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Diversification of oil import sources and energy security: A key strategy or an elusive objective?

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  • Vivoda, Vlado
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    Abstract

    This paper explores the relationship between the diversification of sources of imported oil and energy security of oil-importing countries. It examines the importance of diversification policy for oil importers, explains why oil importers implement oil diversification policy, and contextualizes the oil import diversification strategy in the overall energy security policy of oil importers. The paper analyzes the factors and the contexts that affect the level of importance assigned to oil import diversification policy in oil-importing countries, and the limitations that may affect the successful implication of oil import diversification policy. The examples are drawn from the world's top three oil importers, the United States, Japan, and China. The policymakers in these and other oil-importing countries place much importance on energy security. The diversification of oil import sources is used as one of the strategies to enhance energy security in oil-importing countries. This paper is important for policymakers in oil-importing countries as it provides them with a qualitative conceptual framework with which to evaluate the need to diversify their countries' sources of imported oil, and with which to identify the likely limitations to the successful implementation of oil import diversification policy.

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    Bibliographic Info

    Article provided by Elsevier in its journal Energy Policy.

    Volume (Year): 37 (2009)
    Issue (Month): 11 (November)
    Pages: 4615-4623

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    Handle: RePEc:eee:enepol:v:37:y:2009:i:11:p:4615-4623

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    Web page: http://www.elsevier.com/locate/enpol

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    Keywords: Energy security Oil imports Diversification;

    References

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    1. Grubb, M. & Butler, L. & Sinden, G., 2005. "Diversity and Security in UK Electricity Generation: The Influence of Low Carbon Objectives," Cambridge Working Papers in Economics 0511, Faculty of Economics, University of Cambridge.
    2. Wu, Gang & Wei, Yi-Ming & Fan, Ying & Liu, Lan-Cui, 2007. "An empirical analysis of the risk of crude oil imports in China using improved portfolio approach," Energy Policy, Elsevier, vol. 35(8), pages 4190-4199, August.
    3. Stirling, Andrew, 1994. "Diversity and ignorance in electricity supply investment : Addressing the solution rather than the problem," Energy Policy, Elsevier, vol. 22(3), pages 195-216, March.
    4. Gupta, Eshita, 2008. "Oil vulnerability index of oil-importing countries," Energy Policy, Elsevier, vol. 36(3), pages 1195-1211, March.
    5. Costantini, Valeria & Gracceva, Francesco & Markandya, Anil & Vicini, Giorgio, 2007. "Security of energy supply: Comparing scenarios from a European perspective," Energy Policy, Elsevier, vol. 35(1), pages 210-226, January.
    6. Koike, Masanari & Mogi, Gento & Albedaiwi, Waleed H., 2008. "Overseas oil-development policy of resource-poor countries: A case study from Japan," Energy Policy, Elsevier, vol. 36(5), pages 1764-1775, May.
    7. Salameh, Mamdouh G., 2003. "The new frontiers for the United States energy security in the 21st century," Applied Energy, Elsevier, vol. 76(1-3), pages 135-144, September.
    8. Dorian, James P. & Franssen, Herman T. & Simbeck, Dale R., 2006. "Global challenges in energy," Energy Policy, Elsevier, vol. 34(15), pages 1984-1991, October.
    9. Helm, Dieter, 2002. "Energy policy: security of supply, sustainability and competition," Energy Policy, Elsevier, vol. 30(3), pages 173-184, February.
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    Citations

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    Cited by:
    1. Zhang, Hai-Ying & Ji, Qiang & Fan, Ying, 2013. "An evaluation framework for oil import security based on the supply chain with a case study focused on China," Energy Economics, Elsevier, vol. 38(C), pages 87-95.
    2. Vivoda, Vlado, 2010. "Evaluating energy security in the Asia-Pacific region: A novel methodological approach," Energy Policy, Elsevier, vol. 38(9), pages 5258-5263, September.
    3. Brathwaite, J. & Horst, S. & Iacobucci, J., 2010. "Maximizing efficiency in the transition to a coal-based economy," Energy Policy, Elsevier, vol. 38(10), pages 6084-6091, October.
    4. Chuang, Ming Chih & Ma, Hwong Wen, 2013. "Energy security and improvements in the function of diversity indices—Taiwan energy supply structure case study," Renewable and Sustainable Energy Reviews, Elsevier, vol. 24(C), pages 9-20.
    5. Xia, X.H. & Huang, G.T. & Chen, G.Q. & Zhang, Bo & Chen, Z.M. & Yang, Q., 2011. "Energy security, efficiency and carbon emission of Chinese industry," Energy Policy, Elsevier, vol. 39(6), pages 3520-3528, June.
    6. Rania Jammazi & Duc Khuong Nguyen, 2014. "Responses of international stock markets to oil price surges: a regimeswitching perspective," Working Papers 2014-080, Department of Research, Ipag Business School.
    7. Moez Khalfallah & Bruno-Laurent Moschetto & Frédéric Teulon, 2014. "Evaluation of the profitability of companies financed by venture capital (CVC) listed on the French market," Working Papers 2014-085, Department of Research, Ipag Business School.
    8. Ediger, Volkan S. & Berk, Istemi, 2011. "Crude oil import policy of Turkey: Historical analysis of determinants and implications since 1968," Energy Policy, Elsevier, vol. 39(4), pages 2132-2142, April.
    9. Ge, Fenglong & Fan, Ying, 2013. "Quantifying the risk to crude oil imports in China: An improved portfolio approach," Energy Economics, Elsevier, vol. 40(C), pages 72-80.
    10. Goldemberg, José & Schaeffer, Roberto & Szklo, Alexandre & Lucchesi, Rodrigo, 2014. "Oil and natural gas prospects in South America: Can the petroleum industry pave the way for renewables in Brazil?," Energy Policy, Elsevier, vol. 64(C), pages 58-70.

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