Navigating global energy markets: A review of economic and policy impacts

Ganiyu Bolawale Omotoye 1, Binaebi Gloria Bello 2, Sunday Tubokirifuruar Tula 3, Azeez Jason Kess-Momoh 4, Andrew Ifesinachi Daraojimba 5, * and Adedayo Adefemi 6

1 Independent Researcher, Lagos.
2 Kings International School, Port-Harcourt, Rivers State, Nigeria.
3 Department of Accounting, Ignatius Ajuru University of Education, Port-Harcourt Rivers State, Nigeria.
4 Ama Zuma Oil & Gas, Lagos.
5 Department of Information Management, Ahmadu Bello University, Zaria, Nigeria.
6 Chervon Nigeria Limited, Nigeria.
 
Review
International Journal of Science and Research Archive, 2024, 11(01), 195–203.
Article DOI: 10.30574/ijsra.2024.11.1.0029
Publication history: 
Received on 21 November 2023; revised on 09 January 2024; accepted on 11 January 2024
 
Abstract: 
The global energy landscape is undergoing a profound transformation, marked by shifts in supply and demand dynamics, technological advancements, and evolving policy frameworks. This paper provides a comprehensive review of the economic and policy impacts shaping contemporary global energy markets. Economic forces play a pivotal role in shaping the trajectory of global energy markets. The exploration of unconventional energy sources, such as shale gas and renewable technologies, has disrupted traditional supply chains, influencing market prices and altering the geopolitical dynamics of energy-producing nations. The rise of energy-efficient technologies and the growing demand for cleaner energy sources are redefining the investment landscape, creating new opportunities and challenges for businesses, governments, and consumers alike. Policy decisions at national and international levels exert a profound influence on energy markets. The transition towards a low-carbon economy is a central theme, with governments worldwide implementing a variety of regulatory frameworks, incentives, and penalties to encourage sustainable energy practices. This paper explores the effectiveness and implications of these policies, examining their impact on market competitiveness, innovation, and global cooperation in addressing climate change. The interplay between economic and policy factors is evident in the ongoing energy transition. As countries strive to meet their climate goals, the paper delves into the intricacies of energy market dynamics, analyzing the role of government interventions in fostering innovation, promoting energy security, and addressing socio-economic disparities. Furthermore, the paper highlights the interconnectedness of global energy markets, emphasizing the importance of international collaboration in achieving a sustainable and resilient energy future. By providing a nuanced understanding of the economic and policy influences on global energy markets, this review aims to guide stakeholders in navigating the complexities of an evolving energy landscape.
 
Keywords: 
Energy; Energy Economics; Policy; Energy market; Review
 
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