Crude Oil Market Functioning and Sustainable Development Goals: Case of OPEC++-Participating Countries

Marina V. Vasiljeva, Vadim V. Ponkratov, Larisa A. Vatutina, Maria V. Volkova, Marina I. Ivleva, Elena V. Romanenko, Nikolay V. Kuznetsov, Nadezhda N. Semenova, Elena F. Kireeva, Dmitrii K. Goncharov and Izabella D. Elyakova
Additional contact information
Marina V. Vasiljeva: Autonomous Non-Profit Organization “Publishing House Scientific Review” (Nauchnoe Obozrenie), 9 Maly Sukharevsky Lane, Bld. 1, 127051 Moscow, Russia
Vadim V. Ponkratov: Department of Public Finance, Financial University under the Government of the Russian Federation, 49 Leningradsky Ave., 125993 Moscow, Russia
Larisa A. Vatutina: Department of Management, Moscow Polytechnic University, 38 Bolshaya Semyonovskaya Str., 107023 Moscow, Russia
Maria V. Volkova: Department of Industrial Logistics, Bauman Moscow State Technical University, 5 2nd Baumanskaya Str., Bld. 1, 105005 Moscow, Russia
Marina I. Ivleva: History and Philosophy Department, Higher School of Social Sciences and Humanities, Plekhanov Russian University of Economics, 36 Stremyanny Lane, 117997 Moscow, Russia
Elena V. Romanenko: Department of Economics and Enterprise Management, Faculty of Economics and Management, The Siberian State Automobile and Highway University (SibADI), 5 Mira Ave., 644080 Omsk, Russia
Nikolay V. Kuznetsov: Department of Finance and Credit, The State University of Management, 99 Ryazansky Ave., Bld. 1, 109542 Moscow, Russia
Nadezhda N. Semenova: Department of Finance and Credit, Faculty of Economics, National Research Mordovia State University, 68 Bolshevistskaya Str., 430005 Saransk, Russia
Elena F. Kireeva: Department of Taxes and Taxation, Belarus State Economic University, 26 Partizanskiy Ave., 220070 Minsk, Belarus
Dmitrii K. Goncharov: Department of Informatics, Plekhanov Russian University of Economics, 36 Stremyanny Lane, 115054 Moscow, Russia
Izabella D. Elyakova: Department of Economics and Finance, North-Eastern Federal University, 58 Belinsky Str., 677000 Yakutsk, Russia

Sustainability, 2022, vol. 14, issue 8, 1-23

Abstract: This article aims to substantiate the factors by which the oil industry influences the sustainable development of OPEC++-participating countries under conditions of uncertainty. The impact of the price parameters of the world oil market and the tools of its regulation on the sustainability of OPEC++-participating countries was assessed using panel regression analysis. The sustainable development level of OPEC++-participating countries was analyzed by the integrated estimation method, focusing on crude oil market functioning features. Undoubtedly, we can testify that there is a direct correlation between the country’s level of socio-economic development and sustainable development. In resource economies, a reduction in oil production and exports cannot have the same effect on sustainable development as in countries that do not produce oil, or are characterized by a higher level of economic development. With an appropriate level of economic diversification and the effectiveness of the institutional framework for managing the oil market, sustainable development can be achieved. Based on the model of the integrated assessment of the sustainable development of oil-exporting countries, the impact of statistically significant financial investors’ panic factor on the imbalance of oil prices due to the uncertainty of economic development was determined. Key indicators that create a panic factor in the oil market were identified. These include the indicators of the number of countries enforcing lockdown and the pandemic’s duration. We argue for the need to develop an effective strategy for achieving the sustainable development goals (SDGs) in OPEC++-participating countries, based on the management of crude oil supply and demand forces and by considering the effect of financial investors’ panic factor on the oil market.

Keywords: OPEC++; oil market; COVID-19 pandemic; sustainable development goals; panic; financial investors; resource economy; oil prices (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:14:y:2022:i:8:p:4742-:d:794604

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