PETE702 DYNAMICS OF WORLD OIL
| Course Code: | 5660702 |
| METU Credit (Theoretical-Laboratory hours/week): | 3 (3.00 - 0.00) |
| ECTS Credit: | 8.0 |
| Department: | Petroleum and Natural Gas Engineering |
| Language of Instruction: | English |
| Level of Study: | Graduate |
| Course Coordinator: | Lecturer Dr. ŞAHİN YAMAN |
| Offered Semester: | Fall or Spring Semesters. |
Course Objectives
This course, "Selected Topics in Politics & Economics of Global Energy & Sustainability," provided by the Middle East Technical University Graduate School of Natural and Applied Sciences, aims to equip graduate students with an interdisciplinary understanding of global energy systems. The course will delve into the complex interplay between energy politics, economics, and sustainability, emphasizing the methodologies from international political economy and economics.
Students will explore a range of critical topics beginning with foundational theories in global political economy, focusing on how these theories apply to carfoure of the energy and sustainablity issues. The course covers essential concepts in both micro and macroeconomics, including the basics of energy economics and market dynamics.
In addition to theoretical underpinnings, the syllabus includes an examination of the economics of public sectors, particularly regarding externalities and public goods, and their impact on energy markets. Key discussions will address the role of energy in economic welfare, international trade in sustainable energy, and the application of these principles to global energy policies. Students will also engage with contemporary issues in sustainable energy systems, analysing the environmental and economic implications of different energy policies. Special attention will be given to the dynamics of global warming, climate change, and the various roles of government policies in driving sustainable energy transitions.
Course Content
This course will examine the global oil market from international economic and political/strategic perspective. It will use both functional and regional approaches to fully grasp the essence of the global oil market. It starts with the examination of international economic theory from the perspective of trade, and finance. This will be followed by a general examination of world oil and gas resources within the context of global energy balance. The course also examines macro-economic aspects of international oil management, such as, domestic petroleum price smoothing and oil fund management. The global actor of world oil market, OPEC, will also be analyzed from historical and contemporary perspectives. Basic concepts of oil economics and finance, a brief survey of the structure of oil market, the issue of Dutch Disease or the role of oil in economic development, effect of oil shocks on individual and global macro economy will also be covered. Apart from the functional issues the role of Middle East, Russian and Caspian oil for global economy will also be examined.
Course Learning Outcomes
Throughout the course, students will develop their research skills through a combination of lectures, class discussions, presentations, and critical analysis of selected readings. The course structure includes a mid-term paper, a final academic paper, and encourages active participation in class discussions and collective projects. The goal is to provide students with a thorough understanding of the factors influencing global energy systems and to prepare them for high-quality research and informed debate on sustainability and energy policy issues.
Program Outcomes Matrix
| Contribution | |||||
| # | Program Outcomes | No | Yes | ||
| 1 | Acquire in-depth knowledge through scientific research in areas covered by petroleum and natural gas engineering (petroleum, natural gas, geothermal); evaluate, interpret, and apply this knowledge to solve complex engineering problems. | ✔ | |||
| 2 | Design and conduct analytical, numerical, and experimental research addressing challenges in petroleum, natural gas, and geothermal exploration, production, drilling, and reservoir management. | ✔ | |||
| 3 | Develop innovative and interdisciplinary approaches to analyze and solve problems in petroleum and natural gas engineering by integrating knowledge from related disciplines such as fluid mechanics, thermodynamics, rock mechanics, and computational modeling. | ✔ | |||
| 4 | Effectively communicate technical knowledge, research findings, and innovative solutions in written and oral form at national and international levels. | ✔ | |||
| 5 | Demonstrate awareness of the social, environmental, economic, and legal impacts of petroleum and natural gas engineering practices and integrate sustainable and responsible approaches in professional work. | ✔ | |||
| 6 | Uphold social, scientific, and ethical values throughout the processes of data collection, analysis, interpretation, and dissemination in all professional and academic activities. | ✔ | |||
| 7 | Work effectively both independently and as part of intra- and interdisciplinary teams and take leadership roles when necessary to address complex engineering problems. | ✔ | |||
| 8 | Stay informed about emerging technologies and advancements in petroleum and natural gas engineering and possess the ability to learn and implement these innovations in practice. | ✔ | |||