Crude Oil Market Functioning and Sustainable Development Goals: Case of OPEC++-Participating Countries

This article aims to substantiate the factors by which the oil industry influences the sustainable development of OPEC++-participating countries under conditions of uncertainty. The impact of the price parameters of the world oil market and the tools of its regulation on the sustainability of OPEC++-participating countries was assessed using panel regression analysis. The sustainable development level of OPEC++-participating countries was analyzed by the integrated estimation method, focusing on crude oil market functioning features. Undoubtedly, we can testify that there is a direct correlation between the country’s level of socio-economic development and sustainable development. In resource economies, a reduction in oil production and exports cannot have the same effect on sustainable development as in countries that do not produce oil, or are characterized by a higher level of economic development. With an appropriate level of economic diversification and the effectiveness of the institutional framework for managing the oil market, sustainable development can be achieved. Based on the model of the integrated assessment of the sustainable development of oil-exporting countries, the impact of statistically significant financial investors’ panic factor on the imbalance of oil prices due to the uncertainty of economic development was determined. Key indicators that create a panic factor in the oil market were identified. These include the indicators of the number of countries enforcing lockdown and the pandemic’s duration. We argue for the need to develop an effective strategy for achieving the sustainable development goals (SDGs) in OPEC++-participating countries, based on the management of crude oil supply and demand forces and by considering the effect of financial investors’ panic factor on the oil market.

University Social Responsibility during the COVID-19 Pandemic: Universities’ Case in the BRICS Countries

University social responsibility (USR) is an important assessment criterion of the QS Stars. In the context of the COVID-19 pandemic, the social orientation of universities as intellectual leaders in the development of society gains particular importance. The research purpose is to analyze the impact of the COVID-19 pandemic on the university activity directions in the framework of strategies (USR). An empirical assessment of the level and complementary factors of USR in the BRICS countries (Brazil, Russia, India, China, and South Africa) was conducted, using the method of integral and expert assessment. Grounded on scoring according to the principal component analysis, the structure of the factors of the USR development in the BRICS countries was determined. Multifactor regression modeling allowed substantiating the priority of factors stimulating the development of USR in the BRICS countries in modern conditions and arguing the main barriers to introducing the concept of social responsibility into university activities and expanding the stakeholders’ circle in it. The research results showed that the university management creativity, effective communication with the public and stakeholders, the quality of the educational process and the development of scientific activities stimulate USR development in the BRICS countries and should be used as the basis for the strategic planning of activities in the context of the continuing COVID-19 pandemic. Conceptual trends in the USR development can be useful for universities in the studied countries when adapting strategic development plans regarding the social needs of modern society.