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This study aims to investigate why anti-corruption statutes are not efficient in Nigeria’s upstream petroleum industry.

This study is a doctrinal legal research that embraces a point-by-point comparative methodology with a library research technique.

This study reveals that corruption strives on feeble implementation of anti-corruption legal regime and the absence of political will in offering efficient regulatory intervention. Finally, this study finds that anti-corruption organisations in Nigeria are not efficient due to non-existence of the Federal Government’s political will to fight corruption, insufficient funds and absence of stringent implementation of the anti-corruption legal regime in the country.

Investigations reveal during this study that Nigerian National Petroleum Corporation (NNPC) operations are characterised with poor record-keeping, lack of accountability as well as secrecy in the award of oil contracts, oil licence, leases and other financial transactions due to non-disclosure or confidentiality clauses contained in most of these contracts. Also, an arbitration proceeding limit access to their records and some of these agreements under contentions. This has also limited the success of this research work and generalising its findings.

This study recommends, among other reforms, soft law technique and stringent execution of anti-corruption statutes. This study also recommends increment in financial appropriation to Nigeria’s anti-corruption institutions, taking into consideration the finding that a meagre budget is a drawback.

This study reveals that corruption strives on feeble implementation of anti-corruption legal regime and the absence of political will in offering efficient regulatory intervention. Corruption flourishes due to poor enforcement of anti-corruption laws and the absence of political will in offering efficient regulatory intervention by the government.

The study advocates the need for enhancement of anti-corruption agencies' budgets taking into consideration the finding that meagres budgets are challenge of the agencies.

This study aims to examine the trend of industrial competition between the US and China, which is the most crucial determinant in the future development of the global economy. For decades, the global economy has strengthened the global production network based on the division of labor between countries. Thus, the ripple effect of competition between the two countries should be analyzed in terms of the global production network. Therefore, this study uses the product space model, which explains the development process of industries with comparative advantage by country. We constructed the model based on the products of HS 4-digit code for the 2010–2019 period. The analysis results on the trend of the industrial competitiveness of major countries are as follows. First, the current industrial competitiveness of China is concentrated on low-tech industries. In the case of high-tech items, China shows a tendency of lower export sophistication compared to major manufacturing powerhouses such as Germany, the US, Japan, and Korea. Second, with respect to the possibility of a future industrial structure upgrade evaluated by density, the trend of China overtaking other manufacturing powerhouses is observed. As implied by the product space model, the advancement of the industrial structure through active participation in international trade enhances the industrial competitiveness. Therefore, the outcome of US-China industrial competition depends on who ensures more openness and industrial complexity.

Since 1988 Russia and Korea have been developing bilateral economic relations. After the conclusion of, the first trade agreement, Korea has become one of the largest trading and investment partners of the Russian Far East. Annually, Korea has increased trade and investment flows to the Russian Far East, a region with high growth potential. By the 2000s Korea has become the Russian Far East’s third largest trading partner. This article considers trade and investment flows from the 1990s to the present, analyses the prospects of achieving goals, and the problems of developing further bilateral cooperation between Russia and Korea.

The purpose of this paper is to develop an integrated theoretical framework for energy security concept and to shed light on the policies and strategies applied by the European Union countries to confront the challenges that faces them.

The research paper uses Regional Security complexes theory, which mainly developed in Copenhagen school for security studies, that founded by Barry Buzan. This school tried to clarify the untraditional security aspects, through expanding its scope by adding new dimensions than military perspective.

Despite the consolidated efforts exerted by the European Union to assure safe levels of energy security, and their continuous pursuit to be liberated from Russian energy over dependence, but the results are still limited.

The value of this research paper stems from the fact that it encompass the theoretical aspect by shedding light on all the developments occurred to energy security concept, in addition to the Empirical side, by analyzing various European energy security challenges and their confrontation strategies.

China is a major energy import powerhouse, its trade deals have significant impact on international energy trade and global energy markets. The purpose of this paper is to explore the role of energy in China’s preferential trade agreements (PTAs) and their impact on Chinese imports of oil, gas and coal.

An extended trade gravity model framework is applied to explore the dynamics of China’s annualized energy import flows from the 22 economies that have PTAs with it for the period 1995–2015.

The effect of PTAs on trade patterns varies across the product groups and agreement clauses. The dominant factor affecting trade flows of coal, crude oil and oil products is the average tariff level. Its impact is less significant for gas imports, which are more affected by policy arrangements represented by a PTA variable. The depth and scope of a PTA do not affect Chinese energy imports patterns.

This paper is focused on exploring the effect of China’s trade and foreign relations strategies on its energy imports through the prism of its PTAs. Estimating the direct impact of China’s initiatives in the areas of trade, investment, security, culture, etc., on its trade flows of energy products and other product groups using the methodological framework proposed in this study would contribute to better understanding of the issue.

The findings can assist both China and energy exporting countries that target Chinese market in better understanding the drivers of trade flows of energy products and design their PTA strategies accordingly.

This study applies the trade gravity model framework to assess the impact of specific components of preferential trade agreements – tariff reduction and depth and scope of agreement – on energy trade flows differentiated by product group.

The notion that China is factory of the world is now changing. Factories in China are shifting their production base to neighboring Asia, primarily because of higher input costs in China, a volatile Chinese exchange rate, and protectionist measures targeted against Chinese exports. In this paper, we examine the location substitution effect for China: Chinese firms are exporting primary, intermediate and machinery items, meant for producing final output in the Greater Mekong Subregion (GMS). Results suggest that GMS countries are exporting finished items to China, that are increasingly getting manufactured using primary and intermediate inputs imported from China.

This paper aims to provide an important perspective to the predictive capacity of Organization of the Petroleum Exporting Countries (OPEC) meeting dates and production announcements for energy futures (crude oil West Texas Intermediate (WTI), gasoline reformulated gasoline blendstock for oxygen blending (RBOB), Brent oil, London gas oil, natural gas and heating oil) market returns and volatilities.

To examine the impact of OPEC news on energy futures market returns and volatilities, the authors use a conditional quantile regression methodology during the period from April 01, 2013 to June 30, 2017.

From the empirical findings, the authors show a conditional dependence between energy futures returns and OPEC-based predictors; hence, the authors can find clear the significance of relationship in the process of financialization of the OPEC announcements and energy futures in the case of this paper. From the quantile-causality test, the authors find that the effect of OPEC news is important to energy futures. Specifically, OPEC announcements dates predict the quantiles of the conditional distribution of energy futures market returns.

The authors confirm the presence of unidirectional nexus between OPEC news and energy commodities futures in the long term.

This paper aims to explore the extreme effect of crude oil price fluctuations and its volatility on the economic growth of Middle East and North Africa (MENA) countries. It also investigates the asymmetric and dynamic relationship between oil price and economic growth. Further, a separate analysis for each MENA oil-export and oil-import countries is conducted. Furthermore, it studies to what extent the quality of institutions will change the effect of oil price fluctuations on economic growth.

As the effect of oil price fluctuations is not the same over different business cycles or oil price levels, the paper uses a panel quantile regression approach with other linear models such as fixed effects, random effects and panel generalized method of moments. The panel quantile methodology is an extension of traditional linear models and it has the advantage of exploring the relationship over the different quantiles of the whole distribution.

The paper can summarize results as following: changes in oil price and its volatility have an opposite effect for each oil-export and oil-import countries; for the former, changes in oil prices have a positive impact but the volatility a negative effect. While for the latter, changes in oil prices have a negative effect but volatility a positive effect. Further, the impact of oil price changes and their uncertainty are different across different quantiles. Furthermore, there is evidence about the asymmetric effect of the oil price changes on economic growth. Finally, accounting for institutional quality led to a reduction in the impact of oil price changes on economic growth.

The study concludes more detailed results on the impact of oil prices on gross domestic product growth. Thus, it can be used as a decision-support tool for policymakers.

The article compares the effect of European Union (EU)-Russian sanctions imposed in 2014 with the influence of fluctuating oil prices on Danish trade.

In this paper annual import and export trade data between Denmark and 152 countries from the period 2002–18 were computed in STATA/SE 16.1 using the Gravity model to evaluate the effect of economic sanctions and the price of oil.

Results showed that the impact from the fall of oil price exceeded the negative effect from sanctions on Danish export. Additionally, the analyses suggest that the fall in oil price had a negative effect on Danish import. Even so, Danish import significantly increased due to growth in supplies of energy resources from Russia.

This study explains the overlapping effects of EU-Russian sanctions and fluctuating oil prices on Danish trade. This methodology can be expanded to encompass multiple countries using the two-sided Gravity model.

This article examines the impact of the ASEAN Free Trade Area (AFTA) on Korean exports to ASEAN countries by using the system generalized method of moments. The data covered 15 sectors according to their relative importance in Korean exports and spanned from 1980 to 2006. The estimated results suggest that Korea’s exports were diverted to ASEAN members as a result of the AFTA formation. In 5 of the 15 sectors, the AFTA exerted a significant negative effect on Korean exports to ASEAN countries, but for the remaining 9, the results were mixed and statistically insignificant. The results also indicate that the sectoral approach yields more robust and clear-cut results than the aggregate one.