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The Impact of the Oil and Oil Products Market on Economic Development: A National Aspect

Author

Listed:
  • Arailym Suleimenova

    (Department of International Relations and the World Economy, Al-Farabi Kazakh National University, Almaty, Kazakhstan,)

  • Kulyash Turkeyeva

    (Department of International Relations and the World Economy, Al-Farabi Kazakh National University, Almaty, Kazakhstan,)

  • Aigul Tulemetova

    (Department of Economy, M. Auezov South Kazakhstan State University, Shymkent, Kazakhstan,)

  • Nazigul Zhanakova

    (Center for Macroeconomic Research and Forecasting, JSC Economic Research Institute, Nur-Sultan, Kazakhstan.)

Abstract

Based on analytical reviews, volatility will continue to persist in commodity markets, especially in oil markets, in 2019. Oil prices are projected to rise slightly in the near future and will average about $70.0 per barrel, compared with $71.0 in 2018. At the same time, the risks to oil and other commodity prices are mainly reduced, given the slowdown in demand growth and increased supply. Despite volatility, prices are expected to be slightly different from their current indicators by the end of 2019. The above indicates the relevance of the chosen topic, since oil for Kazakhstan is a natural resource that has an impact on the state economy as a whole. Oil does and will predetermine the further development of the national economy. In accordance with the adopted strategy for the development of manufacturing industries, the oil and gas sector should become the basis of the country's economic growth based on its deep processing and manufacturing of high value-added products. This article provides an overview of theoretical approaches to assessing the role of natural resources in the development of countries, as well as the stages of development of world oil markets. An analysis is conducted of the impact of various factors on the development of world oil markets and their volatile characteristics. The development of the Kazakhstani oil market is examined and evaluated.

Suggested Citation

  • Arailym Suleimenova & Kulyash Turkeyeva & Aigul Tulemetova & Nazigul Zhanakova, 2020. "The Impact of the Oil and Oil Products Market on Economic Development: A National Aspect," International Journal of Energy Economics and Policy, Econjournals, vol. 10(5), pages 116-122.
    • Handle: RePEc:eco:journ2:2020-05-15
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    Oil; Oil Products; Dutch Disease; Raw Materials Curse; Economic Development; National Economy; Economic Growth; Manufacturing Industry.;
    All these keywords.

    JEL classification:

    • L71 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Mining, Extraction, and Refining: Hydrocarbon Fuels
    • N55 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries - - - Asia including Middle East
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • P28 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Natural Resources; Environment

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