describing impact of energy policy of Barack Obama during his two terms as american president on US-Saudi relations. Concretely reactions from Saudi Arabia on these policy decisions with chronologic analysis and emphasis on movement of world oil prices. Core of these thesis could be divided into three parts. First on eis fall of oil prices which took place against the backdrop of the Global Financial Crisis. Second is period of stable oil prices between 2009-2014 with huge tight oil development. Last one is fall of oil prices after June 2014. Each of these periods had its own impact on US-Saudi relations. This analysis shows change in Saudi traditional role as swing producer between 2008 and 2014. Main reasons were behaviour of producents like Ira nor Russia in 2008 downcycle and mentioned development of tight oil production in US, which both were perceived as a threat by Saudi Arabia. Analysis also shows that although president Obama to some extend managed to achieve american energy independence on imported oil it does not solve american energy security issue. Main security threat stays american incapability of controling world oil prices.
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Stock Price Sensitivity of European Oil Companies to Oil Prices
Martinek, Tomáš ; Pošta, Vít (advisor) ; Hořejší, Bronislava (referee)
The aim of this thesis is to investigate stock price sensitivity of 50 European companies to oil price changes using panel data analysis. Besides that, this Thesis compares sensitivities of different groups of companies. The first comparison is between Eastern and Western European companies. The second comparison is between different segments of the oil industry. Specifically, Upstream, Midstream, Downstream segment and integrated oil companies. The main finding of this thesis is that there is a positive dependence between oil price and stock prices of European oil companies. Moreover, there is a significant difference between sensitivity of Upstream and integrated companies. However, no significant difference in sensitivity of western and eastern European comapnies was found.
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Impact of changes in crude oil prices on world economy
Bulan, Tomáš ; Pavelka, Tomáš (advisor) ; Rusmichová, Lada (referee)
In a theoretical part, there is a crude oil description from the historical point of view, information about the first use of crude oil and about its creation. There are extracts about crude oil separation, extraction, and about places where crude oil can be found. The crude oil market and the price development is charakterized here too. Practical part of the bachelor´s thesis is focused on finding an influence of price changing to world economy, respectively to importers and exporters GDP. This influention is investigated with correlation and graphic analysis. In the end of the bachelor´s thesis, there is a charakteristics of the crude oil market.
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Crude Oil Price Forecast based on Text News
Skalický, Jan ; Bojar, Ondřej (advisor) ; Žabokrtský, Zdeněk (referee)
For crude oil price forecast, there is a whole range of algorithms. In this thesis we bring out a new perspective on this issue and introduce our project COPF. Using a maximum entropy classifier, we try to predict the change in crude oil price from text information available on the Internet. We are taking advantage of the knowledge of experts in the field. As a part of the thesis, we tested and improved COPF precision. We have found out that this approach poses a lot of interesting problems. In the current state, the precision of our prediction surpassed the baseline but for further development, it is necessary to obtain more data sources. Our algorithm has never been regarded as a self-standing method but it may nicely complement numerical algorithms.
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The Macroeconomic Impacts of the Selected Oil Shocks in the United States of America
Šikulová, Markéta ; Johnson, Zdenka (advisor) ; Tajovský, Ladislav (referee)
The aim of this study is to analyze macroeconomic impacts of four selected oil shocks on the United States economy and their subsequent comparison. The first part of this study deals with the theoretical background of supply shock, its influence on the economy, and the possible responses of economic policy. Furthermore, in the first part I focus on the historical events that led to the oil crisis, specifically on the OPEC oil embargo imposed on the United States, production cuts caused by the Iranian revolution, Iran-Iraq War and Persian Gulf War and on the demand as well as the supply factors that led to the oil shock of 2007-2008. The second part of this study presents the specific impacts of four selected oil shocks on the US economy and their comparison. Based on the findings, it was possible to confirm the hypothesis saying that past oil shocks, especially those that took place in the 1970's, had more negative impacts on the United States economy in comparison with those that happened more recently. In other words, that the effects of changes in oil prices have lessened over time. There are many reasons of this moderation, but the most important ones include more effective monetary policy response, the decrease in wage rigidities, and more recently also the decline of United States dependency on imported oil.
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Mathematical Modelling of Relation between Economic Quantities
Žigárdy, Martin ; Hřebíček, Jiří (referee) ; Chvátalová, Zuzana (advisor)
My work is aimed on creating and on subsequent economical interpretation of mathematical models presenting relations of continual development of PX index (Czech stock index) and continual developments of five important world titles, which are price of the West Texas Intermediate Crude Oil barrel, exchange rate between Dollar and Czech Crown as well as Euro and Czech Crown and indexes DAX (German stock index) and Dow Jones (American stock index). The models are create by using regression analysis and by mathematical software Maple version 12
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Oil as energy source
Maršík, Jaroslav ; Hrnčířová, Michaela (referee) ; Pospíšil, Jiří (advisor)
This bachelor’s thesis should give a complex overview about petroleum. The thesis is addressed especially for general public. It is divided into six parts; the first part describes a general introduction into how and where oil arises and what basic types exist. The second part focuses on oilfields; from their discovery through oil wells and their construction to extraction of oil. The third part deals with modes of transport and storage; so it was summed up in the topic The oil logistic. The fourth part describes an oil use, which we understand as an energy source. The fifth part summarizes the present meaning of oil and what oil is able to cause. And the last part is about oil future supplemented by the own comment.
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Fundamental and technical analysis of crude oil price
Vilisova, Anastasiya ; Fičura, Milan (advisor) ; Galuška, Jiří (referee)
The aim of this bachelor thesis is to evaluate the possibility of foundation and forecasting the future crude oil price. The first part of the thesis deals with the description of oil market, determination of the main factors influencing the price of oil, and the definition of current trends. The second part presents a theoretical explanation of prediction methods. The third part operates with long-term oil price development using fundamental analysis and the effect of main factors estimation. The fourth part focuses on application of technical analysis emphasising the most usable tools of trading strategies, which are then implemented and evaluated.
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Impact of changes in crude oil prices on world economy
Tóth, Tomáš ; Pavelka, Tomáš (advisor) ; Adámek, Petr (referee)
In theoretical part are written main information about the crude oil. In the first part can be found description of historical facts that influenced the exploitation of crude oil. Also we can find information about where we can find the most important deposits, what affects crude oil prices and on which classes is crude oil devided. Practical part of the bachelor´s thesis is devided into two articles. The first article is analytical, where by statistical and econometric calculations demonstrate the impact of changes in crude oil price on particular states. In the second part I search for changes in the price of crude oil and its impact on the various markers. At the end of practical part is described the current situation on crude oil market in the two last years. At the close of thesis is a list of tables, figures and graphs.
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