• 한국경영과학회지
• /
• 제6권1호
• /
• pp.57-64
• /
• 1981

The continuous increase of crude oil consumption has struck great impact into the world economy, When we consider disadvantageous articles in contract for oil import, it would be desirable to import in batch the total quantity of crude oil contracted, but which is not available under the present situation which has many constraints This paper treats of the ways to deliver the crude oil in a given period so as to maximize the profit derived from the sales of oil products, To do this we should consider the prices of crude oil and oil products, inventory cost, transportation cost, oil refinement cost, and fluctuations of these parameters in a given period. The case of Korea Oil Corporation is treated in this paper to generalize the problem of crude oil transportation from Middle East and formulated in a mathematical programming. This programming is transformed into Dynamic Programming through specifing states, stages, payoffs, and recursive function. To clarify these procedure and methods, the case of Korea Oil Corporation is dealt with again and demonstrated in detail.

• 아태비즈니스연구
• /
• 제13권2호
• /
• pp.39-50
• /
• 2022

Purpose - The purpose of this study is to examine how Korea's macroeconomic factors, such as GDP, CPI, Export, Import, Unemployment rate and USD/KRW exchange rate, are affected by the oil price shocks. Design/methodology/approach - This study used monthly and quarterly time-series data of each variable for the period 1983 to 2022, consisting of two sub-periods, to employ Granger causality test and GARCH method in order to identify the role of the oil price movement in macroeconomic factors in Korea. Findings - Korea's currency rate to the US dollar is negatively correlated with the price change of crude oil while the GDP change is positively correlated with the price change of crude oil with strong relationship between Export and Import in particular. The exchange rate and GDP growth are believed to be not correlated with the oil price change for the pre-GFC period. According to the Granger causality test, the price change in crude oil has a causal impact on CPI, Export and Import while other factors are relatively slightly affected. Transmission effect from the oil price to Export is found and there also exists volatility spillover from oil price to economic variables under examination. Comparing two sub-periods, CPI and Export volatility responds negatively to shocks in the oil price for the pre-GFC period while volatility of CPI and Unemployment reacts positively to the oil price shocks for the post-GFC period. Research implications or Originality - The findings of this study could be helpful for both domestic and international investors to build their portfolio for the risk management since rising WTI price can be interpreted as a result of global economic growth and ensuing increase in the worldwide demand of the crude oil. Consequently, the national output is expected to increase and the currency is also expected to be strong in the long run.

• 통상정보연구
• /
• 제10권3호
• /
• pp.459-474
• /
• 2008

Under violent competition to secure international raw materials, safe supply and demand of crude oil that only relies on import among main raw materials is an important task for Korean economic development. Therefore, this study aims to analyze the impact of price change of international crude oil on merchandise balance. It also presents political suggestions in preparation for national economic development and safety and develops an organized and long-term overseas resources development program. As the time-series data which had the 1st difference contribute to dismissal of the null hypothesis successfully, we carry out a multivariate cointegration test developed by Johansen (1988) and find that at least one cointegration vector exists. And, when Impulse Response Function is introduced, as the crude oil import price shows a negative impact from Step 2, then an extreme change, a positive impact since Step 13, is maintained and a safe result appears.

• Journal of Information Processing Systems
• /
• 제20권1호
• /
• pp.93-104
• /
• 2024

China is playing more predominant role in the liquefied natural gas (LNG) market worldwide and LNG import price is subject to various factors both at home and abroad. Nevertheless, previous studies rarely heed a multiple of factors. A time-varying parameter factor augmented vector auto-regression (TVP-FAVAR) model is adopted to discover the determinants of China's LNG import price and their dynamic impacts from January 2012 to December 2021. According to the findings, market fundamentals have a greater impact on the import price of natural gas in China than overall economic demand, financial considerations, and world oil prices. The primary determinants include domestic gas consumption, consumer confidence and other demand-side information. Then, there are diverse and time-varying spillover effects of the four common determinants on the volatility of China's LNG import price at different intervals and time nodes. The price volatility is more sensitive and long-lasting to domestic natural gas pricing reform than other negative shocks such as the Sino-US trade war and the COVID-19 pandemic. The results in this study further proves the importance of domestic natural gas market liberalization. China ought to do more to support the further marketization of natural gas prices while working harder to guarantee natural gas supplies.

• Advances in Energy Research
• /
• 제3권2호
• /
• pp.97-115
• /
• 2015

Energy holds key to economic growth and prosperity of India. Currently, India has very high-energy import dependence, especially in the case of crude oil (80%) and natural gas (40%). Even coal import has been increasing over the years. Considering India's population growth, emphasis on manufacturing, production, and service industry, energy consumption is bound to increase. More fossil energy consumption means greater dependence on energy import leading to widening trade deficit and current account deficit. Therefore, exploitation of indigenous renewable energy production is necessary. The paper reviews the progress and growth of renewable energy production, distribution, and consumption in India. The paper highlights some of the enablers of renewable energy in India. The authors discuss the opportunities and challenges of increasing share of renewable energy to reduce energy import and address issues of energy security in India. The findings suggest that India is ready for a quantum leap in renewable production by 2022.

• 식품과학과 산업
• /
• 제50권4호
• /
• pp.65-81
• /
• 2017

In Korea, sesame oil has been used as a flavor source mainly by edible oil since ancient times, and it has been used by domestic screw pressing. In the 1960's, the demand for edible oils and fats increased significantly due to the improvement of national income and changes in food consumption patterns. In the early 1970's, a few edible oil manufacturing companies with modern solvent extraction and refining plants were established. In Korea, edible oil manufacturers account for more than 85% of employees with 50 or fewer employees. In Korea, there is a very shortage of raw materials for edible oils and fats, domestic production of edible oil is decreasing year by year and import volume is continuously increasing. While importing the edible oil bearing ingredients including soybean and extracted oil in the past, recently mainly imports crude oil and refines it in Korea. Soybean oil, palm oil and tallow account for 70~90% of total imported edible oils. Due to the recent well-being trend, the demand for olive, canola and grapeseed oils as household edible oil has increased and the production of blended oil has been greatly increased. Since the late 1980's, people have recognized edible oil and fat as a food instead of seasoning ingredient and have increased their edible oil and fat intake in Korea. Since the early 2000's, refined oil and fat products produced in Korea have been exported and is increasing every year.

• 자원ㆍ환경경제연구
• /
• 제18권1호
• /
• pp.139-158
• /
• 2009

본 연구에서는 국내로 수입되는 중동산 원유를 대상으로 선불과 옵션 등의 파생상품을 활용한 위험관리 전략의 유용성을 실증분석한다. 헤징기간은 1개월에서 12개월로 가정하고 현물가격으로 조달하는 거래전략과 대비하여 1:1로 선물계약을 매수하는 전략, OLS를 활용한 최소분산 헤지비율로 선물계약을 매수하는 거래전략, 콜옵션을 매수하는 거래전략, 칼라거래를 활용한 거래전략을 고려한다. 사전적 분석결과에 따르면 선물이나 옵션 등 파생상품을 활용하면 유가 상승기에 조달비용을 절감시킬 수 있다. 또한 조달비용의 변동폭을 감소시킬 수 있다. 헤징기간이 6개월 이하에서는 선물계약을 활용하는 것이 조달비용 절감과 헤징효율성 향상 측면에서 유리한 것으로 나타난다. 반면 6개월 이상이 소요될 경우 콜옵션 매수전략과 칼라거래를 활용하는 것이 유리한 것으로 나타난다.

• 무역상무연구
• /
• 제41권
• /
• pp.169-183
• /
• 2009

This study has been conducted under the background of the high rocketed international oil price in the mid of the 2008 year. Korean logistics industry then suffered from a harsh labor strike which paralyzed temporarily Korean exports and imports activities mainly due to the rising motor fuel prices. The theme of this study started from the highly practical question: what would be the impact of the soaring crude oil price on the cost structure of the Korean logistics industry? For this practical question this study conducted an input-output analysis utilizing the 2003 year benchmark input-output table, published by the Bank of Korea in 2007.

• 한국항해항만학회지
• /
• 제39권2호
• /
• pp.89-97
• /
• 2015

The rising spate of piracy in Nigeria's territorial waters has become a burden on the economic development of the country. It has adversely affected the exportation of crude oil, which is the mainstay of the country's economy. Pirates target and hijack vessels carrying oil and gas, thus reducing the revenue accruable to the country from selling these resources. Piracy also affects the fishing industry which is another source of revenue to the country. Nigeria, as an import dependent country, relies on the importation of finished goods, and this is seriously affected by piracy. This study briefly examines the root causes of piracy in Nigeria. Further, the study interrogates the effects of piracy, identifies the challenges in the suppression of the crime and proffers suggestions toward suppressing the crime in the country. Against this backdrop, the study argues, among other things, that an expansive definition of piracy is key in the fight against this maritime crime in Nigeria, because the present legal regime is restrictive and limited in scope, thus, it does not reflect the modern piratical acts. More importantly, Nigeria must criminalise piracy in its domestic law in other to police its territorial waters, capture and prosecute pirates in its local courts.

• 국제지역연구
• /
• 제20권1호
• /
• pp.23-51
• /
• 2016

한-GCC FTA 체결은 안정적인 에너지 자원의 확보에서 뿐만 아니라 향후 대규모 소비시장으로서 GCC의 성장 잠재성과 한국과의 보완적인 산업 구조를 고려해 볼 때 그 중요성이 크다. 최근 한-GCC FTA의 필요성이 제기되고 있는 시점에서 한-GCC FTA의 경제적 기대 효과에 대하여 분석하고 FTA의 조속한 체결의 필요성을 제시하고자 하였다. 한-GCC FTA의 경제적 효과를 알아보기 위하여, 본 연구에서는 원유관세 인하를 통한 경제적 효과를 분석하기 위하여 벡터자기회귀모형(VAR: Vector Autoregression Model)을 이용하였다. 추정 결과, GDP는 총 0.212%, GNI는 0.389%, 소비는 0.238% 증가한다. 반면 투자, 수출, 수입은 각각 0.462%, 0.413%, 0.342% 감소하는 것으로 나타났다. 물가수준의 경우 생산자물가상승률은 6.356%p, 소비자물가상승률은 2.996%p 감소하는 것으로 나타났다. 즉, GCC와의 FTA를 통한 원유수입관세의 철폐 및 이로 인한 원유수입가격의 하락은 물가의 하락을 가져오는 동시에 GDP, GNI, 소비 등의 거시경제지표의 증가를 통해 우리나라 경제성장에 긍정적인 영향을 미침을 알 수 있다.