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Author : Bassam Fattouh
Publisher : Unknown
Page : 0 pages
File Size : 42,8 Mb
Release : 2022
Category : Electronic
ISBN : OCLC:1373351356
Author : Bassam Fattouh,Oxford Institute for Energy Studies
Publisher : Unknown
Page : 38 pages
File Size : 40,5 Mb
Release : 2008-01-01
Category : Petroleum products
ISBN : 1901795705
Author : Mr.Peter Wickham
Publisher : International Monetary Fund
Page : 20 pages
File Size : 47,5 Mb
Release : 1996-08-01
Category : Business & Economics
ISBN : 9781451954722
This paper examines the behavior of crude oil prices since 1980, and in particular the volatility of these prices. The empirical analysis covers “spot” prices for one of the key internationally traded crudes, namely Dated Brent Blend. A GARCH (generalized autoregressive conditional heteroscedastic) model, which allows the conditional variance to be time-variant, is estimated for the period which includes the oil price slump of 1986 and the surge in prices in 1990 as a result of the Iraqi invasion of Kuwait. The paper also discusses the growth of futures and derivative markets and the dynamic links between spot and futures markets.
Author : Bassam Fattouh
Publisher : Unknown
Page : 0 pages
File Size : 46,7 Mb
Release : 2022
Category : Electronic
ISBN : OCLC:1373351144
Author : Noureddine Krichene
Publisher : International Monetary Fund
Page : 32 pages
File Size : 55,5 Mb
Release : 2006-12
Category : Business & Economics
ISBN : UCSD:31822034757021
Crude oil prices have been on a run-up spree in recent years. Their dynamics were characterized by high volatility, high intensity jumps, and strong upward drift, indicating that oil markets were constantly out-of-equilibrium. An explanation of the oil price process in terms of the underlying fundamentals of oil markets and world economy was provided, viewing pressure on oil prices mainly as a result of rigid crude oil supply and an expanding world demand for crude oil. A change in the oil price process parameters would require a change in the underlying fundamentals. Market expectations, extracted from call and put option prices, anticipated no change, in the short term, in the underlying fundamentals. Markets expected oil prices to remain volatile and jumpy, and with higher probabilities, to rise, rather than fall, above the expected mean.
Author : Taki Rifaï
Publisher : Greenwood
Page : 440 pages
File Size : 41,7 Mb
Release : 1975
Category : Technology & Engineering
ISBN : UOM:39015005372753
Author : Paul Horsnell
Publisher : Unknown
Page : 34 pages
File Size : 52,8 Mb
Release : 1990-01-01
Category : Petroleum industry and trade
ISBN : 0948061421
Author : Paul Horsnell,Robert Mabro
Publisher : Oxford University Press, USA
Page : 360 pages
File Size : 48,7 Mb
Release : 1993
Category : Business & Economics
ISBN : UVA:X002280800
The market for North Sea Brent Oil directly determines the price of over one-half of the world trade in crude oil. This study analyzes the workings of the oil market and describes how crude oil prices are determined throughout the world. It covers OPEC pricing, futures markets for oil, the impact of the UK taxation regime, and the mechanisms by which the world price of oil is determined. The text should be of benefit to those working in the areas of futures and forward markets, OPEC behaviour, North Sea oil, oil taxation and oil prices.
Author : Adi Imsirovic
Publisher : Springer Nature
Page : 262 pages
File Size : 43,5 Mb
Release : 2021-05-19
Category : Business & Economics
ISBN : 9783030717186
This is a book about the international oil market. It takes a historical perspective on how the market emerged, developed, and became what it is today—the biggest commodity market in the world. It is mature and complex, but far from perfect. Throughout most of its 150-year history, the oil market has been monopolised by companies and governments. For only a fraction of that, oil traded in a relatively free market. As a result, we had to live with ‘big oil’, economic shocks, high oil prices, instability and wars. Using a simple concept of market power, this book will explain the meaning of ‘oil price’ and how it is established while offering a valuable lesson for other commodities. Market power is the key to understanding the ‘price of oil’. This book uses a simple concept of price-makers and price-takers to examine the evolution of oil markets, their structure, and prices. The early decades of the oil industry were competitive with low barriers to entry. Barely 25 years later, the Standard Oil company created a refining monopoly, buying oil at its own ‘posted’ price. In the following century, the cartel of major oil companies, helped by their governments, did the same at the international level. OPEC helped producing governments regain control of their own resources, but the organisation was never able to retain a similar level of control. After 1986 price collapse, OPEC abdicated the price-making function in favour of the market. While it never gave up attempts to influence prices, OPEC had to link their official prices to one of the global oil benchmarks. Modern international oil markets function because of oil benchmarks such as Brent, WTI and Dubai. This book showcases: • How oil traders played a prominent role in development of the industry • How policies of consuming nations helped oil cartels • Why and how the US price of oil was negative • How AI has changed the way markets operate and the way in which the markets are likely to change in future This book explores how oil markets grew, functioned, and have occasionally failed to do their job. The ecosystem of derivatives or ‘paper barrels’ trading in far greater volume than physical oil plays a very important role in mitigating risk. With this core tenant, setting the ‘price of oil’ is explained in detail.
Author : Salvatore Carollo
Publisher : John Wiley & Sons
Page : 212 pages
File Size : 44,8 Mb
Release : 2011-12-27
Category : Business & Economics
ISBN : 9781119962724
It’s a fair bet that most of what you think you know about oil prices is wrong. Despite the massive price fluctuations of the past decade, the received wisdom on the subject has remained fundamentally unchanged since the 1970s. When asked, most people – including politicians, financial analysts and pundits – will respond with a tired litany of reasons ranging from increased Chinese and Indian competition for diminishing resources and tensions in the Middle East, to manipulation by OPEC and exorbitant petrol taxes in the EU. Yet the facts belie these explanations. For instance, what really happened in late 2008 when, in just a few weeks, oil prices plummeted from $144 dollars to $37 dollars a barrel? Did Chinese and Indian demand suddenly dry up? Did Middle East conflicts magically resolve themselves? Did OPEC flood the market with crude? In each case the answer is a definitive no – quite the opposite in fact. Industry expert Salvatore Carollo explains that the truth behind today’s increasingly volatile oil market is that over the past two decades oil prices have come untethered from all classical notions of supply and demand and have transcended any country’s, consortium’s, cartel’s, or corporate entity’s powers to control them. At play is a subtler, more complex game than most analysts realise (or are unwilling to admit to), a very dangerous game involving runaway financial speculation, self-defeating government policymaking and a concerted disinvestment in refinery capacity among the oil majors. In Understanding Oil Prices Carollo identifies the key players in this dangerous game, exploring their competing interests and motivations, their moves and countermoves. Beginning with the 1976 oil embargo and moving through the 1986 Chernobyl incident, the implementation of the US Clean Air Act Amendments of 1990, and the precipitous expansion of the oil futures market since the turn of the century, he traces the vast structural changes which have occurred within the oil industry over the past four decades, identifying their economic, social and geopolitical drivers, and analysing their fallout in the global economy. He explores the oil industry’s decision to scale down refining capacity in the face of increasing demand and the effects of global shortages of petrol, diesel, jet fuel, fuel oil, chemical feedstocks, lubricants and other essential finished products, and describes how, beginning in the year 2000, the oil futures market detached itself almost completely from the crude market, leading to the assetization of oil, and the crippling impact reckless speculation in oil futures has had on the global economy. Finally he proposes new, more sophisticated models that economists and financial analysts can use to make sense of today’s oil market, while offering industry leaders and government policymakers prescriptions for stabilising the market to ensure a relatively steady flow of affordable oil. A concise, authoritative guide to understanding the complex, oft misunderstood oil markets, Understanding Oil Prices is an important resource for energy market participants, commodity traders and investors, as well as business journalists and government policymakers alike.
Author : M. M. Ramirez-Corredores
Publisher : Academic Press
Page : 776 pages
File Size : 46,5 Mb
Release : 2017-05-18
Category : Technology & Engineering
ISBN : 9780128013397
This book, The Science and Technology of Unconventional Oils: Finding Refining Opportunities, intends to report the collective physical and chemical knowledge of unconventional oils (heavy, extra-heavy, sour/acid, and shale oil) and the issues associated with their refining for the production of transportation fuels. It will focus on the discussion of the scientific results and technology activities of the refining of unconventional oils. The presence of reactive and refractory compounds and components that negatively impact refining processing (the "bad actors") are discussed and analyzed. The commercially available technologies, with their reported improvements and emerging ideas, concepts, and technologies, are described. This comprehensive overview constitutes the basis for establishing technology gaps, and in return sets the science and technology needs to be addressed in the future. In summary, this book incorporates the relevant knowledge of processing unconventional crude oils and of the "Bottom-of-the-Barrel" fraction, describing the related commercially available and emerging technologies to contribute to the identification of existing gaps. Relates physicochemical properties and phenomenological behavior of unconventional oils to refining challenges Describes commercially available technologies and the problems they solve Lists recent improvements in various processes and identifies technology gaps Explains emerging new refining technologies and the problems they solve Discusses future needs and challenges, and suggests further research and development needs
Author : Robert Looney
Publisher : Routledge
Page : 473 pages
File Size : 49,9 Mb
Release : 2012-01-25
Category : Business & Economics
ISBN : 9781136966460
To many, oil markets and their linkages to a whole spectrum of events remain something of a mystery. Unfortunately, most of the easily obtained information on oil is deeply flawed. Whole web-conspiracy sites depict ruthless insiders and reckless dictators manipulating energy markets at will. The 30 essays in this volume, written by the leading experts in the field, attempt to set the record straight. While their assessments may lack the sensationalism of many popular pundits, serious readers will find their insights invaluable in the years to come in providing a framework for understanding many of the events of the day. The five sections: Politics of Oil Supply, Political Responses, Regional Dimensions, Country Case Studies and Key Issues for the Future give a comprehensive overview of the politics of oil world-wide.
Author : Tadahiro Nakajima,Shigeyuki Hamori
Publisher : Springer Nature
Page : 145 pages
File Size : 49,7 Mb
Release : 2022-11-03
Category : Business & Economics
ISBN : 9789811956034
This book introduces empirical methods for analyzing energy markets. Even beginners in econometrics and mathematical finance must be able to learn how to utilize these methodologies and how to interpret the analysis results. This book provides some example analyses of the North American, European, and Asian energy markets. The reader will experience some theories and practices of energy trading and risk management. This book reveals the characteristics of energy markets using quantitative analyses. Examples include unit root, cointegration, long-term equilibrium, stochastic arbitrage simulation, multivariate generalized autoregressive conditional heteroscedasticity (GARCH) models, exponential GARCH (EGARCH) models, optimal hedge ratio, copula, value-at-risk (VaR), expected shortfall, vector autoregressive (VAR) models, vector moving average (VMA) models, connectedness, and frequency decomposition. This book is suitable for people interested in the empirical study of energy markets and energy trade.
Author : Mr.Rabah Arezki,Zoltan Jakab,Mr.Douglas Laxton,Mr.Akito Matsumoto,Armen Nurbekyan,Hou Wang,Jiaxiong Yao
Publisher : International Monetary Fund
Page : 30 pages
File Size : 42,5 Mb
Release : 2017-01-27
Category : Business & Economics
ISBN : 9781475572360
This paper presents a simple macroeconomic model of the oil market. The model incorporates features of oil supply such as depletion, endogenous oil exploration and extraction, as well as features of oil demand such as the secular increase in demand from emerging-market economies, usage efficiency, and endogenous demand responses. The model provides, inter alia, a useful analytical framework to explore the effects of: a change in world GDP growth; a change in the efficiency of oil usage; and a change in the supply of oil. Notwithstanding that shale oil production today is more responsive to prices than conventional oil, our analysis suggests that an era of prolonged low oil prices is likely to be followed by a period where oil prices overshoot their long-term upward trend.
Author : Jemal H. Abawajy,Mohamed Othman,Rozaida Ghazali,Mustafa Mat Deris,Hairulnizam Mahdin,Tutut Herawan
Publisher : Springer
Page : 646 pages
File Size : 55,8 Mb
Release : 2019-08-09
Category : Technology & Engineering
ISBN : 9789811317996
These proceedings gather outstanding research papers presented at the Second International Conference on Data Engineering 2015 (DaEng-2015) and offer a consolidated overview of the latest developments in databases, information retrieval, data mining and knowledge management. The conference brought together researchers and practitioners from academia and industry to address key challenges in these fields, discuss advanced data engineering concepts and form new collaborations. The topics covered include but are not limited to: • Data engineering • Big data • Data and knowledge visualization • Data management • Data mining and warehousing • Data privacy & security • Database theory • Heterogeneous databases • Knowledge discovery in databases • Mobile, grid and cloud computing • Knowledge management • Parallel and distributed data • Temporal data • Web data, services and information engineering • Decision support systems • E-Business engineering and management • E-commerce and e-learning • Geographical information systems • Information management • Information quality and strategy • Information retrieval, integration and visualization • Information security • Information systems and technologies