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What drives the formation of global oil trade patterns?

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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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    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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