Does oil dependence cause energy risk?
These days, the issue of energy risk is becoming more prevalent worldwide. Particularly, the issue of oil dependence raises awareness. The previous studies provide very limited background to this issue because of the absence of an energy risk variable. In this context, this study is a pioneer as it...
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| Format: | Article |
| Language: | English |
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Elsevier
2025-03-01
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| Series: | Energy Nexus |
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| Online Access: | http://www.sciencedirect.com/science/article/pii/S2772427125000348 |
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| author | Bekhzod Kuziboev Elbek Khodjaniyazov Ilhan Ozturk Khamid Sabirov Samariddin Makhmudov Sarbinaz Utegenova |
| author_facet | Bekhzod Kuziboev Elbek Khodjaniyazov Ilhan Ozturk Khamid Sabirov Samariddin Makhmudov Sarbinaz Utegenova |
| author_sort | Bekhzod Kuziboev |
| collection | DOAJ |
| description | These days, the issue of energy risk is becoming more prevalent worldwide. Particularly, the issue of oil dependence raises awareness. The previous studies provide very limited background to this issue because of the absence of an energy risk variable. In this context, this study is a pioneer as it empirically assesses the effect of oil dependence on energy risk, a novel variable that has never been applied before, in 84 countries using annual data from 2000 to 2021. The estimations are conducted in the sample of the world and development stage, employing the Method of Moments Quantile Regression (MMQR), which allows us to estimate the impact of oil dependence on energy risk at various quantiles of energy risk. The findings reveal that dependence on oil resources leads to energy risk in the world and developing countries, whereas in developed countries oil dependence does not cause energy risk. We assume that developed countries, with their advanced technological capabilities and strong international collaboration, have adopted various alternative energy sources. Therefore, as policy implications, enhancing energy source diversification is suggested since dependence of energy consumption on various sources mitigates oil dependence, thus energy risk. Furthermore, we emphasize the significance of technological progress, as it determines the efficient and minimal use of energy resources and oil, both of which depend on the level of technological advancement. Furthermore, enhancing the involvement of international organizations in energy cooperation is crucial for managing effective energy distribution. |
| format | Article |
| id | doaj-art-ae2f920d6e924840b0fd5f7077a5ddda |
| institution | Kabale University |
| issn | 2772-4271 |
| language | English |
| publishDate | 2025-03-01 |
| publisher | Elsevier |
| record_format | Article |
| series | Energy Nexus |
| spelling | doaj-art-ae2f920d6e924840b0fd5f7077a5ddda2025-08-20T03:42:55ZengElsevierEnergy Nexus2772-42712025-03-011710039310.1016/j.nexus.2025.100393Does oil dependence cause energy risk?Bekhzod Kuziboev0Elbek Khodjaniyazov1Ilhan Ozturk2Khamid Sabirov3Samariddin Makhmudov4Sarbinaz Utegenova5Department of Economics, Urgench State University, Home 14, Kh. Alimjan Str, 220100, Urgench, Uzbekistan; Department of Trade, Tourism and Languages, Faculty of Economics, University of South Bohemia, Studentská 13, České Budějovice, 37005, Czech RepublicDepartment of Business and Management, Urgench State University, Home 14, Kh. Alimjan Str, 220100, Urgench, UzbekistanCollege of Business Administration, University of Sharjah, UAE; Faculty of Economics, Administrative and Social Sciences, Nisantasi University, Istanbul, Turkey; University of Economics and Human Sciences in Warsaw, Warsaw, Poland; Department of Medical Research, China Medical University Hospital, China Medical University, Taichung 40402, Taiwan; Corresponding author.Department of Economics, Urgench Ranch University of Technology, Urgench 220100, UzbekistanDepartment of Economics, Mamun University, Khiva, Uzbekistan; Alfraganus University, Tashkent, Uzbekistan; Termez University of Economics and Service, Termez, UzbekistanDepartment of Accounting and Audit, Karakalpak State University, Home 1, Ch. Abdirov Str, 230100, Nukus, UzbekistanThese days, the issue of energy risk is becoming more prevalent worldwide. Particularly, the issue of oil dependence raises awareness. The previous studies provide very limited background to this issue because of the absence of an energy risk variable. In this context, this study is a pioneer as it empirically assesses the effect of oil dependence on energy risk, a novel variable that has never been applied before, in 84 countries using annual data from 2000 to 2021. The estimations are conducted in the sample of the world and development stage, employing the Method of Moments Quantile Regression (MMQR), which allows us to estimate the impact of oil dependence on energy risk at various quantiles of energy risk. The findings reveal that dependence on oil resources leads to energy risk in the world and developing countries, whereas in developed countries oil dependence does not cause energy risk. We assume that developed countries, with their advanced technological capabilities and strong international collaboration, have adopted various alternative energy sources. Therefore, as policy implications, enhancing energy source diversification is suggested since dependence of energy consumption on various sources mitigates oil dependence, thus energy risk. Furthermore, we emphasize the significance of technological progress, as it determines the efficient and minimal use of energy resources and oil, both of which depend on the level of technological advancement. Furthermore, enhancing the involvement of international organizations in energy cooperation is crucial for managing effective energy distribution.http://www.sciencedirect.com/science/article/pii/S2772427125000348Energy riskOil resourcesOil dependencyMMQR |
| spellingShingle | Bekhzod Kuziboev Elbek Khodjaniyazov Ilhan Ozturk Khamid Sabirov Samariddin Makhmudov Sarbinaz Utegenova Does oil dependence cause energy risk? Energy Nexus Energy risk Oil resources Oil dependency MMQR |
| title | Does oil dependence cause energy risk? |
| title_full | Does oil dependence cause energy risk? |
| title_fullStr | Does oil dependence cause energy risk? |
| title_full_unstemmed | Does oil dependence cause energy risk? |
| title_short | Does oil dependence cause energy risk? |
| title_sort | does oil dependence cause energy risk |
| topic | Energy risk Oil resources Oil dependency MMQR |
| url | http://www.sciencedirect.com/science/article/pii/S2772427125000348 |
| work_keys_str_mv | AT bekhzodkuziboev doesoildependencecauseenergyrisk AT elbekkhodjaniyazov doesoildependencecauseenergyrisk AT ilhanozturk doesoildependencecauseenergyrisk AT khamidsabirov doesoildependencecauseenergyrisk AT samariddinmakhmudov doesoildependencecauseenergyrisk AT sarbinazutegenova doesoildependencecauseenergyrisk |