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International Oil Agreements

M. A. Adelman

Year: 1984
Volume: Volume 5
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol5-No3-1
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Abstract:
The 1980 report of the Brandt Commission, calling for "a global agreement ... between oil producing and consuming countries" to assure adequate production at reasonable prices, states the gist of innumerable reports, articles, speeches, and resolutions, urging cooperation, dialogue, and interdependence.

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Oil Supply Disruptions and the Role of the International Energy Agency

Douglas R. Bohi and Michael A. Toman

Year: 1986
Volume: Volume 7
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol7-No2-3
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Abstract:
This paper examines key crisis management provisions of the IEA Agreement in relation to the interests of member countries in energy security cooperation' and considers ways these interests might be further served by altering the agreement. Two observations underlie both the motivation and thrust of this investigation. The first is that the potential benefits to members of energy security cooperation are likely to be substantial.' Thus, it may be assumed that TEA members have an incentive to find methods inside or outside the agreement for reaping at least part of these gains. Given these incentives, it is important to consider how potential gains from cooperation can be achieved in practice.

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Inherent Difficulties in Producer-Consumer Cooperation

James R. Schlesinger

Year: 1991
Volume: Volume 12
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol12-No2-2
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Abstract:
In August/September 1990 we experienced the first oil crisis brought on by the actions of consumers. That oil price run-up reflected the novelty of importing nations banding together to refuse to purchase oil -- rather than the unwillingness or inability of producer nations to supply oil.A writer from the United States, which until September 1990 was the world's second largest oil producer, might in the past have been expected also to "speak for" the producer countries. Now, however, America's appetite for energy has reached the point that it already imports one-third or more of the oil moving in international trade. At one time America's crude oil-production capacity could cushion the impact of supply interruptions on its partners. That was the case in the Suez crisis. But those days are long since gone. One must also recall that, in the days when the United States was the major supplier nation, its role was not always the benign one of cushioning the effects of supply interruptions. President Roosevelt's decision to cut off oil supplies to Japan in August 1941 may have precipitated Japan's decision to go to war.

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Developing Countries' Greenhouse Emmissions: Uncertainty and Implications for Participation in the Kyoto Protocol

Randall Lutter

Year: 2000
Volume: Volume21
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol21-No4-4
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Abstract:
Developing countries can participate in the Kyoto Protocol to limit greenhouse gas emissions by adopting national emissions limits. Such limits could offer economic gains to developing countries, cost savings to industrialized countries, and environmental benefits. They could also address concerns of the U. S. Senate. On the other hand, uncertainty about greenhouse gas emissions in developing countries is so great that emissions limits may impose substantial costs if they turn out to be unexpectedly stringent. To manage risks arising from emissions limits, developing countries should index any emissions limits to variables that predict emissions in the absence of limits. This paper presents such an index-similar to one recently adopted by Argentina-and develops estimates showing that it could lower the risk of economic losses to developing countries from about 40 percent to about 35 percent.

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Managing the Low-Carbon Transition - From Model Results to Policies

Brigitte Knopf, Ottmar Edenhofer, Christian Flachsland, Marcel T. J. Kok, Hermann Lotze-Campen, Gunnar Luderer, Alexander Popp, Detlef P. van Vuuren

Year: 2010
Volume: Volume 31
Number: Special Issue
DOI: 10.5547/ISSN0195-6574-EJ-Vol31-NoSI-9
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Abstract:
Model analysis within the ADAM project has shown that achieving low greenhouse gas concentration levels, e.g. at 400ppm CO2-eq, is technologically feasible at costs of a few percent of GDP. However, models simplify the dynamics involved in implementing climate policy and the results depend on critical model assumptions such as global participation in climate policy and full availability of current and newly evolving technologies. The design of a low stabilization policy regime in the real world depends on factors that can only be partly covered by models. In this context, the paper reflects on limits of the integrated assessment models used to explore climate policy and addresses the issues of (i) how global participation might be achieved, (ii) which kind of options are available to induce deep GHG reductions inside and outside the energy sector, and (iii) which risks and which co-benefits of mitigation options are not assessed by the models.

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Climate Policies: A Burden, or a Gain?

Thierry Brechet and Henry Tulkens

Year: 2015
Volume: Volume 36
Number: Number 3
DOI: 10.5547/01956574.36.3.tbre
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Abstract:
That climate policies are costly is evident and therefore often create major fears. But the alternative (no action) also has a cost. Therefore, mitigation costs netted of the damage costs avoided are the only figure that can seriously be considered as the "genuine cost" of a policy. We elaborate on this view of a policy's cost by distinguishing between its "direct" cost component and its avoided damage cost component; we then confront the two so as to evaluate its genuine cost. As damages avoided are equivalent to the benefits generated, this brings climate policies naturally in the realm of benefit-cost analysis. However, the sheer benefit-cost criterion may not be a sufficient incentive for a country to be induced to cooperate internationally, a necessary condition for an effective global climate policy. We therefore also explore how to make use of this criterion in the context of international climate cooperation.

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Cooperation on Climate Change under Economic Linkages: How the Inclusion of Macroeconomic Effects Affects Stability of a Global Climate Coalition

Jan Kersting, Vicki Duscha, and Matthias Weitzel

Year: 2017
Volume: Volume 38
Number: Number 4
DOI: 10.5547/01956574.38.4.jker
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Abstract:
Game-theoretic models of international cooperation on climate change come to very different results regarding the stability of the grand coalition of all countries, depending on the stability concept used. In particular, the core-stability concept produces an encouraging result that does not seem to be supported by reality. We extend the game-theoretic model based on this concept by introducing macroeconomic effects of emission reduction measures in multiple countries. The computable general equilibrium model DART and damage functions from the RICE model are used to quantify the theoretical model. Contrary to the classical model, we find that, under damages in the IPCC range, the core of the resulting cooperative game is empty and no stable global agreement exists. This is mainly due to fossil fuel exporting countries, which are negatively affected by lower fossil fuel prices resulting from emission reduction measures.

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Distortions of National Policies to Renewable Energy Cooperation Mechanisms

Jelle Meus, Hanne Pittomvils, Stef Proost, and Erik Delarue

Year: 2022
Volume: Volume 43
Number: Number 4
DOI: 10.5547/01956574.43.4.jmeu
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Abstract:
The EU endeavors to stimulate the use of renewable energy cooperation mechanisms. These cooperation mechanisms can significantly reduce the policy cost for meeting renewable targets. Several authors, however, have raised concerns that such cooperation mechanisms can be subject to efficiency losses due to different national regulatory conditions, and due to an ill-advised selection of cross-border support instruments. A quantitative evaluation of these effects remains missing. To address this gap, we first introduce a unifying analytical framework to show how optimal cross-border renewable energy trade should be organized and how these mechanisms could be distorted. We then develop a partial equilibrium model, formulated as a large-scale mathematical program with equilibrium constraints, to assess the impact of (i) different national grid cost allocation regimes and (ii) different cross-border feed-in premium implementations. Our results indicate that EU-wide auctions for renewable electricity should (i) not be based on sliding feed-in premiums and should (ii) ideally be discriminatory if national regulatory conditions differ across Member States. We also consider country-level distributional effects and confirm that Member States can lose when engaging in renewable cooperation.

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Decentralised Cross-Border Interconnection

Claude Crampes and Nils-Henrik M. von der Fehr

Year: 2023
Volume: Volume 44
Number: Number 4
DOI: 10.5547/01956574.44.4.ccra
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Abstract:
Reaping the full benefits from cross-border interconnection typically requires reinforcement of national networks. When the relevant parts of the networks are complements, a lack of coordination between national transmission system operators results in investment below optimal levels in both interconnectors and national infrastructure. A subsidy to financially sustain interconnector building is not sufficient to restore optimality; indeed, even when possible, such subsidisation may have to be restrained so as not to encourage cross-border capacities that will not be fully utilised due to lack of investment in national systems.

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Net-Zero Policy vs Energy Security: The Impact on GCC Countries

Simona Bigerna, Maria Chiara D’Errico, Paolo Polinori, and Paul Simshauser

Year: 2024
Volume: Volume 45
Number: Special Issue
DOI: 10.5547/01956574.44.SI1.sbig
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Abstract:
Gulf Cooperation Council countries have accumulated large oil portfolio revenues. However, the world economy is seeking to reduce carbon emissions, and in turn, its reliance on fossil fuel resources through investments in renewable energy resources. The aim of this research is to analyze oil portfolio risk from an exporters' perspective, highlighting how relevant determinants, such as the increasing penetration of renewables in the importer counterparties, and financial and policy uncertainty, increase the volatility of oil export portfolios.We construct oil portfolios for four Gulf Cooperation Council countries (Kuwait, Oman, Saudi Arabia, United Arab Emirates) from 2008 to 2018, and compute volatility spillovers à la Diebold and Yilmaz. Then, the effects of policy and economic variables on volatility spillover indices are estimated using different panel linear regression models.We find rising renewable market shares significantly affects oil export portfolio risks and reduces adverse impacts on importing countries of oil market fluctuations.

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