OIL PRICES AND RENEWABLE ENERGY: OIL DEPENDENT COUNTRIES

Authors : Pınar Deniz

Pages : 139-152

View : 17 | Download : 14

Publication Date : 2019-10-27

Article Type : Research

Abstract :Volatility in oil prices is argued to be one of the reasons of the rising attractiveness of renewable energy  as a way to lower oil dependence, which creates vulnerability to oil price shocks. However, the scenario  can be different for oil importing and oil exporting economies. This study investigates the impact  of oil price on renewable energy taking into account of the distinction between oil exporters and oil  importers. For a group of major oil exporters and a group of major importers, the relationship between  oil price volatility and renewable energy, is examined using different methodologies. The results reflect  distinct results for oil exporters and oil importers due to their diverse motivations.
Keywords : Renewable Energy, Oil Price, OPEC