World oil prices: Has china played a role?

Title : World oil prices: Has china played a role?

Abstract:

World oil prices have experienced a period of sustained strong growth between year 2000 and 2008 before starting its rollercoaster ride in the last decade. Unlike the two oil price shocks in the 1970s, the long oil price hike to the peak in mid-2008 did not come hand-in-hand with major oil production disruptions. Commentaries often associated this oil price growth with various demand-side factors, including the “China factor”, which is echoed by evidence from the academic literature. Being an economic superpower with an economy that is primarily powered by fossil fuels, China is expected to be influential on fossil fuel demand and prices. This presentation reviews China’s activities and involvement in the world oil market in recent decades. It also presents new empirical results on the influence of China on the oil price.

Audience Takeaway Notes:

• Understand China’s activities in oil markets
• Model results help inform oil price modelling
• Effects of global economic activities on oil prices

Biography:

Raymond Li is Associate Professor of Economics at the Faculty of Business, Government and Law. Ray’s research interests include applied econometrics and energy economics. He is particularly interested in energy demand, energy pricing and market integration studies. His research outputs appear in a range of high impact factor international journals like the Energy Journal, Energy Economics, Energy Policy, Energy and Applied Energy, among many others. Ray is an editorial board member of three international academic journals and he has reviewed numerous research articles for academic journals.