The Impact of COVID-19 on World Oil Producers: Time is Important

Q3 Business, Management and Accounting Journal of Agricultural and Food Industrial Organization Pub Date : 2023-01-16 DOI:10.1515/jafio-2022-0020

A. Schmitz, C. Moss, T. Schmitz

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Abstract

Abstract The COVID-19 crisis had a significant impact on world oil producers. Within a welfare economic framework, Schmitz, A., C. B. Moss, and T. G. Schmitz. 2020. “The Economic Effects of COVID-19 on the Producers of Ethanol, Corn, Gasoline, and Oil.” Journal of Agricultural & Food Industrial Organization 18 (2): 1–18, estimated that the minimum cost of COVID-19 in 2020 to world oil producers was roughly US$ 1 trillion. They used actual oil production data for January 1st, 2020, through June 30th, 2020, and forecast world oil production and prices from July 1st to December 31st, 2020. This paper extends the 2020 analysis using actual production and price data for 2020 and 2021 to calculate the change in producer economic rents during the COVID-19 pandemic for global oil producers (U.S., Russia, Saudi Arabia, and the Rest of the World). Despite losses in 2020 to world oil producers due to the COVID-19 pandemic, world oil producers saw significant gains in 2021, which more than offset losses in 2020. At a minimum, world oil producers realized a net gain of $US 829 billion over the two periods.

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COVID-19对世界石油生产国的影响:时间很重要

COVID-19危机对世界石油生产国产生了重大影响。《福利经济框架下的中国经济发展》、《中国经济发展》、《中国经济发展》。“COVID-19对乙醇、玉米、汽油和石油生产商的经济影响。”《农业与食品工业组织学报》18(2):1 - 18，估计2020年2019冠状病毒病对世界石油生产商的最低成本约为1万亿美元。他们使用了2020年1月1日至2020年6月30日的实际石油产量数据，并预测了2020年7月1日至12月31日的世界石油产量和价格。本文使用2020年和2021年的实际产量和价格数据扩展了2020年的分析，以计算全球石油生产国(美国、俄罗斯、沙特阿拉伯和世界其他地区)在2019冠状病毒病大流行期间生产者经济租金的变化。尽管由于2019冠状病毒病大流行，世界石油生产国在2020年遭受了损失，但世界石油生产国在2021年实现了显著收益，抵消了2020年的损失。至少，世界石油生产国在这两个时期实现了8290亿美元的净收益。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Agricultural and Food Industrial Organization Business, Management and Accounting-Business, Management and Accounting (all)

CiteScore

3.10

自引率

0.00%

发文量

期刊介绍： The Journal of Agricultural & Food Industrial Organization (JAFIO) is a unique forum for empirical and theoretical research in industrial organization with a special focus on agricultural and food industries worldwide. As concentration, industrialization, and globalization continue to reshape horizontal and vertical relationships within the food supply chain, agricultural economists are revising both their views of traditional markets as well as their tools of analysis. At the core of this revision are strategic interactions between principals and agents, strategic interdependence between rival firms, and strategic trade policy between competing nations, all in a setting plagued by incomplete and/or imperfect information structures. Add to that biotechnology, electronic commerce, as well as the shift in focus from raw agricultural commodities to branded products, and the conclusion is that a "new" agricultural economics is needed for an increasingly complex "new" agriculture.

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