Comparatif Influecibility of European and Asian Gas market prices from OPEC Crude Oil price with Emphasis on Rising Iranian Gas Export Revenues

Document Type : Scientific-research

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Abstract

Understanding the price behavior of oil and gas for Iran as an influential member of OPEC has particular importance in macroeconomic and business decision-making. The present study aimed to investigate the long-term and short-term relationships of oil and gas price behavior in two major export markets of Iran and their effect on each other
Because of the conditions in the gas sector, the price of Japanese imported gas can represent the Asian market, and in the EU market, the price of imported natural gas from Germany plays the same role, and in the oil sector, OPEC is also has major impact in the global oil market, this study examined the interaction of OPEC oil prices with Asian and European gas prices using the Vector Error Correction Method (VECM).
The findings show that there is a significant cointegration and relationship between gas prices in the Asian and European markets and OPEC oil in the long run, and any deviation from the long-run equilibrium in the Asian and European markets at rates of 0.16, And 0.13 is respectively corrected. This in turn can be exploited in major gas export trends in the country.

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References

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Journal of Iranian Economic Issues
Volume 6, Issue 1
April 2019
Pages 141-160

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History

  • Receive Date: 03 May 2019
  • Revise Date: 28 May 2019
  • Accept Date: 01 August 2019

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