WorldWideScience

Sample records for crude oil markets

  1. Crude oil market report

    Energy Technology Data Exchange (ETDEWEB)

    1985-01-01

    Falling demand for refined products and an excess of production capacity are driving world oil prices down further. Competitive price cutting, notably by Mexico, Britain, and the Soviet Union, has left Saudi Arabia the only guardian of a costly pricing discipline in terms of crude oil sales. The current crisis is limited to the producers of crude oil. Refineries are now deciding what, where, and how to buy crude in order to meet the requirements of a slack market place. Saudi Arabia could precipitate a price collapse below $20 per barrel by increasing production volume, but that seems unlikely. 1 figure, 2 tables.

  2. 1999 Crude oil market outlook

    International Nuclear Information System (INIS)

    Cochener, J.

    1998-01-01

    Baseline projection handling of crude oil prices was discussed, based on actual crude oil price trends from 1992 to 1998. Attention was drawn to the lack of correlation between crude oil and natural gas prices. Predictions for crude oil production were extended to the year 2015. As far as the immediate future is concerned the crude oil price for 1999 was predicted to continue to be sluggish due to competitive pressure from refined products at burner tip. tabs., figs

  3. Market potential for Canadian crude oil

    International Nuclear Information System (INIS)

    Heath, M.; Fisher, L.; Golosinski, D.; Luthin, A.; Gill, L.; Raggett, C.

    1997-01-01

    Future key markets for Canadian crude were evaluated, and probable flow volumes and prices were identified. Key concerns of market participants such as pricing, alternative crude sources, pipeline tariffs and crude quality, were examined. An overview of the competition faced by Canadian crude supply in global markets was presented. World crude oil supply and demand was discussed. US and Canadian crude oil supply (2000 to 2010), refinery demand for light and heavy crudes, existing future crude oil and refined product pipeline infrastructure, and pricing implications of changing crude oil flows were analyzed. The general conclusion was that the US market will continue to provide growing markets for Canadian crude oil, and that the Canadian supply to fulfill increased export requirements will be available due to the combined effects of increasing heavy crude supply, growing production from the east coast offshore, and recent and ongoing pipeline expansions and additions. 20 refs., 64 tabs., 42 figs

  4. Heavy crude oil and synthetic crude market outlook

    International Nuclear Information System (INIS)

    Crandall, G.R.

    1997-01-01

    This presentation included an outline of the international heavy crude supply and demand versus Canadian heavy crude supply and disposition, and pricing outlook for synthetic crudes. Differences among crude oils such as light sweet, light sour, heavy and bitumen were described and illustrated with respect to their gravity, API, percentage of sulphur, metals and nitrogen. Internationally, heavy and sour crude supplies are forecast to increase significantly over the next four years. Discoveries of light sour crude in offshore Gulf of Mexico will provide a major new source of sour crude to U.S. Gulf Coast refineries. Venezuela's supplies of heavy and sour crude are also expected to increase over the next few years. Mexico and Canada have plans to increase their heavy crude production. All of the crudes will be aimed at the U.S. Gulf Coast and Midwest markets. Pentanes and condensates are also expected to increase based on the growing Canadian natural gas production. Diluent demand will also grow to match Canadian heavy crude/bitumen production. U.S. midwest refiners are proposing expansions to allow them to process more Canadian heavy crude oil. At present, only a few refineries are equipped to process significant amounts of synthetic crude. It was suggested that to absorb available heavy and synthetic production, increased penetration into both Canadian and U.S. markets will be required. Some refineries may have to be modified to process heavy and synthetic oil supplies. Heavy oil and synthetic producers may need to develop relationships with refiners such as joint ventures and term supply agreements to secure markets. 2 tabs., 12 figs

  5. Crude oil spot market pricing: Pearsonian analysis of crude oil spot market prices

    International Nuclear Information System (INIS)

    Akinnusi, Ayo

    1994-01-01

    This paper presents a brief overview of crude oil pricing before describing a study of sets of 1991 spot market prices, and examining Pearson's model. Empirical distribution characteristics for 14 crude oils are tabulated, and skewness-kurtosis relationship and implication are considered. (UK)

  6. Forecasting volatility of crude oil markets

    International Nuclear Information System (INIS)

    Kang, Sang Hoon; Kang, Sang-Mok; Yoon, Seong-Min

    2009-01-01

    This article investigates the efficacy of a volatility model for three crude oil markets - Brent, Dubai, and West Texas Intermediate (WTI) - with regard to its ability to forecast and identify volatility stylized facts, in particular volatility persistence or long memory. In this context, we assess persistence in the volatility of the three crude oil prices using conditional volatility models. The CGARCH and FIGARCH models are better equipped to capture persistence than are the GARCH and IGARCH models. The CGARCH and FIGARCH models also provide superior performance in out-of-sample volatility forecasts. We conclude that the CGARCH and FIGARCH models are useful for modeling and forecasting persistence in the volatility of crude oil prices. (author)

  7. Forecasting volatility of crude oil markets

    Energy Technology Data Exchange (ETDEWEB)

    Kang, Sang Hoon [Department of Business Administration, Gyeongsang National University, Jinju, 660-701 (Korea); Kang, Sang-Mok; Yoon, Seong-Min [Department of Economics, Pusan National University, Busan, 609-735 (Korea)

    2009-01-15

    This article investigates the efficacy of a volatility model for three crude oil markets - Brent, Dubai, and West Texas Intermediate (WTI) - with regard to its ability to forecast and identify volatility stylized facts, in particular volatility persistence or long memory. In this context, we assess persistence in the volatility of the three crude oil prices using conditional volatility models. The CGARCH and FIGARCH models are better equipped to capture persistence than are the GARCH and IGARCH models. The CGARCH and FIGARCH models also provide superior performance in out-of-sample volatility forecasts. We conclude that the CGARCH and FIGARCH models are useful for modeling and forecasting persistence in the volatility of crude oil prices. (author)

  8. Volatility persistence in crude oil markets

    International Nuclear Information System (INIS)

    Charles, Amélie; Darné, Olivier

    2014-01-01

    Financial market participants and policy-makers can benefit from a better understanding of how shocks can affect volatility over time. This study assesses the impact of structural changes and outliers on volatility persistence of three crude oil markets – Brent, West Texas Intermediate (WTI) and Organization of Petroleum Exporting Countries (OPEC) – between January 2, 1985 and June 17, 2011. We identify outliers using a new semi-parametric test based on conditional heteroscedasticity models. These large shocks can be associated with particular event patterns, such as the invasion of Kuwait by Iraq, the Operation Desert Storm, the Operation Desert Fox, and the Global Financial Crisis as well as OPEC announcements on production reduction or US announcements on crude inventories. We show that outliers can bias (i) the estimates of the parameters of the equation governing volatility dynamics; (ii) the regularity and non-negativity conditions of GARCH-type models (GARCH, IGARCH, FIGARCH and HYGARCH); and (iii) the detection of structural breaks in volatility, and thus the estimation of the persistence of the volatility. Therefore, taking into account the outliers on the volatility modelling process may improve the understanding of volatility in crude oil markets. - Highlights: • We study the impact of outliers on volatility persistence of crude oil markets. • We identify outliers and patches of outliers due to specific events. • We show that outliers can bias (i) the estimates of the parameters of GARCH models, (ii) the regularity and non-negativity conditions of GARCH-type models, (iii) the detection of structural breaks in volatility of crude oil markets

  9. Alberta oil sands crudes : upgrading and marketing

    International Nuclear Information System (INIS)

    Ashar, M.

    2008-01-01

    Open pit mining and in situ techniques, such as steam stimulation, are used to recover Alberta's bitumen and heavy oil resources, which have higher viscosities than conventional hydrocarbons. The bitumen is typically upgraded to synthetic crude oil (SCO). In the simplest processing scheme, the bitumen is blended with diluent for ease in pipeline transport and then processed at refineries with upgrading facilities. The bitumen is also upgraded to light SCO at world-scale upgraders in Alberta. The SCO is then processed at refineries in downstream markets. The 2 categories of upgrading, notably primary and secondary upgrading, were described in this article along with technology options for both categories. Slurry hydrocracking is regarded as the most interesting emerging residual fuel upgrading technology. It combines special catalyst mixes with the latest slurry reactor designs as well as innovative catalyst capture and recycle schemes to produce very high conversions and potentially superior upgrading economics. The increase in volume and rate of SCO from Alberta provides refiners in the oil sands marketing sector an unprecedented choice of opportunities to improve profitability. Key trends indicate that production will increase substantially from 2008 to 2030. 5 figs

  10. Alberta oil sands crudes : upgrading and marketing

    Energy Technology Data Exchange (ETDEWEB)

    Ashar, M. [Suncor Energy, Fort McMurray, AB (Canada)

    2008-05-15

    Open pit mining and in situ techniques, such as steam stimulation, are used to recover Alberta's bitumen and heavy oil resources, which have higher viscosities than conventional hydrocarbons. The bitumen is typically upgraded to synthetic crude oil (SCO). In the simplest processing scheme, the bitumen is blended with diluent for ease in pipeline transport and then processed at refineries with upgrading facilities. The bitumen is also upgraded to light SCO at world-scale upgraders in Alberta. The SCO is then processed at refineries in downstream markets. The 2 categories of upgrading, notably primary and secondary upgrading, were described in this article along with technology options for both categories. Slurry hydrocracking is regarded as the most interesting emerging residual fuel upgrading technology. It combines special catalyst mixes with the latest slurry reactor designs as well as innovative catalyst capture and recycle schemes to produce very high conversions and potentially superior upgrading economics. The increase in volume and rate of SCO from Alberta provides refiners in the oil sands marketing sector an unprecedented choice of opportunities to improve profitability. Key trends indicate that production will increase substantially from 2008 to 2030. 5 figs.

  11. Crude oil options market found to be efficient

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    This paper reports that the U.S. crude oil options market operates efficiently and does not overreact. The authors, with the JFK School of Government, studied the crude oil options market under a Department of Energy grant. The current market was created in November 1986 when the New York Mercantile Exchange introduced an options contract for delivery of West Texas intermediate crude futures. it has grown greatly since then

  12. Crude oil prices: Are our oil markets too tight?

    International Nuclear Information System (INIS)

    Simmons, M.R.

    1997-01-01

    The answer to the question posed in the title is that tightness in the market will surely prevail through 1997. And as discussed herein, with worldwide demand expected to continue to grow, there will be a strong call on extra oil supply. Meeting those demands, however, will not be straightforward--as many observers wrongly believe--considering the industry's practice of maintaining crude stocks at ''Just in time'' inventory levels. Further, impact will be felt from the growing rig shortage, particularly for deepwater units, and down-stream capacity limits. While these factors indicate 1997 should be another good year for the service industry, it is difficult to get any kind of consensus view from the oil price market. With most observers' information dominated by the rarely optimistic futures price of crude, as reflected by the NYMEX, the important fact is that oil prices have remained stable for three years and increased steadily through 1996

  13. Expanding U.S. markets for Canadian crude oil

    International Nuclear Information System (INIS)

    Heath, M.; Angevine, G.; Chan, K.; Renne, G.; Stariha, J.; MacKay, E.

    1993-01-01

    The quantities and types of Canadian, U.S. and competing foreign crudes flowing into U.S. market regions and the potential to retain and/or expand Canadian crude oil sales in each of those markets, was studied. The various pipeline system expansion/construction proposals were reviewed. Findings of the study with respect to prospects for crude oil sales into each of the U.S. market regions were presented. Opportunities and constraints with regard to the potential for incremental crude oil sales into each of the U.S. market regions were detailed. The study concluded that there was a substantial market in the U.S. for incremental sales of Canadian crudes. Most of the refineries in the U.S. market regions were more flexible in terms of their crude diet than they were before the rationalization and restructuring of the industry began. The market for crude oil in the U.S. was shown to be one of the most competitive in the world and the most volatile. The study also revealed that there were risks associated with large additions to the capacity to ship crude oil by pipeline from Western Canada, given the uncertainties surrounding future supply. 4 refs., figs., tabs

  14. Efficiency of crude oil markets: Evidences from informational entropy analysis

    International Nuclear Information System (INIS)

    Ortiz-Cruz, Alejandro; Rodriguez, Eduardo; Ibarra-Valdez, Carlos; Alvarez-Ramirez, Jose

    2012-01-01

    The role of crude oil as the main energy source for the global economic activity has motivated the discussion about the dynamics and causes of crude oil price changes. An accurate understanding of the issue should provide important guidelines for the design of optimal policies and government budget planning. Using daily data for WTI over the period January 1986–March 2011, we analyze the evolution of the informational complexity and efficiency for the crude oil market through multiscale entropy analysis. The results indicated that the crude oil market is informationally efficient over the scrutinized period except for two periods that correspond to the early 1990s and late 2000s US recessions. Overall, the results showed that deregulation has improved the operation of the market in the sense of making returns less predictable. On the other hand, there is some evidence that the probability of having a severe US economic recession increases as the informational efficiency decreases, which indicates that returns from crude oil markets are less uncertain during economic downturns. - Highlights: ► Entropy concepts are used to characterize crude oil prices. ► An index of market efficiency is introduced. ► Except for periods of economic recession, the crude oil market is informationally efficient.

  15. The impact of energy derivatives on the crude oil market

    Energy Technology Data Exchange (ETDEWEB)

    Fleming, J.; Ostdiek, B. [Jones Graduate School of Management, Rice University, MS 531, P.O. Box 1892 Houston, TX (United States)

    1999-04-01

    We examine the effects of energy derivatives trading on the crude oil market. There is a common public and regulatory perception that derivative securities increase volatility and can have a destabilizing effect on the underlying market. Consistent with this view, we find an abnormal increase in volatility for three consecutive weeks following the introduction of NYMEX crude oil futures. While there is also evidence of a longer-term volatility increase, this is likely due to exogenous factors, such as the continuing deregulation of the energy markets. Subsequent introductions of crude oil options and derivatives on other energy commodities have no effect on crude oil volatility. We also examine the effects of derivatives trading on the depth and liquidity of the crude oil market. This analysis reveals a strong inverse relation between the open interest in crude oil futures and spot market volatility. Specifically, when open interest is greater, the volatility shock associated with a given unexpected increase in volume is much smaller. (Copyright (c) 1999 Elsevier Science B.V., Amsterdam. All rights reserved.)

  16. The impact of energy derivatives on the crude oil market

    International Nuclear Information System (INIS)

    Fleming, J.; Ostdiek, B.

    1999-01-01

    We examine the effects of energy derivatives trading on the crude oil market. There is a common public and regulatory perception that derivative securities increase volatility and can have a destabilizing effect on the underlying market. Consistent with this view, we find an abnormal increase in volatility for three consecutive weeks following the introduction of NYMEX crude oil futures. While there is also evidence of a longer-term volatility increase, this is likely due to exogenous factors, such as the continuing deregulation of the energy markets. Subsequent introductions of crude oil options and derivatives on other energy commodities have no effect on crude oil volatility. We also examine the effects of derivatives trading on the depth and liquidity of the crude oil market. This analysis reveals a strong inverse relation between the open interest in crude oil futures and spot market volatility. Specifically, when open interest is greater, the volatility shock associated with a given unexpected increase in volume is much smaller. (Copyright (c) 1999 Elsevier Science B.V., Amsterdam. All rights reserved.)

  17. Linkages between the markets for crude oil and the markets for refined products

    International Nuclear Information System (INIS)

    Didziulis, V.S.

    1990-01-01

    To understand the crude oil price determination process it is necessary to extend the analysis beyond the markets for petroleum. Crude oil prices are determined in two closely related markets: the markets for crude oil and the markets for refined products. An econometric-linear programming model was developed to capture the linkages between the markets for crude oil and refined products. In the LP refiners maximize profits given crude oil supplies, refining capacities, and prices of refined products. The objective function is profit maximization net of crude oil prices. The shadow price on crude oil gives the netback price. Refined product prices are obtained from the econometric models. The model covers the free world divided in five regions. The model is used to analyze the impacts on the markets of policies that affect crude oil supplies, the demands for refined products, and the refining industry. For each scenario analyzed the demand for crude oil is derived from the equilibrium conditions in the markets for products. The demand curve is confronted with a supply curve which maximizes revenues providing an equilibrium solution for both crude oil and product markets. The model also captures crude oil price differentials by quality. The results show that the demands for crude oil are different across regions due to the structure of the refining industries and the characteristics of the demands for refined products. Changes in the demands for products have a larger impact on the markets than changes in the refining industry. Since markets for refined products and crude oil are interrelated they can't be analyzed individually if an accurate and complete assessment of a policy is to be made. Changes in only one product market in one region affect the other product markets and the prices of crude oil

  18. Measuring efficiency of international crude oil markets: A multifractality approach

    Science.gov (United States)

    Niere, H. M.

    2015-01-01

    The three major international crude oil markets are treated as complex systems and their multifractal properties are explored. The study covers daily prices of Brent crude, OPEC reference basket and West Texas Intermediate (WTI) crude from January 2, 2003 to January 2, 2014. A multifractal detrended fluctuation analysis (MFDFA) is employed to extract the generalized Hurst exponents in each of the time series. The generalized Hurst exponent is used to measure the degree of multifractality which in turn is used to quantify the efficiency of the three international crude oil markets. To identify whether the source of multifractality is long-range correlations or broad fat-tail distributions, shuffled data and surrogated data corresponding to each of the time series are generated. Shuffled data are obtained by randomizing the order of the price returns data. This will destroy any long-range correlation of the time series. Surrogated data is produced using the Fourier-Detrended Fluctuation Analysis (F-DFA). This is done by randomizing the phases of the price returns data in Fourier space. This will normalize the distribution of the time series. The study found that for the three crude oil markets, there is a strong dependence of the generalized Hurst exponents with respect to the order of fluctuations. This shows that the daily price time series of the markets under study have signs of multifractality. Using the degree of multifractality as a measure of efficiency, the results show that WTI is the most efficient while OPEC is the least efficient market. This implies that OPEC has the highest likelihood to be manipulated among the three markets. This reflects the fact that Brent and WTI is a very competitive market hence, it has a higher level of complexity compared against OPEC, which has a large monopoly power. Comparing with shuffled data and surrogated data, the findings suggest that for all the three crude oil markets, the multifractality is mainly due to long

  19. Islamic versus conventional stock market and its co-movement with crude oil: a wavelet analysis

    OpenAIRE

    Kamarudin, Eka Azrin; Masih, Mansur

    2015-01-01

    Crude oil market plays an important role in economic development and its price changes give huge impact to the financial markets. In this paper, the relationships between crude oil and stock markets are examined. This study has selected Malaysian Islamic and conventional stock markets as a case study. Financialisation of crude oil and its frequent inclusion into investment portfolios warrant an analysis of the relationship between crude oil and stock market indices at various time scales or i...

  20. The dynamic linkages between crude oil and natural gas markets

    International Nuclear Information System (INIS)

    Batten, Jonathan A.; Ciner, Cetin; Lucey, Brian M.

    2017-01-01

    The time varying price spillovers between natural gas and crude oil markets for the period 1994 to 2014 are investigated. Contrary to earlier research, we show that in a large part of our sample the natural gas price leads the price of crude oil with price spillover effects lasting up to two weeks. This result is robust to a battery of tests including out-of-sample forecasting exercises. However, after 2006, we detect little price dependencies between these two energy commodities. These findings arise due to a conjunction of both demand and supply-side shocks arising from both natural and economic events, including Hurricane Katrina, the Tohoku earthquake and the Global Financial Crisis, as well as infrastructure and technological improvements. The increased use of new technologies such as hydraulic fracking for the extraction of gas and oil in particular affected supply in the latter part of the study. We conclude that the long term relation present in the early part of the sample has decoupled, such that price determination of these two energy sources is now independent. - Highlights: • Contrary to earlier research we find natural gas may lead crude oil prices over a long sample. • This finding holds in forecasting out of sample. • There may be a break in the relationship between oil and gas in 2006. • We suggest that new technologies and financial conditions have led to a decoupling of these markets. • Oil and natural gas prices may now be determined independently.

  1. Multifractal detrended cross-correlations between crude oil market and Chinese ten sector stock markets

    Science.gov (United States)

    Yang, Liansheng; Zhu, Yingming; Wang, Yudong; Wang, Yiqi

    2016-11-01

    Based on the daily price data of spot prices of West Texas Intermediate (WTI) crude oil and ten CSI300 sector indices in China, we apply multifractal detrended cross-correlation analysis (MF-DCCA) method to investigate the cross-correlations between crude oil and Chinese sector stock markets. We find that the strength of multifractality between WTI crude oil and energy sector stock market is the highest, followed by the strength of multifractality between WTI crude oil and financial sector market, which reflects a close connection between energy and financial market. Then we do vector autoregression (VAR) analysis to capture the interdependencies among the multiple time series. By comparing the strength of multifractality for original data and residual errors of VAR model, we get a conclusion that vector auto-regression (VAR) model could not be used to describe the dynamics of the cross-correlations between WTI crude oil and the ten sector stock markets.

  2. Price dynamics of crude oil and the regional ethylene markets

    International Nuclear Information System (INIS)

    Masih, Mansur; Algahtani, Ibrahim; De Mello, Lurion

    2010-01-01

    This paper is the first attempt to investigate: (1) is the crude oil (WTI) price significantly related to the regional ethylene prices in the Naphtha intensive ethylene markets of the Far East, North West Europe, and the Mediterranean? (2) What drives the regional ethylene prices? The paper is motivated by the recent and growing debate on the lead-lag relationship between crude oil and ethylene prices. Our findings, based on the long-run structural modelling approach of Pesaran and Shin, and subject to the limitations of the study, tend to suggest: (1) crude oil (WTI) price is cointegrated with the regional ethylene prices (2) our within-sample error-correction model results tend to indicate that although the ethylene prices in North West Europe and the Mediterranean were weakly endogenous, the Far East ethylene price was weakly exogenous both in the short and long term. These results are consistent, during most of the period under review (2000.1-2006.4) with the surge in demand for ethylene throughout the Far East, particularly in China and South Korea. However, during the post-sample forecast period as evidenced in our variance decompositions analysis, the emergence of WTI as a leading player as well, is consistent with the recent surge in WTI price (fuelled mainly, among others, by the strong hedging activities in the WTI futures/options and refining tightness) reflecting the growing importance of input cost in determining the dynamic interactions of input and product prices. (author)

  3. Crude oil and stock markets. Stability, instability, and bubbles

    International Nuclear Information System (INIS)

    Miller, J. Isaac; Ratti, Ronald A.

    2009-01-01

    We analyze the long-run relationship between the world price of crude oil and international stock markets over 1971:1-2008:3 using a cointegrated vector error correction model with additional regressors. Allowing for endogenously identified breaks in the cointegrating and error correction matrices, we find evidence for breaks after 1980:5, 1988:1, and 1999:9. There is a clear long-run relationship between these series for six OECD countries for 1971:1-1980.5 and 1988:2-1999.9, suggesting that stock market indices respond negatively to increases in the oil price in the long run. During 1980.6-1988.1, we find relationships that are not statistically significantly different from either zero or from the relationships of the previous period. The expected negative long-run relationship appears to disintegrate after 1999.9. This finding supports a conjecture of change in the relationship between real oil price and real stock prices in the last decade compared to earlier years, which may suggest the presence of several stock market bubbles and/or oil price bubbles since the turn of the century. (author)

  4. Global market trade policy analysis for petroleum oils and oils obtained from bituminous minerals, crude

    Directory of Open Access Journals (Sweden)

    Bagheri, F.

    2012-01-01

    Full Text Available This article is based on surveying the custom tariffs imposed on the world export market of Petroleum Oils and Oils Obtained from Bituminous Minerals, Crude. We obtained the data according to the most updated available data provided online by UNCTAD and World Bank. The results indicate that none of the 142 countries in the world market of this product have imposed non-tariff trade barriers on the import of Petroleum Oils and Oils Obtained from Bituminous Minerals, Crude. The developed countries and the countries with transition economies are the main world import partners. European Union, United States, China, Japan, South Korea, Canada, Singapore, Taiwan, Thailand, South Africa, Australia, Turkey, Brazil, Sweden and Belarus are the examples and have imposed low custom tariffs on Petroleum Oils and Oils Obtained from Bituminous Minerals, Crude.

  5. Review of Alberta Crown Crude Oil Marketing Program

    International Nuclear Information System (INIS)

    Crandall, G. R.; Kromm, R. B.

    1999-01-01

    This report contains an independent evaluation of the operations of the private marketing agents that are currently marketing the Alberta Crown's share of royalty crude oil. The evaluation includes a review of pricing performance, working relationship, current issues and the overall performance of the marketing arrangements during the fiscal years of 1997 and 1998. Overall, the outsourcing of sales of Crown production to agents is judged to be successful. For example, it has been noted that agents are becoming more aggressive in maintaining and increasing their margins. On the other hand, the increased level of aggressiveness in marketing, while tending to maximize Crown revenues, is also creating a potential conflict on how margins should be shared between the Crown and its agents. Also, there has been evidence of some management issues between the agents and the Crown concerning the extent to which the Crown should share in any increased value which the agent generates by increased third party marketing activities. These differences need to be addressed in order to maintain the strong performance of the marketing program. The consultants also recommend additional guidelines on risk management issues that more clearly define the Crown's risk tolerance. 2 tabs., 4 figs

  6. Volatility spillovers in China’s crude oil, corn and fuel ethanol markets

    International Nuclear Information System (INIS)

    Haixia, Wu; Shiping, Li

    2013-01-01

    Price volatility spillovers among China’s crude oil, corn and fuel ethanol markets are analyzed based on weekly price data from September 5, 2003 to August 31, 2012, employing the univariate EGARCH model and the BEKK-MVGARCH model, respectively. The empirical results indicate a higher interaction among crude oil, corn and fuel ethanol markets after September, 2008. In the overall sample period, the results simultaneously provide strong evidence that there exist unidirectional spillover effects from the crude oil market to the corn and fuel ethanol markets, and double-directional spillovers between the corn market and the fuel ethanol market. However, the spillover effects from the corn and fuel ethanol markets to the crude oil market are not significant. -- Highlights: •Employing univariate EGARCH model and BEKK-MVGARCH model, respectively. Unidirectional spillover effects from crude oil market to corn and fuel ethanol markets. •Double-directional spillovers between corn market and fuel ethanol market. •The spillover effects from corn and fuel ethanol markets to crude oil market are not significant. •The empirical results indicate a higher interaction among crude oil, corn and fuel ethanol markets after September, 2008

  7. Speculation and volatility spillover in the crude oil and agricultural commodity markets: A Bayesian analysis

    International Nuclear Information System (INIS)

    Du Xiaodong; Yu, Cindy L.; Hayes, Dermot J.

    2011-01-01

    This paper assesses factors that potentially influence the volatility of crude oil prices and the possible linkage between this volatility and agricultural commodity markets. Stochastic volatility models are applied to weekly crude oil, corn, and wheat futures prices from November 1998 to January 2009. Model parameters are estimated using Bayesian Markov Chain Monte Carlo methods. Speculation, scalping, and petroleum inventories are found to be important in explaining the volatility of crude oil prices. Several properties of crude oil price dynamics are established, including mean-reversion, an asymmetry between returns and volatility, volatility clustering, and infrequent compound jumps. We find evidence of volatility spillover among crude oil, corn, and wheat markets after the fall of 2006. This can be largely explained by tightened interdependence between crude oil and these commodity markets induced by ethanol production.

  8. NEB view of development potential and markets for heavy crude oil. [Canada

    Energy Technology Data Exchange (ETDEWEB)

    Scotland, W A; Gutek, A M.H.

    1977-01-01

    The phased reduction in total crude oil and equivalent exports, from 911 Mpbd in 1974 to 465 Mbpd in 1976, has no doubt had a disruptive effect on the rate of development of heavy crude oil reserves. The effect could have become more series as total exports continued to drop. However, the separate licensing of heavy crude oil for export will allow heavy crude oil to enter available markets until the early 1980s. The construction of one or several upgrading facilities by the early 1980s, combined with growing domestic requirements for heavy crude oil feedstock, could make the disposition of heavy oil largely independent of the purchasing patterns of export markets. The prospect of increased market stability combined with increasing cash flows should provide an appropriate environment to optimize the role that heavy oil resources can play in Canada's future energy balance. (12 refs.)

  9. Cross-correlations between crude oil and exchange markets for selected oil rich economies

    Science.gov (United States)

    Li, Jianfeng; Lu, Xinsheng; Zhou, Ying

    2016-07-01

    Using multifractal detrended cross-correlation analysis (MF-DCCA), this paper studies the cross-correlation behavior between crude oil market and five selected exchange rate markets. The dataset covers the period of January 1,1996-December 31,2014, and contains 4,633 observations for each of the series, including daily closing prices of crude oil, Australian Dollars, Canadian Dollars, Mexican Pesos, Russian Rubles, and South African Rand. Our empirical results obtained from cross-correlation statistic and cross-correlation coefficient have confirmed the existence of cross-correlations, and the MF-DCCA results have demonstrated a strong multifractality between cross-correlated crude oil market and exchange rate markets in both short term and long term. Using rolling window analysis, we have also found the persistent cross-correlations between the exchange rates and crude oil returns, and the cross-correlation scaling exponents exhibit volatility during some time periods due to its sensitivity to sudden events.

  10. An analysis of price and volatility transmission in butter, palm oil and crude oil markets

    Directory of Open Access Journals (Sweden)

    Dennis Bergmann

    2016-11-01

    Full Text Available Abstract Recent changes to the common agricultural policy (CAP saw a shift to greater market orientation for the EU dairy industry. Given this reorientation, the volatility of EU dairy commodity prices has sharply increased, creating the need to develop proper risk management tools to protect farmers’ income and to ensure stable prices for processors and consumers. In addition, there is a perceived threat that these commodities may be replaced by cheaper substitutes, such as palm oil, as dairy commodity prices become more volatile. Global production of palm oil almost doubled over the last decade while butter production remained relatively flat. Palm oil also serves as a feedstock for biodiesel production, thus establishing a new link between agricultural commodities and crude oil. Price and volatility transmission effects between EU and World butter prices, as well as between butter, palm oil and crude oil prices, before and after the Luxembourg agreement, are analysed. Vector autoregression (VAR models are applied to capture price transmission effects between these markets. These are combined with a multivariate GARCH model to account for potential volatility transmission. Results indicate strong price and volatility transmission effects between EU and World butter prices. EU butter shocks further spillover to palm oil volatility. In addition, there is evidence that oil prices spillover to World butter prices and World butter volatility.

  11. Testing the evolution of crude oil market efficiency: Data have the conn

    International Nuclear Information System (INIS)

    Zhang, Bing; Li, Xiao-Ming; He, Fei

    2014-01-01

    Utilising a time-varying GAR (1)-TGARCH (1,1) model with different frequency data, we investigate the weak-form efficiency of major global crude oil spot markets in Europe, the US, the UAE and China for the period from December 2001 to August 2013. Our empirical results with weekly data indicate that all four markets have reached efficiency with few brief inefficient periods during the past decade, whereas the daily crude oil returns series suggest intermittent and inconsistent efficiency. We argue that the weekly Friday series fit the data better than the average series in autocorrelation tests. The evidence suggests that all four markets exhibit asymmetries in return-volatility reactions to different information shocks and that they react more strongly to bad news than to good news. The 2008 financial crisis has significantly affected the efficiency of oil markets. Furthermore, a comovement phenomenon and volatility spillover effects exist among the oil markets. Policy recommendations consistent with our empirical results are proposed, which address three issues: implementing prudential regulations, establishing an Asian pricing centre and improving transparency in crude oil spot markets. - Highlights: • We adopt a time-varying model to test the weak-form efficiency of crude oil markets. • Weekly oil returns series have been extremely efficient during the past decade. • Daily oil returns series have presented intermittent and inconsistent efficiency. • Oil markets react asymmetrically to different information shocks. • Policy recommendations are proposed according to the degree of efficiency

  12. Price Relationships in the Petroleum Market: An Analysis of Crude Oil and Refined Product Prices

    International Nuclear Information System (INIS)

    Asche, Frank; Gjoelberg, Ole; Voelker, Teresa

    2001-08-01

    In this paper the relationships between crude oil and refined product prices are investigated in a multivariate framework. This allows us to test several (partly competing) assumptions of earlier studies. In particular, we find that the crude oil price is weakly exogenous and that the spread is constant in some but not all relationships. Moreover, the multivariate analysis shows that the link between crude oil prices and several refined product prices implies market integration for these refined products. This is an example of supply driven market integration and producers will change the output mix in response to price changes. (author)

  13. Price relationships in the petroleum market. An analysis of crude oil and refined product prices

    International Nuclear Information System (INIS)

    Asche, Frank; Gjoelberg, Ole; Volker, Teresa

    2003-01-01

    In this paper the relationships between crude oil and refined product prices are investigated in a multivariate framework. This allows us to test several (partly competing) assumptions of earlier studies. In particular, we find that the crude oil price is weakly exogenous and that the spread is constant in some but not all relationships. Moreover, the multivariate analysis shows that the link between crude oil prices and several refined product prices implies market integration for these refined products. This is an example of supply driven market integration and producers will change the output mix in response to price changes

  14. Price relationships in the petroleum market: an analysis of crude oil and refined product prices

    International Nuclear Information System (INIS)

    Asche, F.; Gjoelberg, O.; Voelker, T.

    2003-01-01

    In this paper the relationships between crude oil and refined product prices are investigated in a multivariate framework. This allows us to test several (partly competing) assumptions of earlier studies. In particular, we find that the crude oil price is weakly exogenous and that the spread is constant in some but not all relationships. Moreover, the multivariate analysis shows that the link between crude oil prices and several refined product prices implies market integration for these refined products. This is an example of supply driven market integration and producers will change the output mix in response to price changes. (author)

  15. Unbiasedness and time varying risk premia in the crude oil futures market

    International Nuclear Information System (INIS)

    Moosa, I.A.; Al-Loughani, N.E.

    1994-01-01

    This paper presents some empirical evidence on market efficiency and unbiasedness in the crude oil futures market and some related issues. On the basis of monthly observations on spot and futures prices of the West Texas Intermediate (WTI) crude oil, several tests are carried out on the relevant hypotheses. The evidence suggests that futures prices are neither unbiased nor efficient forecasters of spot prices. Furthermore, a GARCH-M(1,1) model reveals the existence of a time varying risk premium. (author)

  16. Forecasting volatility and spillovers in crude oil spot, forward and future markets

    NARCIS (Netherlands)

    C-L. Chang (Chia-Lin); M.J. McAleer (Michael); R. Tansuchat (Roengchai)

    2009-01-01

    textabstractCrude oil price volatility has been analyzed extensively for organized spot, forward and futures markets for well over a decade, and is crucial for forecasting volatility and Value-at-Risk (VaR). There are four major benchmarks in the international oil market, namely West Texas

  17. Analyzing and Forecasting Volatility Spillovers and Asymmetries in Major Crude Oil Spot, Forward and Futures Markets

    NARCIS (Netherlands)

    C-L. Chang (Chia-Lin); M.J. McAleer (Michael); R. Tansuchat (Roengchai)

    2010-01-01

    textabstractCrude oil price volatility has been analyzed extensively for organized spot, forward and futures markets for well over a decade, and is crucial for forecasting volatility and Value-at-Risk (VaR). There are four major benchmarks in the international oil market, namely West Texas

  18. The Effects of Crude Oil on Stock Markets with use of Markov Switching Models

    OpenAIRE

    Wiese, Thor August Mediaas

    2016-01-01

    In this thesis, a two regime Markov switching (MS) model is implemented to examine the relationship between crude oil, both brent oil and WTI, and stock markets. In particular, the model is applied to stock markets in both oil importing and exporting countries which include Canada, China, Japan, Germany, Netherlands, Norway, the United Kingdom and the United States. This paper first evaluates the significance of oil parameters in the detected regimes, where the two regimes respond to low mean...

  19. Crude oil price shocks and stock returns. Evidence from Turkish stock market under global liquidity conditions

    Energy Technology Data Exchange (ETDEWEB)

    Berk, Istemi [Koeln Univ. (Germany). Energiewirtschaftliches Inst.; Aydogan, Berna [Izmir Univ. of Economics (Turkey). Dept. of International Trade and Finance

    2012-09-15

    The purpose of this study is to investigate the impacts of crude oil price variations on the Turkish stock market returns. We have employed vector autoregression (V AR) model using daily observations of Brent crude oil prices and Istanbul Stock Exchange National Index (ISE- 1 00) returns for the period between January 2, 1990 and November 1, 2011. We have also tested the relationship between oil prices and stock market returns under global liquidity conditions by incorporating a liquidity proxy variable, Chicago Board of Exchange's (CBOE) S and P 500 market volatility index (VIX), into the model. Variance decomposition test results suggest little empirical evidence that crude oil price shocks have been rationally evaluated in the Turkish stock market. Rather, it was global liquidity conditions that were found to account for the greatest amount of variation in stock market returns.

  20. Workshop Papers: Directions and Marketing of Synthetic Crude Oil and Heavy Oil

    International Nuclear Information System (INIS)

    1997-01-01

    This workshop was organized by the National Centre for Upgrading Technology in an effort to bring together experts from the various sectors of the petroleum industry to outline their views of the directions that the synthetic crude oil market will pursue over the next decade and into the 21. century. The motivation for the Workshop came from the many announcements during 1996 and 1997 by several Canadian oil companies about plans to initiate or expand their heavy oil and synthetic crude production. During the same period, at least one US refiner also announced plans to revamp an existing refinery to allow it to process Canadian heavy oil and synthetic crude. The workshop was organized to review these plans and to discuss such questions as (1) Would the selected technologies be the familiar carbon rejection or hydrogen addition methods, or would there be radical advanced technologies? (2) Would the products be fully or partially upgraded? (3) How would they be processed in the refinery? (4) Would there be a market? This collection of papers or viewgraphs comprise all the formal presentations given at the workshop. The final section also contains the edited notes recorded during the question and answer periods. refs., tabs., figs

  1. Dynamic linkages among the gold market, US dollar and crude oil market

    Science.gov (United States)

    Mo, Bin; Nie, He; Jiang, Yonghong

    2018-02-01

    This paper aims to examine the dynamic linkages among the gold market, US dollar and crude oil market. The analysis also delves more deeply into the effect of the global financial crisis on the short-term relationship. We use fractional cointegration to analyze the long-term memory feature of these volatility processes to investigate whether they are tied through a common long-term equilibrium. The DCC-MGARCH model is employed to investigate the time-varying long-term linkages among these markets. The Krystou-Labys non-linear asymmetric Granger causality method is used to examine the effect of the financial crisis. We find that (i) there is clearly a long-term dependence among these markets; (ii) the dynamic gold-oil relationship is always positive and the oil-dollar relationship is always negative; and (iii) after the crisis, we can observe evidence of a positive non-linear causal relationship from gold to US dollar and US dollar to crude oil, and a negative non-linear causal relationship from US dollar to gold. Investors who want to construct their optimal portfolios and policymakers who aim to make effective macroeconomic policies should take these findings into account.

  2. Short-term outlook for Canadian crude oil to 2006 : an energy market assessment

    International Nuclear Information System (INIS)

    2005-09-01

    The National Energy Board monitors the supply of all energy commodities in Canada along with the demand for Canadian energy commodities in domestic and export markets. This report is intended to expand the effectiveness of the Board's monitoring activities by providing an assessment of the current state of the petroleum industry and the potential for growth. It provides an 18-month outlook on international and domestic crude oil prices; drilling and exploration activity; supply projections for Canadian crude oil and petroleum products; Canada's crude oil trade balance and markets for Canadian crude; existing export pipeline networks and project expansion plans; and, the Canadian petroleum products industry and the impact of higher prices. It also identifies the major issues and challenges associated with the development of Canada's crude oil. The 2 major oil producing areas in Canada are the Western Canada Sedimentary Basin (WCSB) including the oil sands, and offshore eastern Canada. While conventional production in the WCSB is declining, development focus has shifted to Alberta's oil sands as well as Hibernia, Terra Nova and White Rose, the 3 major oil fields offshore Newfoundland and Labrador. High energy prices have resulted in record profits for the Canadian oil and gas industry, and has stimulated billions of dollars in investment, with Alberta's oil sands being the main beneficiary. The 19 refineries in Canada have been operating at about 90 per cent capacity for the last several years due to strong demand for transportation fuels. 10 tabs., 37 figs., 2 appendices

  3. The efficiency of the crude oil markets: Evidence from variance ratio tests

    Energy Technology Data Exchange (ETDEWEB)

    Charles, Amelie, E-mail: acharles@audencia.co [Audencia Nantes, School of Management, 8 route de la Joneliere, 44312 Nantes (France); Darne, Olivier, E-mail: olivier.darne@univ-nantes.f [LEMNA, University of Nantes, IEMN-IAE, Chemin de la Censive du Tertre, 44322 Nantes (France)

    2009-11-15

    This study examines the random walk hypothesis for the crude oil markets, using daily data over the period 1982-2008. The weak-form efficient market hypothesis for two crude oil markets (UK Brent and US West Texas Intermediate) is tested with non-parametric variance ratio tests developed by [Wright J.H., 2000. Alternative variance-ratio tests using ranks and signs. Journal of Business and Economic Statistics, 18, 1-9] and [Belaire-Franch J. and Contreras D., 2004. Ranks and signs-based multiple variance ratio tests. Working paper, Department of Economic Analysis, University of Valencia] as well as the wild-bootstrap variance ratio tests suggested by [Kim, J.H., 2006. Wild bootstrapping variance ratio tests. Economics Letters, 92, 38-43]. We find that the Brent crude oil market is weak-form efficiency while the WTI crude oil market seems to be inefficiency on the 1994-2008 sub-period, suggesting that the deregulation have not improved the efficiency on the WTI crude oil market in the sense of making returns less predictable.

  4. The efficiency of the crude oil markets. Evidence from variance ratio tests

    International Nuclear Information System (INIS)

    Charles, Amelie; Darne, Olivier

    2009-01-01

    This study examines the random walk hypothesis for the crude oil markets, using daily data over the period 1982-2008. The weak-form efficient market hypothesis for two crude oil markets (UK Brent and US West Texas Intermediate) is tested with non-parametric variance ratio tests developed by [Wright J.H., 2000. Alternative variance-ratio tests using ranks and signs. Journal of Business and Economic Statistics, 18, 1-9] and [Belaire-Franch J. and Contreras D., 2004. Ranks and signs-based multiple variance ratio tests. Working paper, Department of Economic Analysis, University of Valencia] as well as the wild-bootstrap variance ratio tests suggested by [Kim, J.H., 2006. Wild bootstrapping variance ratio tests. Economics Letters, 92, 38-43]. We find that the Brent crude oil market is weak-form efficiency while the WTI crude oil market seems to be inefficiency on the 1994-2008 sub-period, suggesting that the deregulation have not improved the efficiency on the WTI crude oil market in the sense of making returns less predictable. (author)

  5. The efficiency of the crude oil markets. Evidence from variance ratio tests

    Energy Technology Data Exchange (ETDEWEB)

    Charles, Amelie [Audencia Nantes, School of Management, 8 route de la Joneliere, 44312 Nantes (France); Darne, Olivier [LEMNA, University of Nantes, IEMN-IAE, Chemin de la Censive du Tertre, 44322 Nantes (France)

    2009-11-15

    This study examines the random walk hypothesis for the crude oil markets, using daily data over the period 1982-2008. The weak-form efficient market hypothesis for two crude oil markets (UK Brent and US West Texas Intermediate) is tested with non-parametric variance ratio tests developed by [Wright J.H., 2000. Alternative variance-ratio tests using ranks and signs. Journal of Business and Economic Statistics, 18, 1-9] and [Belaire-Franch J. and Contreras D., 2004. Ranks and signs-based multiple variance ratio tests. Working paper, Department of Economic Analysis, University of Valencia] as well as the wild-bootstrap variance ratio tests suggested by [Kim, J.H., 2006. Wild bootstrapping variance ratio tests. Economics Letters, 92, 38-43]. We find that the Brent crude oil market is weak-form efficiency while the WTI crude oil market seems to be inefficiency on the 1994-2008 sub-period, suggesting that the deregulation have not improved the efficiency on the WTI crude oil market in the sense of making returns less predictable. (author)

  6. Dynamic Correlation between Stock Market Returns and Crude Oil Prices: Evidence from a Developing Economy

    Directory of Open Access Journals (Sweden)

    Emenike O. Kalu

    2015-10-01

    Full Text Available Normal 0 false false false EN-US X-NONE X-NONE Modeling the correlation of assets returns volatilities across different markets or segments of a market has practical value for portfolio selection and diversification, market regulation, and risk management. This paper therefore evaluates the nature of time-varying correlation between volatilities of stock market and crude oil returns in Nigeria using Dynamic Conditional Correlation-Generalised Autoregressive Conditional Heteroscedasticity (DCC-GARCH model. Results from DCC-GARCH (1,1 model show evidence of volatility clustering and persistence in Nigeria stock market and crude oil returns. The results also show that there is no dynamic conditional correlation in ARCH effects between stock market returns and crude oil prices in Nigeria. The results further show that there is strong evidence of time-varying volatility correlation between stock market and crude oil returns volatility. The findings will help shape policy-making in risk management and market regulation in Nigeria.

  7. The role of Canadian heavy crude oil in the North American market

    Energy Technology Data Exchange (ETDEWEB)

    Mink, F J; Antonia, H A

    1977-01-01

    Canadian reserves of heavy gravity crude oil are vast and the potential producibility from those reserves is expected to be surplus to Canadian requirements into the 1990s. This study focuses on the impact that market constraints may have on the future supply of heavy gravity crude oils from the W. Canadian basin. It observes that severe export restrictions will not only limit the orderly development of available reserves in the area but also will impair the prospects of additional enhanced recovery of conventional heavy crude reserves and restrict future experimental applications of oil sands recovery in the Cold Lake deposit of Alberta. Since it is expected that export restrictions for heavy gravity crude oil will be lifted in the future, the outlook for expanded development of indigenous reserves is promising.

  8. Level shift two-components autoregressive conditional heteroscedasticity modelling for WTI crude oil market

    Science.gov (United States)

    Sin, Kuek Jia; Cheong, Chin Wen; Hooi, Tan Siow

    2017-04-01

    This study aims to investigate the crude oil volatility using a two components autoregressive conditional heteroscedasticity (ARCH) model with the inclusion of abrupt jump feature. The model is able to capture abrupt jumps, news impact, clustering volatility, long persistence volatility and heavy-tailed distributed error which are commonly observed in the crude oil time series. For the empirical study, we have selected the WTI crude oil index from year 2000 to 2016. The results found that by including the multiple-abrupt jumps in ARCH model, there are significant improvements of estimation evaluations as compared with the standard ARCH models. The outcomes of this study can provide useful information for risk management and portfolio analysis in the crude oil markets.

  9. Testing market efficiency of crude palm oil futures to European participants

    OpenAIRE

    Liu, Xing

    2009-01-01

    Palm oil is the most consumed and traded vegetable oils in the EU and the world. Increasing non-food uses for vegetable oils in especially feedstock of biofuels in recent years have caused the price volatility to rise in both EU and global market. The most efficient pricing of crude palm oil (CPO) is to found on Bursa Malaysia (BMD), and it provides by far the world’s most liquid palm oil contract. The goal of this study is to investigate CPO futures market efficiency of BMD for the European ...

  10. Price volatility, hedging and variable risk premium in the crude oil market

    International Nuclear Information System (INIS)

    Ahmad Jalali-Naini; Maryam Kazemi Manesh

    2006-01-01

    The crude oil price exhibits a high degree of volatility which varies significantly over time. Such characteristics imply that the oil market is a promising area for testing volatility models. Testing and predicting volatility using ARCH and GARCH models have grown in the literature. A useful application of the volatility models is in the formulation of hedging strategies. In this paper we compare the optimal hedge ratio for the crude oil using the classical minimum risk approach and use ARCH to incorporate the effect of heteroskedasticity in the residuals on the hedge ratio. In addition, we test for the existence of a variable risk premium in the crude oil market. We find that, assuming rational expectations, there is a non-zero risk premium. We test for the variability of the risk premia and find evidence in its support when we employed a multivariate GARCH model. (author)

  11. The Impact of United States Monetary Policy in the Crude Oil futures market

    Science.gov (United States)

    Padilla-Padilla, Fernando M.

    This research examines the empirical impact the United States monetary policy, through the federal fund interest rate, has on the volatility in the crude oil price in the futures market. Prior research has shown how macroeconomic events and variables have impacted different financial markets within short and long--term movements. After testing and decomposing the variables, the two stationary time series were analyzed using a Vector Autoregressive Model (VAR). The empirical evidence shows, with statistical significance, a direct relationship when explaining crude oil prices as function of fed fund rates (t-1) and an indirect relationship when explained as a function of fed fund rates (t-2). These results partially address the literature review lacunas within the topic of the existing implication monetary policy has within the crude oil futures market.

  12. "Forecasting Volatility and Spillovers in Crude Oil Spot, Forward and Futures Markets"

    OpenAIRE

    Chia-Lin Chang; Michael McAleer; Roengchai Tansuchat

    2009-01-01

    Crude oil price volatility has been analyzed extensively for organized spot, forward and futures markets for well over a decade, and is crucial for forecasting volatility and Value-at- Risk (VaR). There are four major benchmarks in the international oil market, namely West Texas Intermediate (USA), Brent (North Sea), Dubai/Oman (Middle East), and Tapis (Asia- Pacific), which are likely to be highly correlated. This paper analyses the volatility spillover effects across and within the four mar...

  13. Humps in the volatility structure of the crude oil futures market: New evidence

    International Nuclear Information System (INIS)

    Chiarella, Carl; Kang, Boda; Nikitopoulos, Christina Sklibosios; Tô, Thuy-Duong

    2013-01-01

    This paper analyses the volatility structure of commodity derivatives markets. The model encompasses hump-shaped, unspanned stochastic volatility, which entails a finite-dimensional affine model for the commodity futures curve and quasi-analytical prices for options on commodity futures. Using an extensive database of crude oil futures and futures options spanning 21 years, we find the presence of hump-shaped, partially spanned stochastic volatility in the crude oil market. The hump shaped feature is more pronounced when the market is more volatile, and delivers better pricing as well as hedging performance under various dynamic factor hedging schemes. - Highlights: • This paper analyses the volatility structure of commodity derivatives markets. • 21-years of data on crude oil futures and futures options is used. • The crude oil futures market has hump-shaped, unspanned stochastic volatility. • The hump shaped feature is more pronounced when the market is more volatile. • Hump shape delivers better pricing and hedging compared to exponential decay

  14. Short-term predictability of crude oil markets: A detrended fluctuation analysis approach

    International Nuclear Information System (INIS)

    Alvarez-Ramirez, Jose; Alvarez, Jesus; Rodriguez, Eduardo

    2008-01-01

    This paper analyzes the auto-correlations of international crude oil prices on the basis of the estimation of the Hurst exponent dynamics for returns over the period from 1987 to 2007. In doing so, a model-free statistical approach - detrended fluctuation analysis - that reduces the effects of non-stationary market trends and focuses on the intrinsic auto-correlation structure of market fluctuations over different time horizons, is used. Tests for time variations of the Hurst exponent indicate that over long horizons the crude oil market is consistent with the efficient market hypothesis. However, meaningful auto-correlations cannot be excluded for time horizons smaller than one month where the Hurst exponent manifests cyclic, non-periodic dynamics. This means that the market exhibits a time-varying short-term inefficient behavior that becomes efficient in the long term. The proposed methodology and its findings are put in perspective with previous studies and results. (author)

  15. A metric and topological analysis of determinism in the crude oil spot market

    International Nuclear Information System (INIS)

    Barkoulas, John T.; Chakraborty, Atreya; Ouandlous, Arav

    2012-01-01

    We test whether the spot price of crude oil is determined by stochastic rules or exhibits deterministic endogenous fluctuations. In our analysis, we employ both metric (correlation dimension and Lyapunov exponents) and topological (recurrence plots) diagnostic tools for chaotic dynamics. We find that the underlying system for crude oil spot prices (i) is of high dimensionality (no stabilization of the correlation dimension), (ii) does not exhibit sensitive dependence on initial conditions, and (iii) is not characterized by the recurrence property. Thus, the empirical evidence suggests that stochastic rather than deterministic rules are present in the system dynamics of the crude oil spot market. Recurrent plot analysis indicates that volatility clustering is an adequate, but not complete, explanation of the morphology of oil spot prices. - Highlights: ► We test whether the spot price of crude oil exhibits deterministic chaos. ► We employ both metric and topological diagnostic tools for chaos. ► Stochastic rules appear to govern the temporal evolution of oil prices. ► Volatility clustering explains the morphology of oil prices largely, but not entirely.

  16. Dynamic Jump Intensities and Risk Premiums in Crude Oil Futures and Options Markets

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Jacobs, Kris; Li, Bingxin

    2016-01-01

    Options on crude oil futures are the most actively traded commodity options. We develop a class of computationally efficient discrete-time jump models that allow for closed-form option valuation, and we use crude oil futures and options data to investigate the economic importance of jumps...... and dynamic jump intensities in these markets. Allowing for jumps is crucial for modeling crude oil futures and futures options, and we find evidence in favor of time-varying jump intensities. During crisis periods, jumps occur more frequently. The properties of the jump processes implied by the option data...... differ from those implied by the futures data, which may be due to improved parameter identification....

  17. Crude oil market efficiency and modeling. Insights from the multiscaling autocorrelation pattern

    International Nuclear Information System (INIS)

    Alvarez-Ramirez, Jose; Alvarez, Jesus; Solis, Ricardo

    2010-01-01

    Empirical research on market inefficiencies focuses on the detection of autocorrelations in price time series. In the case of crude oil markets, statistical support is claimed for weak efficiency over a wide range of time-scales. However, the results are still controversial since theoretical arguments point to deviations from efficiency as prices tend to revert towards an equilibrium path. This paper studies the efficiency of crude oil markets by using lagged detrended fluctuation analysis (DFA) to detect delay effects in price autocorrelations quantified in terms of a multiscaling Hurst exponent (i.e., autocorrelations are dependent of the time scale). Results based on spot price data for the period 1986-2009 indicate important deviations from efficiency associated to lagged autocorrelations, so imposing the random walk for crude oil prices has pronounced costs for forecasting. Evidences in favor of price reversion to a continuously evolving mean underscores the importance of adequately incorporating delay effects and multiscaling behavior in the modeling of crude oil price dynamics. (author)

  18. Crude oil market efficiency and modeling. Insights from the multiscaling autocorrelation pattern

    Energy Technology Data Exchange (ETDEWEB)

    Alvarez-Ramirez, Jose [Departamento de Ingenieria de Procesos e Hidraulica, Universidad Autonoma Metropolitana-Iztapalapa, Apartado Postal 55-534, Mexico D.F., 09340 (Mexico); Departamento de Economia, Universidad Autonoma Metropolitana-Iztapalapa, Apartado Postal 55-534, Mexico D.F., 09340 (Mexico); Alvarez, Jesus [Departamento de Ingenieria de Procesos e Hidraulica, Universidad Autonoma Metropolitana-Iztapalapa, Apartado Postal 55-534, Mexico D.F., 09340 (Mexico); Solis, Ricardo [Departamento de Economia, Universidad Autonoma Metropolitana-Iztapalapa, Apartado Postal 55-534, Mexico D.F., 09340 (Mexico)

    2010-09-15

    Empirical research on market inefficiencies focuses on the detection of autocorrelations in price time series. In the case of crude oil markets, statistical support is claimed for weak efficiency over a wide range of time-scales. However, the results are still controversial since theoretical arguments point to deviations from efficiency as prices tend to revert towards an equilibrium path. This paper studies the efficiency of crude oil markets by using lagged detrended fluctuation analysis (DFA) to detect delay effects in price autocorrelations quantified in terms of a multiscaling Hurst exponent (i.e., autocorrelations are dependent of the time scale). Results based on spot price data for the period 1986-2009 indicate important deviations from efficiency associated to lagged autocorrelations, so imposing the random walk for crude oil prices has pronounced costs for forecasting. Evidences in favor of price reversion to a continuously evolving mean underscores the importance of adequately incorporating delay effects and multiscaling behavior in the modeling of crude oil price dynamics. (author)

  19. Western Canadian crude oil supply and markets 2002-2010 : Executive summary

    International Nuclear Information System (INIS)

    2003-08-01

    The forecast of crude supply developed by the Canadian Association of Petroleum Producers (CAPP) indicates that additional pipeline capacity from western Canada to existing new markets will be required. A crude market study was undertaken to investigate and assess the potential development of the North American crude markets along with expected western Canadian crude supply growth. The results revealed that additional crude export capacity from Alberta will be required by 2006 or 2007. An analysis of three export pipeline scenarios was carried out: (1) Hardisty to Chicago, with a further extension to Cushing, Oklahoma, (2) Edmonton to the west coast of British Columbia, Prince Rupert, and (3) Hardisty to California. The most attractive aggregate benefits to heavy crude producers would result from a western export pipeline to British Columbia or California. A superior alternative is a pipeline to a deepwater tanker terminal on the coast of British Columbia. The Chicago pipeline option would become more attractive if Midwestern refiners were to expand their capacity to process heavy oil. Declining netbacks associated with sustained growth that is introduced into the market place are reflected in all scenarios over the forecast period until 2010. 1 tab., 23 figs

  20. World market of crude oil - review of possible scenarios of forecasting for the crude oil price movement

    International Nuclear Information System (INIS)

    Janevski, Risto

    2003-01-01

    Throughout most of 2002, crude oil prices were solidly within the range preferred by producers in the Organization of Petroleum Exporting Countries (OPEC), $22 to $28 per barrel for the OPEC 'basket price' (Fig. 1). OPEC producers have been demonstrating disciplined adherence to announced cutbacks in production. Early in 2003, a dramatic upward turn in crude oil prices was brought about by a combination of two factors. First, a general strike against the Chavez regime resulted in a sudden drop in Venezuela's oil exports. Although other OPEC producers agreed to increase production to make up for the lost Venezuelan output, the obvious strain on worldwide spare capacity kept prices high. Second, price volatility was exacerbated by fears of war in Iraq. (Original)

  1. Tapping into new markets for heavy crude : sustaining oil sands development in the long term

    International Nuclear Information System (INIS)

    Schrage, W.

    2003-01-01

    In 2002, 65 per cent of supply from the Western Canadian Sedimentary Basin (WCSB) was shipped by Enbridge to North American markets. A survey of refineries is used by Enbridge to establish expected market demand for oil from the WCSB. An Oil Sands Markets Study was undertaken to provide answers to the following: (1) what volumes to which markets will maximize the value of WCSB production? (2) what mix of raw bitumen, synthetic and fully saturated synthetic best fits the available markets? and (3) what infrastructure expansions, extensions, conversions and new development will be required? Enbridge elected to use the North American petroleum model using Alto's MarketPoint system. It was adapted to evaluate crude oil and refined products. It is expected that by the end of the first quarter of 2003, the preliminary results will be available for review with industry. There are currently 20 crude types identified as available to refineries. All imported crude types will be included. Eight distinct classes of refined products were used: liquid propane gas (LPG), low and high sulphur gasoline, jet fuel, low and high sulphur distillate, asphalt and coke. All major conversion units were modeled for all 150 refineries in Canada and the United States. figs

  2. The crude oil market mechanism in the light of the 1990-91 price crisis

    International Nuclear Information System (INIS)

    Memarian, M.S.

    1992-01-01

    This paper is an attempt to forecast crude oil prices in the 1990-91 crisis. The methodology used is based on the standard supply/demand apparatus, with respect to the possible political circumstances which prevailed during the crisis. The paper begins by modelling crude oil prices. Then the application of the model to the oil market will be discussed. The exclusive findings of this study concern the method of estimating that crude oil prices would grow to a maximum level of $32 per barrel just before the start of the (military) war in January 1991 -and, at the same time, that total excess demand would be around 2.5 million barrels per day, and that, in the case of an injection of about 2.5 mb/d of crude into the market, prices would collapse to their pre-crisis levels of approximately $19/b. It also shows how the effects of political deterioration on prices can be divided into a shift in the slope of the demand curve and a shift in the demand curve itself. (author)

  3. Testing the weak-form efficiency of the WTI crude oil futures market

    Science.gov (United States)

    Jiang, Zhi-Qiang; Xie, Wen-Jie; Zhou, Wei-Xing

    2014-07-01

    The weak-form efficiency of energy futures markets has long been studied and empirical evidence suggests controversial conclusions. In this work, nonparametric methods are adopted to estimate the Hurst indexes of the WTI crude oil futures prices (1983-2012) and a strict statistical test in the spirit of bootstrapping is put forward to verify the weak-form market efficiency hypothesis. The results show that the crude oil futures market is efficient when the whole period is considered. When the whole series is divided into three sub-series separated by the outbreaks of the Gulf War and the Iraq War, it is found that the Gulf War reduced the efficiency of the market. If the sample is split into two sub-series based on the signing date of the North American Free Trade Agreement, the market is found to be inefficient in the sub-periods during which the Gulf War broke out. The same analysis on short-time series in moving windows shows that the market is inefficient only when some turbulent events occur, such as the oil price crash in 1985, the Gulf war, and the oil price crash in 2008.

  4. An empirical analysis of price expectations formation: Evidence from the crude oil reserves acquisitions market

    International Nuclear Information System (INIS)

    Vielhaber, L.M.

    1991-01-01

    Reasons for the recent scant empirical attention to price expectations theory are twofold. First, except for futures markets and the occasional expectations survey, price expectations are rarely documented. Second, results of empirical tests of rational expectations are fundamentally flawed by the subjective input of the researcher. Subjectivity taints the results of the test, first, in the form of model specification and, second, in the form of the identification of the relevant information set. This study addresses each of these shortcomings. First, crude oil price expectations are recovered in the market for reserves by using a standard engineering model commonly used in reserves evaluation. Second, the crude oil futures market is used to estimate an index of information. This index circumvents the need to subjectively identify the elements of the information set, removing a key source of subjective input. The results show that agents involved in the crude oil reserves acquisitions market form expectations of futures prices in a way that does not conform with the adaptive expectations model

  5. Wavelet decomposition and regime shifts. Assessing the effects of crude oil shocks on stock market returns

    Energy Technology Data Exchange (ETDEWEB)

    Jammazi, Rania; Aloui, Chaker [International finance group-Tunisia, Faculty of Management and Economic Sciences of Tunis, Boulevard du 7 novembre, El Manar University, B.P. 248, C.P. 2092, Tunis Cedex (Tunisia)

    2010-03-15

    While there is a large body of empirical studies on the relationship between crude oil price changes and stock market returns, they have failed to achieve a consensus on this subject. In this paper, we combine wavelet analysis and Markov Switching Vector Autoregressive (MS-VAR) approach to explore the impact of the crude oil (CO) shocks on the stock market returns for UK, France and Japan over the period from January 1989 to December 2007. Our procedure involves the estimation of the extended MS-VAR model in order to investigate the importance of the resultant wavelet filtering series (after removing random components) in determining the behavior of the stock market volatilities. We show that CO shocks do not affect the recession stock market phases (except for Japan). However, they significantly reduce moderate and/or expansion stock market phases temporarily. Moreover, this negative relationship appears to be more pronounced during the pre-1999 period. The empirical findings will prove extremely useful to investors who need to understand the exact effect of international oil changes on certain stocks prices as well as for policy managers who need a more thorough evaluation about the efficiency of hedging policies affected by oil price changes. (author)

  6. Wavelet decomposition and regime shifts: Assessing the effects of crude oil shocks on stock market returns

    Energy Technology Data Exchange (ETDEWEB)

    Jammazi, Rania, E-mail: jamrania2@yahoo.f [International finance group-Tunisia, Faculty of Management and Economic Sciences of Tunis, Boulevard du 7 novembre, El Manar University, B.P. 248, C.P. 2092, Tunis Cedex (Tunisia); Aloui, Chaker, E-mail: chaker.aloui@fsegt.rnu.t [International finance group-Tunisia, Faculty of Management and Economic Sciences of Tunis, Boulevard du 7 novembre, El Manar University, B.P. 248, C.P. 2092, Tunis Cedex (Tunisia)

    2010-03-15

    While there is a large body of empirical studies on the relationship between crude oil price changes and stock market returns, they have failed to achieve a consensus on this subject. In this paper, we combine wavelet analysis and Markov Switching Vector Autoregressive (MS-VAR) approach to explore the impact of the crude oil (CO) shocks on the stock market returns for UK, France and Japan over the period from January 1989 to December 2007. Our procedure involves the estimation of the extended MS-VAR model in order to investigate the importance of the resultant wavelet filtering series (after removing random components) in determining the behavior of the stock market volatilities. We show that CO shocks do not affect the recession stock market phases (except for Japan). However, they significantly reduce moderate and/or expansion stock market phases temporarily. Moreover, this negative relationship appears to be more pronounced during the pre-1999 period. The empirical findings will prove extremely useful to investors who need to understand the exact effect of international oil changes on certain stocks prices as well as for policy managers who need a more thorough evaluation about the efficiency of hedging policies affected by oil price changes.

  7. Wavelet decomposition and regime shifts: Assessing the effects of crude oil shocks on stock market returns

    International Nuclear Information System (INIS)

    Jammazi, Rania; Aloui, Chaker

    2010-01-01

    While there is a large body of empirical studies on the relationship between crude oil price changes and stock market returns, they have failed to achieve a consensus on this subject. In this paper, we combine wavelet analysis and Markov Switching Vector Autoregressive (MS-VAR) approach to explore the impact of the crude oil (CO) shocks on the stock market returns for UK, France and Japan over the period from January 1989 to December 2007. Our procedure involves the estimation of the extended MS-VAR model in order to investigate the importance of the resultant wavelet filtering series (after removing random components) in determining the behavior of the stock market volatilities. We show that CO shocks do not affect the recession stock market phases (except for Japan). However, they significantly reduce moderate and/or expansion stock market phases temporarily. Moreover, this negative relationship appears to be more pronounced during the pre-1999 period. The empirical findings will prove extremely useful to investors who need to understand the exact effect of international oil changes on certain stocks prices as well as for policy managers who need a more thorough evaluation about the efficiency of hedging policies affected by oil price changes.

  8. The role of market fundamentals and speculation in recent price changes for crude oil

    International Nuclear Information System (INIS)

    Kaufmann, Robert K.

    2011-01-01

    I hypothesize that the price spike and collapse of 2007-2008 are driven by both changes in both market fundamentals and speculative pressures. Contrary to arguments for a demand shock, I hypothesize that prices rise sharply in 2007-2008 because ongoing growth in Chinese oil demand runs into a sudden and unexpected halt to a decade long increase in non-OPEC production. This caused a loss of OPEC spare capacity because increased demand for OPEC production runs ahead of increases in OPEC capacity. These changes are reinforced by speculative expectations. Although difficult to measure directly, I argue for the role of speculation based on the following: (1) a significant increase in private US crude oil inventories since 2004; (2) repeated and extended break-downs (starting in 2004) in the cointegrating relationship between spot and far month future prices that are inconsistent with the law of one price and arbitrage opportunities; and (3) statistical and predictive failures by an econometric model of oil prices that is based on market fundamentals. These changes are related to the behavior and impact of noise traders on asset prices to sketch mechanisms by which speculative expectations can affect crude oil prices. - Research Highlights: → The 2007-2009 spike and collapse in oil prices is caused by a combination of market fundamentals and speculative expectations. → The rise is caused by an unexpected hiatus in non-OPEC oil production, not a sudden increase in demand. → The role of speculation is suggested by an increase in oil inventories, which reverses a twenty year period of declines, a decoupling between spot and futures prices, which violates the law of one price, and a breakdown of empirical models of oil prices based solely on market fundamentals. → Speculative expectations affect oil prices via noise traders, who create a risk that deters rational arbitrageurs from betting against them.

  9. Hedging Effectiveness and Optimal Hedge Ratios: An Analysis of Malaysian Crude Palm Oil Futures Market

    OpenAIRE

    OH, STELLA JIA XIN

    2015-01-01

    This paper deals with the estimation of hedge ratios and hedging effectiveness of crude palm oil futures market in Malaysia for the period from January 2000 to August 2015. To measure hedging performances of optimal hedge ratio, different measures have been employed such as the static hedge ratio estimation models of conventional Ordinary Least Square (OLS) model and Vector Error Correction Model (VECM), while the time-varying model is presented by the Diagonal Vech Multivariate Generalized A...

  10. Regime-switching stochastic volatility. Evidence from the crude oil market

    International Nuclear Information System (INIS)

    Vo, Minh T.

    2009-01-01

    This paper incorporates regime-switching into the stochastic volatility (SV) framework in an attempt to explain the behavior of crude oil prices in order to forecast their volatility. More specifically, it models the volatility of oil return as a stochastic volatility process whose mean is subject to shifts in regime. The shift is governed by a two-state first-order Markov process. The Bayesian Markov Chain Monte Carlo method is used to estimate the models. The main findings are: first, there is clear evidence of regime-switching in the oil market. Ignoring it will lead to a false impression that the volatility is highly persistent and therefore highly predictable. Second, incorporating regime-switching into the SV framework significantly enhances the forecasting power of the SV model. Third, the regime-switching stochastic volatility model does a good job in capturing major events affecting the oil market. (author)

  11. Time-varying predictability in crude-oil markets: the case of GCC countries

    International Nuclear Information System (INIS)

    El Hedi Arouri, Mohamed; Thanh Huong Dinh; Duc Khuong Nguyen

    2010-01-01

    This paper uses a time-varying parameter model with generalized autoregressive conditional heteroscedasticity effects to examine the dynamic behavior of crude-oil prices for the period February 7, 1997-January 8, 2010. Using data from four countries of the Gulf Cooperation Council, we find evidence of short-term predictability in oil-price changes over time, except for several short sub-periods. However, the hypothesis of convergence towards weak-form informational efficiency is rejected for all markets. In addition, we explore the possibility of structural breaks in the time-paths of the estimated predictability indices and detect only one breakpoint, for the oil markets in Qatar and the United Arab Emirates. Our empirical results therefore call for new empirical research to further gauge the predictability characteristics and the determinants of oil-price changes.

  12. Analysis of crude oil markets with improved multiscale weighted permutation entropy

    Science.gov (United States)

    Niu, Hongli; Wang, Jun; Liu, Cheng

    2018-03-01

    Entropy measures are recently extensively used to study the complexity property in nonlinear systems. Weighted permutation entropy (WPE) can overcome the ignorance of the amplitude information of time series compared with PE and shows a distinctive ability to extract complexity information from data having abrupt changes in magnitude. Improved (or sometimes called composite) multi-scale (MS) method possesses the advantage of reducing errors and improving the accuracy when applied to evaluate multiscale entropy values of not enough long time series. In this paper, we combine the merits of WPE and improved MS to propose the improved multiscale weighted permutation entropy (IMWPE) method for complexity investigation of a time series. Then it is validated effective through artificial data: white noise and 1 / f noise, and real market data of Brent and Daqing crude oil. Meanwhile, the complexity properties of crude oil markets are explored respectively of return series, volatility series with multiple exponents and EEMD-produced intrinsic mode functions (IMFs) which represent different frequency components of return series. Moreover, the instantaneous amplitude and frequency of Brent and Daqing crude oil are analyzed by the Hilbert transform utilized to each IMF.

  13. The nexus between geopolitical uncertainty and crude oil markets: An entropy-based wavelet analysis

    Science.gov (United States)

    Uddin, Gazi Salah; Bekiros, Stelios; Ahmed, Ali

    2018-04-01

    The global financial crisis and the subsequent geopolitical turbulence in energy markets have brought increased attention to the proper statistical modeling especially of the crude oil markets. In particular, we utilize a time-frequency decomposition approach based on wavelet analysis to explore the inherent dynamics and the casual interrelationships between various types of geopolitical, economic and financial uncertainty indices and oil markets. Via the introduction of a mixed discrete-continuous multiresolution analysis, we employ the entropic criterion for the selection of the optimal decomposition level of a MODWT as well as the continuous-time coherency and phase measures for the detection of business cycle (a)synchronization. Overall, a strong heterogeneity in the revealed interrelationships is detected over time and across scales.

  14. Canada's crude oil resources : crude oil in our daily lives

    International Nuclear Information System (INIS)

    Bott, R.

    2001-10-01

    Created in 1975, the Petroleum Communication Foundation is a not-for-profit organization. The objective of the Foundation is to inform Canadians about the petroleum industry in Canada. It produces educational, fact-based publications and programs, employing a multi-stakeholder review process. The first section of this publication is devoted to crude oil and the benefits that are derived from it. It begins by providing a brief definition of crude oil, then moves to the many uses in our daily lives and the environmental impacts like air pollution, spills, and footprint on the land from exploration and production activities. Section 2 details the many uses of crude oil and identifies the major oil producing regions of Canada. A quick mention is made of non-conventional sources of crude oil. The search for crude oil is the topic of section 3 of the document, providing an overview of the exploration activities, the access rights that must be obtained before gaining access to the resource. The drilling of oil is discussed in section 4. Section 5 deals with issues pertaining to reservoirs within rocks, while section 6 covers the feeding of the refineries, discussing topics from the movement of oil to market to the refining of the crude oil, and the pricing issues. In section 7, the uncertain future is examined with a view of balancing the supply and demand, as crude oil is a non-renewable resource. Supplementary information is provided concerning additional publications published by various organizations and agencies. figs

  15. Higher prices at Canadian gas pumps: international crude oil prices or local market concentration? An empirical investigation

    International Nuclear Information System (INIS)

    Anindya Sen

    2003-01-01

    There is little consensus on whether higher retail gasoline prices in Canada are the result of international crude oil price fluctuations or local market power exercised by large vertically-integrated firms. I find that although both increasing local market concentration and higher average monthly wholesale prices are positively and significantly associated with higher retail prices, wholesale prices are more important than local market concentration. Similarly, crude oil prices are more important than the number of local wholesalers in determining wholesale prices. These results suggest that movements in gasoline prices are largely the result of input price fluctuations rather than local market structure. (author)

  16. Portfolio Value at Risk Estimate for Crude Oil Markets: A Multivariate Wavelet Denoising Approach

    Directory of Open Access Journals (Sweden)

    Kin Keung Lai

    2012-04-01

    Full Text Available In the increasingly globalized economy these days, the major crude oil markets worldwide are seeing higher level of integration, which results in higher level of dependency and transmission of risks among different markets. Thus the risk of the typical multi-asset crude oil portfolio is influenced by dynamic correlation among different assets, which has both normal and transient behaviors. This paper proposes a novel multivariate wavelet denoising based approach for estimating Portfolio Value at Risk (PVaR. The multivariate wavelet analysis is introduced to analyze the multi-scale behaviors of the correlation among different markets and the portfolio volatility behavior in the higher dimensional time scale domain. The heterogeneous data and noise behavior are addressed in the proposed multi-scale denoising based PVaR estimation algorithm, which also incorporatesthe mainstream time series to address other well known data features such as autocorrelation and volatility clustering. Empirical studies suggest that the proposed algorithm outperforms the benchmark ExponentialWeighted Moving Average (EWMA and DCC-GARCH model, in terms of conventional performance evaluation criteria for the model reliability.

  17. Alternatives to conventional crude oil. When, how quickly, and market driven?

    International Nuclear Information System (INIS)

    Kaufmann, Robert K.; Shiers, Laura D.

    2008-01-01

    We examine the effect of uncertainty concerning remaining supplies of conventional crude oil and its production path on: the date alternative fuels will be needed, the quantity of alternative fuels needed, and how this uncertainty affects firms' willingness to provide alternatives in a timely fashion. Despite large uncertainties about the quantity of oil that remains and its production path, the start date for replacements is likely to fall within a twenty-two year period that is narrower and earlier than previous estimates. The twenty-two year window represents considerable uncertainty about the date of the peak and this uncertainty creates an asymmetry in the strategy that maximizes the welfare of firms relative to total social welfare, which works against the market's ability to generate a smooth transition from oil to alternative fuels. The timeliness of this transition is critical - the production paths generated here suggest that 10 million barrels per day or more of alternative fuels will be needed within a decade of the peak in production of conventional crude oil. (author)

  18. Is WTI crude oil market becoming weakly efficient over time? New evidence from multiscale analysis based on detrended fluctuation analysis

    International Nuclear Information System (INIS)

    Wang, Yudong; Liu, Li

    2010-01-01

    This paper extends the work in Tabak and Cajueiro (Are the crude oil markets becoming weakly efficient over time, Energy Economics 29 (2007) 28-36) and Alvarez-Ramirez et al. (Short-term predictability of crude oil markets: a detrended fluctuation analysis approach, Energy Economics 30 (2008) 2645-2656). In this paper, we test for the efficiency of WTI crude oil market through observing the dynamic of local Hurst exponents employing the method of rolling window based on multiscale detrended fluctuation analysis. Empirical results show that short-term, medium-term and long-term behaviors were generally turning into efficient behavior over time. However, in this way, the results also show that the market did not evolve along stable conditions for long times. Multiscale analysis is also implemented based on multifractal detrended fluctuation analysis. We found that the small fluctuations of WTI crude oil market were persistent; however, the large fluctuations had high instability, both in the short- and long-terms. Our discussion is also extended by incorporating arguments from the crude oil market structure for explaining the different correlation dynamics. (author)

  19. Early warning model based on correlated networks in global crude oil markets

    Science.gov (United States)

    Yu, Jia-Wei; Xie, Wen-Jie; Jiang, Zhi-Qiang

    2018-01-01

    Applying network tools on predicting and warning the systemic risks provides a novel avenue to manage risks in financial markets. Here, we construct a series of global crude oil correlated networks based on the historical 57 oil prices covering a period from 1993 to 2012. Two systemic risk indicators are constructed based on the density and modularity of correlated networks. The local maximums of the risk indicators are found to have the ability to predict the trends of oil prices. In our sample periods, the indicator based on the network density sends five signals and the indicator based on the modularity index sends four signals. The four signals sent by both indicators are able to warn the drop of future oil prices and the signal only sent by the network density is followed by a huge rise of oil prices. Our results deepen the application of network measures on building early warning models of systemic risks and can be applied to predict the trends of future prices in financial markets.

  20. The spatiotemporal dynamic analysis of the implied market information and characteristics of the correlation coefficient matrix of the international crude oil price returns

    International Nuclear Information System (INIS)

    Tian, Lixin; Ding, Zhenqi; Zhen, Zaili; Wang, Minggang

    2016-01-01

    The international crude oil market plays a crucial role in economies, and the studies of the correlation, risk and synchronization of the international crude oil market have important implications for the security and stability of the country, avoidance of business risk and people's daily lives. We investigate the information and characteristics of the international crude oil market (1999-2015) based on the random matrix theory (RMT). Firstly, we identify richer information in the largest eigenvalues deviating from RMT predictions for the international crude oil market; the international crude oil market can be roughly divided into ten different periods by the methods of eigenvectors and characteristic combination, and the implied market information of the correlation coefficient matrix is advanced. Secondly, we study the characteristics of the international crude oil market by the methods of system risk entropy, dynamic synchronous ratio, dynamic non-synchronous ratio and dynamic clustering algorithm. The results show that the international crude oil market is full of risk. The synchronization of the international crude oil market is very strong, and WTI and Brent occupy a very important position in the international crude oil market. (orig.)

  1. The spatiotemporal dynamic analysis of the implied market information and characteristics of the correlation coefficient matrix of the international crude oil price returns

    Energy Technology Data Exchange (ETDEWEB)

    Tian, Lixin [Jiangsu University, Energy Development and Environmental Protection Strategy Research Center, Zhenjiang, Jiangsu (China); Nanjing Normal University, School of Mathematical Sciences, Nanjing, Jiangsu (China); Ding, Zhenqi; Zhen, Zaili [Jiangsu University, Energy Development and Environmental Protection Strategy Research Center, Zhenjiang, Jiangsu (China); Wang, Minggang [Nanjing Normal University, School of Mathematical Sciences, Nanjing, Jiangsu (China)

    2016-08-15

    The international crude oil market plays a crucial role in economies, and the studies of the correlation, risk and synchronization of the international crude oil market have important implications for the security and stability of the country, avoidance of business risk and people's daily lives. We investigate the information and characteristics of the international crude oil market (1999-2015) based on the random matrix theory (RMT). Firstly, we identify richer information in the largest eigenvalues deviating from RMT predictions for the international crude oil market; the international crude oil market can be roughly divided into ten different periods by the methods of eigenvectors and characteristic combination, and the implied market information of the correlation coefficient matrix is advanced. Secondly, we study the characteristics of the international crude oil market by the methods of system risk entropy, dynamic synchronous ratio, dynamic non-synchronous ratio and dynamic clustering algorithm. The results show that the international crude oil market is full of risk. The synchronization of the international crude oil market is very strong, and WTI and Brent occupy a very important position in the international crude oil market. (orig.)

  2. The Conflict in Syria: Key Issues and Consequences on the International Market of Crude Oil

    Directory of Open Access Journals (Sweden)

    Mariana Papatulică

    2013-07-01

    Full Text Available At the end of August 2013, the international prices of Brent crude rose to a 17-month high ($ 117.8 /barrel as Western powers, mainly USA, readied a military strike against Syria, and traders and analysts cited concerns over stability in the Middle East. The main concern was the risk that Western intervention in Syria could prompt a wider regional conflict, given the support that Iran has provided to the regime of Syria. The attack failed to materialize, because U.S. and Russia reached an agreement with the goal of disarming Syria’s chemical weapon arsenal, and consequently the prices declined, but the risk of geopolitical and social unrest movementsAlpha is still high, so that a reactivation of geopolitical tensions in the extended area of Middle East and north Africa is anytime possible with the afferent disruptive effects on the international oil market. We tried to answer to some questions in order to clear up the background of the problem: 1 What was the real stake of the U.S. plan to intervene in Syria: the concern generated by chemical weapons or U.S. geostrategic interests in the wider Middle East? 2 Why Syria matters to oil market, given that it is not a major oil producer (as was Libya, nor is it a major transit point for oil and gas exports (as is Egypt? 3 The aftermath of a serious military action targeted against the Middle Eastern country and “qui prodest”? 4 Will Iran’s possible return to the world oil market send oil prices down, and how much?

  3. Leadership Strategies for Maintaining Profitability in a Volatile Crude Oil Market

    Science.gov (United States)

    Braimoh, Lucky Anderson

    Volatile crude oil prices significantly affect the profitability of crude oil firms. The purpose of this single case study was to explore strategies some crude oil and gas business leaders used to remain profitable during periods of crude oil price volatility. The target population comprised 8 crude oil and gas business leaders located in Calgary, Canada, whose company remained profitable despite crude oil price volatility. The transformational leadership theory formed the conceptual framework for the study. Data were collected through the use of semistructured face-to-face interviews, company reports, and field notes. Data analysis involved a modified Van Kamm method, which included descriptive coding, a sequential review of the interview transcripts, and member checking. Based on methodological triangulation and thematic analysis, 5 themes emerged from the study, including communication and engagement; motivation and empowerment; measurement, monitoring, and control; self-awareness and humility; and efficiency and optimization. The implications for social change include the potential for crude oil and gas companies in Calgary, Canada to manage production costs, ensure earnings and profitability, and thus improve the socioeconomic well-being of Calgary indigenes through improved employment opportunities.

  4. Modeling and forecasting crude oil markets using ARCH-type models

    International Nuclear Information System (INIS)

    Cheong, Chin Wen

    2009-01-01

    This study investigates the time-varying volatility of two major crude oil markets, the West Texas Intermediate (WTI) and Europe Brent. A flexible autoregressive conditional heteroskedasticity (ARCH) model is used to take into account the stylized volatility facts such as clustering volatility, asymmetric news impact and long memory volatility among others. The empirical results indicate that the intensity of long-persistence volatility in the WTI is greater than in the Brent. It is also found that for the WTI, the appreciation and depreciation shocks of the WTI have similar impact on the resulting volatility. However, a leverage effect is found in Brent. Although both the estimation and diagnostic evaluations are in favor of an asymmetric long memory ARCH model, only the WTI models provide superior in the out-of-sample forecasts. On the other hand, from the empirical out-of-sample forecasts, it appears that the simplest parsimonious generalized ARCH provides the best forecasted evaluations for the Brent crude oil data.

  5. Modeling and forecasting crude oil markets using ARCH-type models

    Energy Technology Data Exchange (ETDEWEB)

    Cheong, Chin Wen [Research Centre of Mathematical Sciences, Faculty of Information Technology, Multimedia University, 63100 Cyberjaya, Selangor (Malaysia)

    2009-06-15

    This study investigates the time-varying volatility of two major crude oil markets, the West Texas Intermediate (WTI) and Europe Brent. A flexible autoregressive conditional heteroskedasticity (ARCH) model is used to take into account the stylized volatility facts such as clustering volatility, asymmetric news impact and long memory volatility among others. The empirical results indicate that the intensity of long-persistence volatility in the WTI is greater than in the Brent. It is also found that for the WTI, the appreciation and depreciation shocks of the WTI have similar impact on the resulting volatility. However, a leverage effect is found in Brent. Although both the estimation and diagnostic evaluations are in favor of an asymmetric long memory ARCH model, only the WTI models provide superior in the out-of-sample forecasts. On the other hand, from the empirical out-of-sample forecasts, it appears that the simplest parsimonious generalized ARCH provides the best forecasted evaluations for the Brent crude oil data. (author)

  6. The effects of crude oil shocks on stock market shifts behaviour A regime switching approach

    Energy Technology Data Exchange (ETDEWEB)

    Aloui, Chaker; Jammazi, Rania [International Finance Group-Tunisia, Faculty of Management and Economic Sciences of Tunis, Boulevard du 7 novembre, El Manar University, B.P. 248, C.P. 2092, Tunis Cedex (Tunisia)

    2009-09-15

    In this paper we develop a two regime Markov-switching EGARCH model introduced by Henry [Henry, O., 2009. Regime switching in the relationship between equity returns and short-term interest rates. Journal of Banking and Finance 33, 405-414.] to examine the relationship between crude oil shocks and stock markets. An application to stock markets of UK, France and Japan over the sample period January 1989 to December 2007 illustrates plausible results. We detect two episodes of series behaviour one relative to low mean/high variance regime and the other to high mean/low variance regime. Furthermore, there is evidence that common recessions coincide with the low mean/high variance regime. In addition, we allow both real stock returns and probability of transitions from one regime to another to depend on the net oil price increase variable. The findings show that rises in oil price has a significant role in determining both the volatility of stock returns and the probability of transition across regimes. (author)

  7. The effects of crude oil shocks on stock market shifts behaviour A regime switching approach

    International Nuclear Information System (INIS)

    Aloui, Chaker; Jammazi, Rania

    2009-01-01

    In this paper we develop a two regime Markov-switching EGARCH model introduced by Henry [Henry, O., 2009. Regime switching in the relationship between equity returns and short-term interest rates. Journal of Banking and Finance 33, 405-414.] to examine the relationship between crude oil shocks and stock markets. An application to stock markets of UK, France and Japan over the sample period January 1989 to December 2007 illustrates plausible results. We detect two episodes of series behaviour one relative to low mean/high variance regime and the other to high mean/low variance regime. Furthermore, there is evidence that common recessions coincide with the low mean/high variance regime. In addition, we allow both real stock returns and probability of transitions from one regime to another to depend on the net oil price increase variable. The findings show that rises in oil price has a significant role in determining both the volatility of stock returns and the probability of transition across regimes. (author)

  8. Exports of crude oil, 1988

    International Nuclear Information System (INIS)

    1989-06-01

    Effective June 1, 1985, licensing and charging of oil exports ended. The Board now issues export orders specifying neither volumes nor prices and covering an exportation period of up to 1 year for light crude oil and up to 2 years for heavy crude oil, available on request to both Canadian and foreign companies. The Board has assumed a monitoring role, and export prices and volumes are reported monthly by exporters. This annual report provides a review of the volumes and prices associated with the supply and disposition of Canadian crude oil during 1988. Highlights are given with detailed information on prices, both internationally, in Canada, and the Chicago posted price by light or heavy crude, and on volumes including capacity and disposition in both domestic and export markets. A short description of the import market is included. Comparisons are made with the previous year. Export volumes of light crude oil in 1988 increased by 13% to average 50,200 m 3 /d. Export volumes of heavy crude also increased by ca 13% to 62,600 m 3 /d. 15 figs., 2 tabs

  9. Crude oil burning mechanisms

    DEFF Research Database (Denmark)

    van Gelderen, Laurens; Malmquist, L.M.V.; Jomaas, Grunde

    2015-01-01

    In order to improve predictions for the burning efficiency and the residue composition of in-situ burning of crude oil, the burning mechanism of crude oil was studied in relation to the composition of its hydrocarbon mixture, before, during and after the burning. The surface temperature, flame...... height, mass loss rate and residues of three hydrocarbon liquids (n-octane, dodecane and hexadecane), two crude oils (DUC and REBCO) and one hydrocarbon liquid mixture of the aforementioned hydrocarbon liquids were studied using the Crude Oil Flammability Apparatus. The experimental results were compared...... on the highest achievable oil slick temperature. Based on this mechanism, predictions can then be made depending on the hydrocarbon composition of the fuel and the measured surface temperature....

  10. Crude oil price dynamics: A study on effects of market expectation and strategic supply on price movements

    Science.gov (United States)

    Jin, Xin

    Recent years have seen dramatic fluctuations in crude oil prices. This dissertation attempts to better understand price behavior. The first chapter studies the behavior of crude oil spot and futures prices. Oil prices, particularly spot and short-term futures prices, appear to have switched from I(0) to I(1) in early 2000s. To better understand this apparent change in persistence, a factor model of oil prices is proposed, where the prices are decomposed into long-term and short-term components. The change in the persistence behavior can be explained by changes in the relative volatility of the underlying components. Fitting the model to weekly data on WTI prices, the volatility of the persistent shocks increased substantially relative to other shocks. In addition, the risk premiums in futures prices have changed their signs and become more volatile. The estimated net marginal convenience yield using the model also shows changes in its behavior. These observations suggest that a dramatic fundamental change occurred in the period from 2002 to 2004 in the dynamics of the crude oil market. The second chapter explores the short-run price-inventory dynamics in the presence of different shocks. Classical competitive storage model states that inventory decision considers both current and future market condition, and thus interacts with spot and expected future spot prices. We study competitive storage holding in an equilibrium framework, focusing on the dynamic response of price and inventory to different shocks. We show that news shock generates response profile different from traditional contemporaneous shocks in price and inventory. The model is applied to world crude oil market, where the market expectation is estimated to experience a sharp change in early 2000s, together with a persisting constrained supply relative to demand. The expectation change has limited effect on crude oil spot price though. The world oil market structure has been studied extensively but no

  11. Crude oil pipeline expansion summary

    International Nuclear Information System (INIS)

    2005-02-01

    The Canadian Association of Petroleum Producers has been working with producers to address issues associated with the development of new pipeline capacity from western Canada. This document presents an assessment of the need for additional oil pipeline capacity given the changing mix of crude oil types and forecasted supply growth. It is of particular interest to crude oil producers and contributes to current available information for market participants. While detailed, the underlying analysis does not account for all the factors that may come into play when individual market participants make choices about which expansions they may support. The key focus is on the importance of timely expansion. It was emphasized that if pipeline expansions lags the crude supply growth, then the consequences would be both significant and unacceptable. Obstacles to timely expansion are also discussed. The report reviews the production and supply forecasts, the existing crude oil pipeline infrastructure, opportunities for new market development, requirements for new pipeline capacity and tolling options for pipeline development. tabs., figs., 1 appendix

  12. Crude oil growth impact on pipelines

    International Nuclear Information System (INIS)

    Devries, O.

    2005-01-01

    This paper provided an outline of crude oil production and supply in Canada. Details of oil sands projects in Athabasca, Cold Lake and Peace River were presented. A chart of oil sands growth by major project was provided. A list of new emerging oil sands crude types was also presented along with details of a synthetic bitumen blending synergy. Maps of Western Canadian crude oil markets were provided, along with details of refinery and market demand by crude type. Various pipeline alternatives to new markets were examined, with reference to Enbridge Pipeline's supply and capacity. Details of the Hardisty to U.S Gulf Coast Pipeline and the Edmonton to Prince Rupert Pipeline and its terminal and dock facilities were presented. It was concluded that pipeline capacity and seasonal factors will influence market demand, while linefill, crude types and the quality of the product will influence operational strategies. tabs., figs

  13. The integration of China into the world crude oil market since 1998

    International Nuclear Information System (INIS)

    Li, Raymond; Leung, Guy C.K.

    2011-01-01

    The integration of China into the world oil market is an important issue for at least two reasons. First, the influence of the country on the world oil market is dependent on the level of the integration. Second, integration into the world oil market means that China is opening itself up to potential disturbances in the world market and this leads to significant energy security concerns for the country. The aim of this paper is to investigate whether or not China is an integral part of the world oil market. By reviewing the relevant trade and pricing policies of the Chinese government as well as the behavior of the Chinese national oil companies, we find that China is actively engaging itself in the world oil market. Our time-series results show that the Chinese oil price is cointegrated with the major oil prices in the world and a high degree of co-movement between the prices is found. Causality between the price pairs is found to be bi-directional in most cases. The empirical results suggest that China is now an integral part of the world oil market. - Highlights: → Review of the oil trade and pricing policies of the Chinese government. → Review of the behavior of the Chinese national oil companies. → China is actively engaging itself in the world oil market. → Shipment data show that China can no longer be regarded as a separate market. → Strong co-movement between the Chinese oil price and the international oil prices.

  14. Do emerging markets matter in the world oil pricing system? Evidence of imported crude by China and India

    International Nuclear Information System (INIS)

    Hong Li; Lin Xiaowen, Sharon

    2011-01-01

    This paper provides empirical evidence on the changing structure of world oil price system by identifying an additional driver-emerging market factor. We choose China and India as a representative of emerging markets to examine if the quantity of crude oil imported by China and India is significant in the existing oil pricing system (. Our data starts from January 2002 and ends in March 2010, which includes the oil shock of 2007-2008. We utilize cointegration and error correction model framework developed by and in the analysis. Our results indicate that demand from emerging markets has become a significant factor in the world oil pricing system since 2003. This result is significant as it lends empirical support to the widely held conjecture that the oil shock of 2007-2008 is a demand-led shock (). Our result also has significant policy implications that go beyond the oil shock. The emerging market factor is there to stay and reflects the changing power between emerging and developed economies in the world economic system as a result of decades of fast economic development in the former. It will certainly influence policy issues related to oil and beyond. - Highlights: → We test the existing oil price modelling with data from 2002-2010. → We find evidence of structural breaks in the world oil pricing model. → We find that emerging market factor is a new driver in the world oil pricing system since 2003. → The emerging market factor lends empirical support to 'consumption-led' conjecture of oil shock. → New factor reflects significant changes of oil demand landscape following shifting economic power.

  15. OPEC's optimal crude oil price

    International Nuclear Information System (INIS)

    Horn, Manfred

    2004-01-01

    OPEC decided to stabilise oil prices within a range of 22-28 US Dollar/barrel of crude oil. Such an oil-price-level is far beyond the short and long run marginal costs of oil production, beyond even that in regions with particularly high costs. Nevertheless, OPEC may achieve its goal if world demand for oil increases substantially in the future and oil resources outside the OPEC are not big enough to accordingly increase production. In this case OPEC, which controls about 78% of world oil reserves, has to supply a large share of that demand increase. If we assume OPEC will behave as a partial monopolist on the oil market, which takes into consideration the reaction of the other producers to its own sales strategy, it can reach its price target. Lower prices before 2020 are probable only if the OPEC cartel breaks up. Higher prices are possible if production outside OPEC is inelastic as assumed by some geologists, but they would probably stimulate the production of unconventional oil based on oil sand or coal. Crude oil prices above 30 US Dollar/barrel are therefore probably not sustainable for a long period. (Author)

  16. Methods of analyzing crude oil

    Science.gov (United States)

    Cooks, Robert Graham; Jjunju, Fred Paul Mark; Li, Anyin; Rogan, Iman S.

    2017-08-15

    The invention generally relates to methods of analyzing crude oil. In certain embodiments, methods of the invention involve obtaining a crude oil sample, and subjecting the crude oil sample to mass spectrometry analysis. In certain embodiments, the method is performed without any sample pre-purification steps.

  17. The dynamics of crude oil price differentials

    International Nuclear Information System (INIS)

    Fattouh, Bassam

    2010-01-01

    Crude oil price differentials are modelled as a two-regime threshold autoregressive (TAR) process using the method proposed by Caner and Hansen [Caner, M., Hansen, B.E. Threshold autoregression with a unit root. Econometrica 2001; 69; 1555-1596.]. While standard unit root tests suggest that the prices of crude oil of different varieties move closely together such that their price differential is stationary, the TAR results indicate strong evidence of threshold effects in the adjustment process to the long-run equilibrium. These findings suggest that crude oil prices are linked and thus at the very general level, the oil market is 'one great pool' (Adelman, M.A. International oil agreements. The Energy Journal 1984; 5; 1-9.). However, differences in the dynamics of adjustment suggest that within this one pool, oil markets are not necessarily integrated in every time period and hence the dynamics of crude oil price differentials may not follow a stationary process at all times. Although the development of a liquid futures market around the crude oil benchmarks has helped make some distant markets more unified, arbitrage is not costless or risk-free and temporary breakdowns in the benchmarks can lead to decoupling of crude oil prices. (author)

  18. A broadened causality in variance approach to assess the risk dynamics between crude oil prices and the Jordanian stock market

    International Nuclear Information System (INIS)

    Bouri, Elie

    2015-01-01

    Within the new developed causality-in-variance approach, this paper builds up a broad methodological framework to more accurately capture the risk spillover effects between global oil prices and Jordanian stock market returns during the period 1 March 2003–31 January 2014. The sample period is divided, on the basis of the 2008 financial crisis, into pre-crisis and post-crisis periods. Results for the pre-crisis period show a lack of risk spillovers between global oil and the Jordanian stock market. After the crisis, however, we find evidence for one-way risk spillover running from the oil market. These findings have implications for the design of appropriate asset allocation and regulatory policies to manage risk spillover effects. -- Highlights: •A broad methodological framework accurately seizes dynamic risk spillover between oil prices and Jordanian stock returns. •We find insignificant risk spillover until the start of the financial crisis. •Crude oil transmits its risk to the Jordanian stock market

  19. Record prices [crude oil

    International Nuclear Information System (INIS)

    Anon

    2006-01-01

    Crude oil prices climbed to new record levels on fears of a future loss of supplies from Iran as Washington stepped up its efforts to persuade Tehran to abandon its programme to produce nuclear fuel. IPE's December Brent contract set a new record for the exchange by trading at $75.80/bbl on 21st April. On the same day October WTI reached an all-time high of $77.30/bbl on Nymex. US product prices gained as refiners struggled to produce sufficient middle distillate. Alarmed by the rising retail price of gasoline, the US Senate debated a reduction in the already low US tax rate on motor spirit. The House of Representatives passed a measure to prohibit overcharging for petrol, diesel and heating oil, but Democrats rejected a Republican proposal to speed-up the process for approving new refineries. President George W Bush announced a temporary easing of new gasoline and diesel specifications (see 'Focus', March 2006) to allow more fuel to be produced. He also agreed to delay the repayment of some 2.1 mn bbl of crude oil lent to companies after last year's hurricanes from the Strategic Petroleum Reserve. California announced an inquiry into alleged overcharging for fuel by oil companies operating in the state. (author)

  20. Forecasting energy market indices with recurrent neural networks: Case study of crude oil price fluctuations

    International Nuclear Information System (INIS)

    Wang, Jie; Wang, Jun

    2016-01-01

    In an attempt to improve the forecasting accuracy of crude oil price fluctuations, a new neural network architecture is established in this work which combines Multilayer perception and ERNN (Elman recurrent neural networks) with stochastic time effective function. ERNN is a time-varying predictive control system and is developed with the ability to keep memory of recent events in order to predict future output. The stochastic time effective function represents that the recent information has a stronger effect for the investors than the old information. With the established model the empirical research has a good performance in testing the predictive effects on four different time series indices. Compared to other models, the present model is possible to evaluate data from 1990s to today with extreme accuracy and speedy. The applied CID (complexity invariant distance) analysis and multiscale CID analysis, are provided as the new useful measures to evaluate a better predicting ability of the proposed model than other traditional models. - Highlights: • A new forecasting model is developed by a random Elman recurrent neural network. • The forecasting accuracy of crude oil price fluctuations is improved by the model. • The forecasting results of the proposed model are more accurate than compared models. • Two new distance analysis methods are applied to confirm the predicting results.

  1. When Will Occur the Crude Oil Bubbles?

    International Nuclear Information System (INIS)

    Su, Chi-Wei; Li, Zheng-Zheng; Chang, Hsu-Ling; Lobonţ, Oana-Ramona

    2017-01-01

    In this paper, we apply a recursive unit root test to investigate whether there exist multiple bubbles in crude oil price. The method is best suited for a practical implementation of a time series and delivers a consistent date-stamping strategy for the origination and termination of multiple bubbles. The empirical result indicates that there exist six bubbles during 1986–2016 when the oil price deviate from its intrinsic value based on market fundamentals. Specifically, oil price contains the fundamentals and bubble components. The dates of the bubbles correspond to specific events in the politics and financial markets. The authorities should actively fight speculative bubbles or just observe their evolutions and speculation activities may decrease, which is favour of the stabilisation of the staple commodities including crude oil price. These findings have important economic and policy implications to recognise the cause of bubbles and take corresponding measures to reduce the impact on the real economy cause of the fluctuation of crude oil price. - Highlights: • Investigate multiple bubbles in crude oil price. • Indicate six bubbles deviate from its intrinsic value based on market fundamentals. • The bubbles correspond to specific events in the politics and financial markets. • Reduce the impact on the real economy cause of the fluctuation of crude oil price.

  2. Maglev crude oil pipeline

    Science.gov (United States)

    Knolle, Ernst G.

    1994-01-01

    This maglev crude oil pipeline consists of two conduits guiding an endless stream of long containers. One conduit carries loaded containers and the other empty returns. The containers are levitated by permanent magnets in repulsion and propelled by stationary linear induction motors. The containers are linked to each other in a manner that allows them, while in continuous motion, to be folded into side by side position at loading and unloading points. This folding causes a speed reduction in proportion to the ratio of container diameter to container length. While in side by side position, containers are opened at their ends to be filled or emptied. Container size and speed are elected to produce a desired carrying capacity.

  3. Crude oil hedging: benchmarking price protection strategies

    International Nuclear Information System (INIS)

    Krapels, Edward N.; Pratt, Michael

    1998-01-01

    This report presents a review of hedging (protection against a loss) strategies in the crude oil futures and options markets. The introductory section of the report gives details of hedging instruments, and the purposes of hedging crude oil. Hedging strategies including pure futures strategies, pure options strategies, options combination strategies, exotic (Asian) options strategies, and insurance instruments are described. The West Texas intermediate (WTI) market depth, liquidity and hedging effectiveness are examined, and winners and losers, and energy consumers are considered. The appendix gives tables and charts summarising the outcomes of futures and options strategies under different market conditions and expectations. (UK)

  4. A comprehensive segmentation analysis of crude oil market based on time irreversibility

    Science.gov (United States)

    Xia, Jianan; Shang, Pengjian; Lu, Dan; Yin, Yi

    2016-05-01

    In this paper, we perform a comprehensive entropic segmentation analysis of crude oil future prices from 1983 to 2014 which used the Jensen-Shannon divergence as the statistical distance between segments, and analyze the results from original series S and series begin at 1986 (marked as S∗) to find common segments which have same boundaries. Then we apply time irreversibility analysis of each segment to divide all segments into two groups according to their asymmetry degree. Based on the temporal distribution of the common segments and high asymmetry segments, we figure out that these two types of segments appear alternately and do not overlap basically in daily group, while the common portions are also high asymmetry segments in weekly group. In addition, the temporal distribution of the common segments is fairly close to the time of crises, wars or other events, because the hit from severe events to oil price makes these common segments quite different from their adjacent segments. The common segments can be confirmed in daily group series, or weekly group series due to the large divergence between common segments and their neighbors. While the identification of high asymmetry segments is helpful to know the segments which are not affected badly by the events and can recover to steady states automatically. Finally, we rearrange the segments by merging the connected common segments or high asymmetry segments into a segment, and conjoin the connected segments which are neither common nor high asymmetric.

  5. A time-series analysis of the crude oil spot and futures markets

    International Nuclear Information System (INIS)

    Quan Jing.

    1990-01-01

    First, the existence of the relationship is tested. Second, after the relationship is established, it is tested to determine the direction of causality. Most of previous research on this issue ignored the first step, and the existence of the relationship was taken for granted. Unfortunately, however, this assumption is not justified since it does not necessarily hold. The first relationship investigated in this study is between the crude oil spot and futures prices. It is found that spot price leads futures prices instead of the futures price providing information on the spot price. Two additional relationships studied are those between the OPEC oil supply and the futures prices and that between the same supply and spot prices. In the case of OPEC supply and spot prices, a self-adaptive model with supply interruption dummy variables is introduced to study the price behavior. It is found that prices follow an adaptive process, that is, the previous price information offers powerful influence on the current price

  6. Multifractality, efficiency analysis of Chinese stock market and its cross-correlation with WTI crude oil price

    Science.gov (United States)

    Zhuang, Xiaoyang; Wei, Yu; Ma, Feng

    2015-07-01

    In this paper, the multifractality and efficiency degrees of ten important Chinese sectoral indices are evaluated using the methods of MF-DFA and generalized Hurst exponents. The study also scrutinizes the dynamics of the efficiency of Chinese sectoral stock market by the rolling window approach. The overall empirical findings revealed that all the sectoral indices of Chinese stock market exist different degrees of multifractality. The results of different efficiency measures have agreed on that the 300 Materials index is the least efficient index. However, they have a slight diffidence on the most efficient one. The 300 Information Technology, 300 Telecommunication Services and 300 Health Care indices are comparatively efficient. We also investigate the cross-correlations between the ten sectoral indices and WTI crude oil price based on Multifractal Detrended Cross-correlation Analysis. At last, some relevant discussions and implications of the empirical results are presented.

  7. Subordinated Levy Processes and Applications to Crude Oil Options

    OpenAIRE

    Noureddine Krichene

    2005-01-01

    One approach to oil markets is to treat oil as an asset, besides its role as a commodity. Speculative and nonspeculative activity by investors in the derivatives markets could be responsible for a sizable increase in oil prices. This paper recognizes both the consumption and investment aspects of crude oil and proposes Levy processes for modeling uncertainty and options pricing. Calibration to crude oil futures' options shows high volatility of oil futures prices, fat-tailed, and right-skewed...

  8. Application of Markov Model in Crude Oil Price Forecasting

    Directory of Open Access Journals (Sweden)

    Nuhu Isah

    2017-08-01

    Full Text Available Crude oil is an important energy commodity to mankind. Several causes have made crude oil prices to be volatile. The fluctuation of crude oil prices has affected many related sectors and stock market indices. Hence, forecasting the crude oil prices is essential to avoid the future prices of the non-renewable natural resources to rise. In this study, daily crude oil prices data was obtained from WTI dated 2 January to 29 May 2015. We used Markov Model (MM approach in forecasting the crude oil prices. In this study, the analyses were done using EViews and Maple software where the potential of this software in forecasting daily crude oil prices time series data was explored. Based on the study, we concluded that MM model is able to produce accurate forecast based on a description of history patterns in crude oil prices.

  9. A quality assessment of crude palm oil marketed in Bahia, Brazil

    Directory of Open Access Journals (Sweden)

    de Almeida, D. T.

    2013-09-01

    Full Text Available The characteristics of the quality of crude palm oil (CPO and crude palm olein (CPOL produced in the states of Bahia and Pará were investigated. Twelve oil samples were analyzed; 2 (CPO were from Pará (produced industrially, while the other 10 were from Bahia (3 CPOs and 3 CPOLs produced industrially, while 1 CPOL and 3 CPOs were traditionally processed. The chemical analyses included the determination of fatty acid methyl esters (FAME, free fatty acids (FFA%, peroxide value (PV, induction time (IT, total carotenoids (TC and total polar compounds (TPC. The major saturated fatty acids in these samples were palmitic (34.79-42.89 g 100 g–1 and stearic (4.49-5.84 g 100 g–1 acid, and the main unsaturated fatty acids were oleic (37.31-43.69 g 100 g–1 and linoleic (9.04- 12.74 g100 g–1 acid. All samples produced in Bahia exhibited higher FFA (6.77-13.49% and TPC (13.71-19.50% levels than permitted in the international quality standards, unlike the samples produced in Pará. TC, PV and IT ranged from 422.1 to 584.2 mg g–1, 1.32 to 3.7 meq O2 kg–1 oil and 1.72 to 4.66 h, respectively. PV, FFA and TPC were inversely correlated with TC and IT. The use of inappropriate oil extraction processes in Bahia is clearly becoming a food safety problem.Las características de calidad del aceite de palma crudo (CPO y oleína de palma cruda (CPOL producidos en los estados de Bahía y Pará fueron investigados. Se analizaron doce muestras de aceites; 2 (CPO eran de Pará (producido industrialmente, mientras que las otras 10 procedían de Bahía (3 CPOs y 3 CPOLs producidos industrialmente, mientras que 1 CPOL y 3 CPOs fueron procesadas tradicionalmente. El análisis químico incluyó la determinación de ésteres metílicos de ácidos grasos (FAME, ácidos grasos libres (FFA%, índice de peróxido (PV, el tiempo de inducción (TI, los carotenoides totales (TC y el total de compuestos polares (TPC. Los principales ácidos grasos saturados en estas muestras

  10. Efficient way of importing crude oil from oil producing countries - A review on diversification policy of crude oil import

    Energy Technology Data Exchange (ETDEWEB)

    Lee, Dal Sok [Korea Energy Economics Institute, Euiwang (Korea)

    1999-03-01

    Since the second oil crisis, the government has operated the import diversification support program to reduce the risk of crude oil import from Middle-East region and to raise the ability of dealing with the risk. This study tried to seek policy trends in future through reviewing the market environment related to the crude oil import diversification policy and the goal, instrument and effect of the policy. The supply and demand of crude oil and the price are influenced by market system in the world oil market and there are various types of crude oil trading available to both sellers and buyers. There is a probability that the suspension of supply in a certain area could be led to the price issue rather than the physical use of crude oil. In addition, the advantage of price with long-term contract of crude oil was abolished since the price of crude oil imported by term contract has been linked to spot prices. As a result, it is shown that the potential benefit from crude oil import diversification policy is reduced although political and social insecurity still exists in Middle-East region. Therefore, it is desirable to maintain the existing support program until the amount of stored oil reaches the optimum level and to help private enterprises determine the import considering economical efficiency and risk. (author). 36 refs., 5 figs., 23 tabs.

  11. Crude oil pricing report, issue 89, December 1992

    International Nuclear Information System (INIS)

    1992-01-01

    This report is prepared by the Canadian Oil Markets and Emergency Planning Division (COMEP), Energy, Mines and Resources Canada. It provides a reference for domestic and imported crude oil prices in Canadian markets and illustrates the competitive position of Canadian crude in the U.S. market. The information in this report is in part based on the Crude Oil Pricing Survey (COPS), conducted by COMEP, of Canadian refiners' domestic crude oil purchases, refinery receipts, imports and data from trade publications as well as industry pricing bulletins. 8 tabs

  12. 15 CFR 754.2 - Crude oil.

    Science.gov (United States)

    2010-01-01

    ... processed through a crude oil distillation tower. Included are reconstituted crude petroleum, and lease... 15 Commerce and Foreign Trade 2 2010-01-01 2010-01-01 false Crude oil. 754.2 Section 754.2....2 Crude oil. (a) License requirement. As indicated by the SS notation in the “License Requirements...

  13. Mercury in Canadian crude oil

    International Nuclear Information System (INIS)

    Hollebone, B.P.

    2005-01-01

    Estimates for average mercury concentrations in crude oil range widely from 10 ng/g of oil to 3,500 ng/g of oil. With such a broad range of estimates, it is difficult to determine the contributions of the petroleum sector to the total budget of mercury emissions. In response to concerns that the combustion of petroleum products may be a major source of air-borne mercury pollution, Environment Canada and the Canadian Petroleum Products Institute has undertaken a survey of the average total mercury concentration in crude oil processed in Canadian refineries. In order to calculate the potential upper limit of total mercury in all refined products, samples of more than 30 different types of crude oil collected from refineries were measured for their concentration of mercury as it enters into a refinery before processing. High temperature combustion, cold vapour atomic absorption and cold vapour atomic fluorescence were the techniques used to quantify mercury in the samples. The results of the study provide information on the total mass of mercury present in crude oil processed in Canada each year. Results can be used to determine the impact of vehicle exhaust emissions to the overall Canadian mercury emission budget. 17 refs., 2 tabs., 2 figs

  14. THE LONG-RUN AND SHORT-RUN EFFECTS OF CRUDE OIL PRICE ON METHANOL MARKET IN IRAN

    Directory of Open Access Journals (Sweden)

    Akbar Komijani

    2013-01-01

    Full Text Available Substituting crude oil exports with value-added petrochemical products is one of the main strategies for policy makers in oil-driven economies to isolating the real sectors of economy from oil price volatility. This policy inclination has led to a body of literature in energy economics in recent decades. As a case study, this paper investigates the short-run and long-run relationship between Iran’s oil price and methanol price which is one of the most important non-oil exports of the oil-exporting country. To do so, the weekly data from 18 Jan. 2009 to 18 Sep. 2011 in a VECM framework is applied. The results show that in the long-run, oil price hikes leads to proportional increase in methanol price while in the short-run, this impact is not significant.

  15. The links between crude palm oil, conventional and Islamic stock markets: evidence from Malaysia based on continuous and discrete wavelet analysis

    OpenAIRE

    Razak, Razman; Masih, Mansur

    2017-01-01

    The palm oil industry is crucial to the Malaysian economy. It is also becoming more relevant and important globally and plays a key role in the expansion of Islamic Finance. Hence, this study aims to ascertain the relationship between crude palm oil prices (CPO) and the stock market (both conventional and Islamic). This study has selected Malaysia as a case study for its reliance on the palm oil industry as well as its position in Islamic Finance. Furthermore, the potential inclusion of the p...

  16. Time-varying coefficient vector autoregressions model based on dynamic correlation with an application to crude oil and stock markets

    Energy Technology Data Exchange (ETDEWEB)

    Lu, Fengbin, E-mail: fblu@amss.ac.cn [Academy of Mathematics and Systems Science, Chinese Academy of Sciences, Beijing 100190 (China); Qiao, Han, E-mail: qiaohan@ucas.ac.cn [School of Economics and Management, University of Chinese Academy of Sciences, Beijing 100190 (China); Wang, Shouyang, E-mail: sywang@amss.ac.cn [School of Economics and Management, University of Chinese Academy of Sciences, Beijing 100190 (China); Lai, Kin Keung, E-mail: mskklai@cityu.edu.hk [Department of Management Sciences, City University of Hong Kong (Hong Kong); Li, Yuze, E-mail: richardyz.li@mail.utoronto.ca [Department of Industrial Engineering, University of Toronto (Canada)

    2017-01-15

    This paper proposes a new time-varying coefficient vector autoregressions (VAR) model, in which the coefficient is a linear function of dynamic lagged correlation. The proposed model allows for flexibility in choices of dynamic correlation models (e.g. dynamic conditional correlation generalized autoregressive conditional heteroskedasticity (GARCH) models, Markov-switching GARCH models and multivariate stochastic volatility models), which indicates that it can describe many types of time-varying causal effects. Time-varying causal relations between West Texas Intermediate (WTI) crude oil and the US Standard and Poor’s 500 (S&P 500) stock markets are examined by the proposed model. The empirical results show that their causal relations evolve with time and display complex characters. Both positive and negative causal effects of the WTI on the S&P 500 in the subperiods have been found and confirmed by the traditional VAR models. Similar results have been obtained in the causal effects of S&P 500 on WTI. In addition, the proposed model outperforms the traditional VAR model.

  17. Time-varying coefficient vector autoregressions model based on dynamic correlation with an application to crude oil and stock markets

    International Nuclear Information System (INIS)

    Lu, Fengbin; Qiao, Han; Wang, Shouyang; Lai, Kin Keung; Li, Yuze

    2017-01-01

    This paper proposes a new time-varying coefficient vector autoregressions (VAR) model, in which the coefficient is a linear function of dynamic lagged correlation. The proposed model allows for flexibility in choices of dynamic correlation models (e.g. dynamic conditional correlation generalized autoregressive conditional heteroskedasticity (GARCH) models, Markov-switching GARCH models and multivariate stochastic volatility models), which indicates that it can describe many types of time-varying causal effects. Time-varying causal relations between West Texas Intermediate (WTI) crude oil and the US Standard and Poor’s 500 (S&P 500) stock markets are examined by the proposed model. The empirical results show that their causal relations evolve with time and display complex characters. Both positive and negative causal effects of the WTI on the S&P 500 in the subperiods have been found and confirmed by the traditional VAR models. Similar results have been obtained in the causal effects of S&P 500 on WTI. In addition, the proposed model outperforms the traditional VAR model.

  18. Time-varying coefficient vector autoregressions model based on dynamic correlation with an application to crude oil and stock markets.

    Science.gov (United States)

    Lu, Fengbin; Qiao, Han; Wang, Shouyang; Lai, Kin Keung; Li, Yuze

    2017-01-01

    This paper proposes a new time-varying coefficient vector autoregressions (VAR) model, in which the coefficient is a linear function of dynamic lagged correlation. The proposed model allows for flexibility in choices of dynamic correlation models (e.g. dynamic conditional correlation generalized autoregressive conditional heteroskedasticity (GARCH) models, Markov-switching GARCH models and multivariate stochastic volatility models), which indicates that it can describe many types of time-varying causal effects. Time-varying causal relations between West Texas Intermediate (WTI) crude oil and the US Standard and Poor's 500 (S&P 500) stock markets are examined by the proposed model. The empirical results show that their causal relations evolve with time and display complex characters. Both positive and negative causal effects of the WTI on the S&P 500 in the subperiods have been found and confirmed by the traditional VAR models. Similar results have been obtained in the causal effects of S&P 500 on WTI. In addition, the proposed model outperforms the traditional VAR model. Copyright © 2016 Elsevier Ltd. All rights reserved.

  19. The price of crude oil

    International Nuclear Information System (INIS)

    Bakhtiari, A.M.S.

    1999-01-01

    The price of crude oil is among the most important prices quoted daily across the world - which is not surprising, since crude oil is the most widely used source of energy worldwide, as well as being a unique commodity. When petroleum burst onto the world stage in 1859, its price first went through some initial gyrations (1860-70), before settling in the $1.00 - 2.00 per barrel range (barring a few exceptions) for a full century. Then, the price underwent two 'shocks' (1973 and 1980), followed by the 'counter-shock' of 1986. Thereafter, the price entered the relative stability of the $15 - 20 /b consensus, where it lingered until recently. Some day, there is bound to be a fresh paradigm of 'insufficient oil reserves', thus ushering in a new era for oil prices. Taking into consideration available data on reserves and expert analysis, it would seem that that day may be years rather than decades away

  20. The oil market

    International Nuclear Information System (INIS)

    Amic, E.; Lautard, P.

    1999-01-01

    This chapter examines the structure of the oil industry and the impacts of the oil markets on the hedging strategies of the energy consumers, the oil company, and the energy derivatives' provider. An introduction to market perspectives is presented, and the hedging operations in the jet fuel market in the airline sector are discussed. Trading and risk management within an oil company, the derivatives provider, trading derivatives in a multi-dimensional world, locational risks, and the modelling of term structure and the role of storage are considered. Industrial spreads and the role of refining, future market developments and market strategies for crude oil and oil products, and marketing packages and market risk are addressed

  1. Hedging effectiveness and volatility models for crude oil market: a dynamic approach; Modelos de volatilidade e a efetividade do hedge no mercado de petroleo: um abordagem dinamica

    Energy Technology Data Exchange (ETDEWEB)

    Salles, Andre Assis de [Universidade Federal do Rio de Janeiro (UFRJ), RJ (Brazil)

    2012-07-01

    The hedge strategies allow negotiators that have short and long positions in the market protection against price fluctuations. This paper examines the performance of bivariate volatility models for the crude oil spot and future returns of the Western Texas Intermediate - WTI type barrel prices. Besides the volatility of spot and future crude oil barrel returns time series, the hedge ratio strategy is examined through the hedge effectiveness. Thus this study shows hedge strategies built using methodologies applied in the variance modeling of returns of crude oil prices in the spot and future markets, and covariance between these two market returns, which correspond to the inputs of the hedge strategy shown in this work. From the studied models the bivariate GARCH in a Diagonal VECH and BEKK representations was chosen, using three different models for the mean: a bivariate autoregressive, a vector autoregressive and a vector error correction. The methodologies used here take into consideration the denial of assumptions of homoscedasticity and normality for the return distributions. The data used is logarithm returns of daily prices quoted in dollars per barrel from November 2008 to May 2010 for spot and future contracts, in particular the June contract. (author)

  2. Crude oil prices: Speculation versus fundamentals

    Science.gov (United States)

    Kolodziej, Marek Krzysztof

    Beginning in 2004, the price of crude oil fluctuates rapidly over a wide range. Large and rapid price increases have recessionary consequences and dampen long-term infrastructural investment. I investigate whether price changes are driven by market fundamentals or speculation. With regard to market fundamentals, I revisit econometric evidence for the importance of demand shocks, as proxied by dry maritime cargo rates, on oil prices. When I eliminate transportation costs from both sides of the equation, disaggregate OPEC and non-OPEC production, and allow for more than one cointegrating relation, I find that previous specifications are inconsistent with arguments that demand shocks play an important role. Instead, results confirm the importance of OPEC supply shocks. I investigate two channels by which speculation may affect oil prices; the direct effect of trader behavior and changes in oil from a commodity to a financial asset. With regard to trader behavior, I find evidence that trader positions are required to explain the spread between spot and futures prices of crude oil on the New York Mercantile Exchange. The inclusion of trader positions clarifies the process of equilibrium error correction, such that there is bidirectional causality between prices and trader positions. This creates the possibility of speculative bubbles. With regard to oil as a commodity and/or financial asset, I use a Kalman Filter model to estimate the time-varying partial correlation between returns to investments in equity and oil markets. This correlation changes from negative to positive at the onset of the 2008 financial crisis. The low interest rates used to rescue the economy depress convenience yields, which reduces the benefits of holding oil as a commodity. Instead, oil becomes a financial asset (on net) as the oil market changed from contango to backwardation. Contradicting simple political narratives, my research suggests that both market fundamentals and speculation drive

  3. Biodegradability of northern crude oil

    Energy Technology Data Exchange (ETDEWEB)

    Cook, F D; Westlake, D W.S.

    1976-01-01

    Field studies on the microbiological degradation of crude oils encompassed the placing of oil-soaked plots in two areas in the Northwest Territories and Alberta. Replicate plots received amendments of fertilizer, oil-utilizing bacteria, fertilizer plus bacteria or were untreated except for the oil. Changes in microbial numbers and chemical composition of recovered oil were determined periodically. The initial stimulatory effect on bacterial numbers brought about by the addition of fertilizers to oil-soaked plots diminished two years after the application to a point where the differences were no longer significant. Experiments carried out in the Norman Wells area to determine the effect of the amount of fertilizer applied on oil degradation have yielded inconclusive results. The data suggest that at least 2.7 kg of urea-phosphate fertilizer per kl of oil is required to maintain a reasonable oil degradation rate. Preliminary studies on the use of fertilizer coated with chemicals to increase its hydrophobic character indicate that they could be useful in treating wet-land oil spills. Soils from the McKenzie River drainage basin indicate that bacteria are present which can use oil under mesophilic conditions. However, the ability to use the same oil under psychrophilic conditions is more restricted. At least one bacterial species from each mixed population studied was capable of bringing about chemical changes in oil similar to those observed for the original mixed culture. The potential hazards and uses of the seeding of oil spills is discussed relative to the environmental conditions found in the northern part of Canada. 35 refs., 2 figs., 15 tabs.

  4. Crude oil pricing in Asia and future problems; Asia no gen`yu pricing to kongo no kadai

    Energy Technology Data Exchange (ETDEWEB)

    Kato, T. [The Institute of Energy Economics, Tokyo (Japan)

    1997-01-30

    This paper describes pricing factors of crude oil for Asia and future problems. Price of the Middle East crude oil for Asia is determined by linking the spot price of Dubayy crude oil using as a marker. Factors affecting the pricing of marker crude oil include the information dispatching functions for prices of spot market and paper market of marker crude oil, the presence of competitive crude oil, and the correlation between market of oil products and price of crude oil. The paper market of Dubayy crude oil with a small scale of trading provides poor impact and transparency. In Asia, there is no strong competitive crude oil except the Middle East crude oil. There is only a weak price linking between crude oil and products. These are the background that the price of Middle East crude oil stays at the high level and the price adjusting functions are hard to work. The marker crude oil should be changed to another except Dubayy crude oil, and information should be dispatched from purchasers based on the stable standard crude oil. The real paper market should be created, and the force of speaking to oil producing countries should be enhanced by concentrating forces of major oil consuming countries in Asia. It is necessary to find out competitive crude oils. 5 figs., 6 tabs.

  5. Latin American oil markets and refining

    International Nuclear Information System (INIS)

    Yamaguchi, N.D.; Obadia, C.

    1999-01-01

    This paper provides an overview of the oil markets and refining in Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru and Venezuela, and examines the production of crude oil in these countries. Details are given of Latin American refiners highlighting trends in crude distillation unit capacity, cracking to distillation ratios, and refining in the different countries. Latin American oil trade is discussed, and charts are presented illustrating crude production, oil consumption, crude refining capacity, cracking to distillation ratios, and oil imports and exports

  6. First crude oil from Chukotka

    Energy Technology Data Exchange (ETDEWEB)

    Arenbrister, L.P.; Demidenko, K.A.; Zhmykhova, N.M.

    1986-01-01

    The physicochemical properties of the crude taken from Neogene deposits at a depth of 1486-1443 m are analyzed. The oil is distinguished by low contents of sulfur and resinous-asphaltenic substances, a high content of wax, and a high yield of light cuts distilling below 350 degrees C. The naptha cuts have high contents of naphthenes, and the diesel fuel cuts have high cetane numbers, low sulfur contents, and high contents of straight chain paraffins. The vacuum gasoil has a low density, a low viscosity, a low carbon residue and low contents of sulfur and nitrogen. This gasoil is a good feedstock for catalytic cracking and hydrocracking. The Verkhne-Echin crude is classified as light, low-sulfur, lowresin and high-wax. It can be used to produce jet fuels and summer-grade diesel fuels with low sulfur contents, as well as high-V.I. lube base stocks and liquid and solid paraffins.

  7. Comparison of crude oil interfacial behavior

    Energy Technology Data Exchange (ETDEWEB)

    Beetge, J.H.; Panchev, N. [Champion Technologies Inc., Fresno, TX (United States)

    2008-07-01

    The bulk properties of crude oil are used to predict its behaviour with regards to treatment, transport and processing. Surface active components, such as asphaltenes, are often used to study or explain critical interfacial behaviour of crude oil. This study investigated the differences and similarities in the interfacial behaviour of the collective surface active component in various crude oils from different sources. The properties of interfaces between crude oil and water were compared using a Teclis drop shape tensiometer. A portion of a crude oil sample was diluted in toluene and contacted with water in a rising drop configuration. Dynamic surface tension and interfacial rheology was examined as a function of time from the early stages of interface formation. Sinusoidal oscillation of the drop volume allowed for the evaluation of visco-elastic behaviour of the crude oil/water interface as it developed with time. The Gibbs elastic modulus, as well as its elastic and viscose components were calculated from the drop shape. The interfacial behaviour was expressed in terms of concentration, oscillation frequency and interface age. It was concluded that knowledge of crude oil interfacial character could be of value in the treatment, transport and processing of crude oils because the its behaviour may play a significant role in crude oil production and processing.

  8. Classification of weathered crude oils

    International Nuclear Information System (INIS)

    Vogt, N.B.; Sjoegren, C.E.; Lichtenthaler, G.

    1987-01-01

    The NORDTEST procedure (1) for oil spill identification has been applied successfully at several occasions. The NORDTEST procedure includes analyses of sulfur (XRF), vanadium and nickel (ICP/AAS), GC, HPLC and UV-fluorescence. The NORDTEST procedure does not include GC-MS as an analytical method. As part of a joint Nordic to evaluate the NORDTEST procedure for oil identification, with participants from Denmark, Sweden, Finland and Norway, thirty artificially weathered crude oils from four geographical regions have been analyzed (2). The analytical methods evaluated include sulfur analysis, vanadium and nickel analysis, infrared analysis, UV-fluorescence, gas chromatography, high pressure liquid chromatography and high resolution GC-mass spectrometry. Figure 1 shows the distribution of variables analyzed in each analytical method. The 190 variables from GC-MS were split into 7 groups according to chemical considerations. These were steranes (25 var.), triterpanes (16 var.), di(+)aromatics (63 var.), sulf. aromatics (30 var.), monoaromatics (19 var.), cycloalkanes (15 var.) and n-alkanes (22) variables. The data from these chemical analyses have been evaluated for use in oil spill identification purposes

  9. Growing markets to sustain oil sands development

    International Nuclear Information System (INIS)

    Wise, T.H.

    2003-01-01

    The utilization of Alberta bitumen for the clean fuels market depends on upgrading, transportation, and refining processes. Forecasts show that oil sands production, which includes synthetic crude oil (SCO), will surpass declining conventional production in Western Canada. Several issues pose a challenge to the oil sands processing industry. The producers' market is affected by crude oil prices, market expansion options, diluent availability/cost, supply cost competitiveness, and regional processing. The common market issues include light/heavy crude prices, oil sands crude qualities, prices of oil sands crudes, pipeline infrastructure, and competitive supplies. The issues facing the refiners are: refining margins, security of crude supply, refined product quality, and competitive product supply. A brief review of markets for Canadian crude oil, including synthetic crude, was provided. The share of the Midwest market by Alberta must be retained and increased. The market expansion options were reviewed for both downstream (refining) and upstream (upgrading) operations. To reach more distant markets such as Southern Midwest, Washington, and California, new pipeline capacity would be required. The market is nearly saturated for Canada's heavy oil supply. More upgrading will be required as bitumen production increases. Market growth is still possible for Canada's SCO but according to forecasts, the market could also become saturated. To increase demand and allow supplies to grow, SCO prices may fall below light crude prices. It was noted that a balance must be achieved in order for producers to increase production and for refiner/upgraders to expand their conversion capacity. tabs., figs

  10. Degradation of crude oil by marine cyanobacteria

    Digital Repository Service at National Institute of Oceanography (India)

    Raghukumar, C.; Vipparty, V.; David, J.J.; Chandramohan, D.

    The marine cyanobacteria Oscillatoria salina Biswas, Plectonema terebrans Bornet et Flanhault and Aphanocapsa sp. degraded Bombay High crude oil when grown in artificial seawater nutrients as well as in plain natural seawater. Oil removals...

  11. Analysis of the impact of crude oil price fluctuations on China's stock market in different periods-Based on time series network model

    Science.gov (United States)

    An, Yang; Sun, Mei; Gao, Cuixia; Han, Dun; Li, Xiuming

    2018-02-01

    This paper studies the influence of Brent oil price fluctuations on the stock prices of China's two distinct blocks, namely, the petrochemical block and the electric equipment and new energy block, applying the Shannon entropy of information theory. The co-movement trend of crude oil price and stock prices is divided into different fluctuation patterns with the coarse-graining method. Then, the bivariate time series network model is established for the two blocks stock in five different periods. By joint analysis of the network-oriented metrics, the key modes and underlying evolutionary mechanisms were identified. The results show that the both networks have different fluctuation characteristics in different periods. Their co-movement patterns are clustered in some key modes and conversion intermediaries. The study not only reveals the lag effect of crude oil price fluctuations on the stock in Chinese industry blocks but also verifies the necessity of research on special periods, and suggests that the government should use different energy policies to stabilize market volatility in different periods. A new way is provided to study the unidirectional influence between multiple variables or complex time series.

  12. Natural gas and crude oil

    International Nuclear Information System (INIS)

    Valais, M.R.

    1991-01-01

    Two main development could gradually modify these traditional features of natural gas markets and prices. First, environmental pressures and the tightening of emission standards and of the quality specifications for fuels should work in favor of natural gas. Second the increasing distance of resources in relation to the major consuming zones should bring about a considerable development of international natural gas trade. International expansion should mark the development of the gas industry in the coming decades. This evolution will give natural gas an importance and a role appreciably closer to those of oil on the world energy scene. But it is obvious that such a development can come about only at the cost of considerable investments for which the economic viability is and will remain dependent on the level of the prices of natural gas as the inlet to its consuming markets. This paper attempts to answer the questions: Will these markets accept a new scale of value for gas in relation to other fossil fuels, including oil, which will take into account new environmental constraints and which will be able to fulfill the formidable financial needs of the gas industry in the coming decades?

  13. Oil futures and spot markets

    International Nuclear Information System (INIS)

    Samii, M.V.

    1992-01-01

    In the last decade, the oil futures market has risen to prominence and has become a major factor in influencing oil market psychology and the crude oil market. On a normal day, over 92 thousand contracts, the equivalent of 92 million barrels per day, change hands on the New York Mercantile Exchange, NYMEX. This market has provided a vehicle for hedging against risk. At the same time, it has also created opportunities for speculation. Those who previously were unable to participate in oil market transactions can now become involved through the futures market. The large number of participants in the future market and the availability of information has made this market more efficient and transparent, relative to the crude oil market. While there has been considerable in-depth analysis of other future markets, relatively little theoretical attention has focused on that of oil. This paper looks at the following issues. First, what is the relationship between futures and spot oil prices? And secondly, are futures prices a good predictor of spot crude prices in the future? (author)

  14. Quantified moving average strategy of crude oil futures market based on fuzzy logic rules and genetic algorithms

    Science.gov (United States)

    Liu, Xiaojia; An, Haizhong; Wang, Lijun; Guan, Qing

    2017-09-01

    The moving average strategy is a technical indicator that can generate trading signals to assist investment. While the trading signals tell the traders timing to buy or sell, the moving average cannot tell the trading volume, which is a crucial factor for investment. This paper proposes a fuzzy moving average strategy, in which the fuzzy logic rule is used to determine the strength of trading signals, i.e., the trading volume. To compose one fuzzy logic rule, we use four types of moving averages, the length of the moving average period, the fuzzy extent, and the recommend value. Ten fuzzy logic rules form a fuzzy set, which generates a rating level that decides the trading volume. In this process, we apply genetic algorithms to identify an optimal fuzzy logic rule set and utilize crude oil futures prices from the New York Mercantile Exchange (NYMEX) as the experiment data. Each experiment is repeated for 20 times. The results show that firstly the fuzzy moving average strategy can obtain a more stable rate of return than the moving average strategies. Secondly, holding amounts series is highly sensitive to price series. Thirdly, simple moving average methods are more efficient. Lastly, the fuzzy extents of extremely low, high, and very high are more popular. These results are helpful in investment decisions.

  15. Bacterial consortia for crude oil spill remediation

    International Nuclear Information System (INIS)

    Chhatre, S.; Purohit, H.; Shanker, R.; Khanna, P.

    1996-01-01

    Oil spills generate enormous public concern and highlight the need for cost effective ad environmentally acceptable mitigation technologies. Physico-chemical methods are not completely effective after a spill. Hence, there is a need for improved and alternative technologies. Bioremediation is the most environmentally sound technology for clean up. This report intends to determine the potential of a bacterial consortium for degradation of Gulf and Bombay High crude oil. A four membered consortium was designed that could degrade 70% of the crude oil. A member of consortium produced a biosurfactant, rhamnolipid, that emulsified crude oil efficiently for effective degradation by the other members of consortium. The wide range of hydrocarbonoclastic capabilities of the selected members of bacterial consortium leads to the degradation of both aromatic and aliphatic fractions of crude oil in 72 hours. (Author)

  16. OPEC announcements and their effects on crude oil prices

    International Nuclear Information System (INIS)

    Lin, Sharon Xiaowen; Tamvakis, Michael

    2010-01-01

    We investigate evidence on the effects of OPEC announcements on world oil prices by examining announcements from both official conferences and ministerial meetings on major international crudes, including the key benchmarks and several other heavy and light grades. With data from 1982 to 2008, we use event study methodology and find differentiation in the magnitude and significance of market responses to OPEC quota decisions under different price bands. We also find some (weak) evidence of differentiation between light and heavy crude grades. (author)

  17. REVIEW OF PVT CORRELATIONS FOR CRUDE OILS

    African Journals Online (AJOL)

    win

    approaches that of the fluids used. During the last 50 years, ... applied to crude oils from other regions (Sutton and Farshad,. 1990). ... S. S. Ikiensikimama, Department of Chemistry Engineering, University of Lagos, Lagos, Nigeria. O. Ogboja ...

  18. Relationship between Crude Palm Oil (CPO) Futures prices and Selected Southeast Asia Equity Market-Empirical Evidence

    OpenAIRE

    Siaw, Louis Kai Ying

    2015-01-01

    The relationship between commodities market and equities market has been known to have a negative correlation close to no correlation and generally have no volatility spillover exists between both of the markets. Therefore, there is diversification benefit as while one market is going down, another market is going up to offset the losing position in the down market. Besides that, non-volatility spillover exists between the market will also presents no spillover variance of one market to anoth...

  19. Rate of biodegradation of crude oil by microorganisms isolated from ...

    African Journals Online (AJOL)

    The rate of biodegradation of crude oil by micro-organisms isolated from crude oil sludge environment in Eket, Akwa Ibom State of Nigeria was studied. Mineral salt medium supplemented with crude oil was used and three most abundant species isolated from a crude oil sludged soil - Micrococcus varians, Bacillus subtilis ...

  20. Oil market prices 1989/1990

    International Nuclear Information System (INIS)

    Jenkins, G.

    1991-01-01

    There are many oil markets. Oil Market Prices lists the markets, provides statistics on prices and the volumes of trade, analyses the price structures in the markets and provides supplementary information on ocean freight rates and oil refining margins. Oil Market Prices will serve as a permanent record of crude oil prices including those quoted on the futures and forward markets, the many wholesale prices for refined oil products, prices consumers pay and the average prices received by the oil companies. In all instances the sources of the statistics are given together with comprehensive listing of alternative sources. (Author)

  1. Market opportunities and challenges for oil sands

    International Nuclear Information System (INIS)

    Wise, T.H.

    2004-01-01

    The use of Alberta bitumen as a clean fuel depends on upgrading, transportation, and refining processes. Forecasts show that oil sands production, which includes synthetic crude oil (SCO), will surpass declining conventional production from the Western Canada Sedimentary Basin. The challenges facing the oils sands processing industry include: crude oil prices which affect the producer's market; market expansion options; diluent availability/cost; supply cost competitiveness; and, regional processing. The common market issues include light/heavy crude prices, oil sands crude qualities, prices of oil sands crudes, pipeline infrastructure, and competitive supplies. The issues facing the refiners are: refining margins, security of crude supply, refined product quality, and competitive product supply. It was noted that Alberta must retain or increase its share of the Midwest market. The market expansion options were reviewed for both downstream (refining) and upstream (upgrading) operations. New pipeline capacity is needed to reach more distant markets such as Southern Midwest, Washington, and California. The market is nearly saturated for Canada's heavy oil supply. More upgrading will be required as bitumen production increases. Market growth is still possible for Canada's SCO but according to forecasts, the market could also become saturated. To increase demand and allow supplies to grow, SCO prices may fall below light crude prices. It was noted that a balance must be achieved in order for producers to increase production and for refiner/upgraders to expand their conversion capacity. 13 figs

  2. Pengaruh Penambahan Kosubstrat pada Biodegradasi Crude Oil

    Directory of Open Access Journals (Sweden)

    Any Juliani

    2016-06-01

    Full Text Available Kegiatan penambangan minyak bumi tidak hanya dilakukan oleh perusahaan-perusahaan besar, tetapi juga oleh masyarakat secara tradisional. Potensi pencemaran lingkungan yang ditimbulkan oleh kegiatan penambangan rakyat ini menjadi lebih tinggi karena pengelolaannya yang tradisional. Salah satu jenis pencemaran yang ditimbulkannya misalnya adalah tanah atau perairan yang tercemar oleh minyak bumi (crude oil pada saat berlangsungnya kegiatan penambangan. Salah satu upaya untuk dapat mengatasinya adalah dengan bioremediasi. Bioremediasi merupakan teknologi pengolahan pencemar dengan memanfaatkan aktivitas mikroba, terutama dari golongan bakteri. Bioremediasi tersebut harus melibatkan bakteri yang memiliki kapasitas metabolic untuk melakukan biodegradasi terhadap crude oil tersebut. Crude oil sendiri pada dasarnya merupakan senyawa hidrokarbon yang merupakan sumber karbon yang kaya bagi mikroba. Namun demikian, biodegradasi crude oil relative lebih sulit dilakukan karena karakteristiknya yang merupakan senyawa dengan berat molekul dan ukuran yang besar. Oleh karena itu penambahan kosubstrat yang lebih sederhana dapat dilakukan untuk membantu biodegradasi terutama pada tahap awal proses. Penelitian ini dilakukan untuk mengetahui pengaruh penambahan kosubstrat dalam hal ini glukosa terhadap biodegradasi crude oil. Penelitian dilakukan dalam media cair dengan bioaugmentasi melalui penambahan inoculum bakteri yang diisolasi dari tanah yang dikondisikan terhadap crude oil dalam beberapa variasi reactor. Indikasi terjadinya biodegradasi diperiksa melalui pengukuran terhadap parameter Total Petroleum Hydrocarbon (TPH dan Total Plate Count (TPC. Hasil penelitian menunjukkan bahwa penambahan kosubstrat glukosa memberikan pengaruh positif terhadap penurunan TPH. Penurunan TPH tertinggi setelah 28 hari adalah sebesar 25,3 % yang diberikan oleh reactor dengan penambahan kosubstrat serta konsentrasi crude oil awal sebesar 8.1 %. Sementara itu reactor tanpa

  3. Exploring crude oil production and export capacity of the OPEC Middle East countries

    International Nuclear Information System (INIS)

    Matsumoto, Ken'ichi; Voudouris, Vlasios; Stasinopoulos, Dimitrios; Rigby, Robert; Di Maio, Carlo

    2012-01-01

    As the world economy highly depends on crude oil, it is important to understand the dynamics of crude oil production and export capacity of major oil-exporting countries. Since crude oil resources are predominately located in the OPEC Middle East, these countries are expected to have significant leverage in the world crude oil markets by taking into account a range of uncertainties. In this study, we develop a scenario for crude oil export and production using the ACEGES model considering uncertainties in the resource limits, demand growth, production growth, and peak/decline point. The results indicate that the country-specific peak of both crude oil export and production comes in the early this century in the OPEC Middle East countries. On the other hand, they occupy most of the world export and production before and after the peak points. Consequently, these countries are expected to be the key group in the world crude oil markets. We also find that the gap between the world crude oil demand and production broadens over time, meaning that the acceleration of the development of ultra-deep-water oil, oil sands, and extra-heavy oil will be required if the world continuous to heavily rely on oil products. - Highlights: ► We simulate the future scenario of crude oil export and production using ACEGES. ► The simulated results are analyzed using the GAMLSS framework. ► The peak points of oil export and production will come early in this century. ► The OPCE Middle East will produce most of the world crude oil in the near future. ► These countries will continuously be the key players in the crude oil markets.

  4. Comparative toxicology of four crude oils

    Energy Technology Data Exchange (ETDEWEB)

    Clarke, L.M.; Hodson, P.V. [Queen' s Univ., Kingston, ON (Canada). Dept. of Biology; Brown, R.S. [Queen' s Univ., Kingston, ON (Canada). Dept. of Chemistry

    2003-07-01

    Fish that are chronically exposed to polycyclic aromatic hydrocarbons (PAHs) exhibit dioxin-like toxicity characterized by blue sac disease and the induction of cytochrome P4501A (CYP1A). This study compared the relative toxicity of four crude oils (Scotian Shelf, MESA, the synthetic Alberta Sweet Mixed Blend, and Alaskan North Slope Crude Oil), in causing the disease in rainbow trout embryos living in simulated spawning beds with hydrocarbon-contaminated gravel. Each oil had different chemical characteristics and PAH concentrations. The study confirmed the assumption that the Alberta Sweet Mixed Blend would be the most toxic due to its high PAH concentration. The results suggest that the main cause of toxicity in crude oil is due to the presence, concentration, and conformation of specific PAHs.

  5. Beyond the crude oil and gas reserves

    International Nuclear Information System (INIS)

    Sote, K.

    1993-01-01

    Petroleum remains the greatest jewel of inestimable value in both the local and international treasure hunts for cheap energy source and viable investment options the world over. The diverse business potentials and favourable government policies in Nigeria aimed specifically at stimulating investments in the up streams, midstream and downstream industries need to be tapped by both indigenous and foreign investors alike. Beyond the crude oil and gas reserves' is therefore our modest effort to support such policies, sensitise the Nigerian petroleum industry and promote more dynamic awareness for the varied business opportunities abound in this sector of the economy. The main objective or this publication is to bring to a wider audience within and outside the oil industry a spectrum of such salient opportunities therein. The publication further presents in a lucid and consize form the hidden potentials yet to be harnessed, captures the essence of such investments, identifies the inherent problems in Nigeria peculiar circumstance and thus provides a detailed guide to address such short-coming, viz. Inadequate and poor knowledge of petroleum industry, its operation, by products and their correct applications. - Lack of understanding of the intricacies, realities and technicalities of petroleum business in general. - Poor financial resources, management style, operational and marketing strategies man power and human resources development.- Dirge of information, lack of professional advice and technical service support on the varied business opportunities for diversification. Apathy on the part of the investors themselves to seek for professional support from competent oil consultants, technocrats, institutionalised authorities on petroleum and related matters, amongst others. In summary, the book is divided into ten chapters with illustrations, graphics, drawings, sketches and incorporating figures, statistics, business reports, marketing results, feasibility studies

  6. Implications of lifting the ban on the export of Alaskan crude oil

    Energy Technology Data Exchange (ETDEWEB)

    1990-03-26

    Present legislation effectively bans the export of crude oil produced in the United States. The ban has been in effect for years and is particularly stringent with respect to crude oil produced in Alaska, particularly on the North Slope. The Alaska crude export ban is specifically provided for in the Trans-Alaska Pipeline Authorization Act of 1973 and in other legislation. It was imposed for two reasons. The first was to reduce US dependence on imported crude oil. The Arab oil embargo had been imposed shortly before the Act was passed and a greater measure of energy independence was considered imperative at that time. The second reason was to assure that funds expended in building an Alaskan pipeline would benefit domestic users rather than simply employed to facilitate shipments to other countries. The main objective of this report is to estimate the potential impacts on crude oil prices that would result from lifting the export ban Alaskan crude oil. The report focuses on the Japanese market and the US West Coast market. Japan is the principal potential export market for Alaskan crude oil. Exports to that market would also affect the price of Alaskan crude oil as well as crude oil and product prices on the West Coast and the volume of petroleum imported in that area. 3 figs., 8 tabs.

  7. Assessment of Antioxidant Indices after incorporating Crude Oil ...

    African Journals Online (AJOL)

    ADOWIE PERE

    Exposure to crude oil pollution leads to the formation ... vitamin/mineral mixture (5 %). The food ..... hepatic antioxidant enzymes against cadmium induced liver ... Interaction of crude oil with alpha-tocopherol: ... Essential oil from Monodora.

  8. Fortum Oil and Gas 2000: Exceptionally high price of crude oil and strong refining margins

    International Nuclear Information System (INIS)

    Ropponen, V.-M.

    2001-01-01

    Fortum intends to be an active player in the structural reorganization of the oil business by utilizing its niche position in oil refining. Fortum produces sophisticated motor fuel components, which it uses in its reformulated gasolines and sells and exports to other oil companies, even to highly demanding markets in California. The increase in the price of crude oil considerably improved the results of Oil and Gas Upstream. Similarly, an improvement in the refining margin, as well as profitable shipping operations and a strong demand for gasoline components, boosted the results of Oil Refining and Marketing. (orig.)

  9. Canadian crude oil production and supply forecast 2006-2020

    International Nuclear Information System (INIS)

    2006-05-01

    In order to enable members to plan for pipeline capacity requirements for transporting Canadian crude oil to markets, the Canadian Association of Petroleum Producers (CAPP) 2006-2020 crude oil production and supply forecast provides a long-range outlook of Canadian crude oil production. It provides a forecast of supply and demand for both western and eastern Canada. Because offshore eastern oil production does not rely on pipeline access to reach markets, the analysis primarily focuses on western Canadian production and supply. Over the next fifteen years, Alberta's oil sands provides the main source of growth in the western Canadian production forecast. A survey of CAPP members encompassing all oil sands projects was conducted. Survey responses reflect both planned and envisioned projects over a fifteen year period, although some of the envisioned projects have been risk adjusted by modifying the potential completion schedules for projects which are deemed more uncertain. Detailed tables are provided on forecast data. Three sets of tables are included to show production, two supply scenarios and a high level assessment of the need for incremental pipeline capacity. The report also discusses delays and risk factors that could slow the pace of oil sands development and the corresponding increase in production being forecast in the base case. 16 tabs

  10. Biogeochemistry of anaerobic crude oil biodegradation

    Science.gov (United States)

    Head, Ian; Gray, Neil; Aitken, Caroline; Sherry, Angela; Jones, Martin; Larter, Stephen

    2010-05-01

    Anaerobic degradation of crude oil and petroleum hydrocarbons is widely recognized as a globally significant process both in the formation of the world's vast heavy oil deposits and for the dissipation of hydrocarbon pollution in anoxic contaminated environments. Comparative analysis of crude oil biodegradation under methanogenic and sulfate-reducing conditions has revealed differences not only in the patterns of compound class removal but also in the microbial communities responsible. Under methanogenic conditions syntrophic associations dominated by bacteria from the Syntropheaceae are prevalent and these are likely key players in the initial anaerobic degradation of crude oil alkanes to intermediates such as hydrogen and acetate. Syntrophic acetate oxidation plays an important role in these systems and often results in methanogenesis dominated by CO2 reduction by members of the Methanomicrobiales. By contrast the bacterial communities from sulfate-reducing crude oil-degrading systems were more diverse and no single taxon dominated the oil-degrading sulfate-reducing systems. All five proteobacterial subdivisions were represented with Delta- and Gammaproteobacteria being detected most consistently. In sediments which were pasteurized hydrocarbon degradation continued at a relatively low rate. Nevertheless, alkylsuccinates characteristic of anaerobic hydrocarbon degradation accumulated to high concentrations. This suggested that the sediments harbour heat resistant, possibly spore-forming alkane degrading sulfate-reducers. This is particularly interesting since it has been proposed recently, that spore-forming sulfate-reducing bacteria found in cold arctic sediments may have originated from seepage of geofluids from deep subsurface hydrocarbon reservoirs.

  11. Waxy crude oil flow restart ability

    Energy Technology Data Exchange (ETDEWEB)

    Sierra, Andre Gaona; Varges, Priscilla Ribeiro; Mendes, Paulo Roberto de Souza [Dept. of Mechanical Engineering. Pontificia Universidade Catolica do Rio de Janeiro, RJ (Brazil)], e-mails: prvarges@puc-rio.br, pmendes@puc-rio.br; Ziglio, Claudio [PETROBRAS S.A, R.J., Rio de Janeiro, RJ (Brazil)], e-mail: ziglio@petrobras.com.br

    2010-07-01

    Under the hot reservoir conditions, waxy crudes behave like Newtonian fluids but once they experience very cold temperatures on the sea floor, the heavy paraffin's begin to precipitate from the solution impacting non- Newtonian flow behavior to the crude (Chang 2000, Lee 2009, Davidson 2004) and begin to deposit on the pipe wall leave blocked of pipeline. This gel cannot be broken with the original steady state flow operating pressure applied before gelation (Chang 1998). Restarting waxy crude oil flows in pipelines is a difficult issue because of the complex rheological behavior of the gelled oil. Indeed, below the WAT, the gelled oil exhibits viscoplastic, thixotropic, temperature-dependent, and compressible properties due to the interlocking gel-like structure formed by the crystallized paraffin compounds and the thermal shrinkage of the oil. The main objective of this work is to determine the minimal pressure to restart the flow, and the relationship between the fluid rheology , pipe geometry and the restart pressure of the flow. Experiments will be performed to investigate the displacement of carbopol aqueous solutions (viscoplastic fluid without thixotropic effects) by Newtonian oil flowing through a strait pipe to validate the experimental apparatus. Therefore, tests will be made with different fluids, like Laponite and waxy crude oils. (author)

  12. Causes for an asymmetric relation between the price of crude oil and refined petroleum products

    International Nuclear Information System (INIS)

    Kaufmann, R.K.; Laskowski, C.

    2005-01-01

    We revisit the issue of asymmetries in the relation between the price of crude oil and refined petroleum products in the United States. An econometric analysis of monthly data indicates that the asymmetric relationship between the price of crude oil and motor gasoline is generated by refinery utilization rates and inventory behavior. The asymmetric relation between the price of crude oil and home heating oil probably is generated by contractual arrangements between retailers and consumers. Together, these results imply that price asymmetries may be generated by efficient markets. Under these conditions, there is little justification for policy interventions to reduce or eliminate price asymmetries in motor gasoline and home heating oil markets. (author)

  13. Heavy crude oils - From Geology to Upgrading - An Overview

    International Nuclear Information System (INIS)

    Huc, A.Y.

    2010-01-01

    Heavy oils, extra-heavy oils and tar sands are major players for the future of energy. They represent a massive world resource, at least the size of conventional oils. They are found all over the world but Canada and Venezuela together account, by themselves, for more than half of world deposits. They share the same origin as the lighter conventional oils, but their geological fate drove them into thick, viscous tar-like crude oils. Most of them result from alteration processes mediated by microbial degradation. They are characterized by a low content of lighter cuts and a high content of impurities such as sulfur and nitrogen compounds and metals; so, their production is difficult and deployment of specific processes is required in order to enhance their transportability and to upgrade them into valuable products meeting market needs, and honouring environmental requirements. Although these resources are increasingly becoming commercially producible, less than 1% of total heavy crude oil deposits worldwide are under active development. The voluntarily wide scope of this volume encompasses geology, production, transportation, upgrading, economics and environmental issues of heavy oils. It does not pretend to be exhaustive, but to provide an authoritative view of this very important energy resource. Besides presenting the current status of knowledge and technology involved in exploiting heavy oils, the purpose is to provide an insight into technical, economic and environmental challenges that should be taken up in order to increase the efficiency of production and processing, and finally to give a prospective view of the emerging technologies which will contribute to releasing the immense potential reserves of heavy oil and tar deposits. Contents: Part 1. Heavy Crude Oils.1. Heavy Crude Oils in the Perspective of World Oil Demand. 2. Definitions and Specificities. 3. Geological Origin of Heavy Crude Oils. 4. Properties and composition. Part 2. Reservoir Engineering

  14. EVALUATION OF CORROSION COST OF CRUDE OIL PROCESSING INDUSTRY

    Directory of Open Access Journals (Sweden)

    ADESANYA A.O.

    2012-08-01

    Full Text Available Crude oil production industry as the hub of Nigeria Economy is not immune to the global financial meltdown being experienced world over which have resulted in a continual fall of oil price. This has necessitated the need to reduce cost of production. One of the major costs of production is corrosion cost, hence, its evaluation. This research work outlined the basic principles of corrosion prevention, monitoring and inspection and attempted to describe ways in which these measures may be adopted in the context of oil production. A wide range of facilities are used in crude oil production making it difficult to evaluate precisely the extent of corrosion and its cost implication. In this study, cost of corrosion per barrel was determined and the annualized value of corrosion cost was also determined using the principles of engineering economy and results analyzed using descriptive statistics. The results showed that among the corrosion prevention methods identified, the use of chemical treatment gave the highest cost contribution (81% of the total cost of prevention while coating added 19%. Cleaning pigging and cathodic protection gave no cost. The contribution of corrosion maintenance methods are 60% for repairs and 40% for replacement. Also among the corrosion monitoring and inspection identified, NDT gave the highest cost contribution of 41% of the total cost, followed by coating survey (34%. Cathodic protection survey and crude analysis gives the lowest cost contribution of 19% and 6% respectively. Corrosion control cost per barrel was found to be 77 cent/barrel. The significance of this cost was not much due to high price of crude oil in the international market. But the effect of corrosion in crude oil processing takes its toll on crude oil production (i.e. deferment.

  15. Geotechnical properties of crude oil contaminated sand

    International Nuclear Information System (INIS)

    Puri, V.K.; Das, B.M.; Cook, E.E.; Shin, E.C.

    1994-01-01

    Contamination of soil due to an oil spill influences its subsequent engineering behavior. An investigation was conducted to study the effect of crude oil contamination on compaction characteristics, shear strength, one-dimensional compression, and coefficient of permeability. Water permeability was also determined by using commercial grade motor oils as contaminants. The test results indicate that the compaction characteristics are influenced by oil contamination. The angle of internal friction of sand (based on total stress condition) decreases due to presence of oil within the pore spaces in sand. One dimensional compression characteristics of sand are significantly influenced by oil contamination resulting in a decrease in the value of constrained modulus with increase in the degree of oil contamination compared to the case of dry sand. Water permeability was observed to be a function of the initial viscosity and the degree of saturation due to the contaminating oil

  16. Chemical composition of Pechora Sea crude oil

    Directory of Open Access Journals (Sweden)

    Derkach S. R.

    2017-03-01

    Full Text Available The physicochemical properties of the Pechora Sea shelf oil and its chemical composition have been studied using the methods of refractometry, titrimetry, viscometry, rheometry and standard methods for the analysis of oil and petroleum products. The fractionation of oil is held at atmospheric pressure, some fractions boiling at the temperature below and above 211 °C have been received. Chemical structural-group composition of oil and its components has been investigated using a Fourier infrared (IR spectroscopy method. The density of oil has been obtained, it is equal to 24.2 API. The chemical composition analysis shows that water content in the investigated oil sample is about 0.03 % (by weight. The oil sample contains hydrocarbons (including alkanes, naphthenes, arenes and asphaltenes with resins; their content is equal to 89 and 10 % (by weight respectively. Alkane content is about 66 %, including alkanes of normal structure – about 37 %. The solidification temperature of oil sample is equal to –43 °C. This low temperature testifies obliquely low content of solid alkanes (paraffin. Bearing in mind the content of asphaltenes with resins we can refer the investigated oil sample to resinous oils. On the other hand spectral coefficient values (aromaticity quotient and aliphaticity quotient show that oil sample belongs to naphthenic oils. According to the data of Fourier IR spectroscopy contents of naphthenes and arenes are 5.9 and 17.8 % respectively. Thus, the obtained data of chemical structural-group composition of crude oil and its fractions indicate that this oil belongs to the heavy resinous naphthenic oils. The rheological parameters obtained at the shear deformation conditions characterize the crude oil as a visco-plastic medium.

  17. The future for heavy crude oil

    International Nuclear Information System (INIS)

    Horsnell, P.

    1995-01-01

    The expectation, still held in 1993, that the light oil-heavy crude oil differential would go on increasing in favour of light oil has not been fulfilled. Current perceptions are that heavy oil will continue to be relatively strong and there is no inevitable upward trend in light-heavy crude differentials. Non-OPEC production has grown significantly lighter overall in recent years and is likely to continue so for several more years. This is due to expanded light oil production in the North Sea, Latin America and the Far East, and contractions in heavy oil production in Russia and the USA. OPEC production has also become lighter with, in particular, an expansion in light oil and contraction in heavy grades from Saudi Arabia. At the same time, the nature of the demand from refineries has changed with the introduction of new units designed to process the residium from heavy oil distillation. Thus the supply of light oil has expanded while demand for it has contracted with the reverse being true for heavy oil. (2 figures, 1 table) (UK)

  18. 10 CFR 212.78 - Tertiary incentive crude oil.

    Science.gov (United States)

    2010-01-01

    ... 10 Energy 3 2010-01-01 2010-01-01 false Tertiary incentive crude oil. 212.78 Section 212.78 Energy DEPARTMENT OF ENERGY OIL MANDATORY PETROLEUM PRICE REGULATIONS Producers of Crude Oil § 212.78 Tertiary incentive crude oil. Annual prepaid expenses report. By January 31 of each year after 1980, the project...

  19. Crude oil price analysis and forecasting based on variational mode decomposition and independent component analysis

    Science.gov (United States)

    E, Jianwei; Bao, Yanling; Ye, Jimin

    2017-10-01

    As one of the most vital energy resources in the world, crude oil plays a significant role in international economic market. The fluctuation of crude oil price has attracted academic and commercial attention. There exist many methods in forecasting the trend of crude oil price. However, traditional models failed in predicting accurately. Based on this, a hybrid method will be proposed in this paper, which combines variational mode decomposition (VMD), independent component analysis (ICA) and autoregressive integrated moving average (ARIMA), called VMD-ICA-ARIMA. The purpose of this study is to analyze the influence factors of crude oil price and predict the future crude oil price. Major steps can be concluded as follows: Firstly, applying the VMD model on the original signal (crude oil price), the modes function can be decomposed adaptively. Secondly, independent components are separated by the ICA, and how the independent components affect the crude oil price is analyzed. Finally, forecasting the price of crude oil price by the ARIMA model, the forecasting trend demonstrates that crude oil price declines periodically. Comparing with benchmark ARIMA and EEMD-ICA-ARIMA, VMD-ICA-ARIMA can forecast the crude oil price more accurately.

  20. Refining crude oils and gasolines, etc

    Energy Technology Data Exchange (ETDEWEB)

    1931-11-23

    A process of refining crude oils and gasolines distilled from shale and the like is described, consisting of submitting them to a prewash with soda, an oxidation preferably with hypochlorite solution, a hydrogenation with nascent hydrogen, and finally rectification and neutralization.

  1. Oil and Cars: The Impact of Crude Oil Prices on the Stock Returns of Automotive Companies

    Directory of Open Access Journals (Sweden)

    Bettina Lis

    2012-01-01

    Full Text Available In this paper we are testing whether the impact of oil prices is different on the overall market and automotive companies. In addition we investigate, if this relationship is nonlinear. For this we use stock return data of US, German and Japanese car companies, and returns of share indices from the same countries as control variables, and Brent crude oil price changes. We first estimate the impact of crude oil on the indices, then clean the indices from these influences, and afterwards estimate the impact on the stocks. For this we are using OLS and EGARCH (1,1. We conclude that in general the car companies‘ stocks do not react more adversely as the overall market to crude oil price increases, while Japanese companies do not show any excess sensitivity at all. German companies tend to be sensitive, and US and German companies are together more sensitive in the more recent time periods.

  2. Coals to Newcastle: Will Alberta become a crude oil importer?

    International Nuclear Information System (INIS)

    Haessel, W.; Foley, D.J.

    1991-01-01

    The security of markets for Canadian heavy crude oil (HCO) under different conditions is examined. The emphasis of the study is on the conditions under which bitumen blend from Alberta could penetrate certain markets that have generally been identified as potential prospects. A secondary question concerns the cost reductions in bitumen production and upgrading that would be needed for bitumen blend and synthetic crude oil (SCO) to penetrate these same markets if long-term oil prices settle at US$18/bbl for Saudi light delivered to the USA Gulf Coast in 2010. A brief overview is first presented of some of the world and US factors that will affect the demand for Canadian HCO, with specific reference to the demand in the northern USA in 2010. The determination of the volume of HCO that can or will be processed at a refinery or a combination of refineries in a given market is then discussed. The cost and volume numbers for 2010 as provided in the National Energy Board's latest Canadian energy supply and demand forecast are used in the analysis. It is concluded that all traditional markets outside of the Canadian prairies could be lost if world oil prices stay below US$18/bbl for extended periods. At prices below US$17/bbl, bitumen producers would have trouble competing with imported crude oils in Edmonton unless bitumen production costs decline from current levels. The potential for bitumen production costs to decline enough for diluted bitumen to compete with US$18/bbl oil is better than the prospect for SCO costs to decrease enough to compete in eastern Canada or the northern USA at those price levels. 9 figs., 8 tabs

  3. Compositional modification of crude oil during oil recovery

    Energy Technology Data Exchange (ETDEWEB)

    Zhu, Yangming; Weng, Huanxin [Department of Earth Sciences, Zhejiang University, Hangzhou 310027 (China); Chen, Zulin; Chen, Qi [Petroleum Geochemistry Research Center, Jianghan Petroleum University, Jingzhou, Hubei (China)

    2003-05-01

    Ten crude oils from two recovery stages spanning 5-10-year interval of five productive wells in the Tarim Basin, northwest China were analyzed for their compositional modification during production process. Significant compositional changes in polar and nonpolar fractions between the previous oil samples and the latter ones were noted at both bulk and molecular level. The latter oil samples appear to contain more aromatic fraction and less asphaltenes and resin, and their gas chromatography (GC) data for whole oil show reduced alkanes with low molecular weight and enhanced high homologue relative to the previous oil samples. Compared with the oils collected from the previous recovery stage, the concentration of basic type of nitrogen-containing compounds and organic acids in oils from the latter recovery stage have a reducing trend, suggesting the occurrence of interaction between crude oil and reservoir rock.

  4. A MODEL FOR DIFFUSION CONTROLLED BIOAVAILABILITY OF CRUDE OIL COMPONENTS

    Science.gov (United States)

    Crude oil is a complex mixture of several different structural classes of compounds including alkanes, aromatics, heterocyclic polar compounds, and asphaltenes. The rate and extent of microbial degradation of crude oil depends on the interaction between the physical and biochemi...

  5. Characterization of CRUDE OILS and petroleum products: (i) elution ...

    African Journals Online (AJOL)

    Characterization of CRUDE OILS and petroleum products: (i) elution liquid chromatographic separation and gas chromatographic analysis of crude oils and petroleum products. E.O. Odebunmi, E.A. Ogunsakin, P.E.P. Ilukhor ...

  6. Heavy oils processing materials requirements crude processing

    Energy Technology Data Exchange (ETDEWEB)

    Sloley, Andrew W. [CH2M Hill, Englewood, CO (United States)

    2012-07-01

    Over time, recommended best practices for crude unit materials selection have evolved to accommodate new operating requirements, feed qualities, and product qualities. The shift to heavier oil processing is one of the major changes in crude feed quality occurring over the last 20 years. The three major types of crude unit corrosion include sulfidation attack, naphthenic acid attack, and corrosion resulting from hydrolyzable chlorides. Heavy oils processing makes all three areas worse. Heavy oils have higher sulfur content; higher naphthenic acid content; and are more difficult to desalt, leading to higher chloride corrosion rates. Materials selection involves two major criteria, meeting required safety standards, and optimizing economics of the overall plant. Proper materials selection is only one component of a plant integrity approach. Materials selection cannot eliminate all corrosion. Proper materials selection requires appropriate support from other elements of an integrity protection program. The elements of integrity preservation include: materials selection (type and corrosion allowance); management limits on operating conditions allowed; feed quality control; chemical additives for corrosion reduction; and preventive maintenance and inspection (PMI). The following discussion must be taken in the context of the application of required supporting work in all the other areas. Within that context, specific materials recommendations are made to minimize corrosion due to the most common causes in the crude unit. (author)

  7. The US gasoline situation and crude oil prices

    International Nuclear Information System (INIS)

    Anon.

    2004-01-01

    Before and during the United States' summer driving season, concern over the country's gasoline supply can potentially influence the direction of the petroleum market. There are three causes of concern: a persistent lack of gasoline-producing capacity; a patchwork of as many as 18 different kinds of gasoline specifications; and the introduction of stringent new specifications for reformulated gasoline. However, gasoline stocks should be able to meet the needs of this year's driving season, at a time of ample crude oil availability, with strong imports. But, unplanned outages in the US logistics system and refining centres, or major disruptions in external gasoline supplies, could trigger price spikes that would, in turn, lead to frequently stronger crude oil prices, especially with the observed robust oil demand growth in China. (Author)

  8. Russian oil goes to market

    International Nuclear Information System (INIS)

    Kandelaki, T.L.; Tankayev, R.U.

    1997-01-01

    In 1996, Russia retained its place as the world's third largest producer of oil and gas condensate after Saudi Arabia and the USA. Data are provided on Russia's oil sales to its domestic market, to the former Soviet Union and to the rest of the world. These are accompanied by a commentary on Russia's world-wide market, refining in Russia, transportation costs of crude from the generally remote areas where it is produced and price ranges in the various market segments. (7 tables) (UK)

  9. Bioremediation of crude oil contaminated tea plantation soil using ...

    African Journals Online (AJOL)

    Crude oil contamination of soil is a major concern for tea industry in Assam, India. Crude oil is a persistent organic contaminant which alters soil physical and biochemical characteristics and makes tea plants more susceptible against crude oil contamination. Therefore, two native bacterial strains designated as AS 03 and ...

  10. Wax deposition in crude oil pipelines

    Energy Technology Data Exchange (ETDEWEB)

    Assuncao, Pablo Morelato; Rodrigues, Lorennzo Marrochi Nolding [Universidade Federal do Espirito Santo, Sao Mateus, ES (Brazil). Centro Universitario Norte do Espirito Santo. Engenharia de Petroleo; Romero, Mao Ilich [University of Wyoming, Laramie, WY (United States). Enhanced Oil Recovery Institute], e-mail: mromerov@uwyo.edu

    2010-07-01

    Crude oil is a complex mixture of hydrocarbons which consists of aromatics, paraffins, naphthenics, resins asphaltenes, etc. When the temperature of crude oil is reduced, the heavy components, like paraffin, will precipitate and deposit on the pipe internal wall in the form of a wax-oil gel. The gel deposit consists of wax crystals that trap some amount of oil. As the temperature gets cooler, more wax will precipitate and the thickness of the wax gel will increase, causing gradual solidification of the crude and eventually the oil stop moving inside the offshore pipeline. Crude oil may not be able to be re-mobilized during re-startup. The effective diameter will be reduced with wax deposition, resulting in several problems, for example, higher pressure drop which means additional pumping energy costs, poor oil quality, use of chemical components like precipitation inhibitors or flowing facilitators, equipment failure, risk of leakage, clogging of the ducts and process equipment. Wax deposition problems can become so sever that the whole pipeline can be completely blocked. It would cost millions of dollars to remediate an offshore pipeline that is blocked by wax. Wax solubility decreases drastically with decreasing temperature. At low temperatures, as encountered in deep water production, is easy to wax precipitate. The highest temperature below which the paraffins begins to precipitate as wax crystals is defined as wax appearance temperature (WAT). Deposition process is a complex free surface problem involving thermodynamics, fluid dynamics, mass and heat transfer. In this work, a numerical analysis of wax deposition by molecular diffusion and shear dispersion mechanisms in crude oil pipeline is studied. Diffusion flux of wax toward the wall is estimated by Fick's law of diffusion, in similar way the shear dispersion; wax concentration gradient at the solid-liquid interface is obtained by the volume fraction conservation equation; and since the wax deposition

  11. How much crude oil can zooplankton ingest? Estimating the quantity of dispersed crude oil defecated by planktonic copepods

    DEFF Research Database (Denmark)

    Almeda, Rodrigo; Connelly, Tara L.; Buskey, Edward J.

    2016-01-01

    % of the analyzed fecal pellets from three species of copepods and a natural copepod assemblage exposed for 48 h to physically or chemically dispersed light crude oil contained crude oil droplets. Crude oil droplets inside fecal pellets were smaller (median diameter: 2.4-3.5 mu m) than droplets in the physically...

  12. Special report: EC oil market

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    A European Commission report on the EC's oil market has conceded that the Community will not meet its official objective of reducing oil's share of energy consumption to 40% by 1995. The paper, a 'Communication' to the European Council entitled ''The Oil Market and the Refining Industry in the Community: Recent Developments and Prospects'' says oil will ''continue to account for a major share - of the order of 45% -of the Community's energy consumption'' up to the year 2000. Nonetheless, the report's authors insist the Commission has proposed ''a number of measures'' which could reduce the potential consumption of fossil fuels and help limit CO2 emissions. The report confirms that though lower in 1990 than 1980 at 530mt, oil demand picked up in the second half of the 1980s, reflecting world trends. Little impression has been made on the proportion of the Community's crude supply that is imported. However, one area where the report did find energy objectives successes was that of diversifying sources of crude oil supply. A major source of concern for the Commission at one stage in the second half of the 1980s was the possibility of massive imports of finished oil products from refineries in the oil producing countries. However, the fact that this threat did not materialise is taken as a vindication of the Commission's assessment in previous analyses that ''an open Community market should be maintained''. (author)

  13. Tanker spills Norwegian crude oil off Shetlands

    International Nuclear Information System (INIS)

    Anon.

    1993-01-01

    This paper reports that crude oil was spilling last week from the U.S. owned Braer tanker after the 89,000 dwt vessel ran aground on the south end of Scotland's Shetland Islands. Workers were trying to assess the extent of damage to the tanker, shoreline, and wildlife after the January 5 accident. Braer's cargo amounted to 607,000 bbl of Norwegian oil bound for Canada. Braer loaded its cargo and sailed January 3 from Den norske stats oljeselskap AS's Mongstad, Norway, terminal with crude from Gullfaks field in the Norwegian North Sea. The $11 million shipment was destined for Ultramar Canada Inc.'s 125,000 b/d refinery at St. Romuald, Que

  14. Multivariate EMD-Based Modeling and Forecasting of Crude Oil Price

    Directory of Open Access Journals (Sweden)

    Kaijian He

    2016-04-01

    Full Text Available Recent empirical studies reveal evidence of the co-existence of heterogeneous data characteristics distinguishable by time scale in the movement crude oil prices. In this paper we propose a new multivariate Empirical Mode Decomposition (EMD-based model to take advantage of these heterogeneous characteristics of the price movement and model them in the crude oil markets. Empirical studies in benchmark crude oil markets confirm that more diverse heterogeneous data characteristics can be revealed and modeled in the projected time delayed domain. The proposed model demonstrates the superior performance compared to the benchmark models.

  15. Pilot scale refinning of crude soybean oil | Mensah | Journal of ...

    African Journals Online (AJOL)

    Pilot scale refinning of crude soybean oil. ... Abstract. A laboratory process for refining soybean has been scaled up to a 145 tonne per annum pilot plant to refine crude soybean oil. ... The quality of the refined oil was found to be within national and codex standard specifications for edible oil from vegetable sources.

  16. Explaining crude oil prices using fundamental measures

    International Nuclear Information System (INIS)

    Coleman, Les

    2012-01-01

    Oil is the world's most important commodity, and improving the understanding of drivers of its price is a longstanding research objective. This article analyses real oil prices during 1984–2007 using a monthly dataset of fundamental and market parameters that cover financial markets, global economic growth, demand and supply of oil, and geopolitical measures. The innovation is to incorporate proxies for speculative and terrorist activity and dummies for major industry events, and quantify price impacts of each. New findings are positive links between oil prices and speculative activity, bond yields, an interaction term incorporating OPEC market share and OECD import dependence, and the number of US troops and frequency of terrorist attacks in the Middle East. Shocks also prove significant with a $6–18 per barrel impact on price for several months. - Highlights: ► Article introduces new variables to the study of oil prices. ► New variables are terrorist incidents and military activity, and oil futures market size. ► Shocks prove important affecting prices by $6–18 per barrel for several months. ► OPEC market influence rises with OECD import dependence.

  17. Electrical desalting - preparing of the crude oil for further processing

    International Nuclear Information System (INIS)

    Asadi, Nadija; Minovski, Mino; Sokolovski, Aleksandar

    1999-01-01

    Desalting as well as dewatering of the crude oil is important preparing process, which takes place in crude units on the refinery plants. One of the most efficient ways of desalting is use of high voltage electricity. In this work attention is paid on the principals of this process, illustrated with practically gained results from the OKTA Crude Oil Refinery in Macedonia. (Original)

  18. Bioavailability of chemically-dispersed crude oil

    International Nuclear Information System (INIS)

    Harris, B.C.; Bonner, J.S.; McDonald, T.J.; Fuller, C.B.; Page, C.A.; Dimitriou-Christidis, P.; Sterling, M.C.; Autenrieth, R.L.

    2002-01-01

    Oil spills can be treated with surfactant compounds to disperse them. This method enables the hydrophobic compounds to overcome their repulsion for water, enter the water phase and be diluted. Once in the water, the biodegradation fraction of the oil biodegrades over time and the residual fraction is deposited over a large area. One major issue which is not fully understood is whether oil compounds pass through the water phase to free floating cells or directly enter oil-attached microbial cells from the oil particle. In this study, crude oil was placed in a swirling flask with Corpus Christi Bay water and was then chemically dispersed with Corexit 9500. The biodegradation was then monitored and assessed. First order rate coefficients were determined based on the disappearance of specific compounds. The rate coefficients for total target PAHs were consistent for all tests. Napthalene, phenanthrene, dibenzothiophene and their alkylated homologs were among the target compounds. The trend was also observed for total target analytes and for total target saturates. The results indicate that the biodegradation rate coefficient was not dependent on the bulk concentration of oil in the water column. It was concluded that biodegradation rates was controlled by partitioning of the compounds between the two phases, and other factors such as particle size distribution and the capability of the microbial culture, temperature and nutrients. 13 refs., 1 tab., 6 figs

  19. Lifting the US crude oil export ban: A numerical partial equilibrium analysis

    International Nuclear Information System (INIS)

    Langer, Lissy; Huppmann, Daniel; Holz, Franziska

    2016-01-01

    The upheaval in global crude oil markets and the boom in shale oil production in North America brought scrutiny on the US export ban for crude oil from 1975. The ban was eventually lifted in early 2016. This paper examines the shifts of global trade flows and strategic refinery investments in a spatial, game-theoretic partial equilibrium model. We consider detailed oil supply chain infrastructure with multiple crude oil types, distinct oil products, as well as specific refinery configurations and modes of transport. Prices, quantities produced and consumed, as well as infrastructure and refining capacity investments are endogenous to the model. We compare two scenarios: an insulated US crude oil market, and a counter-factual with lifted export restrictions. We find a significant expansion of US sweet crude exports with the lift of the export ban. In the US refinery sector, more (imported) heavy sour crude is transformed. Countries importing US sweet crude gain from higher product output, while avoiding costly refinery investments. Producers of heavy sour crude (e.g. the Middle East) are incentivised to climb up the value chain to defend their market share and maintain their dominant position. - Highlights: • We study the impacts of lifting the US crude ban on global oil flows and investments. • We find massive expansion of US sweet crude oil exports. • We analyze the resulting welfare effects for US producers, refiners and consumers. • We indicate the changes on global trade patterns. • We conclude that lifting the ban is the right policy for the US and the global economy.

  20. DOE/DOT Crude Oil Characterization Research Study, Task 2 Test Report on Evaluating Crude Oil Sampling and Analysis Methods

    Energy Technology Data Exchange (ETDEWEB)

    Lord, David [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Allen, Ray [Allen Energy Services, Inc., Longview, TX (United States); Rudeen, David [GRAM, Inc., Albuquerque, NM (United States)

    2017-11-01

    The Crude Oil Characterization Research Study is designed to evaluate whether crude oils currently transported in North America, including those produced from "tight" formations, exhibit physical or chemical properties that are distinct from conventional crudes, and how these properties associate with combustion hazards with may be realized during transportation and handling.

  1. China's oil market and refining sector

    International Nuclear Information System (INIS)

    Yamaguchi, N.D.; Fridley, D.G.

    2000-01-01

    The article assesses the future for China's oil industry as the country makes the transition from a command economy to an international market. China has one of the world's biggest oil industries and recent years have seen much growth in exploration and development, refining capacity and trade. China is more and more dependent on oil imports and is now a major international player; it has attracted much outside investment. Diagrams show (i) how coal dominates other sources of energy in China; (ii) crude production 1977-1998; (iii) how Middle East crudes now dominate Chinese crude imports; (iv) the growth of petroleum demand in China; (v) the Chinese demand for petroleum products; (vi) the growth in transport fuels; (vii) Chinese product imports: import ban targeted diesel; (viii) crude imports favoured over product imports and (ix) refinery capacity and throughput. The changes are expected to result in further integration into international markets, increased transparency and a healthier oil business

  2. Improving oil biodegradability of aliphatic crude oil fraction by ...

    African Journals Online (AJOL)

    The percentage of biodegrading ability of B. subtilis and the mixture of these bacteria to n-alkanes and isoprenoids (pristine, phytane) were measured and compared with control. Crude oil is used as a sole source of energy and the incubation period was 24 days, the hydrocarbons loss are detected each 6 day interval using ...

  3. Transient leak detection in crude oil pipelines

    Energy Technology Data Exchange (ETDEWEB)

    Beushausen, R.; Tornow, S.; Borchers, H. [Nord-West Oelleitung, Wilhelmshaven (Germany); Murphy, K.; Zhang, J. [Atmos International Ltd., Manchester (United Kingdom)

    2004-07-01

    Nord-West Oelleitung (NWO) operates 2 crude oil pipelines from Wilhemshaven to Koln and Hamburg respectively. German regulations for transporting flammable substances stipulate that 2 independent continuously working procedures be used to detect leaks. Leak detection pigs are used routinely to complement the surveillance system. This paper described the specific issues of transient leak detection in crude oil pipelines. It was noted that traditional methods have failed to detect leaks that occur immediately after pumps are turned on or off because the pressure wave generated by the transient dominates the pressure wave that results from the leak. Frequent operational changes in a pipeline are often accompanied by an increased number of false alarms and failure to detect leaks due to unsteady operations. NWO therefore decided to have the Atmos statistical pipeline leak detection (SPLD) system installed on their pipelines. The key to the SPLD system is the sequential probability ratio test. Comprehensive data validation is performed following reception of pipeline data from the supervisory control and data acquisition (SCADA) system. The validated data is then used to calculate the corrected flow imbalance, which is fed into the SPRT to determine if there is an increase in the flow imbalance. Pattern recognition is then used to distinguish a leak from operational changes. The SPLD is unique because it uses 3 computational pipeline monitoring methods simultaneously, namely modified volume balance, statistical analysis, and pressure and flow monitoring. The successful installation and testing of the SPLD in 2 crude oil pipelines was described along with the main difficulties associated with transient leaks. Field results were presented for both steady-state and transient conditions. 5 refs., 2 tabs., 16 figs.

  4. The Necessity of a Graded Tariff System between Crude Oil and Oil Products

    Energy Technology Data Exchange (ETDEWEB)

    Kang, B.R. [SK Corporation, Seoul (Korea)

    2002-06-01

    Even though the graded tariff system between crude oil and oil products has been continuously insisted by oil refining companies since the export and import liberalization of 1997, and its necessity has been admitted by the government, press, and academia, the expanded implementation of the graded tariff system has not been yet realized. Some people says that the graded tariff system between crude oil and oil products is a kind of desperate plans, which oil refining companies suggests to stop the importing companies' rapid growth, so it will eventually restrict the competition of the domestic oil market due to the withering of importing companies. However, the graded tariff system between crude oil and oil products should have been enforced in 1997 as a complementary measure of the import liberalization like other industries or the advanced countries' cases. It is the basic tariff principle that the low tariff is levied on raw materials and the high tariff on final products in order to protect domestic industry. The remaining things are just to form the sympathy and to agree socially for the reorganization of tariff structure in the reasonable way. It is not desirable to make a fool mistake such as a proverb; t is too late to shut the stable door after the horse has bolted. owing to the unreasonable tariff system.

  5. Vulnerability maps for Druzba crude oil pipeline

    International Nuclear Information System (INIS)

    Hladik, P.; Hosnedl, P.; Buresova, H.; Corbet, J.

    2012-01-01

    Maps of risk for individual environmental aspects within the protection zone of the Czech part of the Druzba crude oil pipeline (505.7 km) were developed based on a modified 'H and V index' method. Risk data were added into a GIS of the Druzba pipeline so that the system could be used as conceptual material in the field of environmental protection (a base for the new SCADA system). Considered environmental aspects were assessed in terms of their vulnerability. The criteria were defined as the vulnerability of the aquatic environment (surface waters and ground waters), the vulnerability of soil environment and the vulnerability of biotic components of the environment. (authors)

  6. Comparative study of biodegradation of crude oil in soil amended ...

    African Journals Online (AJOL)

    Analysis of soil samples treated with 10% (v/w) Escravos light crude oil and amended with chicken droppings and NPK fertilizer revealed that the aerobic heterotrophic bacterial counts were depressed while the proliferation of crude oil degrading bacteria (CDB) in the soil was encouraged. The counts of CDB in oil free ...

  7. Changes in the world market in oil and oil refinements

    International Nuclear Information System (INIS)

    Ristik, Julija

    1996-01-01

    Since 1980's the world market for crude oil and oil products has faced significant changes that are going to have a grate influence on the supply and consumption of crude oil derivatives in Macedonia. The knowledge of these changes would have a grate contribution in planning the future development of this part of the energetic system of Macedonia. The purpose of this paper (which is a short version of the introductory report for the ZEMAK session with a theme 'Energetic policy and development of energetics in Macedonia') is to present the actual situation on the market for crude oil products, as well as to give the main factors that would have influence on this market in the future. (author). 4 refs., 3 ills

  8. The empirical role of the exchange rate on the crude-oil price formation

    International Nuclear Information System (INIS)

    Yousefi, A.; Wirjanto, T.S.; University of Waterloo, Ont.

    2004-01-01

    This paper adopts a novel empirical approach to the crude-oil price formation for the purpose of understanding the price reactions of OPEC member countries to changes in the exchange rate of the US dollar against other major currencies and prices of other members. The results are broadly consistent with the view of the absence of a unified OPEC determined price in the international crude market literature. In addition, the results also highlight a cross regional dimension of the crude oil market. (author)

  9. Formulation of best-fit hydrophile/lipophile balance-dielectric permittivity demulsifiers for treatment of crude oil emulsions

    Directory of Open Access Journals (Sweden)

    C.M. Ojinnaka

    2016-12-01

    Full Text Available The commerce of crude oil depends heavily on its water and salt contents usually referred to as Basic Sediments and Water (BS&W, which is co-produced with the crude oil in the form of emulsion. The lower the BS&W, the higher the market value of the crude. The presence of water in crude oil causes corrosion, lowers capacity utilization of production and processing plant parts and pipelines, reduces oil recovery and increases the oil content of the effluent water. The stabilizing factors of crude oil emulsions vary from one oil field to the other and with time in the same well as co-produced water increases, or after a well treatment and Enhanced Oil Recovery Operations (EOR. Periodical assessment and possible change of demulsifiers employed is therefore necessary at certain stages of crude oil productions, but this is not encouraged due to lack of general formulation procedures and the rigorous nature of bottle test method that is currently being used for assessment and selection. In this paper, the factors that affect the stability of crude oil emulsions are presented. Efforts of researchers in formulating demulsifiers based on these factors and their screening methods were reviewed. The context sets the stage for further exploration of possible relationship(s between the physical parameters of the crude oil and the demulsifiers, and exploiting same in the formulation of new demulsifiers capable of resolving crude oil emulsions using chemicals with improved surface activity and crude extracts of indigenous plants.

  10. Forecasting short-run crude oil price using high- and low-inventory variables

    International Nuclear Information System (INIS)

    Ye, Michael; Zyren, John; Shore, Joanne

    2006-01-01

    Since inventories have a lower bound or a minimum operating level, economic literature suggests a nonlinear relationship between inventory level and commodity prices. This was found to be the case in the short-run crude oil market. In order to explore this inventory-price relationship, two nonlinear inventory variables are defined and derived from the monthly normal level and relative level of OECD crude oil inventories from post 1991 Gulf War to October 2003: one for the low inventory state and another for the high inventory state of the crude oil market. Incorporation of low- and high-inventory variables in a single equation model to forecast short-run WTI crude oil prices enhances the model fit and forecast ability

  11. Unit root properties of crude oil spot and futures prices

    International Nuclear Information System (INIS)

    Maslyuk, Svetlana; Smyth, Russell

    2008-01-01

    In this article, we examine whether WTI and Brent crude oil spot and futures prices (at 1, 3 and 6 months to maturity) contain a unit root with one and two structural breaks, employing weekly data over the period 1991-2004. To realise this objective we employ Lagrange multiplier (LM) unit root tests with one and two endogenous structural breaks proposed by Lee and Strazicich [2003. Minimum Lagrange multiplier unit root test with two structural breaks. Review of Economics and Statistics, 85, 1082-1089; 2004. Minimum LM unit root test with one structural break. Working Paper no. 04-17, Department of Economics, Appalachian State University]. We find that each of the oil price series can be characterised as a random walk process and that the endogenous structural breaks are significant and meaningful in terms of events that have impacted on world oil markets

  12. Systemic toxicity of dermally applied crude oils in rats

    Energy Technology Data Exchange (ETDEWEB)

    Feuston, M.H.; Mackerer, C.R.; Schreiner, C.A.; Hamilton, C.E. [Stonybrook Labs., Inc., Princeton, NJ (United States)

    1997-12-31

    Two crude oils, differing in viscosity (V) and nitrogen (N) and sulfur (S) content, were evaluated for systemic toxicity, In the Crude I (low V, low N, low S) study, the material was applied to the clipped backs of rats at dose levels of 0, 30, 125, and 500 mg/kg. In the Crude II (high V, high N, moderate S) study, the oil was applied similarly at the same dose levels. The crude oils were applied for 13 wk, 5 d/wk. Exposure sites were not occluded. Mean body weight gain (wk 1-14) was significantly reduced in male rats exposed to Crude II; body weight gain of all other animals was not adversely affected by treatment. An increase in absolute (A) and relative (R) liver weights and a decrease in A and R thymus weights were observed in male and female rats exposed to Crude II at 500 mg/kg; only liver weights (A and R) were adversely affected in male and female rats exposed to Crude I. In general, there was no consistent pattern of toxicity for serum chemistry endpoints; however, more parameters were adversely affected in Crude II-exposed female rats than in the other exposed groups. A consistent pattern of toxicity for hematology endpoints was observed among male rats exposed to Crude I and male and female rats exposed to Crude II. Parameters affected included: Crudes I and II, red blood cell count, hemoglobin, and hematocrit, Crude II, platelet count. Microscopic evaluation of tissues revealed the following treatment-related findings: Crude I, treated skin, thymus, and thyroid; Crude II, bone marrow, treated skin, thymus, and thyroid. The LOEL (lowest observable effect level) for skin irritation and systemic toxicity (based on marginal effects on the thyroid) for both crude oils was 30 mg/kg; effects were more numerous and more pronounced in animals exposed to Crude II. Systemic effects are probably related to concentrations of polycyclic aromatic compounds (PAC) found in crude oil.

  13. What about oil reserve depletion and crude oil price evolution?

    International Nuclear Information System (INIS)

    2007-01-01

    The objective of this report is to give a synthesis of different points of view with respect to the 'Peak Oil' perspective and to the crude oil price evolution. In the first part, the authors examine the evolutions and assessments of oil reserves and productions, by discussing the different types of reserve, the optimistic and pessimistic points of views. Then, in the second part, they analyse the long term price formation, the various production technical costs (conventional oils, heavy oils and asphaltic sands, coal- and gas-based synthetic hydrocarbons, bio-fuels), the external costs (notably in relationship with greenhouse emissions), the relationship between geopolitical issues and short and middle term price formation. In the third and last part, they discuss the possible evolutions and scenarios in terms of demand, production, and prices

  14. Impact of Expanded North Slope of Alaska Crude Oil Production on Crude Oil Flows in the Contiguous United States

    Energy Technology Data Exchange (ETDEWEB)

    DeRosa, Sean E. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Flanagan, Tatiana Paz [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States)

    2017-05-01

    The National Transportation Fuels Model was used to simulate a hypothetical increase in North Slope of Alaska crude oil production. The results show that the magnitude of production utilized depends in part on the ability of crude oil and refined products infrastructure in the contiguous United States to absorb and adjust to the additional supply. Decisions about expanding North Slope production can use the National Transportation Fuels Model take into account the effects on crude oil flows in the contiguous United States.

  15. Short and long term supply curves for crude oil and the consequences for the market; Kurz- und langfristige Angebotskurven fuer Rohoel und die Konsequenzen fuer den Markt

    Energy Technology Data Exchange (ETDEWEB)

    Schlothmann, Daniel

    2016-03-08

    In this work, supply curves for 22 major oil producing countries were identified and then aggregated into global supply curves. According to the identified supply curves, almost all oil-producing oil projects currently under development in the study countries are also profitable at the current oil price of $ 35 to $ 40 per barrel, taking short-term marginal costs into account. However, if the price of oil remains at this level in the coming years, a supply bottleneck on the global oil market will occur until 2024, as the development of cost-intensive, unconventional deposits and of deposits in deep and very deep waters is necessary to meet future demand. In order to avoid such a supply bottleneck by 2024, an oil price of at least US $ 80 per barrel is required, according to the long-term market equilibrium determined. [German] In dieser Arbeit wurden Angebotskurven fuer 22 bedeutende Oelfoerderlaender ermittelt und anschliessend zu globalen Angebotskurven aggregiert. Gemaess den ermittelten Angebotskurven sind nahezu alle gegenwaertig in der Foerderphase befindlichen Oelprojekte in den Untersuchungslaendern auch beim aktuellen Oelpreis von 35 bis 40 US-$ je Barrel unter Beruecksichtigung der kurzfristigen Grenzkosten rentabel. Sollte der Oelpreis jedoch in den kommenden Jahren auf diesem Niveau verharren, wird es bis zum Jahr 2024 zu einem Angebotsengpass auf dem globalen Oelmarkt kommen, da zur Deckung der zukuenftigen Nachfrage die Erschliessung kostenintensiver, unkonventioneller Lagerstaetten und von Lagerstaetten in tiefen und sehr tiefen Gewaessern notwendig ist. Damit es bis zum Jahr 2024 nicht zu einem solchen Angebotsengpass kommt, ist gemaess des ermittelten langfristigen Marktgleichgewichts ein Oelpreis von mindestens 80 (2014er) US-$ je Barrel notwendig.

  16. Exporting Alaskan North Slope crude oil: Benefits and costs

    Energy Technology Data Exchange (ETDEWEB)

    1994-06-01

    The Department of Energy study examines the effects of lifting the current prohibitions against the export of Alaskan North Slope (ANS) crude. The study concludes that permitting exports would benefit the US economy. First, lifting the ban would expand the markets in which ANS oil can be sold, thereby increasing its value. ANS oil producers, the States of California and Alaska, and some of their local governments all would benefit from increased revenues. Permitting exports also would generate new economic activity and employment in California and Alaska. The study concludes that these economic benefits would be achieved without increasing gasoline prices (either in California or in the nation as a whole). Lifting the export ban could have important implications for US maritime interests. The Merchant Marine Act of 1970 (known as the Jones Act) requires all inter-coastal shipments to be carried on vessels that are US-owned, US-crewed, and US-built. By limiting the shipment of ANS crude to US ports only, the export ban creates jobs for the seafarers and the builders of Jones Act vessels. Because the Jones Act does not apply to exports, however, lifting the ban without also changing US maritime law would jeopardize the jobs associated with the current fleet of Jones Act tankers. Therefore the report analyzes selected economic impacts of several maritime policy alternatives, including: Maintaining current law, which allows foreign tankers to carry oil where export is allowed; requiring exports of ANS crude to be carried on Jones Act vessels; and requiring exports of ANS crude to be carried on vessels that are US-owned and US-crewed, but not necessarily US-built. Under each of these options, lifting the export ban would generate economic benefits.

  17. Exporting Alaskan North Slope crude oil: Benefits and costs

    International Nuclear Information System (INIS)

    1994-06-01

    The Department of Energy study examines the effects of lifting the current prohibitions against the export of Alaskan North Slope (ANS) crude. The study concludes that permitting exports would benefit the US economy. First, lifting the ban would expand the markets in which ANS oil can be sold, thereby increasing its value. ANS oil producers, the States of California and Alaska, and some of their local governments all would benefit from increased revenues. Permitting exports also would generate new economic activity and employment in California and Alaska. The study concludes that these economic benefits would be achieved without increasing gasoline prices (either in California or in the nation as a whole). Lifting the export ban could have important implications for US maritime interests. The Merchant Marine Act of 1970 (known as the Jones Act) requires all inter-coastal shipments to be carried on vessels that are US-owned, US-crewed, and US-built. By limiting the shipment of ANS crude to US ports only, the export ban creates jobs for the seafarers and the builders of Jones Act vessels. Because the Jones Act does not apply to exports, however, lifting the ban without also changing US maritime law would jeopardize the jobs associated with the current fleet of Jones Act tankers. Therefore the report analyzes selected economic impacts of several maritime policy alternatives, including: Maintaining current law, which allows foreign tankers to carry oil where export is allowed; requiring exports of ANS crude to be carried on Jones Act vessels; and requiring exports of ANS crude to be carried on vessels that are US-owned and US-crewed, but not necessarily US-built. Under each of these options, lifting the export ban would generate economic benefits

  18. Markets panic, crude goes above $80, more trouble in Nigeria

    Energy Technology Data Exchange (ETDEWEB)

    Anon

    2006-08-15

    The capture of two Israeli soldiers by Iranian-backed Hizbollah guerrillas operating out of Lebanon flared-up into a full-scale military confrontation, with Israeli attacks on Lebanon's energy infrastructure (see 'Looking Ahead'). Oil traders, fearing a wider Middle Eastern conflagration, bid-up the price of crude oil to new record levels. Prompt WTI futures hit $78.40/bbl on 14th July and three days later, prompt IPE Brent went to a record $78.18/bbl. The outer months rose even higher, with March, April and May WTI all above $80/bbl. Iran tried to dampen the markets by saying it would not use the oil weapon in support of its Hizbollah allies, and prices eventually eased. The seaborne trade in oil in the Eastern Mediterranean was disrupted by the closure of ports in Israel and Lebanon and a rise in insurance premiums for voyages to ports nearby. Outside the Levant, markets remained well-supplied with oil. (author)

  19. Markets panic, crude goes above $80, more trouble in Nigeria

    International Nuclear Information System (INIS)

    Anon

    2006-01-01

    The capture of two Israeli soldiers by Iranian-backed Hizbollah guerrillas operating out of Lebanon flared-up into a full-scale military confrontation, with Israeli attacks on Lebanon's energy infrastructure (see 'Looking Ahead'). Oil traders, fearing a wider Middle Eastern conflagration, bid-up the price of crude oil to new record levels. Prompt WTI futures hit $78.40/bbl on 14th July and three days later, prompt IPE Brent went to a record $78.18/bbl. The outer months rose even higher, with March, April and May WTI all above $80/bbl. Iran tried to dampen the markets by saying it would not use the oil weapon in support of its Hizbollah allies, and prices eventually eased. The seaborne trade in oil in the Eastern Mediterranean was disrupted by the closure of ports in Israel and Lebanon and a rise in insurance premiums for voyages to ports nearby. Outside the Levant, markets remained well-supplied with oil. (author)

  20. A catalogue of crude oil and oil product properties, 1990

    International Nuclear Information System (INIS)

    Bobra, M.A.; Callaghan, S.

    1990-09-01

    This catalogue is a compilation of available data on crude oils and petroleum products. The emphasis of the catalogue is upon oils which could potentially impact Canada's environment. Other oils which are unlikely to be of direct Canadian concern are also included because they have been well characterized and used in relevant studies. The properties listed for each oil are those which will provide an indication of a spilled oil's environmental behaviour and effects. The properties on which data is provided include API gravity, density, viscosity, interfacial tension, pour point, flash point, vapor pressure, volatility and component distribution, emulsion formation tendency and stability, weathering, dispersability, major hydrocarbon groups, aqueous solubility, toxicity, sulfur content, fire point, and wax content. Most of the chemical-physical properties listed in this catalogue were measured using standard tests. For certain properties, data are given at different temperatures and for different degrees of oil weathering. An oil's degree of weathering is expresed as the volume or weight percent evaporated from the fresh oil. Weathered oils used for testing were artificially weathered by gas stripping following the method of Mackay and Stiver. 109 refs

  1. A catalogue of crude oil and oil product properties, 1992

    International Nuclear Information System (INIS)

    Whiticar, S.; Bobra, M.; Liuzzo, P.; Callaghan, S.; Fingas, M.; Jokuty, P.; Ackerman, F.; Cao, J.

    1993-02-01

    This catalogue is a compilation of available data on crude oils and petroleum products. The emphasis of the catalogue is upon oils which could potentially impact Canada's environment. Other oils which are unlikely to be of direct Canadian concern are also included because they have been well characterized and used in relevant studies. The properties listed for each oil are those which will provide an indication of a spilled oil's environmental behaviour and effects. The properties on which data is provided include API gravity, density, viscosity, interfacial tension, pour point, flash point, vapor pressure, volatility and component distribution, emulsion formation tendency and stability, weathering, dispersability, major hydrocarbon groups, aqueous solubility, toxicity, sulfur content, fire point, and wax content. Most of the chemical-physical properties listed in this catalogue were measured using standard tests. For certain properties, data are given at different temperatures and for different degrees of oil weathering. An oil's degree of weathering is expresed as the volume or weight percent evaporated from the fresh oil. Weathered oils used for testing were artificially weathered by gas stripping following the method of Mackay and Stiver. 140 refs

  2. Process for removing heavy metal compounds from heavy crude oil

    Science.gov (United States)

    Cha, Chang Y.; Boysen, John E.; Branthaver, Jan F.

    1991-01-01

    A process is provided for removing heavy metal compounds from heavy crude oil by mixing the heavy crude oil with tar sand; preheating the mixture to a temperature of about 650.degree. F.; heating said mixture to up to 800.degree. F.; and separating tar sand from the light oils formed during said heating. The heavy metals removed from the heavy oils can be recovered from the spent sand for other uses.

  3. Effect of temperature on biodegradation of crude oil

    International Nuclear Information System (INIS)

    Zekri, A.; Chaalal, O.

    2005-01-01

    An active strain of anaerobic thermophilic bacteria was isolated from the environment of the United Arab Emirates. This project studied the effect of temperature, salinity and oil concentration on biodegradation of crude oil. Oil weight loss, microbial growth and the changes of the crude oil asphaltene concentration are used to evaluate the oil degradation by this strain. A series of batch experiments was performed to study the effects of bacteria on the degradation of crude oil. The effects of oil concentration, bacteria concentration, temperature and salinity on the biodegradation were investigated. The temperatures of the studied systems were varied between 35 and 75 o C and the salt concentrations were varied between 0 and 10%. Oil concentrations were ranged from 5 to 50% by volume. Experimental work showed the bacteria employed in this project were capable of surviving the harsh environment and degrading the crude oil at various conditions. Increasing the temperature increases the rate of oil degradation by bacteria. Increasing the oil concentration in general decreases the rate of bacteria oil degradation. Salinity plays a major role on the acceleration of biodegradation process of crude oil. An optimum salinity should be determined for every studied system. The finding of this project could be used in either the treatment of oil spill or in-situ stimulation of heavy oil wells. (author)

  4. Oil market outlook

    International Nuclear Information System (INIS)

    Starling, Philip

    1997-01-01

    The role of the International Energy Agency's (IEA) ''OiMarket Report'' is described in terms of its response to and support for oil companies seeking to monitor short-term global oil market developments. The document is increasingly used for reference both by industry and governments. Data is compiled from oil companies, consultants, and government, and OECD countries provide supply/demand oil balance data by product grade on a monthly basic. (UK)

  5. Dynamic international oil markets

    International Nuclear Information System (INIS)

    van der Linde, C.

    1992-01-01

    Dynamic International Oil Market Developments and Structure 1860-1990 discusses the logic of changing market structures of the international oil industry. The market structures have, in the course of time, oscillated between competition and oligopoly, as the oil market expanded, matured, stagnated, and expanded again. This book provides a dynamic interpretation of the intensifying struggle among producer, and consumer governments, and oil companies, over the distribution of economic rents and profits. In particular, it shows the shifting fortunes of the governments and companies as they try to control the recurring capacity constraints between the upstream and downstream sectors, generated by the instability of the oil market. The first part of the book examines market conditions and developments between 1860 and 1990; the second part analyzes market structures after 1945

  6. Crude oil degradation by Bacillus and Micrococcus species isolated ...

    African Journals Online (AJOL)

    Microorganisms capable of degrading crude oil were isolated from soil compost in Kano, northwestern Nigeria. The work was carried out with the aim of determining crude-oil biodegradation potentials of Bacillus and Micrococcus species isolated from the soil compost as well as the assessment of the applicability of ...

  7. Remediation trials of crude oil contaminated soil using different ...

    African Journals Online (AJOL)

    A 3 month remediation trial of the use of detergent and sawdust in different combination forms in the restoration of a crude oil contaminated tropical soil was investigated. 8 remediation treatments labeled A – H in addition to the control (I) were used in 10 kg soil artificially polluted with 300 ml crude oil each. Remediation ...

  8. Toxicity of crude oil products and detergent on serum alkaline ...

    African Journals Online (AJOL)

    The comparative effect of exposing Clarias gariepinus juveniles (100.20 + 0.8g) to diferent concentrations of crude oil products and detergent were studied. Bonny Light Crude oil (BLCO), Premium motor spirit (PMS), Dual purpose kerosene (DPK) and Ariel Enzymax Detergent (AED) were respectively applied at three ...

  9. Manihot esculenta crantz in crude oil contaminated soil amended ...

    African Journals Online (AJOL)

    Studies on the performance of Manihot esculenta, Crantz (TMS 30572) in a crude oil polluted soil was investigated in the Botanic Garden of University of Port Harcourt. The soil samples were polluted at four different levels (0%, 2%, 4% and 6%) with crude oil and amended with organic supplement (decomposed Centrosem ...

  10. The impacts of the export ban on Alaskan crude oil trade

    International Nuclear Information System (INIS)

    Farah, P.G.; Bausell, C.W.; Vogelsang, A.

    1990-01-01

    The authors investigated the petroleum markets impacts of lifting the ban on Alaska North Slope (ANS) crude oil exports. This paper reports on some aspects of this investigation. The economic analysis relied heavily on the modeling of the ANS crude trade conducted on behalf of GAO by the Energy Information Administration (EIA) using the Transportation and Refining of International Petroleum model (TRIP). In contrast to previous studies, this one suggests that transportation costs may not be the only major factor in the realignment of ANS crude trade in response to lifting the ban. The differences in the yields of ANS crude and various crudes used by refiners in Pacific Rim countries on the one hand, and the product demand slates of the US West Coast and the potential buyers of ANS crude in Pacific Rim may also figure prominently in determining the reallocation of ANS crude if exports are permitted

  11. Three essays in corporate finance: Examining the influence of government ownership and evaluating crude oil arbitrage

    Science.gov (United States)

    Holland, Kateryna

    The aim of this dissertation is twofold: first, to evaluate how governments influence firms in which they invest (chapters one and two), and second, to examine arbitrage in the crude oil market by investigating the relationship between crude oil inventories, physical prices, and financial prices (chapter three). In the first chapter (The Wealth Effects of Government Investment in Publicly Traded Firms), I study how government share ownership affects shareholder wealth. I find that government investments with higher likelihood of political interference have a negative influence on shareholder wealth, while the opposite is true for government investments with economic objectives. In the second chapter (Government Ownership and the Cost of Debt: Evidence form Government Investment in Publicly Traded Firms), I investigate how government share ownership affects the cost of debt of publicly traded firms. I find that government ownership generally leads to a higher cost of debt, except for times of economic and firm distress, when the value of the implicit government guarantee is associated with a reduction in the cost of debt. In the third chapter (Financial Trading, Spot Oil Prices, and Inventory: Evidence from the U.S. Crude Oil Market), I confirm the existence of an active cash and carry market in crude oil in Cushing, OK, the main U.S. crude oil futures settlement location. In other words, crude oil inventories in Cushing, but not in any other U.S. crude oil storage locations, are explained by the spread between the financial and the physical price of oil in addition to operational factors.

  12. Agricultural Commodities and Crude Oil Prices: An Empirical Investigation of Their Relationship

    Directory of Open Access Journals (Sweden)

    Eleni Zafeiriou

    2018-04-01

    Full Text Available Within the last few decades, the extended use of biodiesel and bioethanol has established interlinkages between energy markets and agricultural commodity markets. The present work examines the bivariate relationships of crude oil–corn and crude oil–soybean futures prices with the assistance of the ARDL cointegration approach. Our findings confirm that crude oil prices affect the prices of agricultural products used in the production of biodiesel, as well as of ethanol, validating the interaction of energy and agricultural commodity markets. The practical value of the present work is that the findings provide policy makers with insight into the interlinkages between agricultural and energy markets to promote biodiesel or bioethanol by affecting crude oil prices. The novelty of the present work stands on the use of futures prices that incorporate all available information and thus are more appropriate to identify supply and demand shocks and price spillovers than real prices. Finally, the period of study includes extremely low, as well as extremely high, crude oil prices and the results illustrate that biofuels cannot be substituted for crude oil and protect economies from energy volatility.

  13. Procedures in field systems for collecting and demulsifying crude oils

    Energy Technology Data Exchange (ETDEWEB)

    Vakhitov, G G; Graifer, V I; Tronov, V P; Zakirov, I G

    1969-01-01

    This microscopic study of crude oil emulsification and demulsification showed that the sooner an emulsion is chemically treated, the less its stability. This finding led to the practice of adding demulsifiers to the crude oil in pipelines. This method of demulsification is now used in Romashkino, Bablinsk, and Elkhovs fields. By this early addition of a chemical, the tendency of the pipeline to form stable, highly viscous emulsions is reduced. This treatment also facilitates separation of water from oil in storage tanks. Repeated tests have shown that pipeline demulsification is a highly effective and economic process. This method reduces crude oil dewatering costs by several hundred percent.

  14. Tweens demulsification effects on heavy crude oil/water emulsion

    Directory of Open Access Journals (Sweden)

    Nastaran Hayati Roodbari

    2016-09-01

    Full Text Available The demulsification role of Tweens (nonionic polymers was determined in the separation of water from heavy crude oil emulsion. According to the previous researches, these nonionic polymers, having hydrophilic and lipophilic groups, are appropriate for making oil in water emulsion. In this research their effects in certain concentrations on demulsifying of water in crude oil emulsion were proved. High molecular weight, alkenes’ chains and groups of ketone and ester in these polymers can improve their performance for the demulsification of water in crude oil emulsion. Their efficiencies are improved with electronegative groups such as oxygen. They leave no corrosion effect because they are neutral and do not leave counter ions.

  15. Crude oil prices: It's not like '86

    International Nuclear Information System (INIS)

    Simmons, M.R.

    1994-01-01

    In 1981, daily crude oil productive capacity exceeded demand by more than 25%, leading to a 4-yr price decline from near $40 per barrel levels, and a sharp drop in 1986 to near $12. But, in 1994, the fundamentals are reversed, worldwide demand is growing, conservation movements are not active, and certain geographic areas, like Asia, are set to tax the system as they modernize. Meanwhile, US and Former Soviet Union production is off, without prospects for near-term turnaround. And there is reason to believe OPEC leaders may not feel compelled to cut their output, when combined small cuts of the magnitude of 5% by the rest of the world's producers could accomplish the same objective of raising oil prices. As with any forecast, only time and hindsight will tell the real story, but 1994 could end up being one of the periodic turning points for what has always been a long-term cyclical industry. This paper summarizes the predictions and causes of predicted price changes

  16. Co-movements of Alaska North Slope and UK Brent crude oil prices

    International Nuclear Information System (INIS)

    Ewing, B.T.; Harter, C.L.

    2000-01-01

    In order to study the inter-relationships of international crude oil markets, empirical analyses are used to investigate univariate and multivariate relationships between Alaska North Slope and UK Brent oil prices. Using monthly data from the period 1974-1996, the results show that both price series follow a random walk and that these oil markets share a long-run common trend. The empirical results suggest that the two markets are 'unified'. That is, they are competitive, and there is price convergence in the markets. (author)

  17. Experimental study on yield behavior of Daqing crude oil

    Energy Technology Data Exchange (ETDEWEB)

    Hou, Lei [China University of Petroleum, College of Mechanical and Transportation Engineering, Beijing (China)

    2012-07-15

    The yield behavior of Daqing crude oil was studied by means of multi-mode controlled-stress tests with a high-precision stress controlled rheometer. Two experiments of creep and constant stress loading rate were performed. The yield stress of gelled crude oil was dependent on the test conditions such as the stress loading time and the stress loading rate, but the yield strain did not change with test conditions. The yield strain did exist objectively and it can be used as the criterion for the yielding of the structure of gelled crude oil. The yield strain of gelled oil was studied through experiments of creep, constant stress loading rate, oscillatory shear stress increase, and constant shear rate. The yield strain of gelled crude oil decreased with the increasing gel strength. The experiment of constant speed increase of stress showed the strain softening phenomena for low gel strength oil. (orig.)

  18. Feasibility Process for Remediation of the Crude Oil Contaminated Soil

    Science.gov (United States)

    Keum, H.; Choi, H.; Heo, H.; Lee, S.; Kang, G.

    2015-12-01

    More than 600 oil wells were destroyed in Kuwait by Iraqi in 1991. During the war, over 300 oil lakes with depth of up to 2m at more than 500 different locations which has been over 49km2. Therefore, approximately 22 million m3was crude oil contaminated. As exposure of more than 20 years under atmospheric conditions of Kuwait, the crude oil has volatile hydrocarbons and covered heavy oily sludge under the crude oil lake. One of crude oil contaminated soil which located Burgan Oilfield area was collected by Kuwait Oil Company and got by H-plus Company. This contaminated soil has about 42% crude oil and could not biodegraded itself due to the extremely high toxicity. This contaminated soil was separated by 2mm sieve for removal oil sludge ball. Total petroleum hydrocarbons (TPH) was analysis by GC FID and initial TPH concentration was average 48,783 mg/kg. Ten grams of the contaminated soil replaced in two micro reactors with 20mL of bio surfactant produce microorganism. Reactor 1 was added 0.1g powder hemoglobin and other reactor was not added hemoglobin at time 0 day. Those reactors shake 120 rpm on the shaker for 7 days and CO2 produced about 150mg/L per day. After 7 days under the slurry systems, the rest days operated by hemoglobin as primary carbon source for enhanced biodegradation. The crude oil contaminated soil was degraded from 48,783mg/kg to 20,234mg/kg by slurry process and final TPH concentration degraded 11,324mg/kg for 21days. Therefore, highly contaminated soil by crude oil will be combined bio slurry process and biodegradation process with hemoglobin as bio catalytic source. Keywords: crude-oil contaminated soil, bio slurry, biodegradation, hemoglobin ACKOWLEDGEMENTS This project was supported by the Korea Ministry of Environment (MOE) GAIA Program

  19. New heavy crude oil flow improver increases delivery : application scenarios

    Energy Technology Data Exchange (ETDEWEB)

    Pierce, J.; Johnston, R.; Lauzon, P. [ConocoPhillips Specialty Products Inc., Houston, TX (United States)

    2009-07-01

    Flow improvers or drag reducing agents have been used for over 25 years as a method to increase fluid flow in hydrocarbon pipelines. The technology is effective in refined projects, light and medium crude oils. This paper presented a new development in flow improver technology that allows treatment of heavy crude oil slates. It discussed case studies of flow improver treatment of heavy oils in various pipeline system as well as factors that affect commercial success. tabs., figs.

  20. Developing new markets for oil sands products

    International Nuclear Information System (INIS)

    Crandall, G.

    2004-01-01

    This paper presents a review by Purvin and Gertz of western Canadian crude oil supply. This energy consulting firm provides advise to the energy sector. It suggests that oil sands production will surpass declining conventional production. Oil sands supply includes bitumen, synthetic crude oil (SCO), and diluent. It is forecasted that oil sands will increase from 42 per cent of western supply in 2002 to 78 per cent in 2015. The potential of Alberta's oil sands was discussed along with a recent study of refined products and petrochemicals from bitumen. Upgrading, refining and petrochemical case studies were presented. The author examined if a Canadian oil sands upgrading project with high capital costs can be competitive with competing projects in the United States and internationally. In addition to supply and demand issues, the presentation examined infrastructure capability and market potential in the United States. The economic potential and risks of preferred business cases compared to upgrading to SCO were also evaluated. 15 figs

  1. MICROWAVE HEATING AND SEPARATION OF WATER-IN-OIL EMULSION FROM MEXICAN CRUDE OIL

    OpenAIRE

    VAZQUEZ V., ADRIAN; LOPEZ M., ARTURO; ANDRADE C., LUIS J.; VAZQUEZ A., ARIANA M.

    2014-01-01

    Microwave heating and gravity sedimentation are alternatives for demulsification and layer separation into oil and water layers, this process was demonstrated in the laboratory and provides an option for reducing and oil recovering from water-in-oil Mexican oil emulsions. The combinatorial process was implemented in a test lab using Mexican crude oil samples. The Laboratory samples were 100% and 50-50%, crude and crude-water respectively, were heated. The results were encouraging show that mi...

  2. How much crude oil can zooplankton ingest? Estimating the quantity of dispersed crude oil defecated by planktonic copepods

    International Nuclear Information System (INIS)

    Almeda, Rodrigo; Connelly, Tara L.; Buskey, Edward J.

    2016-01-01

    We investigated and quantified defecation rates of crude oil by 3 species of marine planktonic copepods (Temora turbinata, Acartia tonsa, and Parvocalanus crassirostris) and a natural copepod assemblage after exposure to mechanically or chemically dispersed crude oil. Between 88 and 100% of the analyzed fecal pellets from three species of copepods and a natural copepod assemblage exposed for 48 h to physically or chemically dispersed light crude oil contained crude oil droplets. Crude oil droplets inside fecal pellets were smaller (median diameter: 2.4–3.5 μm) than droplets in the physically and chemically dispersed oil emulsions (median diameter: 6.6 and 8.0 μm, respectively). This suggests that copepods can reject large crude oil droplets or that crude oil droplets are broken into smaller oil droplets before or during ingestion. Depending on the species and experimental treatments, crude oil defecation rates ranged from 5.3 to 245 ng-oil copepod"−"1 d"−"1, which represent a mean weight-specific defecation rate of 0.026 μg-oil μg-C_c_o_p_e_p_o_d"1 d"−"1. Considering a dispersed crude oil concentration commonly found in the water column after oil spills (1 μl L"−"1) and copepod abundances in high productive coastal areas, copepods may defecate ∼1.3–2.6 mg-oil m"−"3 d"−"1, which would represent ∼0.15%–0.30% of the total dispersed oil per day. Our results indicate that ingestion and subsequent defecation of crude oil by planktonic copepods has a small influence on the overall mass of oil spills in the short term, but may be quantitatively important in the flux of oil from surface water to sediments and in the transfer of low-solubility, toxic petroleum hydrocarbons into food webs after crude oil spills in the sea. - Highlights: • Copepods exposed to dispersed crude oil produced fecal pellets contained numerous small oil droplets (2.4 to 3.5 µm). • Copepods could reject large oil droplets or oil droplets are broken into

  3. Jump dynamics with structural breaks for crude oil prices

    International Nuclear Information System (INIS)

    Lee, Yen-Hsien; Hu, Hsu-Ning; Chiou, Jer-Shiou

    2010-01-01

    This study investigates the joint phenomena of permanent and transitory components in conditional variance and jump intensity along with verification of structural breaks for crude oil prices. We adopt a Component-ARJI model with structural break analysis, utilizing daily data on West Texas Intermediate crude oil spot and futures contracts. The analytical results verify the existence of permanent and transitory components in conditional variance, with the permanent component of conditional variance increasing with the occurrence of a sudden major event (such as the Iraqi Invasion of Kuwait, Operation Desert Storm and the war between the US and Iraq), and a relatively greater increase in the transitory component over the same period. Notably, jump intensity fluctuates with an increase in the transitory component of conditional variance in response to abnormal events. It is the transitory component which serves as the primary influential factor for jumps in returns; therefore, speculators are willing to take large risks, particularly with respect to anticipating future price movements, or gambling, in the hopes of rapidly making substantial gains; thus, speculators prefer the temporary volatility component and engage in trade activities. However, investors prefer the permanent volatility component, because they may well be better off relocating their assets into more stable portfolios to outperform the market portfolio over the long run. (author)

  4. Jump dynamics with structural breaks for crude oil prices

    Energy Technology Data Exchange (ETDEWEB)

    Lee, Yen-Hsien [Department of Finance, Chung Yuan Christian University (China); Hu, Hsu-Ning [Department of Money, Banking and Finance, TamKang University (China); Chiou, Jer-Shiou [Department of Finance and Banking, Shih Chien University, 70 Ta-Chih Street, Taipei 104 (China)

    2010-03-15

    This study investigates the joint phenomena of permanent and transitory components in conditional variance and jump intensity along with verification of structural breaks for crude oil prices. We adopt a Component-ARJI model with structural break analysis, utilizing daily data on West Texas Intermediate crude oil spot and futures contracts. The analytical results verify the existence of permanent and transitory components in conditional variance, with the permanent component of conditional variance increasing with the occurrence of a sudden major event (such as the Iraqi Invasion of Kuwait, Operation Desert Storm and the war between the US and Iraq), and a relatively greater increase in the transitory component over the same period. Notably, jump intensity fluctuates with an increase in the transitory component of conditional variance in response to abnormal events. It is the transitory component which serves as the primary influential factor for jumps in returns; therefore, speculators are willing to take large risks, particularly with respect to anticipating future price movements, or gambling, in the hopes of rapidly making substantial gains; thus, speculators prefer the temporary volatility component and engage in trade activities. However, investors prefer the permanent volatility component, because they may well be better off relocating their assets into more stable portfolios to outperform the market portfolio over the long run. (author)

  5. An Improved CO2-Crude Oil Minimum Miscibility Pressure Correlation

    Directory of Open Access Journals (Sweden)

    Hao Zhang

    2015-01-01

    Full Text Available Minimum miscibility pressure (MMP, which plays an important role in miscible flooding, is a key parameter in determining whether crude oil and gas are completely miscible. On the basis of 210 groups of CO2-crude oil system minimum miscibility pressure data, an improved CO2-crude oil system minimum miscibility pressure correlation was built by modified conjugate gradient method and global optimizing method. The new correlation is a uniform empirical correlation to calculate the MMP for both thin oil and heavy oil and is expressed as a function of reservoir temperature, C7+ molecular weight of crude oil, and mole fractions of volatile components (CH4 and N2 and intermediate components (CO2, H2S, and C2~C6 of crude oil. Compared to the eleven most popular and relatively high-accuracy CO2-oil system MMP correlations in the previous literature by other nine groups of CO2-oil MMP experimental data, which have not been used to develop the new correlation, it is found that the new empirical correlation provides the best reproduction of the nine groups of CO2-oil MMP experimental data with a percentage average absolute relative error (%AARE of 8% and a percentage maximum absolute relative error (%MARE of 21%, respectively.

  6. Oil Market and Prices Prospects for 2014

    Directory of Open Access Journals (Sweden)

    Mariana Papatulica

    2013-10-01

    Full Text Available The international crude oil prices started the year 2014 within parameters comparable to those of the precedent year: WTI (USA recorded 92 $/barrel, on the American spot market, considered a minimum value for the last 5 weeks, while Brent (Great Britain had a more stable evolution, on the spot Rotterdam market, staying around a value of 107,50 $/barrel. Despite analysts’ forecasts, which during the last 3 years staked on a lower oil price, as a consequence of the spectacular increase in non-OPEC oil production, namely of shale oil, the international oil price, namely that of Brent, closed each of the last 3 years around the same level, of 108 $/barrel. As for 2014, the great majority of oil analysts estimates again a decline of oil prices, as a result of a significant rise of oil offer globally, which will greatly surpass the demand rise.

  7. Pipeline capacity and heavy oil markets

    International Nuclear Information System (INIS)

    Scott, G.R.

    1993-01-01

    Aspects of transporting heavy crude to markets from Canadian sources are discussed, with reference to pipeline expansion, western Canadian crude supply, and exports to various Petroleum Administration for Defense Districts (PADDs) in the USA. Pipeline expansions have been proposed by Interprovincial Pipeline, Trans Mountain Pipeline, Rangeland, and Wascana, and some of these proposals are in the review stage. Western Canadian crude supply is expected to peak at 1.9 million bbl/d in 1996. An increase in heavy crude supply is expected but this increase will not be sufficient to offset a decline in light crude supply. Adequate pipeline capacity should exist with the Interprovincial expansion volume of 170,000 bbl/d and the Trans Mountain expansion of 38,000 bbl/d forecast to be in place by 1995. Canadian crude exports to the USA have steadily increased since 1989, and heavy crude exports have grown an average of 20,000 bbl/d each year. In PADD Region IV, oil production is declining and ca 20,000 bbl/d of heavy crude will be needed by the year 2000; additional pipeline capacity will be required. In PADD Region II, Canadian heavy crude imports are ca 390,000 bbl/d and further market opportunities exist, after the Interprovincial expansion is complete. When the various combinations of possible pipeline expansions or reversals are considered, a range of heavy crude near-term growth potentials is obtained in which Canadian heavy oil would displace offshore heavy oil supplied to USA refineries. This potential is seen to range from 35,000 bbl/d to 200,000 bbl/d. 7 refs., 20 figs., 3 tabs

  8. Characterization of Petroleum Hydrocarbons in Post-Burn Crude Oil ...

    African Journals Online (AJOL)

    In the Niger delta, crude oil spilled soils are burned as a means of decontaminating the impacted soils. Gas chromatography - flame ionization detector (GCFID) analyses were performed on oil residues extracted from burnt spilled oil soil samples to facilitate detailed chemical composition and characterization of petroleum ...

  9. Effect of asphaltenes on crude oil wax crystallization

    DEFF Research Database (Denmark)

    Kriz, Pavel; Andersen, Simon Ivar

    2005-01-01

    The paper summarizes the experimental work done on asphaltene influenced wax crystallization. Three different asphaltenes (from stable oil, instable oil, and deposit) were mixed at several concentrations or dispersions into the waxy crude oil. These blends were evaluated by viscometry and yield s...

  10. Geopolitics of oil markets

    International Nuclear Information System (INIS)

    Liscom, W.L.

    1991-01-01

    Geopolitics can inject a great deal of uncertainty and cause fundamental shifts in the overall direction of oil markets, which would otherwise act in a fairly predictable and stable manner. The Iraqi invasion of Kuwait and the response of the USA were definitely linked with oil, and the aftermath of the invasion left four geopolitical issues affecting world oil markets. The provision authorizing $1.6 billion in Iraqi oil exports under the United Nations sanctions was imposed with little concern about the potential impact of these exports on the oil market; Iraq could export as much as 1 million bbl/d and it is unlikely that exports would be stopped once the $1.6 billion limit is reached. By making up most of the supply shortfall during the Kuwait crisis, Saudi Arabia suddenly became the producer of over a third of OPEC oil supplies and now dominates OPEC. The Saudis have indicated it will swing production according to world demand, irrespective of what OPEC wants, so that world oil demand will return strongly and remain. Middle East politics in general will determine the stability of oil supplies in the region for many of the countries. A producer-consumer dialogue at the high governmental level has started, with a view to some type of multilateral understanding in the light of mutual interests in secure oil supplies. This is not likely to have a big impact on oil markets without participation and support from the USA. The recent changes in the Soviet Union have potential impacts in regard to the attraction of that market for Western investment, in particular to assist exports. The worldwide environmental movement will also play a geopolitical role in the world oil market due to its influence on oil taxation policies

  11. Russian crude-oil production and export still increasing

    International Nuclear Information System (INIS)

    Purho, P.

    2001-01-01

    Russian crude-oil production is still increasing. In 2000 the annual production 6.48 mb/d was about 6% higher than a year before. In 2001 the production is expected to rise near the level 7 mb/d, so the increase in production volume is fast. However, the production is still far away from the maximum level of the former Soviet Union, 12 mb/d. At the moment Russia is the second largest oil producer right after Saudi Arabia. The increase in production is based on intensified use of old oil fields caused by improved technology. The oil export of Russia far abroad in 2000 was 2.5 mb/d and near abroad into FSU countries only about 180 000 b/d. The recent export of crude-oil has been near the maximum export capacity corresponding to 2.7 mb/d. About 61 million tons of oil products were exported in 2000, and even the export of oil products is increasing. Most of this was gas oil and heavy fuel oil, but also the export of gasoline was significant. The export of oil and oil products is mainly based on shipments, but also the share of train transport is high. Nearly all the crude oil is transported west either by ships or via pipelines. The share of railway transport is only few percents. Russia will continue its own oil pumping policy despite of the appeals of OPEC for reduction of oil production. Opinion in Russia is that if the increase of production and export serves the interests of Russia, it will also be carried out. The target value for crude oil for 2002 is 22 USD per barrel. The Russian crude oil production is estimated to grow up to 7.4 - 8.4 mb/d by the year 2010

  12. Influence of the type of crude oil to platforming effects

    International Nuclear Information System (INIS)

    Kafedzhiski, Branko; Crvenkova, Suzana; Zikovski, Toni

    1999-01-01

    Platforming in one of the most subtleties processing in refinery industry and it is permanent source for research and finding out the higher optimum degree. Optimum of the last effects of platforming directly depends on many parameters. One of more important parameters is the type of crude. The purpose of this work is presenting positive and negative effect to the platforming parameters caused by different types of crude in OCTA-Crude Oil Refinery -Skopje, Macedonia. (Original)

  13. Influence of the crude oil type to platforming effects

    International Nuclear Information System (INIS)

    Kafedzhiski, Branko; Crvenkova, Suzana; Zikovski, Toni

    1999-01-01

    Platforming is one of the most subtleties processing in refinery industry and it is permanent source for research and finding out the higher optimum degree. Optimum of the last effects of platforming directly depends on many parameters. One of the more important parameters is the type of the crude. The purpose of this work is presenting positive and negative effect to the platforming parameters caused by different types of crude in OCTA Crude Oil Refinery - Skopje (Macedonia). (Author)

  14. Modeling of well drilling heating on crude oil using microwave

    Energy Technology Data Exchange (ETDEWEB)

    Muntini, Melania Suweni, E-mail: melania@physics.its.ac.id; Pramono, Yono Hadi; Yustiana [Physics Department, Institut Teknologi Sepuluh Nopember, Surabaya Kampus ITS, Sukolilo, Surabaya 60111 (Indonesia)

    2016-03-11

    As the world’s oil reserves are dwindling, some researchers have been prompted to make a breakthrough to further improve the efficiency of exploration and production. One of the technologies used is heating the crude oil. This paper presents the modeling results of heat treatment on crude oil using microwave energy. Modeling is conducted by assuming that the diameter of the well is 11,16 cm, the heat source is applied on the surface of the well, and the cut-off frequency in the air and on crude oil are 1,56 GHz. and 0.91 GHz, respectively. The energy generated by the microwave radiation is converted into heat energy which is absorbed by the crude oil. Consequently, this energy increases the temperature of crude oil through a heat transfer mechanism. The results obtained showed that the temperature of crude oil is about 200°C at a depth of 62.5cm, and at a distance of 3 cm from the center of the well. Temperature along the well follows an exponential function, which is from the center of the well in the direction radially outward from the cylinder axis. It has been observed that the temperature decreases as measured from the well surface along the cylinder.

  15. Maximising profitability through the use of simulation for new market crudes evaluation

    Energy Technology Data Exchange (ETDEWEB)

    Mendez, Maryro P. [KBC Advanced Technologies, Surrey (United Kingdom)

    2012-07-01

    There is nothing that contributes more to the cost of production for a refinery than the cost of crude oil and other feedstocks. The efficient and effective evaluation and selection of crude oil to a refinery will have a very significant impact on its profitability. The crude oil selected will impact the utilization and output from different process units, has the potential to impact maintenance and energy costs, and will impact product properties from the refinery. The tools and knowledge necessary for a good new crude evaluation program are addressed as part of this paper. The work process is outlined in detail. Finally, we address some of the risk management issues inherent in processing high margin crudes. Innovative simulation tools like Petro-SIM offer the platform to evaluate opportunities to capture the value that the sour/sweet crude differential and that the new crudes coming in to the market have to offer for a given refinery configuration. The paper provides comments on how KBC's methodology has helped refiners to check their ability to run new challenging crudes. (author)

  16. The relationship between SARA fractions and crude oil stability

    Directory of Open Access Journals (Sweden)

    Siavash Ashoori

    2017-03-01

    Full Text Available Asphaltene precipitation and deposition are drastic issues in the petroleum industry. Monitoring the asphaltene stability in crude oil is still a serious problem and has been subject of many studies. To investigate crude oil stability by saturate, aromatic, resin and asphaltene (SARA analysis seven types of crudes with different components were used. The applied methods for SARA quantification are IP-143 and ASTM D893-69 and the colloidal instability index (CII is computed from the SARA values as well. In comparison between CII results, the values of oil compositions demonstrated that the stability of asphaltenes in crude oils is a phenomenon that is related to all these components and it cannot be associated only with one of them, individually.

  17. Dynamic Relationship between Crude Oil Price, Exchange Rate and ...

    African Journals Online (AJOL)

    DrNneka

    Second, since Hamilton (1983) documented the impact of crude oil price volatility .... Hariri,2013) sourced from the U.S. Energy Information Administration (EIA). .... is explained by identifying the relative importance of a variable in generating.

  18. Evaluation of Crude Oil Biodegradation Efficiency and Peroxidase ...

    African Journals Online (AJOL)

    ADOWIE PERE

    Increase in biomass enhanced degradation efficiency above 80 % after 10 days for all concentration of crude oil studied. Peroxidase ... compounds by various bacteria and fungi (Gianfreda et al, 1999) ... into a clean plastic container. Microbial.

  19. Investigating Asphaltenes Composition in Crude Oil Samples using ...

    African Journals Online (AJOL)

    MBI

    2015-12-22

    Dec 22, 2015 ... composition of asphaltenes by Iatroscan TLC-FID method was compared with the weight% of asphaltenes precipitated. ... SARA in the crude oil samples were determined in this work ..... Fractionation and characterization of.

  20. Enhancement of Crude Oil Polluted Soil by Applying Single and ...

    African Journals Online (AJOL)

    ADOWIE PERE

    bioline.org.br/ja ... 5 kg of soil each was polluted with 200 ml of crude oil ... organic matter, phosphate, nitrate, total hydrocarbon content, potassium and microbial population were analyzed before ... arise mainly from the processing and distribution of.

  1. An isolated bacterial consortium for crude oil biodegradation

    African Journals Online (AJOL)

    GREGORY

    2011-12-16

    Dec 16, 2011 ... African Journal of Biotechnology Vol. 10(81), pp. ... The removal of crude oil by bioremediation was achieved in less time as compared to natural attenuation ... Environmental pollution, especially with hydrocarbons is a major ...

  2. European gas oil markets

    International Nuclear Information System (INIS)

    Long, D.

    1991-04-01

    The developments over the past five years of the bulk markets for gas oil in Europe are examined using advanced econometric techniques to study the related issues of pricing efficiency and hedge efficiency. The study attempts to preserve the fluctuations of the actual data as these provide insights into the process of price discovery. The markets studied include the spot, forward and futures markets and looks for evidence of differentiated markets. (UK)

  3. Bioremediation of crude oil spills in marine and terrestrial environments

    International Nuclear Information System (INIS)

    Prince, R.C.

    1995-01-01

    Bioremediation can be a safe and effective tool for dealing with crude oil spills, as demonstrated during the cleanup following the Exxon Valdez spill in Alaska. Crude oil has also been spilled on land, and bioremediation is a promising option for land spills too. Nevertheless, there are still areas where understanding of the phenomenon is rather incomplete. Research groups around the world are addressing these problems, and this symposium provides an excellent overview of some of this work

  4. Kurdistan crude oils as feedstock for production of aromatics

    Directory of Open Access Journals (Sweden)

    Abdulsalam R. Karim

    2017-05-01

    Full Text Available Crude oils from various locations in Iraqi Kurdistan were fully evaluated, so that enables refiners to improve their operation by selecting the best crude oil that yields high naphtha content to be used as a catalytic reforming feedstock after determination of total sulfur content and then de sulfurizing them, then cyclizing or reforming these sweet naphtha cuts to produce aromatic fractions which can be split into benzene, toluene, and xylenes.

  5. Pricing and crude oil self-sufficiency. [Canada

    Energy Technology Data Exchange (ETDEWEB)

    1979-11-01

    How Canada should go about achieving crude oil self-sufficiency and who should develop Canada's petroleum resources are discussed. The degree of urgency and the level of commitment required by government, industry, and consumers are evaluated. What the price should be of Canadian crude oil and who should establish this price are also discussed. The economic aspects of investment, return, and taxation are also included. (DC)

  6. Evaluating the US government's crude oil price projections

    International Nuclear Information System (INIS)

    Williams, M.D.

    1992-01-01

    The U.S. Department of Energy's (DOE) 1991 official long run crude oil price projections are evaluated by comparing parameter averages for the forecast period (1991-2010) to parameter averages from crude oil price history (1859-1990). The parameters used in the evaluation are average price, average annual price changes, and average cycle duration (in years). All prices used in the analysis are annual prices in constant 1990 dollars per barrel. 13 figs

  7. The oil market

    International Nuclear Information System (INIS)

    Durousset, M.

    1999-01-01

    This document presents todays economical and strategic realities of the oil market. According to the author, petroleum will remain a vital energy source essentially supplied by the Middle-East with strong increasing and decreasing demand changes. (J.S.)

  8. Separated influence of crude oil prices on regional natural gas import prices

    International Nuclear Information System (INIS)

    Ji, Qiang; Geng, Jiang-Bo; Fan, Ying

    2014-01-01

    This paper analyses the impact of global economic activity and international crude oil prices on natural gas import prices in three major natural gas markets using the panel cointegration model. It also investigates the shock impacts of the volatility and the increase and decrease of oil prices on regional natural gas import prices. The results show that both global economic activity and international crude oil prices have significant long-term positive effects on regional natural gas import prices. The volatility of international crude oil prices has a negative impact on regional natural gas import prices. The shock impact is weak in North America, lags in Europe and is most significant in Asia, which is mainly determined by different regional policies for price formation. In addition, the response of natural gas import prices to increases and decreases in international crude oil prices shows an asymmetrical mechanism, of which the decrease impact is relatively stronger. - Highlights: • Impacts of world economy and oil prices on regional natural gas prices are analysed • North American natural gas prices are mainly affected by world economy • Asian and European natural gas prices are mainly affected by oil prices • The volatility of oil prices has a negative impact on regional natural gas prices • The response of natural gas import prices to oil prices up and down shows asymmetry

  9. Microbial degradation of resins fractionated from Arabian light crude oil

    International Nuclear Information System (INIS)

    Venkateswaran, K.; Hoaki, T.; Kato, M.; Maruyama, T.

    1995-01-01

    Sediment samples from the Japanese coasts were screened for microorganisms able to degrade resin components of crude oil. A mixed population that could degrade 35% of 5000 ppm resin in 15 days was obtained. This population also metabolized 50% of saturates and aromatics present in crude oil (5000 ppm) in 7 days. A Pseudomonas sp., isolated from the mixed population, emulsified and degraded 30% of resins. It also degraded saturates and aromatics (30%) present in crude oil (5000 ppm). These results were obtained from Iatroscan analysis. Degradation of crude oil was also analyzed by gas chromatography (GC). The peaks corresponding to known aliphatic hydrocarbons in crude oil greatly decreased within the first two days of incubation in the cultures of the RY-mixed population and of Pseudomonas strain UN3. Aromatic compounds detected as a broad peak by GC were significantly degraded at day 7 by Pseudomonas strain UN3, and at day 15 by the RY-mixed population. Investigations are ongoing to determine the genetic basis for the ability of these organisms to grow on the resin fractions of crude oil as a sole source of carbon and energy. 28 refs., 4 figs., 1 tab

  10. Medium-Term Oil Market Report 2007

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2007-07-01

    How much oil will the world consume in 2012? What role will OPEC play in global oil production? Will biofuels become an important part of the oil market? How will the refinery sector cope? The International Energy Agency (IEA) Medium-Term Oil Market Report tackles these questions, adopting a perspective that goes beyond the traditional short-term market analysis provided in the IEA Oil Market Report. Drawing on current futures curves and the investment threshold for upstream projects, the Medium-Term Oil Market Report analyses how global demand and supply balances may develop. By assessing all firmly planned upstream and downstream projects worldwide, this report forecasts supply and demand potential for crude and petroleum products over the next five years. The results provide an invaluable insight into vital issues such as surplus production capacity and product supply. An essential report for all policymakers, market analysts, energy experts and anyone interested in understanding and following oil market trends, the Medium-Term Oil Market Report is a further element of the strong commitment of the IEA to improving and expanding the quality, timeliness and accuracy of energy data and analysis.

  11. Russian oil prices: courting the world market

    International Nuclear Information System (INIS)

    Khartukov, E.M.

    1995-01-01

    The export and oil pricing of Russian crude was discussed. Russian crude and oil product exports are not yet wholly competitive with world oil markets. It was suggested that to do so, would be neither desirable nor actually possible at present. The reason for this is related to Russia's export duties regime and Russia's trade with its neighbouring countries which include the former Soviet republics. In the first half of 1995, the average border price of crude destined for those countries was US$75.04/tonne as opposed to US$114.77/tonne for crude exported to 'far-abroad', hard-currency markets. A breakdown of Russia's export duties for liquid fuels and a typical breakdown of export and domestic prices for Russian oil was provided. Russian crude is considerably under-priced mainly because of the poor state of the national refining industry which is in need of radical modernization. It was suggested that instead of globalization, it would be more appropriate to redirect the priorities of Russian energy policy towards defining optimal use of Russia's available energy potential, and rationalizing its domestic price structure first, which is the root cause of the national price problem. 5 refs., 5 tabs., 2 figs

  12. Standard guide for determining corrosivity of crude oils

    CERN Document Server

    American Society for Testing and Materials. Philadelphia

    2010-01-01

    1.1 This guide presents some generally accepted laboratory methodologies that are used for determining the corrosivity of crude oil. 1.2 This guide does not cover detailed calculations and methods, but rather a range of approaches that have found application in evaluating the corrosivity of crude oil. 1.3 Only those methodologies that have found wide acceptance in crude oil corrosivity evaluation are considered in this guide. 1.4 This guide does not address the change in oil/water ratio caused by accumulation of water at low points in a pipeline system. 1.5 This guide is intended to assist in the selection of methodologies that can be used for determining the corrosivity of crude oil under conditions in which water is present in the liquid state (typically up to 100°C). These conditions normally occur during oil and gas production, storage, and transportation in the pipelines. 1.6 This guide does not cover the evaluation of corrosivity of crude oil at higher temperatures (typically above 300°C) that oc...

  13. Alaska North Slope crude oil price and the behavior of diesel prices in California

    International Nuclear Information System (INIS)

    Adrangi, B.; Chatrath, A.; Raffiee, K.; Ripple, R.

    2001-01-01

    In this paper we analyze the price dynamics of Alaska North Slope crude oil and L.A. diesel fuel prices. We employ VAR methodology and bivariate GARCH model to show that there is a strong evidence of a uni-directional causal relationship between the two prices. The L.A. diesel market is found to bear the majority of the burden of convergence when there is a price spread. This finding may be seen as being consistent with the general consensus that price discovery emanates from the larger, more liquid market where trading volume is concentrated. The contestability of the West Coast crude oil market tends to cause it to react relatively competitively, while the lack of contestability for the West Coast diesel market tends to limit its competitiveness, causing price adjustment to be slow but to follow the price signals of crude oil. Our findings also suggest that the derived demand theory of input pricing may not hold in this case. The Alaska North Slope crude oil price is the driving force in changes of L.A. diesel price

  14. Application of alkaline waterflooding to a high acidity crude oil

    Energy Technology Data Exchange (ETDEWEB)

    Sayyouh, M.H. (King Sand Univ., Riyadh (SA). Petroleum Engineering Dept.); Abdel-Waly, A.; Osman, A. (Cairo Univ. (EG). Petroleum Engineering Dept.); Awara, A.Z. (Geisum Oil Company, Cairo (EG))

    The enhanced recovery of a high acidity crude oil (South Geisum crude) by alkaline solutions is studied. Acidity, interfacial tension, and contact angle, were investigated. Displacement tests were carried out to study the effect of alkaline slug concentration, slug size, oil alkali type, temperature and viscosity on recovery. The interfacial tension between crude oil and formation water decreases with increasing alkaline concentration until a minimum, after which it increases again. Contact angle measurements indicated oil-wetting conditions that increase by the addition of alkaline solutions. At the early stages of displacement, oil recovery increases with increasing alkaline concentration until a maximum at 4% by weight NaOH concentration. Also, at such early stages, an excessive increase in alkaline concentration results in lower oil recovery. On the other hand, after the injection of many pore volumes of water, oil recovery is almost the same regardless of the alkaline concentration. Oil recovery increases with increasing alkaline slug size until a maximum at 15% PV. Sodium hydroxide slugs produce more oil recovery than sodium carbonate slugs. Oil recovery increases with increasing temperature (from 25 to 55{sup 0}C) and decreasing oil viscosity.

  15. Enhanced crude oil biodegradation in soil via biostimulation.

    Science.gov (United States)

    Al-Saleh, Esmaeil; Hassan, Ali

    2016-08-02

    Research on feasible methods for the enhancement of bioremediation in soil contaminated by crude oil is vital in oil-exporting countries such as Kuwait, where crude oil is a major pollutant and the environment is hostile to biodegradation. This study investigated the possibility of enhancing crude oil bioremediation by supplementing soil with cost-effective organic materials derived from two widespread locally grown trees, Conocarpus and Tamarix. Amendments in soils increased the counts of soil microbiota by up to 98% and enhanced their activity by up to 95.5%. The increase in the biodegradation of crude oil (75%) and high levels of alkB expression substantiated the efficiency of the proposed amendment technology for the bioremediation of hydrocarbon-contaminated sites. The identification of crude-oil-degrading bacteria revealed the dominance of the genus Microbacterium (39.6%), Sphingopyxis soli (19.3%), and Bordetella petrii (19.6%) in unamended, Conocarpus-amended, and Tamarix-amended contaminated soils, respectively. Although soil amendments favored the growth of Gram-negative bacteria and reduced bacterial diversity, the structures of bacterial communities were not significantly altered.

  16. Dispersed catalysts for transforming extra heavy crude oil into transportable upgraded crude: phase identification

    Energy Technology Data Exchange (ETDEWEB)

    Martinez, S.; Canizales, E.; Machin, I. [Gerencia Depttal de Investigacion Estrategica en Refinacion PDVSA Intevep (Venezuela); Segovia, X.; Rivas, A.; Lopez, E.; Pena, J.P.; Rojas, J.D.; Sardella, R. [Gerencia Depttal de Infraestructura y Mejoramiento en Faja Petrolifera PDVSA Intevep (Venezuela)

    2011-07-01

    A new technology to convert extra heavy crude oil into transportable upgraded crude has been developed. A water/oil emulsion composed of steam and catalyst precursors is introduced in the feed which then generates unsupported dispersed catalyst in situ under thermal decomposition. The aim of this paper is to characterize the particles. The study was conducted in a laboratory and on a pilot scale on three different vacuum residues using high resolution transmission electron microscopy and a transmission electron microscope. Results showed that the particles were formed by oxides and inorganic sulphur based in transition metals and their sizes ranged between 5 and 120 nm; in addition, good dispersion was observed. This study demonstrated that the process involved in the generation of dispersed catalyst is extremely complex and showed that further work with heavy crude oils and its residua is required to understand the mechanisms involved.

  17. Release of Crude Oil from Silica and Calcium Carbonate Surfaces

    DEFF Research Database (Denmark)

    Liu, Xiaoyan; Yan, Wei; Stenby, Erling Halfdan

    2016-01-01

    Adsorption and desorption of a North Sea crude oil to silica and calcium carbonate surfaces were studied by a quartz crystal microbalance, while the bare surfaces and adsorbed oil layers were characterized by atomic force microscopy and contact angle measurements. Water contact angles were measured...

  18. Test methods for determining asphaltene stability in crude oils

    Energy Technology Data Exchange (ETDEWEB)

    Asomaning, S. [Baker Petrolite, Sugar Land, TX (United States)

    2001-07-01

    The development of test methods for the determination of the stability of asphaltenes in crude oils was rendered necessary, due to the high cost of remediating asphaltene deposition in harsh production environments, namely the underwater systems in offshore deepwater. The Oliensis Spot Test, two saturates, aromatics, resins and asphaltenes (SARA)-based screens (the Colloidal Instability Index and Asphaltene-Resin ratio), a solvent titration method with near infrared radiation (NIR) solids detection, and live oil depressurization were used for the purposes of this study, to predict the stability of asphaltenes in crude oils with different API gravity. A complete description of the test methods was provided, and the experimental data obtained as a result was presented. Correlation with data on the deposition histories of the oils was used to validate the experimental stability data. The author discussed the effectiveness of the different tests for the prediction of the stability of asphaltenes in crude oils. The prediction of a crude oil's propensity towards asphaltene precipitation was more accurate with the Colloidal Instability Index and the solvent titration method. Live oil depressurization proved to be very effective for the prediction of the stability of asphaltenes for light oils, where most stability tests fail. tabs., 31 figs.

  19. New insights into oxidation behaviours of crude oils

    Energy Technology Data Exchange (ETDEWEB)

    Li, J.; Mehta, S.A.; Moore, R.G. [Calgary Univ., AB (Canada)

    2006-07-01

    Innovative technologies will be needed to develop many of the world's oil reservoirs in an economically sustainable manner. In recent years, air injection for light oil reservoirs has gained recognition as an Improved Oil Recovery (IOR) process. In this process, the oxygen from the injected air reacts with a small fraction of the reservoir oil at high temperature to produce a mixture of carbon dioxide and nitrogen. The produced gas generated by the reaction mobilizes the oil downstream, thereby sweeping oil towards the production wells. High pressure air injection used in light oil reservoirs differs from the process used in heavy oil reservoirs, despite the fact that various oxidation reaction schemes exist. The key challenge facing the air injection process is the complexity of the oxidation reaction for crude oil and the lack of understanding of the oxidation behavior of light oils. This study identified a range of oxidation behaviors between light oil and heavy oil. The relationship between crude oil composition and its oxidation behaviors was also examined with reference to 3 different oils and their SARA (saturates, aromatics, resins and asphaltenes) fractions. This study was carried out at various pressures and temperatures using thermogravimetry and pressurized differential scanning calorimetry (PDSC) as the thermal analysis techniques.

  20. US crude oil, natural gas, and natural gas liquids reserves

    International Nuclear Information System (INIS)

    1992-01-01

    This report presents estimates of proved reserves of crude oil, natural gas, and natural gas liquids as of December 31, 1991, as well as production volumes for the United States, and selected States and State subdivisions for the year 1991. Estimates are presented for the following four categories of natural gas: total gas (wet after lease separation), its two major components (nonassociated and associated-dissolved gas), and total dry gas (wet gas adjusted for the removal of liquids at natural gas processing plants). In addition, two components of natural gas liquids, lease condensate and natural gas plant liquids, have their reserves and production data presented. Also included is information on indicated additional crude oil reserves and crude oil, natural gas, and lease condensate reserves in nonproducing reservoirs. A discussion of notable oil and gas exploration and development activities during 1991 is also presented

  1. Biodegradation of crude oil in different types of marine sediment

    International Nuclear Information System (INIS)

    Hii, Y.S.; Law, A.T.

    1999-01-01

    An active oil-oxidizing bacterium, named Nap C was isolated from the sediment sample of Port Dickson coastal area for this study. Nap C is a gram negative, rod shape marine bacterium. It forms spore when the condition is not favorable. Three different types of treated marine sediment; sand, silt and clay were used in this study. The degradation of Malaysian Tapis A crude oil in the different types of marine sediment were assessed. Silt type of marine sediment was found to sustain highest biodegradation compared to clay type and sand type. 8.6.67% of the Malaysian Tapis A crude oil was degraded in silt type of marine sediment within 10 days of incubation. Where as there were only 60% and 73% of the Malaysian Tapis A crude oil was degraded in sand and clay type of marine sediment respectively. Microbial biomass estimation in the sediment was estimated by indirect phospholipid enumeration technique. (author)

  2. Impact of Expanded North Slope of Alaska Crude Oil Production on Oil Flows in the Contiguous United States (Summary)

    Energy Technology Data Exchange (ETDEWEB)

    DeRosa, Sean e. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Flanagan, Tatiana Paz [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States)

    2017-05-01

    Crude oil produced on the North Slope of Alaska (NSA) is primarily transported on the Trans-Alaska Pipeline System (TAPS) to in-state refineries and the Valdez Marine Terminal in southern Alaska. From the Terminal, crude oil is loaded onto tankers and is transported to export markets or to three major locations along the U.S. West Coast: Anacortes-Ferndale area (Washington), San Francisco Bay area, and Los Angeles area. North Slope of Alaska production has decreased about 75% since the 1980s, which has reduced utilization of TAPS.

  3. Characteristics of bicyclic sesquiterpanes in crude oils and petroleum products.

    Science.gov (United States)

    Yang, Chun; Wang, Zhendi; Hollebone, Bruce P; Brown, Carl E; Landriault, Mike

    2009-05-15

    This study presents a quantitative gas chromatography-mass spectrometry analysis of bicyclic sesquiterpanes (BSs) in numerous crude oils and refined petroleum products including light and mid-range distillate fuels, residual fuels, and lubricating oils collected from various sources. Ten commonly recognized bicyclic sesquiterpanes were determined in all the studied crude oils and diesel range fuels with principal dominance of BS3 (C(15)H(28)), BS5 (C(15)H(28)) and BS10 (C(16)H(30)), while they were generally not detected or in trace in light fuel oils like gasoline and kerosene and most lubricating oils. Laboratory distillation of crude oils demonstrated that sesquiterpanes were highly enriched in the medium distillation fractions of approximately 180 to 481 degrees C and were generally absent or very low in the light distillation fraction (boiling point to approximately 180 degrees C) and the heavy residual fraction (>481 degrees C). The effect of evaporative weathering on a series of diagnostic ratios of sesquiterpanes, n-alkanes, and biomarkers was evaluated with two suites of weathered oil samples. The change of abundance of sesquiterpanes was used to determine the extent of weathering of artificially evaporated crude oils and diesel. In addition to the pentacyclic biomarker C(29) and C(30) alphabeta-hopane, C(15) and C(16) sesquiterpanes might be alternative internal marker compounds to provide a direct way to estimate the depletion of oils, particularly diesels, in oil spill investigations. These findings may offer potential applications for both oil identification and oil-source correlation in cases where the tri- to pentacyclic biomarkers are absent due to refining or environmental weathering of oils.

  4. Multi-objective model of waste transportation management for crude palm oil industry

    Science.gov (United States)

    Silalahi, Meslin; Mawengkang, Herman; Irsa Syahputri, Nenna

    2018-02-01

    The crude palm oil industry is an agro-industrial commodity. The global market of this industry has experienced rapid growth in recent years, such that it has a strategic value to be developed for Indonesian economy. Despite these economic benefits there are a number of environmental problems at the factories, such as high water consumption, the generation of a large amount of wastewater with a high organic content, and the generation of a large quantity of solid wastes and air pollution. In terms of waste transportation, we propose a multiobjective programming model for managing business environmental risk in a crude palm oil manufacture which gives the best possible configuration of waste management facilities and allocates wastes to these facilities. Then we develop an interactive approach for tackling logistics and environmental risk production planning problem for the crude palm oil industry.

  5. The Asia-Pacific oil market : prospects for Canadian oil

    International Nuclear Information System (INIS)

    Fesharaki, F.

    2004-01-01

    The Asia-Pacific region is among the fastest growing oil markets for which analysts predict healthy growth rates due to high energy demands from developing countries such as China. Increased oil demand will mean new refining capacity needs and increased supplies of crude oil. The indigenous crude supply in the Asia-Pacific region is limited and unable to meet the region's needs. Imports are therefore expected to rise continuously. Although the Middle East will continue to be the dominant player in meeting these growing oil needs, Canada has an opportunity to diversify the supply source and play a significant role in meeting the energy needs of the Asia-Pacific region. tabs., figs

  6. Oil markets and prices: the Brent market and the formation of world oil prices

    International Nuclear Information System (INIS)

    Horsnell, Paul; Mabro, Robert.

    1993-01-01

    The purpose of this book is to enhance our understanding of the complex working of the world petroleum market and of the formation of oil prices in international trade. It devotes particular attention to the Brent market which involves spot, physical forward and futures trading of a blend of North Sea crudes known as Brent which has become one of the most important markers for world oil prices. Because the Brent market is central the research presented here examines its relationship to the constellation of other oil markets: those which deal on a spot basis with the main export crude of Africa, the Gulf, the Far East and the North Sea, the market for Dubai, another marker crude, and that for West Texas Intermediate (WTI). Finally an analysis of pricing mechanisms used by OPEC and many non-OPEC exporting countries for their oil sales under term contracts and which use Brent prices as one of their references complete this study on oil markets and prices. (author)

  7. A new approach for crude oil price analysis based on empirical mode decomposition

    International Nuclear Information System (INIS)

    Zhang, Xun; Wang, Shou-Yang; Lai, K.K.

    2008-01-01

    The importance of understanding the underlying characteristics of international crude oil price movements attracts much attention from academic researchers and business practitioners. Due to the intrinsic complexity of the oil market, however, most of them fail to produce consistently good results. Empirical Mode Decomposition (EMD), recently proposed by Huang et al., appears to be a novel data analysis method for nonlinear and non-stationary time series. By decomposing a time series into a small number of independent and concretely implicational intrinsic modes based on scale separation, EMD explains the generation of time series data from a novel perspective. Ensemble EMD (EEMD) is a substantial improvement of EMD which can better separate the scales naturally by adding white noise series to the original time series and then treating the ensemble averages as the true intrinsic modes. In this paper, we extend EEMD to crude oil price analysis. First, three crude oil price series with different time ranges and frequencies are decomposed into several independent intrinsic modes, from high to low frequency. Second, the intrinsic modes are composed into a fluctuating process, a slowly varying part and a trend based on fine-to-coarse reconstruction. The economic meanings of the three components are identified as short term fluctuations caused by normal supply-demand disequilibrium or some other market activities, the effect of a shock of a significant event, and a long term trend. Finally, the EEMD is shown to be a vital technique for crude oil price analysis. (author)

  8. Does Portuguese economy support crude oil conservation hypothesis?

    International Nuclear Information System (INIS)

    Bashiri Behmiri, Niaz; Pires Manso, José R.

    2012-01-01

    This paper examines cointegration relationships and Granger causality nexus in a trivariate framework among oil consumption, economic growth and international oil price in Portugal. For this purpose, we employ two Granger causality approaches: the Johansen cointegration test and vector error correction model (VECM) and the Toda–Yamamoto approaches. Cointegration test proves the existence of a long run equilibrium relationship among these variables and VECM and Toda–Yamamoto Granger causality tests indicate that there is bidirectional causality between crude oil consumption and economic growth (feed back hypothesis). Therefore, the Portuguese economy does not support crude oil conservation hypothesis. Consequently, policymakers should consider that implementing oil conservation and environmental policies may negatively impact on the Portuguese economic growth. - Highlights: ► We examine Granger causality among oil consumption, GDP and oil price in Portugal. ► VECM and Toda–Yamamoto tests found bidirectional causality among oil and GDP. ► Portuguese economy does not support the crude oil conservation hypothesis.

  9. Isolation and identification of an ester from a crude oil

    Science.gov (United States)

    Phillips, H.F.; Breger, I.A.

    1958-01-01

    A dioctylphthalate has been isolated from a crude oil by means of adsorption column chromatography. The ester was identified by means of elemental analysis, refractive index, and its infra-red absorption spectrum. Saponification of the isolate and examination of the resultant alcohol by means of infrared absorption spectra led to the conclusion that the ester is a branched chain dioctylphthalate. This is the first reported occurrence of an ester in crude petroleum. ?? 1958.

  10. The effect of uncertainty and aggregate investments on crude oil price dynamics

    International Nuclear Information System (INIS)

    Tvedt, Jostein

    2002-01-01

    This paper is a study of the dynamics of the oil industry and we derive a mean reverting process for the crude oil price. Oil is supplied by a market leader, OPEC, and by an aggregate that represents non-OPEC producers. The non-OPEC producers take the oil price as given. The cost of non-OPEC producers depends on past investments. Shifts in these investments are influenced by costs of structural change in the construction industry. A drop in the oil price to below a given level triggers lower investments, but if the oil price reverts back to a high level investments may not immediately expand. In an uncertain oil demand environment cost of structural change creates a value of waiting to invest. This investment behaviour influences the oil price process

  11. Identification of CYP1A inducing compounds in crude oil

    Energy Technology Data Exchange (ETDEWEB)

    Khan, C.W.; Hodson, P.V. [Queen' s Univ., Kingston, ON (Canada). Dept. of Biology; Hollebone, B.P.; Wang, Z. [Environment Canada, Ottawa, ON (Canada). Environmental Technology Advancement Directorate; Brown, R.S. [Queen' s Univ., Kingston, ON (Canada). Dept. of Chemistry

    2004-07-01

    One of the major sources of polycyclic aromatic hydrocarbons (PAHs) in aquatic ecosystems is crude oil. PAHs are responsible for developmental malformations in the early life stages of fish. The induction of CYP1A enzyme is characteristic of developmental toxicity caused by crude oil. As such, it is an effective biomarker of PAH uptake. It is not known which PAHs cause toxicity because of the complex chemical composition of crude oil. In this study, an approach called Toxicity Identification and Evaluation (TIE) was used with different crude oils to separate bioavailable PAHs into petroleum sub-fractions. The extent of CYP1A induction in rainbow trout was measured after 48 hour exposures to each fraction. Low temperature vacuum distillation was used to create white gas, kerosene, coal tar/bitumen and wax fractions. Hepatic CYP1A activity was induced by whole oil and some fractions. The highest PAH concentration was found in the coal tar/bitumen fraction which accounted for most CYP1A induction in whole oil. The wax fraction also caused moderate CYP1A induction, but the white gas fraction did not cause any CYP1A induction. The hypothesis that alkyl PAH may be the most significant source of CYP1A inducers in the coal tar/bitumen fraction was supported by chemical analysis of CYP1A induction potency. Results showed that benzo[a]pyrene accounts for nearly all of the CYP1A induction caused by the wax fraction.

  12. Forecasting Long-Term Crude Oil Prices Using a Bayesian Model with Informative Priors

    Directory of Open Access Journals (Sweden)

    Chul-Yong Lee

    2017-01-01

    Full Text Available In the long-term, crude oil prices may impact the economic stability and sustainability of many countries, especially those depending on oil imports. This study thus suggests an alternative model for accurately forecasting oil prices while reflecting structural changes in the oil market by using a Bayesian approach. The prior information is derived from the recent and expected structure of the oil market, using a subjective approach, and then updated with available market data. The model includes as independent variables factors affecting oil prices, such as world oil demand and supply, the financial situation, upstream costs, and geopolitical events. To test the model’s forecasting performance, it is compared with other models, including a linear ordinary least squares model and a neural network model. The proposed model outperforms on the forecasting performance test even though the neural network model shows the best results on a goodness-of-fit test. The results show that the crude oil price is estimated to increase to $169.3/Bbl by 2040.

  13. A new continuous-time formulation for scheduling crude oil operations

    International Nuclear Information System (INIS)

    Reddy, P. Chandra Prakash; Karimi, I.A.; Srinivasan, R.

    2004-01-01

    In today's competitive business climate characterized by uncertain oil markets, responding effectively and speedily to market forces, while maintaining reliable operations, is crucial to a refinery's bottom line. Optimal crude oil scheduling enables cost reduction by using cheaper crudes intelligently, minimizing crude changeovers, and avoiding ship demurrage. So far, only discrete-time formulations have stood up to the challenge of this important, nonlinear problem. A continuous-time formulation would portend numerous advantages, however, existing work in this area has just begun to scratch the surface. In this paper, we present the first complete continuous-time mixed integer linear programming (MILP) formulation for the short-term scheduling of operations in a refinery that receives crude from very large crude carriers via a high-volume single buoy mooring pipeline. This novel formulation accounts for real-world operational practices. We use an iterative algorithm to eliminate the crude composition discrepancy that has proven to be the Achilles heel for existing formulations. While it does not guarantee global optimality, the algorithm needs only MILP solutions and obtains excellent maximum-profit schedules for industrial problems with up to 7 days of scheduling horizon. We also report the first comparison of discrete- vs. continuous-time formulations for this complex problem. (Author)

  14. Global economic activity and crude oil prices. A cointegration analysis

    International Nuclear Information System (INIS)

    He, Yanan; Wang, Shouyang; Lai, Kin Keung

    2010-01-01

    This paper empirically investigates the cointegrating relationship between crude oil prices and global economic activity. The Kilian economic index is used as an indicator of global economic activity. Based on a supply-demand framework and the cointegration theory, we find that real futures prices of crude oil are cointegrated with the Kilian economic index and a trade weighted US dollar index, and crude oil prices are influenced significantly by fluctuations in the Kilian economic index through both long-run equilibrium conditions and short-run impacts. We also develop an empirically stable, data-coherent and single-equation error-correction model (ECM) which has sensible economic properties. Empirical results based on the ECM show that the adjustment implied by a permanent change in the Kilian economic index is a relatively drawn-out process. (author)

  15. A Study on the Determination of the World Crude Oil Price and Methods for Its Forecast

    Energy Technology Data Exchange (ETDEWEB)

    Kim, J.K. [Korea Energy Economics Institute, Euiwang (Korea)

    2001-11-01

    The primary purpose of this report is to provide the groundwork to develop the methods to forecast the world crude oil price. The methodology is used by both literature survey and empirical study. For this purpose, first of all, this report reviewed the present situation and the outlook of the world oil market based on oil demand, supply and prices. This analysis attempted to provide a deeper understanding to support the development of oil forecasting methods. The result of this review, in general, showed that the oil demand will be maintained annually at an average rate of around 2.4% under assumption that oil supply has no problem until 2020. The review showed that crude oil price will be a 3% increasing rate annually in the 1999 real term. This report used the contents of the summary review as reference data in order to link the KEEIOF model. In an effort to further investigate the contents of oil political economy, this report reviewed the articles of political economy about oil industry. It pointed out that the world oil industry is experiencing the change of restructuring oil industry after the Gulf War in 1990. The contents of restructuring oil industry are characterized by the 'open access' to resources not only in the Persian Gulf, but elsewhere in the world as well - especially the Caspian Sea Basin. In addition, the contents showed that the oil industries are shifted from government control to government and industry cooperation after the Gulf War. In order to examine the characters and the problems surrounding oil producing countries, this report described the model of OPEC behavior and strategy of oil management with political and military factors. Among examining the models of OPEC behavior, this report focused on hybrid model to explain OPEC behavior. In reviewing political and religious power structure in the Middle East, the report revealed that US emphasizes the importance of the Middle East for guaranteeing oil security. However, three

  16. In-Situ Burning of Crude Oil on Water

    DEFF Research Database (Denmark)

    van Gelderen, Laurens

    in the small scale water basin. Boilovers were also observed during the burning of a heavy crude oil with a substantial light fraction without a water layer, however, which suggests that water is not essential for boilover occurrence. Further studies are required to determine the conditions under which......The fire dynamics and fire chemistry of in-situ burning of crude oil on water was studied in order to improve predictions on the suitability of this oil spill response method. For this purpose, several operational parameters were studied to determine the factors that control the burning efficiency...... of in-situ burning, i.e. the amount of oil (in wt%) removed from the water surface by the burning process. The burning efficiency is the main parameter for expressing the oil removal effectiveness of in-situ burning as response method and is thus relevant for suitability predictions of in-situ burning...

  17. Liquid ultrasonic flow meters for crude oil measurement

    Energy Technology Data Exchange (ETDEWEB)

    Kalivoda, Raymond J.; Lunde, Per

    2005-07-01

    Liquid ultrasonic flow meters (LUFMs) are gaining popularity for the accurate measurement of petroleum products. In North America the first edition of the API standard ''Measurement of liquid hydrocarbons by ultrasonic flow meters using transit time technology'' was issued in February 2005. It addresses both refined petroleum products and crude oil applications. Its field of application is mainly custody transfer applications but it does provide general guidelines for the installation and operation of LUFM's other applications such as allocation, check meters and leak detection. As with all new technologies performance claims are at times exaggerated or misunderstood and application knowledge is limited. Since ultrasonic meters have no moving parts they appear to have fewer limitations than other liquid flow meters. Liquids ultrasonic flow meters, like turbine meters, are sensitive to fluid properties. It is increasingly more difficult to apply on high viscosity products then on lighter hydrocarbon products. Therefore application data or experience on the measurement of refined or light crude oil may not necessarily be transferred to measuring medium to heavy crude oils. Before better and more quantitative knowledge is available on how LUFMs react on different fluids, the arguments advocating reduced need for in-situ proving and increased dependency on laboratory flow calibration (e.g. using water instead of hydrocarbons) may be questionable. The present paper explores the accurate measurement of crude oil with liquid ultrasonic meters. It defines the unique characteristics of the different API grades of crude oils and how they can affect the accuracy of the liquid ultrasonic measurement. Flow testing results using a new LUFM design are discussed. The paper is intended to provide increased insight into the potentials and limitations of crude oil measurement using ultrasonic flow meters. (author) (tk)

  18. How equity markets view heavy oil

    International Nuclear Information System (INIS)

    Janisch, M.L.

    2001-01-01

    A review of heavy oil economics was presented in this power point presentation with particular focus on investor motivation, the importance of heavy oil, and an outlook on commodity price for oil and natural gas. Heavy oil from oil sands is playing a major role on the Canadian domestic production front as well as globally. Almost all senior Canadian producers have a major heavy oil project in the works. Oil prices are forecasted to remain strong, but a more bullish outlook is expected for natural gas prices for both the short and long term. Natural gas drilling has increased, but the number of natural gas wells as a percentage of total wells has decreased. Recent Canadian drilling activity has placed more emphasis on crude oil production which has contributed to the lower overall natural gas drilling success rate. It was shown that infrastructure issues regarding tankers, refining capacity (at or near capacity) will be the major factor affecting the availability of crude products to market. It was also shown that heavy oil differentials have increased substantially, which could be a potential issue if oil prices begin to weaken. 1 tab., 12 figs

  19. Imported resources - oil crude oil processing in the Czech Republic and its prospectives

    Energy Technology Data Exchange (ETDEWEB)

    Soucek, I.; Ottis, I. [Kaucuk, Kralupy nad Vitavou (Czechoslovakia)

    1995-12-01

    This paper examines the availability of various crude oils, addressing specifically crude oil pipelines to the Czech Republic, both existing and under construction. Secondly, the economic status of two main Czech refineries is examined in comparison to international trends, technical configurations, and product supply and demand.

  20. The influence of magnetic fields on crude oils viscosity

    Energy Technology Data Exchange (ETDEWEB)

    Goncalves, Jose L.; Bombard, Antonio J. F. [Universidade Federal de Itajuba (UNIFEI), Itajuba, MG (Brazil). Instituto de Ciencias Exatas. Lab. de Reologia

    2009-07-01

    The crystallization of paraffin causes serious problems in the process of transportation of petroleum. This phenomenon increases the crude oil viscosity and implies an organic resin accumulation on pipeline wall, resulting in a reduced flux area or totally blocked pipes. One of the most challenging tasks for pipeline maintenance is solving this problem at low cost. Therefore, a method that inhibits the crystallization of paraffin and reduces the viscosity of crude oil could have many useful applications within the petroleum industry. Recent studies showed that magnetic fields reduce the Wax Appearance Temperature (WAT) and the viscosity of paraffin-based crude oil. For better understanding of this discovery, a series of tests was performed. This paper will show the influence of a DC magnetic field on rheological proprieties of three crude oils with different paraffin concentrations: a crude oil sample with 11 % p/p of paraffin concentration (sample 1); a crude oil sample with 6 % p/p of paraffin concentration (sample 2); a mixture of paraffin plus light crude oil with a total of 11 % p/p of paraffin concentration. These samples were placed in an electromagnet that generates a magnetic field of 1.3 Tesla. The samples' temperatures were conditioned around their Wax Appearance Temperature (WAT), and they were exposed to the field. As the viscosity of crude oil is very sensitive to the changes in temperature, it was ensured that the temperature has remained constant throughout the process. The sample 1 revealed a considerable reduction of viscosity: its original viscosity was 66 cP before magnetic field exposure, after that its viscosity was reduced to 39 cP. The other samples showed the same viscosity, before and after the magnetic field exposure. Since the samples 1 and 3 have the same paraffin concentrations, the viscosity reduction is not due only to the presence of paraffin; there must be other factors responsible for the interaction of sample 1 with the

  1. World oil market simulation

    International Nuclear Information System (INIS)

    Baldwin, N.

    1992-01-01

    This paper presents a recursive simulation model of the world oil market - the World Oil Market Simulation Model (WOMS). The objective was to construct a computationally simple model which provides a transparent view of the workings of the oil market. In the event WOMS has a number of features which distinguish it from other published models: the effect of exchange rate movements is incorporated in the supply and demand functions; both demand and supply functions are dynamic; the non-OPEC supply functions account for the geological as well as the economic aspects of supply; oil prices can be determined either by OPEC setting prices (as normally included in this type of model) or by OPEC setting volumes and market forces determining the price; and consistency checks on consumers' and producers' behaviour are incorporated to confirm the plausibility of model projections. The paper commences with an outline of the model structure followed by an examination of the choice of the appropriate data. The main sections of the paper discuss the estimation of the demand and non-OPEC supply functions. Finally the modelling of OPEC's behaviour is addressed. Comparisons are made throughout with other published work. As the model was estimated using data covering 1960 to 1985, brief comments are also made comparing the events of 1986 with model determined values. (author)

  2. Breakthrough Adsorption Study of Crude Oil Removal Using Buffing Dust

    Science.gov (United States)

    Setyaningsih, L. W. N.; Yuliansyah, A. T.; Prasetyo, A.; Arimanintan, S. K.; Putri, D. R.

    2018-05-01

    The utilization of leather industry solid waste as adsorbent to separate oil from water emulsions of surfactant flooding process is a solution that is relatively inexpensive. This study was conducted aiming to obtain a mathematical model that is appropriate for the adsorption process of crude oil by buffing dust in emulsion phase with a continuous adsorption method. Variations in the column adsorption experiments were carried out, such as: flow rate of feed of water-crude oil-surfactant, the concentration of crude oil in the feed, and mass of adsorbent used. Data were evaluated using three models: Adams Bohart, Thomas and Yan. Best results are obtained on the following conditions, the feed flow rate of 60 mL/minute, the crude oil concentration in feed is 1.5% volume and the mass of adsorbent used was 10 g. The values of kinetic constant and adsorption capacity obtained from Yan Model was 21.7774 mL/mg/minute and 220.9581 mg/g with the relative error obtained is 5.4424%.

  3. Seahorse (Hippocampus reidi) as a bioindicator of crude oil exposure.

    Science.gov (United States)

    Delunardo, Frederico Augusto Cariello; de Carvalho, Luciano Rodrigues; da Silva, Bruno Ferreira; Galão, Michel; Val, Adalberto Luís; Chippari-Gomes, Adriana R

    2015-07-01

    This study explored the suitability of the seahorse Hippocampus reidi (Ginsburg, 1933) for assessing biomarkers of genotoxic effects and its use as a sentinel organism to detect the effects of acute exposure to petroleum hydrocarbons. Fish were exposed to three concentrations of crude oil (10, 20 and 30 g/kg) for 96 h, and the activity of phase II biotransformation enzyme glutathione S-transferase (GST) was measured. In addition, we performed genotoxicity assays, such as comet assay, micronucleus (MN) test and nuclear abnormalities (NA) induction, on the erythrocytes of the fish species. Our results revealed that the inhibition of hepatic GST activity in H. reidi was dependent on increasing crude oil concentrations. In contrast, an increase in the damage index (DI) and MN frequency were observed with increased crude oil concentrations. These results indicate that the alkaline comet assay and micronucleus test were suitable and useful in the evaluation of the genotoxicity of crude oil, which could improve determinations of the impact of oil spills on fish populations. In addition, H. reidi is a promising "sentinel organism" to detect the genotoxic impact of petroleum hydrocarbons. Copyright © 2015 Elsevier Inc. All rights reserved.

  4. Asian-Pacific markets : a new strategy for Alberta oil

    International Nuclear Information System (INIS)

    Laureshen, C.J.; Du Plessis, D.; Xu, C.M.; Chung, K.H.

    2004-01-01

    Alberta's oil sands contain an estimated crude bitumen-in-place of nearly 2.5 trillion barrels. Production has increased to the point where it has overtaken non-conventional sources, and is expected to reach more than 2 million barrels per day by 2012, and over 5 million barrels per day by 2030. Although it is assumed that most of this production will be marketed in the United States, the industry is facing many constraints that could affect potential crude oil production and existing market share. The Asian-Pacific region is an obvious new market for Canadian heavy oil and bitumen due to an increasing demand for petroleum products in that region and the potential for reaching the California market with the same pipeline. This paper examined the following three criteria that will determine the success of any initiative to move Canadian crude oil to Asian-Pacific markets: (1) a sustainable supply of crude from Alberta; a pipeline to transport the crude to a deepwater port on the west coast; and, a guaranteed market at the other end. The feasibility of marketing Alberta heavy oil and bitumen to Asia was also discussed. 12 refs., 1 tab., 8 figs

  5. Strategic policy and the logistics of crude oil transit in Lithuania

    International Nuclear Information System (INIS)

    Pasukeviciute, Irma; Roe, Michael

    2005-01-01

    This paper examines the crude oil transit market in Lithuania and the significant economic and political role played by Russia. Beginning with an analysis of the strategic and political role played by crude oil in Lithuania there follows a discussion of the policies followed by the Lithuanian authorities following independence in 1992 from the Former Soviet Union. A content analysis approach is taken to establishing the main policy issues that dominate the sector. This technique combines both quantitative and qualitative approaches to a review of published material on oil transit in Lithuania and acts as a means of assessing expert opinion on the issues involved. The results from this analysis will be used in developing policy initiatives for the sector. The paper ends with some suggestions for further applications of the techniques used to oil transit policy issues in the region

  6. Effects of Crude Oil and Oil Products on Growth of Some Edible ...

    African Journals Online (AJOL)

    The vegetative growth response of three local edible mushrooms: Pleurotus pulmonarius (Pp), Pleurotus tuber-regium (Pt) and Lentinus squarrosulus (Ls) on different concentrations of Crude oil (COIL), Automotive Gasoline Oil (AGO), Fresh Engine Oil (ENGOIL) and Spent Engine Oil (SENGOIL) was investigated. The result ...

  7. Oil seed marketing prospects

    International Nuclear Information System (INIS)

    Ceroni, G.

    1992-01-01

    With its 100 million tonnes annual production, the American continent is by far the world's biggest producer of oil seed, followed by Asia - 52 million, and Europe - 27 million tonnes. The Italian and European Communities have the farming capacity to double their production, but international agreements currently prohibit such initiatives. After first providing a panorama of the world oil seed market, this paper discusses new reforms in European Communities internal agricultural policies which currently limit production. These reforms, intended to encourage the production of oil seed for use as an ecological automotive fuel alternative, call for an obligatory set-aside of 15% of producing farm-land in exchange for the compensatory removal of oil seed production limits

  8. CRUDE OIL TRANSPORT FROM THE CASPIAN SEA REGION TO EUROPE

    Directory of Open Access Journals (Sweden)

    Adam Przybyłowski

    2014-07-01

    Full Text Available In the contemporary world, despite the growing importance and scale of the use of renewable energy , conventional energy resources still play a huge role. The European Union countries are dependent on the oil imports and the their main supplier of crude oil and natural gas has been the Russian Federation. After the collapse of the Soviet Union , the Caspian Sea region has become an alternative to Russian energy resources. The Unit-ed States , European Union, China and many other countries have shown their interest about this region. Despite a relatively large oil and natural gas reserves, the export of the-se commodities to the West is still problematic. Based on the available data and infor-mation, the publication explores the issue of energy resources transport directions with a particular emphasis on the crude oil from the Caspian Sea region to Europe.

  9. The Cushing OK Crude Oil Futures Price Pass - Through to New York Harbor Reformulated RBOB Regular Gasoline Futures Price

    Directory of Open Access Journals (Sweden)

    Chu V. Nguyen

    2017-04-01

    Full Text Available This study utilizes an Autoregressive Distributed Lag model to investigate the nature of crude oil futures price pass-through since 2006. The empirical results reveal a very high but incomplete short-run pass-through rate from the crude oil futures price to the gasoline futures price of 0.849298 with a corresponding negative long-run pass-through rate of -0.2440894. These empirical findings suggest that traders in the U.S. oil and gasoline futures markets overreact to fluctuations in the crude oil futures price as evidenced by subsequent corrections made over the sample period. The result of the bounds test for a long-term relationship between these two futures prices is inconclusive. The empirical findings further suggest that U.S. futures market traders considered futures prices of gasoline three weeks earlier in determining the current trading price while taking only one week to respond completely to the shock in the crude oil futures price.  The empirical findings of this investigation may address the core elements of the price dynamics of the crude oil and gasoline futures markets and advance inquiry into assessment tools that could manage a very complex market challenge, especially for policy makers in countries with transitional economies in Eastern Europe, Caucasus and Central Asia.

  10. World crude oil and natural gas. A demand and supply model

    International Nuclear Information System (INIS)

    Krichene, Noureddine

    2002-01-01

    This paper examines world markets for crude oil and natural gas over the period 1918-1999; it analyzes the time-series properties of output and prices and estimates demand and supply elasticities during 1918-1973 and 1973-1999. Oil and gas prices were stable during the first period; they became volatile afterwards, reflecting deep changes in the market structure following the oil shock in 1973. Demand price elasticities were too low; however, demand income elasticities were high. Supply price elasticities were also too low. The elasticity estimates help to explain the market power of the oil producers and price volatility in response to shocks, and corroborate elasticity estimates in energy studies

  11. World crude oil and natural gas: a demand and supply model

    International Nuclear Information System (INIS)

    Krichene, N.

    2002-01-01

    This paper examines world markets for crude oil and natural gas over the period 1918-1999; it analyzes the time-series properties of output and prices and estimates demand and supply elasticities during 1918-1973 and 1973-1999. Oil and gas prices were stable during the first period; they became volatile afterwards, reflecting deep changes in the market structure following the oil shock in 1973. Demand price elasticities were too low; however, demand income elasticities were high. Supply price elasticities were also too low. The elasticity estimates help to explain the market power of the oil producers and price volatility in response to shocks, and corroborate elasticity estimates in energy studies. (author)

  12. The price of crude oil between 1973 et 2014: a cyclical trend over the long term

    International Nuclear Information System (INIS)

    Bui Xuan Hoi

    2015-01-01

    In 2014, given the geopolitical events occurring in regions that are highly sensitive for oil markets - Iraq, Iran, Syria, Russia, the Ukraine, etc. -, one could have expected a hike in the price of a barrel of crude oil. In fact, the opposite happened. Does this mean the end of a cycle characterised by high prices and the beginning of a new cycle epitomised by low prices on the international market place? What is really the mechanism behind long term price formation? Some of the answers emanate from the analysis of the 1973-2014 period. (author)

  13. A novel apparatus for long term weathering of crude oils

    International Nuclear Information System (INIS)

    Berger, D.; Lun, R.; Skogen, E.; Ooijen, H. Van; Mackay, D.

    1993-01-01

    A novel apparatus is under development for exposing oil in the laboratory to prolonged weathering. The apparatus is mechanically simple and robust and involves contacting oil with water and air, and possibly with solar radiation, under controlled conditions of salinity and turbulence. The principle of operation is that the oil rests on the concave surface of water, which is held in a cylindrical glass vessel and rotated at 33 rpm. The oil is agitated by a fixed stirrer which has a variable pitch. Three oils were studied: Canadian Environmenal Protection Service standard, Kuwait crude, and Prudhoe Bay crude. Gas chromatographic analysis of the oil revealed the expected changes in composition due to evaporation, and purge and trap analysis of the water in contact with the oil determined the nature and concentration of the dissolved hydrocarbons. The apparatus also proved successful for testing the formation of water-in-oil emulsions. It is hoped that the system will contribute to an improved understanding of the mechanisms involved in the long term weathering processes which occur when oil is spilled at sea. 11 refs., 10 figs., 1 tab

  14. Testing efficiency and unbiasedness in the oil market

    International Nuclear Information System (INIS)

    Moosa, I.A.; Al-Loughani, N.

    1994-03-01

    This paper presents some empirical evidence on speculative efficiency or unbiasedness in the crude oil futures market and some related issues. On the basis of monthly observations on spot and futures prices of the WTI crude oil, several tests are carried out on the relevant hypotheses. The evidence suggests that futures prices are neither unbiased nor efficient forecasters of spot prices. Furthermore, a GARCH-M(1,1) model reveals the existence of a time-varying risk premium. (author)

  15. Performance of Diesel Engine Using Blended Crude Jatropha Oil

    Science.gov (United States)

    Kamarudin, Kamarul Azhar; Mohd Sazali, Nor Shahida Akma; Mohd Ali, Mas Fauzi; Alimin, Ahmad Jais; Khir, Saffiah Abdullah

    2010-06-01

    Vegetable oil presents a very promising alternative to diesel oil since it is renewable and has similar properties to the diesel. In view of this, crude jatropha oil is selected and its viscosity is reduced by blending it with diesel. Since jatropha oil has properties which are similar to mineral diesel, it can be used in compression ignition engines without any engine modification. This paper presents the results of investigation carried out on a four-cylinder, four strokes and indirect-injection diesel engine. The engine, operated using composition blends of crude jatropha oil and diesel, were compared with mineral diesel. An experimental investigation has been carried out to analyze the performance characteristics of a compression ignition engine from the blended fuel (5%, 10%, 20% and 30%). A naturally aspirated four-stroke indirect injection diesel engine was tested at full load conditions, speeds between 1000 and 3500 rpm with intervals of 500 rpm. Results obtained from the measures of torque, power, specific fuel consumptions, thermal efficiency and brake mean effective pressure are nearly the same between blended and diesel fuel. An overall graph shows that the performance of relevant parameters from blended fuel is most likely similar to the performance produced from diesel. The experimental results proved that the use of crude jatropha oil in compression ignition engines is a viable alternative to diesel.

  16. Research on the trend of Yen exchange rate and international crude oil price fluctuation affected by Japan’s earthquake

    Directory of Open Access Journals (Sweden)

    Xiaoguang Li

    2014-05-01

    Full Text Available Purpose: Whether this earthquake would become a turning point of the high oil price and whether it would have big impact on yen exchange rate are two issues to be discussed in this paper.Design/methodology/approach: To analyze deeply the internal relations between changes in yen exchange rate caused by Japan’s earthquake and price fluctuation of international crude oil, this research chooses middle rate of yen exchange rate during the 45 days around Japan’s earthquake and price data of international crude oil to do an empirical study, uses VAR model and HP trend decomposition to estimate the mutual effect of yen exchange rate change and price fluctuation of international crude oil in this period.Findings: It has been found in the empirical study with VAR model and HP filter decomposition model on the yen exchange rate and the international crude oil price fluctuation during 45 days around Japan’s earthquake that: the fluctuation of yen exchange rate around the earthquake is one of the main reasons for the drastic fluctuation of international crude oil price in that period. The fluctuation of international crude oil price directly triggered by yen exchange rate occupies 13.54% of its total variance. There is a long-term interactive relationship between yen exchange rate and international crude oil price. The upward trend of international crude oil price after the earthquake was obvious, while yen exchange rate remained relatively stable after the earthquake.Originality/value: As economic globalization goes deeper, the influence of natural disasters on international financial market and world economy will become more and more obvious. It has a great revelatory meaning to studying further each kind of natural disaster’s impacts on international financial market and world economics.

  17. Assessment of antioxidant indices after incorporating crude oil ...

    African Journals Online (AJOL)

    They were divided into six groups of five rats each as follows: group 1: control, group 2: rats fed crude petroleum oil contaminated catfish diet (CPO-CCD) only, group 3: ... Administration of MWE, MEE and MDEE to the rats fed CPO-CCD significantly (p<0.05) increased the level of blood GSH, blood GSSG, SOD, CAT and ...

  18. Acute Toxicological Effects of Crude Oil On Haematological And ...

    African Journals Online (AJOL)

    The acute toxicological effects of Brass blend of crude oil on the haemoglobin concentration, and Liver functions in the Guinea pig were studied. 25 Guinea pigs divided into five animals per group were used for the study. They were divided into 5 groups. One group served as a control group, while the others received ...

  19. Evaluation of soil microbial communities as influenced by crude oil ...

    African Journals Online (AJOL)

    Impact of petroleum pollution in a vulnerable Niger Delta ecosystem was investigated to assess interactions in a first-generation phytoremediation site of a crude oil freshly-spilled agricultural soil. Community-level approach for assessing patterns of sole carbon-source utilization by mixed microbial samples was employed to ...

  20. Crude oil metabolites in groundwater at two spill sites

    Science.gov (United States)

    Bekins, Barbara A.; Cozzarelli, Isabelle M.; Erickson, Melinda L.; Steenson, Ross; Thorn, Kevin A.

    2016-01-01

    Two groundwater plumes in north central Minnesota with residual crude oil sources have 20 to 50 mg/L of nonvolatile dissolved organic carbon (NVDOC). These values are over 10 times higher than benzene and two to three times higher than Diesel Range Organics in the same wells. On the basis of previous work, most of the NVDOC consists of partial transformation products from the crude oil. Monitoring data from 1988 to 2015 at one of the sites located near Bemidji, MN show that the plume of metabolites is expanding toward a lakeshore located 335 m from the source zone. Other mass balance studies of the site have demonstrated that the plume expansion is driven by the combined effect of continued presence of the residual crude oil source and depletion of the electron accepting capacity of solid phase iron oxide and hydroxides on the aquifer sediments. These plumes of metabolites are not covered by regulatory monitoring and reporting requirements in Minnesota and other states. Yet, a review of toxicology studies indicates that polar metabolites of crude oil may pose a risk to aquatic and mammalian species. Together the results suggest that at sites where residual sources are present, monitoring of NVDOC may be warranted to evaluate the fates of plumes of hydrocarbon transformation products.

  1. Assessment and bioremediation of heavy metals from crude oil ...

    African Journals Online (AJOL)

    The assessment of the levels of heavy metals present in crude oil contaminated soil and the application of the earthworm - Hyperiodrilus africanus with interest on the bioremediation of metals from the contaminated soil was investigated within a 90-days period under laboratory conditions. Selected heavy metals such as ...

  2. Bioremediation of a crude oil polluted tropical rain forest soil ...

    African Journals Online (AJOL)

    These results suggest that Biostimulation with tilling (nutrient enhanced in-situ bioremediation) and or the combination ofBiostimulation and Bioaugumentation with indigenous hydrocarbon utilizers would be effective in the remediation of crude oil polluted tropical soils. Key Words: Bioremediation, Bioaugumentation, ...

  3. Bioremediation potential of crude oil spilled on soil

    International Nuclear Information System (INIS)

    McMillen, S.J.; Young, G.N.; Davis, P.S.; Cook, P.D.; Kerr, J.M.; Gray, N.R.; Requejo, A.G.

    1995-01-01

    Spills sometimes occur during routine operations associated with exploration and production (E and P) of crude oil. These spills at E and P sites typically are small, less than 1 acre (0.4 ha), and the spill may be in remote locations. As a result, bioremediation often represents a cost-effective alternative to other cleanup technologies. The goal of this study was to determine the potential for biodegrading a range of crude oil types and determining the effect of process variables such as soil texture and soil salinity. Crude oils evaluated ranged in American Petroleum institute (API) gravity from 14 degree to 45 degree. The extent of biodegradation was calculated from oxygen uptake data and the total extractable material (TEM) concentration. Based on the data collected, a simple model was developed for predicting the bioremediation potential of a range of crude oil types. Biodegradation rates were significantly lower in sandy soils. Soil salinities greater than approximately 40 mmhos/cm adversely impacted soil microbial activity and biodegradation rate

  4. Bioremediation of a Crude Oil Polluted Tropical Mangrove ...

    African Journals Online (AJOL)

    A combination of bioaugumentation with hydrocarbon utilizing indigenous bacteria, biostimulation with agricultural fertilizer (NPK 15:15:15) and tilling were employed as remedial options for 20 weeks in a crude oil polluted tidal plain dominated by mangrove (Rhizophora, Laguncularia and Avicenia) vegetation. Soil ...

  5. Socio–economic and environmental impact of crude oil exploration ...

    African Journals Online (AJOL)

    Socio–economic and environmental impact of crude oil exploration and production on agricultural production: a case study of Edjeba and Kokori communities in Delta State of ... The results also showed an increase in the occurrence of health hazard, air/noise pollution and heightened deforestation in these communities.

  6. The phytoremediation of crude oil-polluted aquatic environment by ...

    African Journals Online (AJOL)

    A phytoremediation experiment was carried out in the Department of Wildlife and Fisheries Management, University of Ibadan, Nigeria to examine the ability of water hyacinth (Eichhornia crassipes) to detoxify crude oil-polluted aquatic environments. There were fifteen (15) experimental units; twelve (12) had water hyacinth ...

  7. Forecasting Value-at-Risk for Crude-Oil Exposures

    DEFF Research Database (Denmark)

    Høg, Esben; Tsiaras, Leonidas

    2009-01-01

    The purpose of this paper is to forecast and evaluate Value-At-Risk for crude-oil exposures. We examine the performance of a GARCH-type based model with lagged implied volatility entering the variance equation as explanatory variable for the predicted variance. The forecasted Values-at...

  8. Impact of Crude-Oil Spillage Pollution and Chemical Remediation ...

    African Journals Online (AJOL)

    Michael Horsfall

    significantly (p≤0.01) higher than the level of degradation, except in infiltration rate. Soil pH increased by 26% .... volumes of water were added into the containers on day six. As the days ... crude oil spillage reduced soil moisture availability or.

  9. World resources of crude oil and natural gas

    Energy Technology Data Exchange (ETDEWEB)

    Masters, C.D.; Root, D.H.; Attanasi, E.D. (Geological Survey, Reston, VA (United States))

    1991-01-01

    An abstract is given of a paper presented at the World Petroleum Congress 1991 on the world estimates of identified reserves and undiscovered resources for crude oil, natural gas and natural gas liquids. Data are presented for Canada, Mexico, USA, South America, Western Europe, Eastern Europe, USSR, Africa, Middle East, Asia/Oceania and Antartica. (UK).

  10. Clean technology for the crude palm oil industry in Thailand

    NARCIS (Netherlands)

    Chavalparit, O.

    2006-01-01

    The aims of this study were to assess the potential contribution of clean(er) technology to improve the environmental performance of the crude palm oil industry inThailand, to analyse implementation barriers for

  11. (maize) to a crude oil polluted agricultural soil

    African Journals Online (AJOL)

    SERVER

    2007-06-04

    Jun 4, 2007 ... aiding the activities of the large numbers of microbes ... math of crude oil pollution of agricultural soils to forestall the adverse effects induced .... International Institute of Tropical Agriculture (I.I.T.A) manual series. No. 1, Ibadan ...

  12. CFD modeling of fouling in crude oil pre-heaters

    International Nuclear Information System (INIS)

    Bayat, Mahmoud; Aminian, Javad; Bazmi, Mansour; Shahhosseini, Shahrokh; Sharifi, Khashayar

    2012-01-01

    Highlights: ► A conceptual CFD-based model to predict fouling in industrial crude oil pre-heaters. ► Tracing fouling formation in the induction and developing continuation periods. ► Effect of chemical components, shell-side HTC and turbulent flow on the fouling rate. - Abstract: In this study, a conceptual procedure based on the computational fluid dynamic (CFD) technique has been developed to predict fouling rate in an industrial crude oil pre-heater. According to the developed CFD concept crude oil was assumed to be composed of three pseudo-components comprising of petroleum, asphaltene and salt. The binary diffusion coefficients were appropriately categorized into five different groups. The species transport model was applied to simulate the mixing and transport of chemical species. The possibility of adherence of reaction products to the wall was taken into account by applying a high viscosity for the products in competition with the shear stress on the wall. Results showed a reasonable agreement between the model predictions and the plant data. The CFD model could be applied to new operating conditions to investigate the details of the crude oil fouling in the industrial pre-heaters.

  13. (A. Chev.) Stevels) Exposed to Crude Oil Contaminated Soil

    African Journals Online (AJOL)

    Six accessions of cultivated Okra (Abelmoschuscaillei (A. Chev.) Stevels) and Abelmoschusesculentus (L.) Moench) were evaluated using growth parameters in crude oil contaminated soil. Seeds were collected from collected from Nigerian Institute of Horticulture (NIHORT), Ibadan and from home gardens in Benin City.

  14. Efficacy of intervention strategies for bioremediation of crude oil in ...

    African Journals Online (AJOL)

    The search for the solution to ameliorate the seemingly unending pollution and its side effects necessitated the evaluation on the effect of bioaugmentation, biostimulation and natural attenuation of crude oil pollution in soil microcosms. The bacterial species selected for this study (Bacillus thuringensis strain LG32 and ...

  15. Distribution and geochemical application of aromatic hydrocarbons in crude oils

    International Nuclear Information System (INIS)

    Asif, M.; Tahira, F.

    2007-01-01

    Distribution of aromatic hydrocarbons was studied in a set of crude oils, five from northern Indus basin of potwar area and two from southern Indus basin. Diaromatic and triaromatic hydrocarbons were separated from highly complex mixture of sedimentary organic matter by using liquid chromatography techniques such as column chromatography, TLC and GC-FID. These classes of compounds were identified to alkylated isomers of naphthalenes and phenanthrenes by using reference chromatograms and literature data. High concentration of di-,tri- and tetra-methyl naphthalenes was observed in all crude oils except Kal. The relative increase in concentration of alkyl naphthalenes was found as moved to higher methyl substituted isomers. This suggests that they are the product of sedimentary alkylation reactions during catagensis and metagensis. The significant concentration of methyl phenanthrenes indicated source of organic matter. High levels of both 1-MP and 9-MP showed marine and terrestrial source of organic matter except Umer crude oil which is most likely to have terrestrial origin. The ratios of beta-substituted to the alpha-substituted isomers of both alkyl naphthalenes and alkyl phenanthrene were used to assess the thermal maturity of sedimentary organic matter, which revealed high maturity level of Dhurnal, Pindori, Badin and Toot crude oils. (author)

  16. Crude Oil Corrosion Fatigue of L485MB Pipeline Steel

    Czech Academy of Sciences Publication Activity Database

    Gajdoš, Lubomír; Šperl, Martin; Bystrianský, J.

    2015-01-01

    Roč. 137, č. 5 (2015), 051401 ISSN 0094-9930 R&D Projects: GA TA ČR(CZ) TE02000162 Institutional support: RVO:68378297 Keywords : corrosion fatigue * crude oil * pipeline steel * S–N curve * separated water Subject RIV: JI - Composite Materials Impact factor: 0.476, year: 2015 http://pressurevesseltech.asmedigitalcollection.asme.org/article.aspx?articleID=2107675

  17. Down-hole catalytic upgrading of heavy crude oil

    Energy Technology Data Exchange (ETDEWEB)

    Weissman, J.G.; Kessler, R.V.; Sawicki, R.A.; Belgrave, J.D.M.; Laureshen, C.J.; Mehta, S.A.; Moore, R.G.; Ursenbach, M.G. [University of Calgary, Calgary, AB (Canada). Dept. of Chemical and Petroleum Engineering

    1996-07-01

    Several processing options have been developed to accomplish near-well bore in-situ upgrading of heavy crude oils. These processes are designed to pass oil over a fixed bed of catalyst prior to entering the production well, the catalyst being placed by conventional gravel pack methods. The presence of brine and the need to provide heat and reactant gases in a down-hole environment provide challenges not present in conventional processing. These issues were addressed and the processes demonstrated by use of a modified combustion tube apparatus. Middle-Eastern heavy crude oil and the corresponding brine were used at the appropriate reservoir conditions. In-situ combustion was used to generate reactive gases and to drive fluids over a heated sand or catalysts bed, simulating the catalyst contacting portion of the proposed processes. The heavy crude oil was found to be amenable to in-situ combustion at anticipated reservoir conditions, with a relatively low air requirement. Forcing the oil to flow over a heated zone prior to production results in some upgrading of the oil, as compared to the original oil, due to thermal effects. Passing the oil over a hydroprocessing catalyst located in the heated zone results in a product that is significantly upgraded as compared to either the original oil or thermally processed oil. Catalytic upgrading is due to hydrogenation and the results in about a 50% sulfur removal and an 8{degree} API gravity increase. Additionally, the heated catalyst was found to be efficient at converting CO to additional H{sub 2}. While all of the technologies needed for a successful field trial of in-situ catalytic upgrading exist, a demonstration has yet to be undertaken. 27 refs., 5 figs., 5 tabs.

  18. Measuring Value-at-Risk and Expected Shortfall of crude oil portfolio using extreme value theory and vine copula

    Science.gov (United States)

    Yu, Wenhua; Yang, Kun; Wei, Yu; Lei, Likun

    2018-01-01

    Volatilities of crude oil price have important impacts on the steady and sustainable development of world real economy. Thus it is of great academic and practical significance to model and measure the volatility and risk of crude oil markets accurately. This paper aims to measure the Value-at-Risk (VaR) and Expected Shortfall (ES) of a portfolio consists of four crude oil assets by using GARCH-type models, extreme value theory (EVT) and vine copulas. The backtesting results show that the combination of GARCH-type-EVT models and vine copula methods can produce accurate risk measures of the oil portfolio. Mixed R-vine copula is more flexible and superior to other vine copulas. Different GARCH-type models, which can depict the long-memory and/or leverage effect of oil price volatilities, however offer similar marginal distributions of the oil returns.

  19. Cost and benefits for using NYMEX [New York Mercantile Exchange] crude oil futures

    International Nuclear Information System (INIS)

    Deaves, R.; Krinsky, I.

    1991-01-01

    The crisis in the Persian Gulf in 1990-91 has illustrated how important it is for end users of petroleum products to be able to reduce the risk of unexpected price changes. Transferring the risk of price changes, or hedging, is most desirable when the costs of doing so are low relative to the benefits. The nature of these benefits and costs are discussed, and a related analysis of data from the New York Mercantile Exchange (NYMEX) crude oil futures market is reported. It is shown that likely risk reduction is directly related to the degree to which the crude oil futures market can be characterized as efficient. Using data from the highly volatile period of 1983-90, evidence is presented to support the proposition that the crude oil market is efficient. There is no evidence for the existence of risk premiums, which constitute an additional cost to hedging. This is good news for hedgers, as it implies that risk transfer is free in the sense that hedgers need pay no premium to speculators. Although the market appears to be efficient when past returns and the basis are used as explanatory variables, there is some evidence that futures returns may be predicted using macroeconomic variables. 8 refs., 4 tabs

  20. Crude oil prices : how high, how much harm?

    International Nuclear Information System (INIS)

    Levesque, M.; Alexander, C.

    2002-01-01

    This paper discussed the issue of crude oil prices and the economy. Crude oil prices are on the rise due to the recent events in the Middle East. In early April, West Texas Intermediate crude oil climbed to nearly US$28 a barrel. Most of the increase reflects the expectation of stronger world oil demand combined with supply constraints on the part of OPEC. Although there has been some concern expressed that rising oil prices may hinder economic recovery, the authors of this report do not see evidence that rising oil prices would throw economic recovery off course, arguing that the current spike will be short-lived. They stated that even under a worse-case scenario where prices remain inflated, there is little reason to fear for the health of the Canadian economy. OPEC is expected to increase its low production quotas in June. In addition, non-OPEC nations (Russia in particular) are expected to increase oil production in the coming months. The authors also indicated that it is unlikely that conflict in the West Bank will disrupt oil supply because Israel is not an oil-exporting nation. However, oil supply could be affected if other Arab nations were drawn into the issue. It was also noted that military action against Iraq would increase oil prices, possibly as high as US$40 a barrel, but the full extent of this hike in price will probably be unsustainable. In addition, the authors emphasized that the increase in energy costs would not be enough to seriously jeopardize the economic recovery in the United States. As for Canada, it is estimated that a US$10 per barrel increase in crude oil prices would have a small, but positive impact on Canadian GDP because in contrast to the United States, Canada produces much more energy than it consumers. In 2001, Canada ran a trade surplus of $2.8 billion. The report ended by stating that although higher oil prices could add a full percentage point to headline inflation by the end of the year, core inflation is likely to remain

  1. The response of Scirpus pungens to crude oil contaminated sediments

    International Nuclear Information System (INIS)

    Longpre, D.; Jaouich, A.; Jarry, V.; Venosa, A.D.; Lee, K.; Suidan, M.T.

    1999-01-01

    An exposure study was conducted to determine the impacts of an oil spill on the plant Scirpus pungens and to determine potential recovery rates of the species in the event of an accidental spill within the St. Lawrence River. Scirpus pungens is an important wetland plant which is essential for control of coastal erosion and which provides a unique habitat for a variety of biota. Sediments contaminated with medium-light crude oil were used in this study. Transplants in oiled and unoiled sediments were maintained in greenhouses to monitor changes in plant height, growth and mortality over a 63 day period. Results showed that plants exposed to high concentrations of oiled sediment were much smaller than those exposed to lightly contaminated sediments. Elevated oil concentrations greatly decreased plant biomass. Mortality was highly correlated with oil concentration. Transplants were able to survive, grow and produce new shoots in sediments contaminated with crude oil in a range of concentrations comparable to those associated with oil spills

  2. The response of Scirpus pungens to crude oil contaminated sediments

    Energy Technology Data Exchange (ETDEWEB)

    Longpre, D; Jaouich, A [Quebec Univ., Montreal, PQ (Canada); Jarry, V [Environment Canada, Montreal, PQ (Canada); Venosa, A D [US Environmental Protection Agency, Cincinnati, OH (United States). National Risk Management Research Lab.; Lee, K [Fisheries and Oceans Canada, Mont Joli, PQ (Canada). Inst. Maurice Lamontagne; Suidan, M T [Cincinnati Univ., Cincinnati, OH (United States). Dept. of Civil and Environmental Engineering

    1999-01-01

    An exposure study was conducted to determine the impacts of an oil spill on the plant Scirpus pungens and to determine potential recovery rates of the species in the event of an accidental spill within the St. Lawrence River. Scirpus pungens is an important wetland plant which is essential for control of coastal erosion and which provides a unique habitat for a variety of biota. Sediments contaminated with medium-light crude oil were used in this study. Transplants in oiled and unoiled sediments were maintained in greenhouses to monitor changes in plant height, growth and mortality over a 63 day period. Results showed that plants exposed to high concentrations of oiled sediment were much smaller than those exposed to lightly contaminated sediments. Elevated oil concentrations greatly decreased plant biomass. Mortality was highly correlated with oil concentration. Transplants were able to survive, grow and produce new shoots in sediments contaminated with crude oil in a range of concentrations comparable to those associated with oil spills.

  3. Molecular processes in the biodegradation of crude oils and crude oil products in the natural reservoir and in laboratory experiments

    International Nuclear Information System (INIS)

    Schalenbach, S.S.

    1993-10-01

    Two ains were pursued in the present study; first, to find positive indicators of the onset of biodegradation of reservoir oil wherever other parameters fail to give a clear picture; second, to establish a basic understanding of the molecular processes underlying the biodegradation of hydrocarbons and thus create a starting point for finding better criteria for valuating biological restoration methods for crude oil contaminated soils. (orig./HS) [de

  4. Efisiensi Perusahaan Crude Palm Oil (CPO di Indonesia

    Directory of Open Access Journals (Sweden)

    Amzul Rifin

    2017-07-01

    Full Text Available Crude Palm Oil (CPO is an important Indonesian agricultural product as a raw material for cooking oil and an export commodity. In order to achieve maximum profit, the companies producing the CPO need to produce it efficiently. This study used the data from the 2013 Annual Manufacturing Survey conducted by the Statistics Indonesia. In this survey, there were 547 factories producing CPO. The efficiency measurement utilized the Data Envelopment Analysis (DEA approach using value of production as the output and two inputs, namely the number of workers and raw material value. The results showed that there are 17 factories out of 547 factories which are efficient indicated by the efficiency value of one. Factories owned by the private national companies have the highest average of efficiency followed by the foreign and government-owned companies. In regards to location, factories located in Kalimantan Island have higher average efficiency compared to those located in Sumatra Island and other islands. Meanwhile, factories with local market orientation have a higher efficiency compared to those with export market orientation.Keywords: CPO, efficiency, data envelopment analysis (DEAABSTRAKCrude Palm Oil (CPO merupakan salah satu andalan produk pertanian Indonesia baik sebagai bahan baku minyak goreng maupun komoditas ekspor. Untuk mencapai keuntungan maksimum, maka perusahaan penghasil CPO perlu berproduksi secara efisien. Penelitian ini menggunakan data-data perusahaan sawit yang berasal dari Survei Perusahaan Industri Manufaktur 2013 yang dilakukan oleh Badan Pusat Statistik. Pada survei ini terdapat 547 pabrik yang merupakan penghasil CPO. Pengukuran efisiensi menggunakan analisis Data Envelopment Analysis (DEA dengan satu output, yaitu nilai produksi serta dua input, yaitu jumlah pekerja dan nilai bahan baku. Hasil yang diperoleh menunjukkan dari 547 perusahaan terdapat 17 perusahaan yang efisien yang ditunjukkan oleh nilai efisiensi sebesar satu

  5. North or East. Germany's crude oil and natural gas supply from Norway and Russia

    International Nuclear Information System (INIS)

    Spies, M.

    2004-01-01

    This work examines the crude oil and natural gas trade from Norway and Russia to Germany. There is a considerable need for energy import in Germany because only a small part of the national consumption can be met with domestic productions. This applies especially to crude oil and natural gas. Norway and Russia are among the leading crude oil and natural gas producers and exporters in the world. The geographical vicinity of these significant demand and supply potentials leads to extensive energy based relations between Germany and Norway respectively Russia. The focus of this work is on the perception of and attitudes towards Norway and Russia as crude oil and natural gas suppliers for the domestic markets in Germany. Reporting from two leading German newspapers, Frankfurter Allgemeine Zeitung and Sueddeutsche Zeitung, are regarded to be a valid source for detecting these attitudes and perceptions. Relevant articles are analysed with content analysis and further multi- methodological approaches. For this reasons the work provides at the beginning full description of the Norwegian and Russian crude oil and natural gas sector as well as detailed information on the German energy markets and policy. It can be shown that differences in dealing with Norway and Russia in the articles exit. Accordingly, different perceptions and attitudes are detectable as well. This work shows where these differences can be found and examines their quality. It is argued that the reporting and the attitudes are not only based on economical facts but also on 'imagined space'. The need for impartial relations with both supplying countries is stressed. (orig.)

  6. Crude oil prices: Robust demands strengthens outlook

    International Nuclear Information System (INIS)

    Simmons, M.R.

    1996-01-01

    This paper briefly summarizes the growth in the global demand for oil products by showing the historical trends in production and demand in developing countries. It shows world incremental production growth from 1985 to 1995 and developing countries's demands from 1971 to 1989. The paper goes on to make predictions as to whether the demand growth rate can be sustained. It provides information on the status of the world offshore drilling and production facilities to determine the capacity of this resource

  7. Investigation of alkaline–crude oil reaction

    Directory of Open Access Journals (Sweden)

    James J. Sheng

    2015-03-01

    In this paper, this mechanism and related issues are discussed, analyzed or quantified. In particular, the numerical simulation approach is used. The results show that only a fraction of acid components can be converted into soap; the amount of generated soap could be low. A minimum pH (e.g. 9 is needed for the acids to be converted to soap. The literature information on the effect of amount of acid components (total acid number on oil recovery is also discussed.

  8. Rheological Behaviour of Water-in-Light Crude Oil Emulsion

    Science.gov (United States)

    Husin, H.; Taju Ariffin, T. S.; Yahya, E.

    2018-05-01

    Basically, emulsions consist of two immiscible liquids which have different density. In petroleum industry, emulsions are undesirable due to their various costly problems in term of transportation difficulties and production loss. A study of the rheological behaviour of light crude oil and its mixture from Terengganu were carried out using Antoon Paar MCR 301 rheometer operated at pressure of 2.5 bar at temperature C. Water in oil emulsions were prepared by mixing light crude oil with different water volume fractions (20%, 30% and 40%). The objectives of present paper are to study the rheological behaviour of emulsion as a fuction of shear rate and model analysis that fitted with the experimental data. The rheological models of Ostwald-De-Waele and Herschel-Bulkley were fitted to the experimental results. All models represented well the rheological data, with high values for the correlation coefficients. The result indicated that variation of water content influenced shear rate-shear stress rheogram of the prepared emulsions. In the case of 100% light crude oil, the study demonstrated non-Newtonian shear thickening behavior. However, for emulsion with different volume water ratios, the rheological behaviour could be well described by Herschel-Bulkley models due to the present of yield stress parameter (R2 = 0.99807). As a conclusion, rheological studies showed that volume water ratio have a great impact on the shear stress and viscosity of water in oil emulsion and it is important to understand these factors to avoid various costly problems.

  9. A unified world oil market: Regions in physical, economic, geographic, and political space

    International Nuclear Information System (INIS)

    Kaufmann, Robert K.; Banerjee, Shayan

    2014-01-01

    Although there is a general consensus that the market is unified, here we quantify the factors that create regions by analyzing the price relation between 33 crude oils. ADF statistics indicate that 447 of the 528 crude oil pairings cointegrate; 81 do not. The presence/absence of cointegration is analyzed using a logit model. The likelihood that the prices for two crude oils cointegrate depends on their physical characteristics (density and sulfur content), economic factors (country risk for the nation of origin), their geographic location (distance between supply ports), and political factors (OPEC membership). Over the sample period, the technology to refine heavy crude oils penetrates the market, and this reduces the price difference between heavy and light crude oils. The effect of country risk implies that crude oils from high risk nations are not perfect substitutes for crude oils of similar quality from low risk nations. Finally, crude oils from widely separated suppliers are more likely to cointegrate than crude oils from near-by nations, which suggests consumers diversify supply across transportation chokepoints. For this sample, these sources of regionalization add $0.20 per barrel to the $2.86 average price difference between crude oils in the same market. Together, these factors have important implications for the efficacy of policy aimed at reducing dependence on unreliable suppliers and the spill-over effects of holding inventories. - Highlights: • The world oil market is not completely unified. • Regions are defined by differences in API gravity and sulfur content. • Country risk regionalizes the world oil market. • Shipping chokepoints regionalize the world oil market. • Regionalization adds $0.20 to $2.86 price difference between oils in same market

  10. Microbial ecology of a crude oil contaminated aquifer

    Science.gov (United States)

    Bekins, B.A.; Cozzarelli, I.M.; Warren, E.; Godsy, E.M.

    2002-01-01

    Detailed microbial analyses of a glacial outwash aquifer contaminated by crude oil provide insights into the pattern of microbial succession from iron reducing to methanogenic in the anaerobic portion of the contaminant plume. We analysed sediments from this area for populations of aerobes, iron reducers, fermenters and methanogens, using the most probable number method. On the basis of the microbial data the anaerobic area can be divided into distinct physiological zones dominated by either iron-reducers or a consortium of fermenters and methanogens. Chemistry and permeability data show that methanogenic conditions develop first in areas of high hydrocarbon flux. Thus, we find methanogens both in high permeability horizons and also where separate-phase crude oil is present in either the saturated or unsaturated zone. Microbial numbers peak at the top of the separate-phase oil suggesting that growth is most rapid in locations with access to both hydrocarbons and nutrients infiltrating from the surface.

  11. Crude oil and natural gas supplies and demands for Denmark

    International Nuclear Information System (INIS)

    Mackay, R.M.; Probert, S.D.

    1995-01-01

    A novel technique for forecasting the supply and extraction life-cycle of a depleting fossil fuel resource has been developed. The supply side utilises a 'skewed-normal production-profile' model that yields a better representation than earlier approaches. A simple model for extrapolating crude oil and natural gas demands has also been devised, based on the so called 'modified logit function'. The predicted crude oil and natural gas balances for the period up to AD 2010 indicate the disparity between indigenous production and future consumption for Denmark. These forecasts depend on current estimates of remaining oil and gas reserves. It will consequently be necessary to revise periodically the present projections as more reliable reserve estimates become available. (author)

  12. Detection of genetically modified soybean in crude soybean oil.

    Science.gov (United States)

    Nikolić, Zorica; Vasiljević, Ivana; Zdjelar, Gordana; Ðorđević, Vuk; Ignjatov, Maja; Jovičić, Dušica; Milošević, Dragana

    2014-02-15

    In order to detect presence and quantity of Roundup Ready (RR) soybean in crude oil extracted from soybean seed with a different percentage of GMO seed two extraction methods were used, CTAB and DNeasy Plant Mini Kit. The amplifications of lectin gene, used to check the presence of soybean DNA, were not achieved in all CTAB extracts of DNA, while commercial kit gave satisfactory results. Comparing actual and estimated GMO content between two extraction methods, root mean square deviation for kit is 0.208 and for CTAB is 2.127, clearly demonstrated superiority of kit over CTAB extraction. The results of quantification evidently showed that if the oil samples originate from soybean seed with varying percentage of RR, it is possible to monitor the GMO content at the first stage of processing crude oil. Copyright © 2013 Elsevier Ltd. All rights reserved.

  13. On Boiling of Crude Oil under Elevated Pressure

    Science.gov (United States)

    Pimenova, Anastasiya V.; Goldobin, Denis S.

    2016-02-01

    We construct a thermodynamic model for theoretical calculation of the boiling process of multicomponent mixtures of hydrocarbons (e.g., crude oil). The model governs kinetics of the mixture composition in the course of the distillation process along with the boiling temperature increase. The model heavily relies on the theory of dilute solutions of gases in liquids. Importantly, our results are applicable for modelling the process under elevated pressure (while the empiric models for oil cracking are not scalable to the case of extreme pressure), such as in an oil field heated by lava intrusions.

  14. Radiation doses and hazards from processing of crude oil at the Tema oil refinery in Ghana

    International Nuclear Information System (INIS)

    Darko, E. O.; Kpeglo, D. O.; Akaho, E. H. K.; Schandorf, C.; Adu, P. A. S.; Faanu, A.; Abankwah, E.; Lawluvi, H.; Awudu, A. R.

    2012-01-01

    Processing of crude oil has been carried out in Ghana for more than four decades without measures to assess the hazards associated with the naturally occurring radionuclides in the raw and processed materials. This study investigates the exposure of the public to 226 Ra, 232 Th and 40 K in crude oil, petroleum products and wastes at the Tema oil refinery in Ghana using gamma-ray spectrometry. The study shows higher activity concentrations of the natural radionuclides in the wastes than the crude oil and the products with estimated hazard indices less than unity. The values obtained in the study are within recommended limits for public exposure indicating that radiation exposure from processing of the crude oil at the refinery does not pose any significant radiological hazard but may require monitoring to establish long-term effect on both public and workers. (authors)

  15. Radiation doses and hazards from processing of crude oil at the Tema oil refinery in Ghana.

    Science.gov (United States)

    Darko, E O; Kpeglo, D O; Akaho, E H K; Schandorf, C; Adu, P A S; Faanu, A; Abankwah, E; Lawluvi, H; Awudu, A R

    2012-02-01

    Processing of crude oil has been carried out in Ghana for more than four decades without measures to assess the hazards associated with the naturally occurring radionuclides in the raw and processed materials. This study investigates the exposure of the public to (226)Ra, (232)Th and (40)K in crude oil, petroleum products and wastes at the Tema oil refinery in Ghana using gamma-ray spectrometry. The study shows higher activity concentrations of the natural radionuclides in the wastes than the crude oil and the products with estimated hazard indices less than unity. The values obtained in the study are within recommended limits for public exposure indicating that radiation exposure from processing of the crude oil at the refinery does not pose any significant radiological hazard but may require monitoring to establish long-term effect on both public and workers.

  16. Causality in variance and the type of traders in crude oil futures

    International Nuclear Information System (INIS)

    Bhar, Ramaprasad; Hamori, Shigeyuki

    2005-01-01

    This article examines the causal relationship and, in particular, informational dependence between crude oil futures return and the trading volume using daily data over a ten-year period using a recent econometric methodology. The two-step procedure developed by Cheung and Ng (1996) [Cheung, Y.W., Ng, L.K., 1996. A causality-in-variance test and its applications to financial market prices, Journal of Econometrics 72, 33-48.] is robust to distributional assumption and does not depend on simultaneous modeling of the two variables. We find only causality at higher order lags running from return to volume in the mean as well as in conditional variance. Our result is not in complete agreement with several earlier studies in this area. However, the result does indicate mild support for noise traders' hypothesis in the crude oil futures market. (Author)

  17. The Canadian oil market: Annual review for 1993

    International Nuclear Information System (INIS)

    1994-07-01

    An overview is provided of the salient features of the Canadian oil market for 1993. This is the first annual version of the review; previous reviews (1986 to March 1993) were published quarterly. Statistics and discussion are given for refined petroleum product demand, drilling and exploration activity, crude oil supply and disposition, major oil pipelines, refinery activity, crude oil and petroleum product stocks, crude oil prices, and refined petroleum product prices. In 1993, demand for refined products continued to slowly recover against a background of generally stable prices. Drilling activity nearly doubled from 1992, due to such factors as royalty relief, rising demand, improved prices, and lower interest rates. Crude oil production rose nearly 10% over the last two years, with most of the rise occurring in 1993, and imports in 1993 reached their highest level in 15 years. Deliveries of crude to Canadian refineries rose in almost all regions. Half of Canadian crude production was exported, and the 1993 oil trade surplus reached a record $3.4 billion. Monthly Interprovincial PipeLines apportionment levels reached record highs in 1993. Refinery rationalization continued and capacity fell 6%, raising average refinery utilization to 84%. The price of Canadian sweet crude declined 7% to a five-year low. 45 figs., 9 tabs

  18. Can reserve additions in mature crude oil provinces attenuate supply-side peak oil?

    Energy Technology Data Exchange (ETDEWEB)

    Okullo, Samuel; Reynes, Frederic

    2010-09-15

    More often, oil supply has been modeled on the basis of resource availability and demand. The impact of strategy between oil producers has largely been ignored or overly simplified. In this paper, we formulate a model that embodies a weak and strong OPEC for varied rates of reserve additions. With this economic equilibrium model which has the capability to generate a supply side peak in oil production, we show that although reserves of conventional crude oil may seem abundant. OPEC has the ability to lead to substantial crude oil reserve depletion in non-OPEC countries by 2050 given likely depletion rates.

  19. Comparisons Between Asphaltenes from the Dead and Live-Oil Samples of the Same Crude Oils

    DEFF Research Database (Denmark)

    Aquino-Olivos, M.A.; Andersen, Simon Ivar; Lira-Galeana, C.

    2003-01-01

    extracted and analyzed. These pressure-driven asphaltenes found on the filter were found to make up in the range between 50 and 100 ppm of the whole crude oil. Opening of the cell did not reveal asphaltenes retained due to wall adhesion. Size exclusion chromatography tests performed on both the live......-oil-derived asphaltenes and the standard asphaltenes as precipitated by atmospheric titration on the same crude oil, revealed that the live-oil asphaltenes had apparent smaller hydrodynamic volume and narrower distributions than the standard asphaltenes for two oils. Further FTIR tests also showed large differences...

  20. Long Run Dynamic Volatilities between OPEC and non-OPEC Crude Oil Prices

    OpenAIRE

    Ghassan, Hassan B.; Alhajhoj, Hassan R.

    2015-01-01

    Understanding the long-run dynamics of OPEC and non-OPEC crude oil prices is important in an era of increased financialization of petroleum markets. Utilizing an ECM within a threshold cointegration and CGARCH errors framework, we provide evidence on the cointegrating relationship and estimate how and to what extent the respective prices adjust to eliminate disequilibrium. Our findings suggest that the adjustment process of OPEC prices to the positive discrepancies is slow which implies that ...

  1. Outlook for international oil markets

    Energy Technology Data Exchange (ETDEWEB)

    Zanoyan, V; French, M

    1984-01-01

    Despite increased hostilities in the Persian Gulf, there has been a slack in both petroleum product and crude markets and concern over the possibility of a wave of refinery bankruptcies. The short-term outlook recognizes that OPEC problems are not permanent. Demand is not expected to return to pre-1979 levels, and demand growth will not have an equal distribution among OPEC members. Mid-term projections are for real oil prices to be about 12% below 1982 levels, with the decline continuing through 1986. The only significant demand expansion will occur in the industrial sectors of the developing countries due to conservation efforts and fuel substitution that will continue to reduce petroleum's share of total energy consumed by developed countries. Consumption in the transport sector will probably remain at current levels. Oil production in Western countries should peak and then decline during the 1980s, with non-OPEC developing countries filling some of the demand gap and OPEC prices going up instead of production. 6 tables.

  2. Improving the Forecasting Accuracy of Crude Oil Prices

    Directory of Open Access Journals (Sweden)

    Xuluo Yin

    2018-02-01

    Full Text Available Currently, oil is the key element of energy sustainability, and its prices and economy have a strong mutual influence. Modeling a good method to accurately predict oil prices over long future horizons is challenging and of great interest to investors and policymakers. This paper forecasts oil prices using many predictor variables with a new time-varying weight combination approach. In doing so, we first use five single-variable time-varying parameter models to predict crude oil prices separately. Second, every special model is assigned a time-varying weight by the new combination approach. Finally, the forecasting results of oil prices are calculated. The results show that the paper’s method is robust and performs well compared to random walk.

  3. Canadian oil sands : supply and potential for market growth

    International Nuclear Information System (INIS)

    Crandall, G.

    2004-01-01

    Canadian oil sands recoverable reserves rank second only to Saudi Arabia and present enormous potential, particularly through technological gains. This paper discussed the market potential for oil sands both globally and in North America. It was estimated that oil sands production would eventually surpass declining conventional production, increasing from 42 per cent of Western supply in 2002 to 78 per cent in 2015. Recoverable reserves were an estimated 174 billion barrels, with cumulative production at 4 billion barrels between 1967 to 2003. Statistics of U.S. and Canadian markets for crude oil were presented to the year 2020. A flow chart of oil sands products and market outlets was presented, as well as details of existing and potential markets for Canadian crude oil. Oil sands product dispositions were outlined, with the prediction that Asia may emerge as an incremental market. World crude oil production statistics were presented by type. World residual supply and demand estimates were presented, including details of conversion capacity and requirements for residual processing capacity in refineries and field upgraders. American refinery feedstocks were presented by type, with the identification of an increase in heavy crude runs. It was noted that recent pricing provided a strong incentive to add refining conversion capacity to process heavy oil. An outline of a study completed for the Alberta government and industry was presented, in which upgrading to light synthetic crude was determined as a base case. The value added to process bitumen beyond upgrading was discussed in relation to the upgrading of American refineries to process bitumen blends and synthetic crude. Potential cases for upgrading bitumen were presented, along with a comparison of capital costs. An overall economic comparison of projects was provided. Various measures to maximize markets for oil sands products in Alberta were presented. It was suggested that U.S. markets should absorb more new

  4. An empirical analysis of the risk of crude oil imports in China using improved portfolio approach

    International Nuclear Information System (INIS)

    Wu, Gang; Wei, Yi-Ming; Fan, Ying; Liu, Lan-Cui

    2007-01-01

    This paper quantifies the diversification index of China's crude oil imports during the period 1996-2004, and explores the relationship between the monthly prices and Brent crude oil cash prices. Accordingly, we calculate the systematic and specific risks using portfolio theory of China's crude oil import over the period 1996-2004. Because China's crude oil import increased rapidly since 1996, we improve upon the traditional portfolio theory and develop a risk index model of portfolio theory for crude oil imports in order to explore objectively the changes in China's crude oil import risks. The results show that China's crude oil import risk is affected extensively by the fluctuation of international oil prices. So the traditional portfolio theory is insufficient to measure China's crude oil import risk. The improved portfolio theory risks index model reflects the effect of international oil prices, diversification, imports, and geopolitics factors etc., on crude oil import risk, and changes in crude oil import risk. Therefore, the risk index model of portfolio theory provides greater theoretical and methodological robustness as an indicator of China's crude oil import security than that offered from the application of traditional measures of dependence. (author)

  5. Day-Ahead Crude Oil Price Forecasting Using a Novel Morphological Component Analysis Based Model

    Directory of Open Access Journals (Sweden)

    Qing Zhu

    2014-01-01

    Full Text Available As a typical nonlinear and dynamic system, the crude oil price movement is difficult to predict and its accurate forecasting remains the subject of intense research activity. Recent empirical evidence suggests that the multiscale data characteristics in the price movement are another important stylized fact. The incorporation of mixture of data characteristics in the time scale domain during the modelling process can lead to significant performance improvement. This paper proposes a novel morphological component analysis based hybrid methodology for modeling the multiscale heterogeneous characteristics of the price movement in the crude oil markets. Empirical studies in two representative benchmark crude oil markets reveal the existence of multiscale heterogeneous microdata structure. The significant performance improvement of the proposed algorithm incorporating the heterogeneous data characteristics, against benchmark random walk, ARMA, and SVR models, is also attributed to the innovative methodology proposed to incorporate this important stylized fact during the modelling process. Meanwhile, work in this paper offers additional insights into the heterogeneous market microstructure with economic viable interpretations.

  6. Biological treatment: Soil impacted with crude oil

    International Nuclear Information System (INIS)

    Gilbertson, N.; Severns, J.J.

    1992-01-01

    Biological land treatment proved to be a successful way to manage contamination at a California oil and gas production property. During the project, approximately 120,000 yards of contaminated soil was treated in the treatment plots to below the cleanup goals of 1,000 milligrams per kilograms (mg/kg) total petroleum hydrocarbons. In general, remaining hydrocarbon levels in treated soil were the 200 mg/kg total petroleum hydrocarbons range or lower. Cleanup goals were achieved in less than 2 months for each lift of soil treated. The treated soil was used as fill material in the excavation. No significant odor problems occurred during the project. Groundwater monitoring confirmed that no impact to groundwater occurred due to the biological land treatment process. Design of the treatment plan and regulatory requirements are also discussed

  7. Microbial ecology of methanogenic crude oil biodegradation; from microbial consortia to heavy oil

    Energy Technology Data Exchange (ETDEWEB)

    Head, Ian M.; Maguire, Michael J.; Sherry, Angela; Grant, Russell; Gray, Neil D.; Aitken, Carolyn M.; Martin Jones, D.; Oldenburg, Thomas B.P.; Larter, Stephen R. [Petroleum Research Group, Geosciences, University of Calgary (Canada)

    2011-07-01

    This paper presents the microbial ecology of methanogenic crude oil biodegradation. Biodegraded petroleum reservoirs are one of the most dramatic indications of the deep biosphere. It is estimated that heavy oil and oil sands will account for a considerable amount of energy production in the future. Carbon, a major resource for deep subsurface microorganisms, and energy are contained in large quantities in petroleum reservoirs. The aerobic to anaerobic paradigm shift is explained. A key process for in-situ oil biodegradation in petroleum reservoirs is methanogenesis. New paradigms for in-reservoir crude oil biodegradation are discussed. Variations in anaerobic degradation of crude oil hydrocarbons are also discussed. A graph shows the different patterns of crude oil biodegradation under sulfate-reducing and methanogenic conditions. Alternative anaerobic alkane activation mechanisms are also shown. From the study, it can be concluded that methanogenic crude oil degradation is of global importance and led to the establishment of the world's enormous heavy oil deposits.

  8. Study of the gelation behaviour of Brazilian waxy crude oils

    Energy Technology Data Exchange (ETDEWEB)

    Ziglio, C.M.; Sant' Ana, D.F. [Petroleo Brasileiro S.A., Petrobras, Rio de Janeiro (Brazil)

    2008-07-01

    The precipitation of wax from crude oil results in the formation of a paraffin network which evolves into a gel structure, causing a major operating issue for the petroleum industry. A gelled oil in a pipeline may need a very high re-start pressure that is beyond the capacity of the pump. The gelation of the oil can also develop into a wax deposit on the pipeline wall that restricts the flow of crude oil. Rheometry tests were used in this study to determine the yielding process of wax gels formed by the cooling of Brazilian crude oils. The effect of selected chemical additives on the gel strength was also examined. Dynamic rheology was used to study the oil-gel transition under quiescent conditions. Two rheological methods were used to study the gel yield stress, which is related to the gel strength. In the Creep and Recovery method, a stress was applied to the sample for a short period while the resulting deformation was measured. The stress was then removed to allow the sample to recover the gel structure. The steps of creep and recovery were repeated with an increasing stress value. The yield stress was identified as the minimum stress to cause an irreversible deformation in the sample. The yield stress of the gelled oil was estimated through dynamic measurements. Gel breakdown occurred when the sample was submitted to a critical strain, which is related to the yield stress value. This study showed that the gelation temperature can be reduced considerably by adding small amounts of readily available additives. These additives have an influence on yield stress values. In a cold re-start situation, they can reduce the pump pressure.

  9. Factors affecting future crude oil production in South East Asia

    International Nuclear Information System (INIS)

    Baugh, M.A.

    1996-01-01

    In the face of booming regional demand, crude oil production in the South East Asian region will decline from a 1996 peak of 5.7 million barrels a day to 3.5 million barrels a day in 2005 unless major new exploration investments are undertaken. The current fiscal terms for such investment will not attract continued significant funds to the region given the low crude price outlook, tough competitive global environment for the upstream industry, and the emergence of more attractive fiscal terms in politically and commercially stable countries with proven prospectivity. There is evidence from the emerging trend toward fiscal terms softening and differentiation around risk in some countries, that the commercial reality is becoming accepted. It remains to be seen if the various national political, bureaucratic and industry constituencies guiding these decisions within the region can respond decisively to mitigate the growing crude import dependency. (author). 2 tabs

  10. Use of adsorption and gas chromatographic techniques in estimating biodegradation of indigenous crude oils

    International Nuclear Information System (INIS)

    Kokub, D.; Allahi, A.; Shafeeq, M.; Khalid, Z.M.; Malik, K.A.; Hussain, A.

    1993-01-01

    Indigenous crude oils could be degraded and emulsified upto varying degree by locally isolated bacteria. Degradation and emulsification was found to be dependent upon the chemical composition of the crude oils. Tando Alum and Khashkheli crude oils were emulsified in 27 and 33 days of incubation respectively. While Joyamair crude oil and not emulsify even mainly due to high viscosity of this oil. Using adsorption chromatographic technique, oil from control (uninoculated) and bio degraded flasks was fractioned into the deasphaltened oil containing saturate, aromatic, NSO (nitrogen, sulphur, oxygen) containing hydrocarbons) and soluble asphaltenes. Saturate fractions from control and degraded oil were further analysed by gas liquid chromatography. From these analyses, it was observed that saturate fraction was preferentially utilized and the crude oils having greater contents of saturate fraction were better emulsified than those low in this fraction. Utilization of various fractions of crude oils was in the order saturate> aromatic> NSO. (author)

  11. Problems in waterflooding fields containing paraffinic crude oils

    Energy Technology Data Exchange (ETDEWEB)

    Kovalev, A G; Lyutin, L V; Perevalov, V G

    1968-11-01

    When Caspian seawater is injected into the Uzen field reservoir, the temperature of the reservoir oil can be lowered 10/sup 0/ to 20/sup 0/C below initial reservoir temperature. Because Uzen crude oil is saturated with paraffin, the cold injection water can deposit paraffin in the formation and reduce oil recovery. In a related study, it was shown that the lower temperature should not adversely affect capillary and wettability behavior of the crude oil in the reservoir. Oil recovery was found to be essentially independent of water composition. However, fresh water is easier to handle in injection systems than brines. Several studies have shown that oil recovery from Uzen field should be increased by use of hot injection water. Various methods of heating the water are discussed. To reduce corrosivity and scaling of hot brine, sodium hexametaphosphate is added in concentrations of 2 to 15 mg/liter. It is concluded that it would be practical to use hot injection water in this field.

  12. Histopathologic lesions in sea otters exposed to crude oil

    Energy Technology Data Exchange (ETDEWEB)

    Lipscomb, T.P.; Harris, R.K.; Moeller, R.B.; Pletcher, J.M.; Haebler, R.J.; Ballachey, B.E. (Armed Forces Institute of Pathology, Washington, DC (United States))

    1993-01-01

    Following the Exxon Valdez oil spill in Prince William Sound, Alaska, sea otters (Enhydra lutris) that appeared to be contaminated with oil, that were in danger of becoming contaminated, or that were behaving abnormally were captured and taken to rehabilitation centers. Exposure to oil was assessed by visual examination when otters arrived at the centers. Degree of oil exposure was graded according to the following criteria: oil covering greater than 60% of the body--heavily contaminated; oil covering 30-60% of the body--moderately contaminated; oil covering less than 30% of the body or light sheen on fur--lightly contaminated. If there was no oil visible, otters were considered uncontaminated. Tissues from 51 oil-contaminated sea otters (14 males, 37 females) and from six uncontaminated sea otters (three males, three females) that died in rehabilitation centers were examined histologically. Among oil-contaminated sea otters, 19/46 had interstitial pulmonary emphysema, 13/40 had gastric erosion and hemorrhage, 11/47 had centrilobular hepatic necrosis, 14/47 had periportal to diffuse hepatic lipidosis, and 10/42 had renal tubular lipidosis. Of the uncontaminated sea otters, 1/6 had gastric erosion and hemorrhage and 1/6 had diffuse hepatic lipidosis. Histologic examinations were performed on tissues from five sea otters found dead with external oil present 15 to 16 days after the spill. Periportal hepatic lipidosis and renal tubular lipidosis were found in 3/5, and interstitial pulmonary emphysema was found in 1/5. Tissues from six apparently normal sea otters collected from an area not affected by an oil spill were examined histologically, and none of these lesions were found. We conclude that interstitial pulmonary emphysema, centrilobular hepatic necrosis, and hepatic and renal lipidosis of sea otters were associated with exposure to crude oil. Gastric erosion and hemorrhage may have been associated with stress of captivity and/or oil exposure.

  13. Histopathologic lesions in sea otters exposed to crude oil

    Science.gov (United States)

    Lipscomb, T.P.; Harris, R.K.; Moeller, R.B.; Pletcher, J.M.; Haebler, R.J.; Ballachey, Brenda E.

    1993-01-01

    Following the Exxon Valdez oil spill in Prince William Sound, Alaska, sea otters (Enhydra lutris) that appeared to be contaminated with oil, that were in danger of becoming contaminated, or that were behaving abnormally were captured and taken to rehabilitation centers. Exposure to oil was assessed by visual examination when otters arrived at the centers. Degree of oil exposure was graded according to the following criteria: oil covering greater than 60% of the body - heavily contaminated; oil covering 30–60% of the body - moderately contaminated; oil covering less than 30% of the body or light sheen on fur - lightly contaminated. If there was no oil visible, otters were considered uncontaminated. Tissues from 51 oil-contaminated sea otters (14 males, 37 females) and from six uncontaminated sea otters (three males, three females) that died in rehabilitation centers were examined histologically. Among oil-contaminated sea otters, 19/46 had interstitial pulmonary emphysema, 13/40 had gastric erosion and hemorrhage, 11/47 had centrilobular hepatic necrosis, 14/47 had periportal to diffuse hepatic lipidosis, and 10/42 had renal tubular lipidosis. Of the uncontaminated sea otters, 1/6 had gastric erosion and hemorrhage and 1/6 had diffuse hepatic lipidosis. Histologic examinations were performed on tissues from five sea otters (three males, two females) found dead with external oil present 15 to 16 days after the spill. Periportal hepatic lipidosis and renal tubular lipidosis were found in 3/5, and interstitial pulmonary emphysema was found in 1/5. Tissues from six apparently normal sea otters (four males, two females) collected from an area not affected by an oil spill were examined histologically, and none of these lesions were found. We conclude that interstitial pulmonary emphysema, centrilobular hepatic necrosis, and hepatic and renal lipidosis of sea otters were associated with exposure to crude oil. Gastric erosion and hemorrhage may have been associated with

  14. The Cushing OK Crude Oil Futures Price Pass - Through to New York Harbor Reformulated RBOB Regular Gasoline Futures Price

    OpenAIRE

    Chu V. Nguyen

    2017-01-01

    This study utilizes an Autoregressive Distributed Lag model to investigate the nature of crude oil futures price pass-through since 2006. The empirical results reveal a very high but incomplete short-run pass-through rate from the crude oil futures price to the gasoline futures price of 0.849298 with a corresponding negative long-run pass-through rate of -0.2440894. These empirical findings suggest that traders in the U.S. oil and gasoline futures markets overreact to fluctuations in the crud...

  15. New contact system in crude oil desalting process

    International Nuclear Information System (INIS)

    Forero, J; Duque; Diaz, J; Nunez, A; Guarin, F; Carvajal, F

    2001-01-01

    The effect of the ICP contactor and the mixture valve on the desalting process was evaluated as a contact system in the crude oil washing process. The evaluation was carried out in the two desalters at the Cartagena refinery (GRC) and a desalter at the Barrancabermeja refinery (GCB) of ECOPETROL. The pressure drop was measured and the efficiency of the desalting processes, dehydration and hydrocarbon crude intake in the water was calculated based on the BS and W measurement, salt content and hydrocarbon concentration in the water. Results showed that the contactor improved desalting, water in the crude oil was reduced and crude carry-over in the wastewater was reduced between 50 and 92% at the Barrancabermeja refinery, and between 40 and 95% at the Cartagena refinery, which mean savings of approximately us$ 373.000 dollars per year at both refineries, due to the fact that less water is loaded into the process. Furthermore, hydrocarbon 1055 in wastewater was reduced by about 3650 barrels per year. The pressure drop was reduced between 88 and 94 % in relation to the mixing valve

  16. Causality Relationship between Crude Oil Variables and Budget Variables in Malaysia

    OpenAIRE

    Zakaria, Zukarnain; Shamsuddin, Sofian

    2017-01-01

    As an oil and gas exporter, Malaysia profited from higher world energy prices. However, the fall in oil prices from highs in 2014 significantly affected Malaysia’s government revenue (GR), hence its expenditure since the Malaysian GR still largely depends on oil revenues. Malaysia also has problems with high spending on energy subsidy, shrinking in its net crude oil export, and narrowing the gap between its crude oil production and consumption. Given this scenario, not only shocks in crude oi...

  17. Cracking of crude oil in the molten metals

    Directory of Open Access Journals (Sweden)

    Marat A. Glikin

    2014-03-01

    Full Text Available In this paper is investigated the process of crude oil and its individual fractions cracking in the molten metals medium to produce light petroleum products. Thermodynamic calculations demonstrate the possibility of using lead and tin including alloys thereof as the melt. The cracking of West Siberian crude oil is studied at temperatures 400-600 °C. It is detected that as the temperature increases there is increase of aromatic hydrocarbons and olefins content in gasoline while naphthenes, n- and i-paraffins content reduces. Optimal temperature for cracking in molten metals is ~500 °C. The use of a submerged nozzle increases the yield of light petroleum products by ~2%. The research octane number of gasoline produced is 82-87 points. It is determined that the yield of light petroleum products depending on the experimental conditions is increased from 46.9 to 55.1-61.3% wt.   

  18. Wavelet regression model in forecasting crude oil price

    Science.gov (United States)

    Hamid, Mohd Helmie; Shabri, Ani

    2017-05-01

    This study presents the performance of wavelet multiple linear regression (WMLR) technique in daily crude oil forecasting. WMLR model was developed by integrating the discrete wavelet transform (DWT) and multiple linear regression (MLR) model. The original time series was decomposed to sub-time series with different scales by wavelet theory. Correlation analysis was conducted to assist in the selection of optimal decomposed components as inputs for the WMLR model. The daily WTI crude oil price series has been used in this study to test the prediction capability of the proposed model. The forecasting performance of WMLR model were also compared with regular multiple linear regression (MLR), Autoregressive Moving Average (ARIMA) and Generalized Autoregressive Conditional Heteroscedasticity (GARCH) using root mean square errors (RMSE) and mean absolute errors (MAE). Based on the experimental results, it appears that the WMLR model performs better than the other forecasting technique tested in this study.

  19. Coalescence kinetics of dispersed crude oil in a laboratory reactor

    International Nuclear Information System (INIS)

    Sterling, M.C. Jr.; Ojo, T.; Autenrieth, R.L.; Bonner, J.S.; Page, C.A.; Ernst, A.N.S.

    2002-01-01

    A study was conducted to examine the effects of salinity and mixing energy on the resurfacing and coalescence rates of chemically dispersed crude oil droplets. This kinetic study involved the use of mean shear rates to characterize the mixing energy in a laboratory reactor. Coagulation kinetics of dispersed crude oil were determined within a range of mean shear rates of 5, 10, 15, and 20 per second, and with salinity values of 10 and 30 per cent. Observed droplet distributions were fit to a transport-reaction model to estimate collision efficiency values and their dependence on salinity and mixing energy. Dispersant efficiencies were compared with those derived from other laboratory testing methods. Experimentally determined dispersant efficiencies were found to be 10 to 50 per cent lower than predicted using a non-interacting droplet model, but dispersant efficiencies were higher than those predicted using other testing methods. 24 refs., 1 tab., 3 figs

  20. Design of crude oil storage tank for acoustic emission testing

    International Nuclear Information System (INIS)

    Shukri Mohd; Masrul Nizam Salleh; Abd Razak Hamzah; Norasiah Abd Kasim

    2005-01-01

    The integrity of crude oil storage tank needs to be well managed because they can contain a large inventory of hazardous material and because of the high cost such as cleaning and waste disposal prior to disposal and maintenance. Costs involved in cleaning and inspection can be up to several hundreds thousand Malaysian Ranting. If the floor then proves to be in good condition, these costs have been wasted. Acoustic Emission (AE) is proposed to be use for monitoring the floor of the storage tank on line without doing cleaning and waste disposal. A storage tank will be fabricated for storing the crude oil and then the corrosion process will be monitor using AE method. This paper will discuss the background, material and is technical specification, design and also the difficulties faced during design and fabrication process. (Author)

  1. Crude oil and finished fuel storage stability: An annotated review

    Energy Technology Data Exchange (ETDEWEB)

    Whisman, M.L.; Anderson, R.P.; Woodward, P.W.; Giles, H.N.

    1991-01-01

    A state-of-the-art review and assessment of storage effects on crude oil and product quality was undertaken through a literature search by computer accessing several data base sources. Pertinent citations from that literature search are tabulated for the years 1980 to the present. This 1990 revision supplements earlier reviews by Brinkman and others which covered stability publications through 1979 and an update in 1983 by Goetzinger and others that covered the period 1952--1982. For purposes of organization, citations are listed in the current revision chronologically starting with the earliest 1980 publications. The citations have also been divided according to primary subject matter. Consequently 11 sections appear including: alternate fuels, gasoline, distillate fuel, jet fuel, residual fuel, crude oil, biodegradation, analyses, reaction mechanisms, containment, and handling and storage. Each section contains a brief narrative followed by all the citations for that category.

  2. Does China factor matter? An econometric analysis of international crude oil prices

    International Nuclear Information System (INIS)

    Wu, Gang; Zhang, Yue-Jun

    2014-01-01

    Whether China’s crude oil imports are the culprit of oil price volatility these years has not been quantitatively confirmed. Therefore, this paper empirically investigates the role of China’s crude oil net imports in Brent price changes from October 2005 to November 2013 based on an econometric analysis. The results indicate that, during the sample period, China’s crude oil imports do not significantly affect Brent price changes, no matter in the long run or short run. Therefore, the blame for China’s crude oil imports to cause the dramatic fluctuations of international oil price has no solid evidence. Also, there exists significant uni-directional causality running from the Brent price to China's crude oil imports at the 5% level. Besides, the response of the Brent price to China's crude oil imports is found positive but slight, and the Brent price responds more significantly to US dollar exchange rate and OECD commercial inventory than to China’s crude oil imports in the short run. Finally, the contribution of China's crude oil imports to Brent price movement is about 10%, which is less than that of US dollar exchange rate but larger than that of Indian crude oil imports or OECD commercial inventory. - Highlights: • The paper detects the role of China’s crude oil imports in Brent oil price changes. • China’s crude imports do not matter for oil prices in the long run or short run. • The blame for China’s crude imports on oil price changes has no solid evidence. • Significant causality runs from Brent prices to China's crude oil net imports. • China's crude imports contribute less to Brent prices than US dollar exchange rate

  3. Asymmetry in retail gasoline and crude oil price movements in the United States. An application of hidden cointegration technique

    International Nuclear Information System (INIS)

    Honarvar, Afshin

    2009-01-01

    There is a common belief that gasoline prices respond more quickly to crude oil price increases than decreases. Some economists and politicians believe that asymmetry in oil and gasoline price movements is the outcome of a non-competitive gasoline market requiring that governments take policy action to address 'unfair pricing'. There is no consensus as to the existence, or nature, of the asymmetric relationship between prices of gasoline and crude oil. Much of this literature specifies asymmetry in the speed of adjustment and short-run adjustment coefficients. In contrast, Granger and Yoon's [Granger, C.W. and Yoon, G. 'Hidden Cointegration', University of California, San Diego, Department of Economics Working Paper, (2002).] Crouching Error Correction Model (CECM) identifies asymmetry of the cointegrating vectors between components (cumulative positive and negative changes) of the series. Applying the CECM to retail gasoline and crude oil prices for the U.S., we find that there is only evidence of cointegration between positive components of crude oil prices and negative components of gasoline prices. In contrast to the literature which attributes asymmetric price movements to market power of refiners, these findings suggest that gasoline prices -in the long run- are more influenced by the technological changes on the demand side than crude oil price movements on the supply side. (author)

  4. Thermal properties and burning efficiency of crude oils and refined fuel oil

    DEFF Research Database (Denmark)

    van Gelderen, Laurens; Alva, Wilson Ulises Rojas; Mindykowski, Pierrick Anthony

    2017-01-01

    The thermal properties and burning efficiencies of fresh and weathered crude oils and a refined fuel oil were studied in order to improve the available input data for field ignition systems for the in-situ burning of crude oil on water. The time to ignition, surface temperature upon ignition, heat......-cooled holder for a cone calorimeter under incident heat fluxes of 0, 5, 10, 20, 30, 40 and 50 kW/m2. The results clearly showed that the weathered oils were the hardest to ignite, with increased ignition times and critical heat fluxes of 5-10 kW/m2. Evaporation and emulsification were shown...

  5. Desulfurization of AL-Ahdab Crude Oil using Oxidative Processes

    OpenAIRE

    Neran Khalel Ibrahim; Saja Mohsen Jabbar

    2015-01-01

    Two different oxidative desulfurization strategies based on oxidation/adsorption or oxidation/extraction were evaluated for the desulfurization of AL-Ahdab (AHD) sour crude oil (3.9wt% sulfur content). In the oxidation process, a homogenous oxidizing agent comprising of hydrogen peroxide and formic acid was used. Activated carbons were used as sorbent/catalyst in the oxidation/adsorption process while acetonitrile was used as an extraction solvent in the oxidation/extraction process. For the ...

  6. Fatigue behaviour of X70 steel in crude oil

    Czech Academy of Sciences Publication Activity Database

    Gajdoš, Lubomír; Šperl, Martin; Bystrianský, J.

    2015-01-01

    Roč. 49, č. 2 (2015), s. 243-246 ISSN 1580-2949 R&D Projects: GA ČR(CZ) GAP105/10/2052; GA TA ČR(CZ) TE02000162 Institutional support: RVO:68378297 Keywords : corrosion fatigue * S-N curve * X70 steel * crude oil * separated water Subject RIV: JL - Materials Fatigue, Friction Mechanics Impact factor: 0.439, year: 2015 http://mit.imt.si/Revija/izvodi/mit152/gajdos.pdf

  7. China Oil and Gas Market Assessment

    International Nuclear Information System (INIS)

    Qiu, Yu

    2004-08-01

    China, with one-fifth of the world's population and one of the fastest rates of economic growth, is experiencing a boom in its energy requirements. China has been identified as a high priority market for the oil and gas sector. This priority has resulted in the high level of investment and many large-scale projects related to the oil and gas industry. Oil production from existing fields is expected to increase, new oil and gas fields will be developed, and the country's oil and gas transmission infrastructure will be extended to meet domestic demands. In addition, total domestic investment needs for the next three decades till 2030 are estimated at around $119 billion, and upstream exploration and development will account for about $69 billion. China's oil and gas exploitation business has been the biggest beneficiary of the bearish crude oil prices, national oil stockpile and the need of infrastructure. In the first six-month period of 2005, this industry has gained a profit of USD16.5 billion, up 73.4 per cent year-on-year. The country is becoming increasingly open to international oil companies, contractors and equipment suppliers, who can bring advanced technology, equipment, and management experience. In this context, considerable opportunities in the supply and service sectors are open to Dutch companies. This report analyses the present situation and market prospect of China upstream oil and gas industry, including: Current status of Chinese oil and gas industry analysis and future development forecast; Potential customers analysis, such as three stated-owned oil companies and their foreign partners;Domestic and foreign competitors analysis; Potential opportunities and challenges analysis; Providing contacts and information on main ongoing oil exploration and development projects, and business practices

  8. Brine crude oil interactions at the oil-water interface

    DEFF Research Database (Denmark)

    Chakravarty, Krishna Hara; Fosbøl, Philip Loldrup; Thomsen, Kaj

    2015-01-01

    The impact of brine salinity and its ionic composition on oil displacement efficiency has been investigated extensively in recent years due to the potential of enhanced oil recovery (EOR). Wettability alterations through relative interactions at the mineral surface have been the basis of proposed...... in enhancing oil emulsion formation by increasing interactions between polar acids and brine solutions. The results propose the potential use of HPO42- ions in reservoirs having inactive mineral surfaces. The relative oil affinity of different ions including K+, Na+, Mg2+, and Ca2+ (cations), and Cl-, SO42...... and thus reduces the interfacial viscoelasticity of the trapped oil. These results show significant correlation between oil emulsion formation and increased oil recovery. Copyright 2015; Society of Petroleum Engineers...

  9. Biosurfactant production by Mucor circinelloides on waste frying oil and possible uses in crude oil remediation.

    Science.gov (United States)

    Hasanizadeh, Parvin; Moghimi, Hamid; Hamedi, Javad

    2017-10-01

    Biosurfactants are biocompatible surface active agents which many microorganisms produce. This study investigated the production of biosurfactants by Mucor circinelloides. The effects of different factors on biosurfactant production, including carbon sources and concentrations, nitrogen sources, and iron (II) concentration, were studied and the optimum condition determined. Finally, the strain's ability to remove the crude oil and its relationship with biosurfactant production was evaluated. The results showed that M. circinelloides could reduce the surface tension of the culture medium to 26.6 mN/m and create a clear zone of 12.9 cm diameter in an oil-spreading test. The maximum surface tension reduction was recorded 3 days after incubation. The optimum condition for biosurfactant production was achieved in the presence of 8% waste frying oil as a carbon source, 2 g/L yeast extract as a nitrogen source, and 0.01 mM FeSO 4 . M. circinelloides could consume 8% waste frying oil in 5 days of incubation, and 87.6% crude oil in 12 days of incubation. A direct correlation was observed between oil degradation and surface tension reduction in the first 3 days of fungal growth. The results showed that the waste frying oil could be recommended as an inexpensive oily waste substance for biosurfactant production, and M. circinelloides could have the potential to treat waste frying oil. According to the results, the produced crude biosurfactant or fungal strain could be directly used for the mycoremediation of crude oil contamination in oil fields.

  10. Economic repercussions of OPEC's crude oil price increases

    Energy Technology Data Exchange (ETDEWEB)

    Merklein, H A

    1980-05-01

    Accusations that the Organization of Petroleum Exporting Countries (OPEC) created the world energy crisis and destroyed the economies of oil-importing nations are challenged by Dr. Merklein. He shows that the economic impact of OPEC price increases have only accelerated an already-developing energy shortage and only reflect the existing problems of inflation, unemployment, and declining currency exchange rates. The real problem is argued to be a US energy policy that is incapable of responding appropriately to what should be a manageable crude oil tax. When the arguments against OPEC policies are examined in an historical context, they are shown to be essentially neutral. 4 tables. (DCK)

  11. Deep hydrotreating of middle distillates from crude and shale oils

    Energy Technology Data Exchange (ETDEWEB)

    Landau, M.V. [The Blechner Center for Industrial Catalysis and Process Development, Ben-Gurion University of the Negev, Beer-Sheva (Israel)

    1997-06-20

    The potential scientific and technological solutions to the problems that appear as a result of shifting the hydrotreating of crude oil middle distillates and shale oils from the `normal` to the `deep` mode are considered on the basis of the reactivities and transformation routes of the least-reactive sulfur-, nitrogen-, and oxygen-containing compounds. The efficiency of selecting the optimal feedstock, increasing the process severity, improving the catalysts activity, and using alternative catalytic routes are compared, taking into account the specific issues related to deep hydrodesulfurization/hydrodenitrogenation/hydrodeoxygenation, i.e., chemical aspects, kinetics and catalysts

  12. Challenge of the oil market

    Energy Technology Data Exchange (ETDEWEB)

    Jaidah, A M

    1981-11-01

    The oil market is experiencing a different environment in 1981 as demand for OPEC oil fades while customers run down their inventories. The oil-producing countries face a new challenge, but the need of consuming countries for secure oil supplies and the need of producing countries to broaden their economies and reduce dependence on a depleting resource continue. Two episodes 1973 to 1975 and late 1978 to the present, illustrate the current market situation. The impact of these episodes is the basis for recommended long-run goals that go beyond market management to the real challenge of converting oil resources into the real assets of economic development. (DCK)

  13. Response surface analysis to improve dispersed crude oil biodegradation

    Energy Technology Data Exchange (ETDEWEB)

    Zahed, Mohammad A.; Aziz, Hamidi A.; Mohajeri, Leila [School of Civil Engineering, Universiti Sains Malaysia, Nibong Tebal, Penang (Malaysia); Isa, Mohamed H. [Civil Engineering Department, Universiti Teknologi PETRONAS, Tronoh, Perak (Malaysia)

    2012-03-15

    In this research, the bioremediation of dispersed crude oil, based on the amount of nitrogen and phosphorus supplementation in the closed system, was optimized by the application of response surface methodology and central composite design. Correlation analysis of the mathematical-regression model demonstrated that a quadratic polynomial model could be used to optimize the hydrocarbon bioremediation (R{sup 2} = 0.9256). Statistical significance was checked by analysis of variance and residual analysis. Natural attenuation was removed by 22.1% of crude oil in 28 days. The highest removal on un-optimized condition of 68.1% were observed by using nitrogen of 20.00 mg/L and phosphorus of 2.00 mg/L in 28 days while optimization process exhibited a crude oil removal of 69.5% via nitrogen of 16.05 mg/L and phosphorus 1.34 mg/L in 27 days therefore optimization can improve biodegradation in shorter time with less nutrient consumption. (Copyright copyright 2012 WILEY-VCH Verlag GmbH and Co. KGaA, Weinheim)

  14. Investigation of wax precipitation in crude oil: Experimental and modeling

    Directory of Open Access Journals (Sweden)

    Taraneh Jafari Behbahani

    2015-09-01

    Full Text Available In this work, a series of experiments were carried to investigation of rheological behavior of crude oil using waxy crude oil sample in the absence/presence of flow improver such as ethylene-vinyl acetate copolymer. The rheological data covered the temperature range of 5–30 °C. The results indicated that the performance of flow improver was dependent on its molecular weight. Addition of small quantities of flow improver, can improve viscosity and pour point of crude oil. Also, an Artificial Neural Network (ANN model using Multi-Layer Perceptron (MLP topology has been developed to account wax appearance temperature and the amount of precipitated wax and the model was verified using experimental data given in this work and reported in the literature. In order to compare the performance of the proposed model based on Artificial Neural Network, the wax precipitation experimental data at different temperatures were predicted using solid solution model and multi-solid phase model. The results showed that the developed model based on Artificial Neural Network can predict more accurately the wax precipitation experimental data in comparison to the previous models such as solid solution and multi-solid phase model with AADs less than 0.5%. Furthermore, the number of parameters required for the Artificial Neural Network (ANN model is less than the studied thermodynamic models.

  15. Extraction and characterization of crude oil asphaltenes sub fractions

    International Nuclear Information System (INIS)

    Ferreira, Silas R.; Calado, Lucas S.; Honse, Siller O.; Mansur, Claudia R.E.; Lucas, Elizabete F.

    2011-01-01

    Asphaltenes from crude oil have been studied for a long time. However, until today their chemical structures and physical-chemical properties are not well established. Nowadays, it is accepted that asphaltenes are dispersed in the crude oil as macro structures, which are mainly constituted of some condensed aromatic rings (about 6-20), containing aliphatic or naphthenic groups. The asphaltenes are also defined as the crude oil fraction that is insoluble in low molar mass n-alkanes and soluble in aromatic solvents, like benzene and toluene In order to investigate the molecular structure, in this work the asphaltenes were separated by using a different procedure as that normally described in the literature and characterized by infrared spectrometry, nuclear magnetic resonance, x-ray fluorescence, elemental analyses and particle size and size distribution. The difference in subfractions polarity can be attributed not only to the aromaticity changes but also to the content of elements, such as N, O, Fe, V, Si e Ni. (author)

  16. Asia-Pacific lube oil markets

    International Nuclear Information System (INIS)

    Yamaguchi, N.

    2001-01-01

    An overview of the Asia-Pacific (AP) lubricating oils market, its special characteristics, and its role in the global economy are presented. In the 'boom and bust' years of 1997-1999, the Asia-Pacific market was even bigger then the US market. For the short-term, the scenario is surplus capacity and poor margins, but in the long term there is enormous potential for growth. How fuel demand and quality is related to engine type is discussed. The three basic grades of baseoils are described, and the Asia-Pacific lube demand and the Asia-Pacific lube oil supply are discussed. There are 15 diagrams giving data on: (i) finished lubes in world markets as a percentage of total; (ii) how lube demand follows GDP per capita in Asia; (iii) AP baseoil capacity relationships; (iv) AP baseoil disposition by end use; (v) AP changing shares of baseoil demand; (vi) AP finished lube demand by subregion; (vii) AP finished lube demand growth, indexed; (viii) AP baseoil capacity by region; Singapore baseoil vs. Dubai crude prices, 1992-99; (ix) Singapore baseoil vs. crude prices, 1992-99; (x) AP baseoil deficit moved to surplus; (xi) AP baseoil production; (xii) East Asia net percentage change in lube sales, 1997-1999. (xiii) Southeast Asia net percentage change in lube sales, 1997-1999; (xiv) South East Asia and Australia net percentage change in lube sales, 1997-1999 and (xv) Asia-Pacific major lube marketers

  17. Dampak Penerapan Pungutan Ekspor Crude Palm Oil terhadap Kinerja Agribisnis Kelapa Sawit dan Pendapatan Petani Indonesia

    OpenAIRE

    ., Maswadi

    2012-01-01

    Crude Palm Oil (CPO) is a strategic commodity in the economy ofIndonesia. CPO industry also plays an important role in the internationalmarket. The rate of growth of production of CPO is the highest among thecategories of oil consumed. Even a CPO has predicted will pass trade oilfor soybeans at most in the world market be trading.The current Government had new instruments in international tradeactivities, i.e. the export levy of dilegalisasi on September 10, 2005 withthe publication of legisl...

  18. Two-stage hydroprocessing of synthetic crude gas oil

    Energy Technology Data Exchange (ETDEWEB)

    Mahay, A.; Chmielowiec, J.; Fisher, I.P.; Monnier, J. (Petro-Canada Products, Missisauga, ON (Canada). Research and Development Centre)

    1992-02-01

    The hydrocracking of synthetic crude gas oils (SGO), which are commercially produced from Canadian oil sands, is strongly inhibited by nitrogen-containing species. To alleviate the pronounced effect of these nitrogenous compounds, SGO was hydrotreated at severe conditions prior to hydrocracking to reduce its N content from 1665 to about 390 ppm (by weight). Hydrocracking was then performed using a commercial nickel-tungsten catalyst supported on silica-alumina. Two-stage hydroprocessing of SGO was assessed in terms of product yields and quality. As expected, higher gas oil conversion were achieved mostly from an increase in naphtha yield. The middle distillate product quality was also clearly improved as the diesel fuel cetane number increased by 13%. Diesel engine tests indicated that particulate emissions in exhaust gases were lowered by 20%. Finally, pseudo first-order kinetic equations were derived for the overall conversion of the major gas oil components. 17 refs., 2 figs., 8 tabs.

  19. Method for estimating boiling temperatures of crude oils

    International Nuclear Information System (INIS)

    Jones, R.K.

    1996-01-01

    Evaporation is often the dominant mechanism for mass loss during the first few days following an oil spill. The initial boiling point of the oil and the rate at which the boiling point changes as the oil evaporates are needed to initialize some computer models used in spill response. The lack of available boiling point data often limits the usefulness of these models in actual emergency situations. A new computational method was developed to estimate the temperature at which a crude oil boils as a function of the fraction evaporated using only standard distillation data, which are commonly available. This method employs established thermodynamic rules and approximations, and was designed to be used with automated spill-response models. Comparisons with measurements show a strong correlation between results obtained with this method and measured values

  20. California demand and supply of crude oil: An econometric analysis with projections to 2000

    International Nuclear Information System (INIS)

    Ibegbulam, B.N.

    1991-01-01

    Forecast of California domestic crude oil supply requires the forecasts of California crude oil production and supply from Alaska. Future California crude oil production is forecast with an econometric model that postulates production as a function of reserves and reserves as a function of crude oil prices and exploration and development costs. Future supplies from Alaska are obtained by subtracting forecasts of Alaskan crude oil demand and shipments to the States of Hawaii, Oregon, and Washington from Alaskan North Slope crude oil production forecasts. A two-stage process was used to forecast future California crude oil demand. In the first stage, the demand for refined crude oil products was predicted with a single-equation double logarithmic rational-expectations dynamic model. In the second stage, the total demands obtained in the first stage were converted into a crude oil equivalent. It was found that the current surplus of domestic crude oil in California will end in 1994. Thereafter, California crude oil imports will sharply increase

  1. Thermal infrared remote sensing of crude oil slicks

    International Nuclear Information System (INIS)

    Salisbury, J.W.; D'Aria, D.M.

    1993-01-01

    It is important to develop a remote sensing technique for reliable detection of oil slicks for reasons of both oil exploration and environmental protection. Yet, unambiguous detection has proven an elusive goal. This article presents new thermal infrared spectra of oil slicks made from five different crude oil samples with a wide range of API gravities and compositions. After a brief outgassing phase, all oil slick spectra are quite similar and little affected by thickness, extended exposure to air or sunlight, and even by emulsification with seawater (mousse formation). Thus, oil slicks provide a remarkably unvarying spectral signature as remote sensing targets in the thermal infrared compared to other regions of the spectrum. This spectral signature in the 8-14 μm atmospheric window is flat, with an average reflectance of 4%. Seawater, on the other hand, has a spectrum that varies in reflectance with wavelength in the 8-14 μm window from 0.90 to 3.65%. In addition, the authors show that sea foam displays a reflectance spectrum quite similar to that of seawater in the 8-14 μm region, because the very high absorption coefficient of water in this wavelength region prevents volume scattering in foam bubbles. This results in a relatively uniform spectral background, against which oil slicks can be detected, based on their different spectral signature. Thus, thermal infrared multispectral remote sensing appears to offer a simple and reliable technique for aircraft or satellite detection of oil slicks

  2. Energy swaps as profit motive instruments in oil markets

    International Nuclear Information System (INIS)

    Arshi, A.A.

    1992-01-01

    In this paper, I introduce oil swaps as financial instruments available to oil producers and to buyers of crude oil and products, and the positive effects they can provide for marketing profitability. In addition, I seek to underline the complementarity of oil swaps, emphasizing the benefits which can result from efficiently monitored use of such tools. I review the various criteria to be considered when implementing swap arrangements and I examine standard and non-standard examples which I believe to be of interest. Due to the unfortunate fact that exchange market liquidity is limited, I am of the opinion that producers, if they think fit, should start with only a limited amount of their availability covered by such swap arrangements. Nevertheless, I wish to draw the attention of producers and buyers of crude oil and oil products to the benefits of swap arrangements, as described in this paper. (author)

  3. Residency of rhenium and osmium in a heavy crude oil

    Science.gov (United States)

    DiMarzio, Jenna M.; Georgiev, Svetoslav V.; Stein, Holly J.; Hannah, Judith L.

    2018-01-01

    Rhenium-osmium (Re-Os) isotope geochemistry is an emerging tool for the study of oil formation and migration processes, and a new technology for petroleum exploration. Little is known, however, about the residency of Re and Os within asphaltene and maltene sub-fractions of crude oil. This information is crucial for understanding the 187Re-187Os radiometric clock held in petroleum systems and for interpreting geochronology for key processes such as oil formation, migration, and biodegradation. In this study, a heavy crude oil was separated into soluble (maltene, MALT) and insoluble (asphaltene, ASPH) fractions using n-heptane as the asphaltene-precipitating agent. The asphaltenes were separated sequentially into sub-fractions using two different solvent pairs (heptane-dichloromethane and acetone-toluene), and the bulk maltenes were separated into saturate, aromatic, and resin (SAR) fractions using open column chromatography. Each asphaltene and maltene sub-fraction was analyzed for Re and Os. The asphaltene sub-fractions and the bulk ASPH, MALT, and crude oil were analyzed for a suite of trace metals by ICP-MS. Our results show that Re and Os concentrations co-vary between the asphaltene sub-fractions, and that both elements are found mostly in the more polar and aromatic sub-fractions. Significant Re and Os are also present in the aromatic and resin fractions of the maltenes. However, each asphaltene and maltene sub-fraction has a distinct isotopic composition, and sub-fractions are not isochronous. This suggests that asphaltene sub-fractionation separates Re-Os complexes to the point where the isotopic integrity of the geochronometer is compromised. The mobility of individual Re and Os isotopes and the decoupling possibilities between radiogenic 187Os produced from 187Re remain elusive, but their recognition in this study is a critical first step. Re and Os correlate strongly with Mo and Cd in the asphaltene sub-fractions, suggesting that these metals occupy

  4. The interdependence among oil markets: Any discernible patterns?

    International Nuclear Information System (INIS)

    Osayimwese, I.

    1992-01-01

    A study is presented which tests a hypothesis about co-movement of oil prices in all regions, implying that markets are interdependent. The hypothesis is tested against the background of the structural changes that occurred in the oil industry during the last 20 years, using the concept of cointegration. These changes occurred mainly in response to the oil price hikes in the 1970s and the price collapse in 1986. Refinery upgrading and increased flexibility in buying and selling crude oil and products, as well as the continuing articulation of oil markets with a variety of specific instruments, are key elements of the transformation during the past 15-20 years. A framework for modelling market interdependence via three approaches is outlined, focusing on the approach that consists of exploring the univariate time-series characteristics of two or more random variables with a view to verifying that the variables tend to move together in the long term. To examine the empirical evidence for market interdependence, monthly observations on crude and product prices from three major spot markets are used. Cointegration tests show that spot and futures market prices for gas, oil and crudes move closely together in the long run. In particular, the key role played by price differences rather than absolute price levels as a market barometer is confirmed. A test of the law of one price between two markets for the same crude or product generally confirms the co-movement of prices. It is concluded that, globally, oil markets are integrated and indeed constitute one great pool. 29 refs., 4 figs., 4 tabs

  5. Medium-Term Oil Market Report (MTOMR) 2008

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2008-07-15

    Why have oil prices hit US$140 per barrel? How strong will oil demand be in the upcoming years? Will supply of crude oil, natural gas liquids and biofuels be sufficient to meet this future demand? And, no less crucially, what investments in refining capacity and technology can we expect and will these help ease some of the imbalance in strained oil product markets? The Medium-Term Oil Market Report (now in its third year) published by the International Energy Agency (IEA) has become a new benchmark, complementing the short-term market analysis provided in the IEA Oil Market Report. This year's edition reappraises all upstream and downstream projects worldwide, setting them against a revised demand forecast and expanding the time horizon to 2013. Special features this year include in-depth analyses of price formation, transport trends, non-OECD economies, non-OPEC production decline, project slippage, key crude export pipeline developments and a stronger emphasis on product supply bottlenecks. An essential report for all policy makers, market analysts, energy experts and anyone interested in understanding and following oil market trends, the Medium-Term Oil Market Report is a further element of the strong commitment of the IEA to improving and expanding the quality, timeliness and accuracy of energy data and analysis.

  6. Medium-Term Oil Market Report (MTOMR) 2008

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2008-07-15

    Why have oil prices hit US$140 per barrel? How strong will oil demand be in the upcoming years? Will supply of crude oil, natural gas liquids and biofuels be sufficient to meet this future demand? And, no less crucially, what investments in refining capacity and technology can we expect and will these help ease some of the imbalance in strained oil product markets? The Medium-Term Oil Market Report (now in its third year) published by the International Energy Agency (IEA) has become a new benchmark, complementing the short-term market analysis provided in the IEA Oil Market Report. This year's edition reappraises all upstream and downstream projects worldwide, setting them against a revised demand forecast and expanding the time horizon to 2013. Special features this year include in-depth analyses of price formation, transport trends, non-OECD economies, non-OPEC production decline, project slippage, key crude export pipeline developments and a stronger emphasis on product supply bottlenecks. An essential report for all policy makers, market analysts, energy experts and anyone interested in understanding and following oil market trends, the Medium-Term Oil Market Report is a further element of the strong commitment of the IEA to improving and expanding the quality, timeliness and accuracy of energy data and analysis.

  7. Canadian heavy crude oil and bitumen: Some new and old ideas

    International Nuclear Information System (INIS)

    Scott, G.R.

    1992-01-01

    Canadian conventional heavy oil and bitumen production has been steadily increasing over the last five years. This rise is forecast to continue under modest future crude oil pricing assumptions. During 1990 and 1991, the heavy oil market suffered from wide pricing differentials relative to light crude due to market reductions in Montreal and a feedstock shift at Uno-Ven's Chicago refinery, as well as an increase in the percentage of heavy in the world crude oil supply because of the Iraqi war. These have been offset by price-related bitumen production cuts and minor refinery capacity growth at other locations. The industry is poised for positive change with modest but stable prices and reduced light-heavy differentials caused, in part, by anticipated market expansion due to the June start-up of the Conco coker (50,000 bbl/d) in Montana and the anticipated late fall start up of the Bi-Provincial Upgrader in Saskatchewan (50,000 bbl/d blend). For the future, refinery upgrading and new grass roots refinery additions are suggested for western Canada. Associated transportation savings and condensate blending stock costs are two areas of advantage. Taken together with environmental problems in other densely populated market areas, it makes sense to build new heavy processing capacity near Edmonton but only after all current capacity is debottlenecked and inexpensive additions to current facilities are completed. New capacity will only be built when the heavy/light price differential on feed stock provides economic justification. 11 refs., 2 tabs

  8. Estimating the impact of extreme events on crude oil price. An EMD-based event analysis method

    International Nuclear Information System (INIS)

    Zhang, Xun; Wang, Shouyang; Yu, Lean; Lai, Kin Keung

    2009-01-01

    The impact of extreme events on crude oil markets is of great importance in crude oil price analysis due to the fact that those events generally exert strong impact on crude oil markets. For better estimation of the impact of events on crude oil price volatility, this study attempts to use an EMD-based event analysis approach for this task. In the proposed method, the time series to be analyzed is first decomposed into several intrinsic modes with different time scales from fine-to-coarse and an average trend. The decomposed modes respectively capture the fluctuations caused by the extreme event or other factors during the analyzed period. It is found that the total impact of an extreme event is included in only one or several dominant modes, but the secondary modes provide valuable information on subsequent factors. For overlapping events with influences lasting for different periods, their impacts are separated and located in different modes. For illustration and verification purposes, two extreme events, the Persian Gulf War in 1991 and the Iraq War in 2003, are analyzed step by step. The empirical results reveal that the EMD-based event analysis method provides a feasible solution to estimating the impact of extreme events on crude oil prices variation. (author)

  9. Estimating the impact of extreme events on crude oil price. An EMD-based event analysis method

    Energy Technology Data Exchange (ETDEWEB)

    Zhang, Xun; Wang, Shouyang [Institute of Systems Science, Academy of Mathematics and Systems Science, Chinese Academy of Sciences, Beijing 100190 (China); School of Mathematical Sciences, Graduate University of Chinese Academy of Sciences, Beijing 100190 (China); Yu, Lean [Institute of Systems Science, Academy of Mathematics and Systems Science, Chinese Academy of Sciences, Beijing 100190 (China); Lai, Kin Keung [Department of Management Sciences, City University of Hong Kong, Tat Chee Avenue, Kowloon (China)

    2009-09-15

    The impact of extreme events on crude oil markets is of great importance in crude oil price analysis due to the fact that those events generally exert strong impact on crude oil markets. For better estimation of the impact of events on crude oil price volatility, this study attempts to use an EMD-based event analysis approach for this task. In the proposed method, the time series to be analyzed is first decomposed into several intrinsic modes with different time scales from fine-to-coarse and an average trend. The decomposed modes respectively capture the fluctuations caused by the extreme event or other factors during the analyzed period. It is found that the total impact of an extreme event is included in only one or several dominant modes, but the secondary modes provide valuable information on subsequent factors. For overlapping events with influences lasting for different periods, their impacts are separated and located in different modes. For illustration and verification purposes, two extreme events, the Persian Gulf War in 1991 and the Iraq War in 2003, are analyzed step by step. The empirical results reveal that the EMD-based event analysis method provides a feasible solution to estimating the impact of extreme events on crude oil prices variation. (author)

  10. 15 CFR 754.3 - Petroleum products not including crude oil.

    Science.gov (United States)

    2010-01-01

    ... 15 Commerce and Foreign Trade 2 2010-01-01 2010-01-01 false Petroleum products not including crude... SUPPLY CONTROLS § 754.3 Petroleum products not including crude oil. (a) License requirement. As indicated... required to all destinations, including Canada, for the export of petroleum products, excluding crude oil...

  11. Technical Proposal for Loading 3000 Gallon Crude Oil Samples from Field Terminal to Sandia Pressurized Tanker to Support US DOE/DOT Crude Oil Characterization Research Study

    Energy Technology Data Exchange (ETDEWEB)

    Lord, David; Allen, Raymond

    2016-10-01

    Sandia National Laboratories is seeking access to crude oil samples for a research project evaluating crude oil combustion properties in large-scale tests at Sandia National Laboratories in Albuquerque, NM. Samples must be collected from a source location and transported to Albuquerque in a tanker that complies with all applicable regulations for transportation of crude oil over public roadways. Moreover, the samples must not gain or lose any components, to include dissolved gases, from the point of loading through the time of combustion at the Sandia testing facility. In order to achieve this, Sandia designed and is currently procuring a custom tanker that utilizes water displacement in order to achieve these performance requirements. The water displacement procedure is modeled after the GPA 2174 standard “Obtaining Liquid Hydrocarbons Samples for Analysis by Gas Chromatography” (GPA 2014) that is used routinely by crude oil analytical laboratories for capturing and testing condensates and “live” crude oils, though it is practiced at the liter scale in most applications. The Sandia testing requires 3,000 gallons of crude. As such, the water displacement method will be upscaled and implemented in a custom tanker. This report describes the loading process for acquiring a ~3,000 gallon crude oil sample from commercial process piping containing single phase liquid crude oil at nominally 50-100 psig. This document contains a general description of the process (Section 2), detailed loading procedure (Section 3) and associated oil testing protocols (Section 4).

  12. EVALUATING THE SHORT RUN EFFECTS OF U.S. CRUDE OIL INVENTORY LEVELS ON WTI CRUDE OIL PRICE FROM 1993 - 2013

    Directory of Open Access Journals (Sweden)

    Tobi Olasojiand

    2016-07-01

    Full Text Available The focus of this research was to investigate the short-term influence of U.S. crude oil inventories on WTI crude oil prices from 1993 to 2013. This study is important for policy makers who wish to reduce the persistent and growing price volatility of crude oil and its related products as well as businesses such as airline companies who wish to make annual budgetary sales decisions. Using OLS multiple regression, cointegration, VECM and Ex-post forecast techniques; we provide evidence of an inelastic relationship in which a 1% increase in U.S. crude oil inventories is associated with 0.46% decrease in WTI crude oil prices; however this was only valid for 22% of WTI crude oil price variation. We also find that past data on U.S. crude oil inventories could be used to predict future WTI crude oil prices movement. Contrary to literature, the results of the VECM analysis indicate there is no short-run relationship between both variables over the trajectory.

  13. Daily Crude Oil Price Forecasting Using Hybridizing Wavelet and Artificial Neural Network Model

    Directory of Open Access Journals (Sweden)

    Ani Shabri

    2014-01-01

    Full Text Available A new method based on integrating discrete wavelet transform and artificial neural networks (WANN model for daily crude oil price forecasting is proposed. The discrete Mallat wavelet transform is used to decompose the crude price series into one approximation series and some details series (DS. The new series obtained by adding the effective one approximation series and DS component is then used as input into the ANN model to forecast crude oil price. The relative performance of WANN model was compared to regular ANN model for crude oil forecasting at lead times of 1 day for two main crude oil price series, West Texas Intermediate (WTI and Brent crude oil spot prices. In both cases, WANN model was found to provide more accurate crude oil prices forecasts than individual ANN model.

  14. Medium-Term Oil Market Report (MTOMR) 2009

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2009-06-29

    This fourth edition of the IEA Medium-Term Oil Market Report (MTOMR) confronts an economic landscape unrecognisable from that seen at the time of the release of the summer 2008 edition. Crude prices are now 55% lower as financial and economic meltdown have slashed demand, with worldwide contraction in oil use at levels not seen since the early 1980s. But how long will the downturn last, and what is the likely profile of global and regional demand recovery when economic rebound eventually takes root? Has almost a decade of rising prices and costs changed the demand-side blueprint and forced the world onto a lower oil intensity path for the period through 2014? Equally importantly, the report identifies the impact that weaker demand, low prices and a credit squeeze are having on supply-side investment - in upstream OPEC/non-OPEC supply, biofuels capacity and refining infrastructure alike. The 2009 edition of the MTOMR also delves into the issues of diversifying FSU crude exports, evolving crude and product qualities, the importance of petrochemical markets and perceptions on oil price formation in the down-cycle. Two demand scenarios are presented based on differing economic growth assumptions, with a lower non-OPEC supply scenario also accompanying the lower GDP case. Summary oil balances highlight how OPEC spare capacity could develop during 2008-2014. This year, the MTOMR also consolidates analysis of future crude availability and trade flows, refining capacity and oil products supply implications under one cover. The MTOMR remains required reading for policy makers, market analysts, industry participants and anyone with an interest in oil market trends. It contains detailed statistical appendices and a wealth of insightful graphics. Alongside its monthly sister publication, the Oil Market Report, the MTOMR is a cornerstone of the IEA commitment to enhancing oil market transparency.

  15. Detecting method for crude oil price fluctuation mechanism under different periodic time series

    International Nuclear Information System (INIS)

    Gao, Xiangyun; Fang, Wei; An, Feng; Wang, Yue

    2017-01-01

    Highlights: • We proposed the concept of autoregressive modes to indicate the fluctuation patterns. • We constructed transmission networks for studying the fluctuation mechanism. • There are different fluctuation mechanism under different periodic time series. • Only a few types of autoregressive modes control the fluctuations in crude oil price. • There are cluster effects during the fluctuation mechanism of autoregressive modes. - Abstract: Current existing literatures can characterize the long-term fluctuation of crude oil price time series, however, it is difficult to detect the fluctuation mechanism specifically under short term. Because each fluctuation pattern for one short period contained in a long-term crude oil price time series have dynamic characteristics of diversity; in other words, there exhibit various fluctuation patterns in different short periods and transmit to each other, which reflects the reputedly complicate and chaotic oil market. Thus, we proposed an incorporated method to detect the fluctuation mechanism, which is the evolution of the different fluctuation patterns over time from the complex network perspective. We divided crude oil price time series into segments using sliding time windows, and defined autoregressive modes based on regression models to indicate the fluctuation patterns of each segment. Hence, the transmissions between different types of autoregressive modes over time form a transmission network that contains rich dynamic information. We then capture transmission characteristics of autoregressive modes under different periodic time series through the structure features of the transmission networks. The results indicate that there are various autoregressive modes with significantly different statistical characteristics under different periodic time series. However, only a few types of autoregressive modes and transmission patterns play a major role in the fluctuation mechanism of the crude oil price, and these

  16. Effect of dispersants on the growth of indigenous bacterial population and biodegradation of crude oil

    Digital Repository Service at National Institute of Oceanography (India)

    Bhosle, N.B.; Row, A.

    Oil dispersants (5 from Castrol Ltd., Bombay and 2 from British Petroleum, London) were studied individually and in combination with Saudi Arabian crude oil for their effect on the growth of indigenous bacteria and on the biodegradation of oil. None...

  17. Combustion of crude oil sludge containing naturally occurring radioactive material

    International Nuclear Information System (INIS)

    Mohamad Puad Abu; Muhd Noor Muhd Yunus; Shamsuddin, A.H.; Sopian, K.

    2000-01-01

    The characteristics of crude oil sludge fi-om the crude oil terminal are very unique because it contains both heavy metals and also Naturally Occurring Radioactive Material (NORM). As a result, the Department of Environmental (DOE) and the Atomic Energy Licensing Board (AELB) considered it as Scheduled Wastes and Low Level Radioactive Waste (LLRW) respectively. As a Scheduled Wastes, there is no problem in dealing with the disposal of it since there already exist a National Center in Bukit Nanas to deal with this type of waste. However, the Center could not manage this waste due to the presence of NORM by which the policy regarding the disposal of this kind of waste has not been well established. This situation is unclear to certain parties, especially with respect to the relevant authorities having final jurisdiction over the issue as well as the best practical method of disposal of this kind of waste. Existing methods of treatment viewed both from literature and current practice include that of land farming, storing in plastic drum, re-injection into abandoned oil well, recovery, etc., found some problems. Due to its organic nature, very low level in radioactivity and the existence of a Scheduled Waste incineration facility in Bukit Nanas, there is a potential to treat this sludge by using thermal treatment technology. However, prior to having this suggestion to be put into practice, there are issues that need to be addressed. This paper attempts to discuss the potentials and the related issues of combusting crude oil sludge based on existing experimental data as well as mathematical modeling

  18. Application of Biosurfactants Produced by Pseudomonas putida using Crude Palm Oil (CPO) as Substrate for Crude Oil Recovery using Batch Method

    Science.gov (United States)

    Suryanti, V.; Handayani, D. S.; Masykur, A.; Septyaningsih, I.

    2018-03-01

    The application of biosurfactants which have been produced by Pseudomonas putida in nutrient broth medium supplemented with NaCl and crude palm oil (CPO) for oil recovery has been evaluated. The crude and purified biosurfactants have been examined for oil recovery from a laboratory oil-contaminated sand in agitated flask (batch method). Two synthetic surfactants and water as control was also performed for oil recovery as comparisons. Using batch method, the results showed that removing ability of crude oil from the oil-contaminated sand by purified and crude biosurfactants were 79.40±3.10 and 46.84±2.23 %, respectively. On other hand, the recoveries obtained with the SDS, Triton X-100 and water were 94.33±0.47, 74.84±7.39 and 34.42±1.21%respectively.

  19. Production Costs of Alternative Transportation Fuels. Influence of Crude Oil Price and Technology Maturity

    Energy Technology Data Exchange (ETDEWEB)

    Cazzola, Pierpaolo; Morrison, Geoff; Kaneko, Hiroyuki; Cuenot, Francois; Ghandi, Abbas; Fulton, Lewis

    2013-07-01

    This study examines the production costs of a range of transport fuels and energy carriers under varying crude oil price assumptions and technology market maturation levels. An engineering ''bottom-up'' approach is used to estimate the effect of the input cost of oil and of various technological assumptions on the finished price of these fuels. In total, the production costs of 20 fuels are examined for crude oil prices between USD 60 and USD 150 per barrel. Some fuel pathways can be competitive with oil as their production, transport and storage technology matures, and as oil price increases. Rising oil prices will offer new opportunities to switch to alternative fuels for transport, to diversify the energy mix of the transport sector, and to reduce the exposure of the whole system to price volatility and potential distuption of supply. In a time of uncertainty about the leading vehicle technology to decarbonize the transport sector, looking at the fuel cost brings key information to be considered to keep mobility affordable yet sustainable.

  20. The predictive content of CBOE crude oil volatility index

    Science.gov (United States)

    Chen, Hongtao; Liu, Li; Li, Xiaolei

    2018-02-01

    Volatility forecasting is an important issue in the area of econophysics. The information content of implied volatility for financial return volatility has been well documented in the literature but very few studies focus on oil volatility. In this paper, we show that the CBOE crude oil volatility index (OVX) has predictive ability for spot volatility of WTI and Brent oil returns, from both in-sample and out-of-sample perspectives. Including OVX-based implied volatility in GARCH-type volatility models can improve forecasting accuracy most of time. The predictability from OVX to spot volatility is also found for longer forecasting horizons of 5 days and 20 days. The simple GARCH(1,1) and fractionally integrated GARCH with OVX performs significantly better than the other OVX models and all 6 univariate GARCH-type models without OVX. Robustness test results suggest that OVX provides different information from as short-term interest rate.

  1. Comparative Toxicity of Different Crude Oils on the Cardiac Function of Marine Medaka (Oryzias melastigma Embryo

    Directory of Open Access Journals (Sweden)

    Zhendong Zhang

    2014-12-01

    Full Text Available The acute toxic effect of different crude oils (heavy crude oil and bonny light crude oil on embryos of marine medaka Oryzias melastigma was measured and evaluated by exposure to the water-accommodated fraction (WAF in the present study. The cardiac function of medaka embryos was used as target organ of ecotoxicological effect induced by oil exposure. Results showed that the developing marine medaka heart was a sensitive target organ to crude oil exposure the heavy crude oil WAF was more toxic to cardiac function of medaka embryos than bonny light cured oil one. Cardiac function of medaka embryos was clearly affected by exposure to heavy crude oil WAF after 24 hours exposure and showed a dose-dependent slowing of heart rate. Furthermore, swelled and enlarged heart morphology, lowered blood circulation and accumulation of blood cells around the heart area were found. However, the toxic effect of bonny light crude oil on cardiac function of medaka embryos was comparatively low. Statistical results showed that the cardiac function was only affected by highest bonny light crude oil WAF (9.8 mg/L exposure treatment. These findings indicated that cardiac function of marine medaka embryo was a good toxicity model for oil pollution and could be used to compare and evaluate the toxicity of different crude oils. The heart rate was an appropriate endpoint in the acute toxicity test.

  2. Review and Outlook of China's Oil Market

    Institute of Scientific and Technical Information of China (English)

    Gong Jinshuang

    2006-01-01

    @@ Major features of China's oil market in 2005 China's oil market is changing under the influence of domestic economy and the international oil market, witnessing different characteristics from time to time.

  3. Update on Spain's oil market

    International Nuclear Information System (INIS)

    Whitaker, D.; Gutierrez, I.

    1994-01-01

    Since Spain's entry into the European Community a liberalisation of the oil industry has occurred culminating in two oil sector reform laws passed in 1992. While competition has increased, a return to the free-market policies which held sway before 1927 has not happened. Rather, three large companies dominate the Spanish oil market, with continuing input from government towards liberalization, if somewhat slowly. This paper describes recent changes and examines factors which limit liberalization policies. (UK)

  4. Structural Study of Asphaltenes from Iranian Heavy Crude Oil

    Directory of Open Access Journals (Sweden)

    Davarpanah L.

    2015-11-01

    Full Text Available In the present study, asphaltene precipitation from Iranian heavy crude oil (Persian Gulf off-shore was performed using n-pentane (n-C5 and n-heptane (n-C7 as light alkane precipitants. Several analytical techniques, each following different principles, were then used to structurally characterize the precipitated asphaltenes. The yield of asphaltene obtained using n-pentane precipitant was higher than asphaltene precipitated with the use of n-heptane. The asphaltene removal affected the n-C5 and n-C7 maltene fractions at temperatures below 204°C, as shown by the data obtained through the simulated distillation technique. Viscosity of heavy oil is influenced by the asphaltene content and behavior. The viscosity dependence of the test heavy oil on the shear rate applied was determined and the flow was low at y. above 25 s-1 . The reconstituted heavy oil samples were prepared by adding different amounts of asphaltenes to the maltenes (deasphalted heavy oil and asphaltene effects were more pronounced at the low temperature of 25°C as compared with those at the higher temperatures. According to the power law model used in this study the flowability of the test heavy oil exhibited a pseudoplastic character. Structural results obtained from Fourier Transform InfraRed (FTIR spectroscopy showed the presence of the different functional groups in the precipitated asphaltenes. For instance, the presence of different hydrocarbons (aliphatic, aromatic and alicyclic based on their characteristics in the FTIR spectra was confirmed. Resins are effective dispersants, and removal of this fraction from the crude oil is disturbing to the colloidal nature of heavy oil; asphaltene flocculation and precipitation eventually occur. Appearance of pores in the Scanning Electron Microscopy (SEM images was used as an indicator of the resin detachment. With the use of 1H and 13C Nuclear Magnetic Resonance (NMR spectroscopy, two important structural parameters of the

  5. Environmental considerations in a high desert, crude oil pipeline spill

    International Nuclear Information System (INIS)

    Lowe, M.A.; Mancini, E.R.; Chamberlain, D.W.; Albright, G.R.

    1993-01-01

    A road grader punctured a high-pressure crude oil pipeline in the California high desert resulting in the release of approximately 4,200 barrels of Alaska North Slope crude oil. Oil sprayed over a steeply sloped hillside and flowed into an adjacent, densely vegetated ephemeral stream channel which carried secondary treatment sewage discharge. Three underflow dams were constructed in the channel within 2.8 km of the site. To ensure containment at the first dam, the sewage discharge was diverted from the channel, eventually to an upland impulse sprinkler irrigation system. Channel water and phase-separated ANS crude oil, impounded behind the first dam, percolated through alluvial sands/gravels to a depth of about five meters. The oil percolated through the soils on the receding surface of the water, affecting soils to an equivalent depth and saturating a horizontally narrow band of stream-bank soils as much as two to four meters into the bank. Stream channel undergrowth and a small number of mature trees were cleared to provide access for cleanup and/or to remove oiled plants. A large number of trees experienced partial leaf-drop within 25 days of the spill while two heavily oiled trees died. New vegetative growth was evident within five weeks of the spill. Site restoration included planting cuttings of five riparian tree species and hydroseeding exposed banks. Total petroleum hydrocarbon concentrations ranged from not detectable to 203,000 parts per million and averaged approximately 25,000 ppm in affected soils as sampled in place and in stockpiles. Approximately 30,000 tons of hydrocarbon-contaminated soil was excavated from the length of the stream channel (3,600 tons) as well as the area behind the first dam and spill site (26,400 tons). All soils were staged on site for waste profiling and final disposition. After treatment, the contaminated soil was beneficially reused as daily cover at a southern California landfill at a turnkey cost of approximately $57/ton

  6. Synthesis copolymer use to reduce pour point temperature of diamond crude oil

    Science.gov (United States)

    Than, Dao Viet; Chuong, Thai Hong; Tuy, Dao Quoc

    2017-09-01

    Diamond oil field is located in Block 01&02 Offshore Vietnam. Crude oil from Diamond Well Head Platform (WHP) is evacuated to FPSO via 20km 10" subsea flexible pipeline. The lowest seabed temperature in the field is 22°C, while the pour point temperature (PPT) of Diamond crude oil is very high (36°C) due to high paraffin content (25%). So studying to research a suitable Pour Point Depressant (PPD) for the crude oil is very important. The PPD must have ability to reduce pour point temperature of crude oil from 36°C to 21°C.

  7. The peak of oil production-Timings and market recognition

    International Nuclear Information System (INIS)

    Almeida, Pedro de; Silva, Pedro D.

    2009-01-01

    Energy is essential for present societies. In particular, transportation systems depend on petroleum-based fuels. That world oil production is set to pass a peak is now a reasonably accepted concept, although its date is far from consensual. In this work, we analyze the true expectations of the oil market participants about the future availability of this fundamental energy source. We study the evolution through time of the curves of crude oil futures prices, and we conclude that the market participants, among them the crude oil producers, already expect a near-term peak of oil production. This agrees with many technical predictions for the date of peak production, including our own, that point to peak dates around the end of the present decade. If this scenario is confirmed, it can cause serious social and economical problems because societies will have little time to perform the necessary adjustments

  8. Performance Optimization of Centrifugal Pump for Crude Oil Delivery

    Directory of Open Access Journals (Sweden)

    S.A.I. Bellary

    2018-02-01

    Full Text Available Crude oil transport is an essential task in oil and gas industries, where centrifugal pumps are extensively used. The design of a centrifugal pump involves a number of independent parameters which affect the pump performance. Altering some of the parameters within a realistic range improves pump performance and saves a significant amount of energy. The present research investigated the pump characteristics by modifying the number of blades and the exit blade-angles. Reynolds-Averaged Navier-Stokes equations with standard k-ε two-equation turbulence closure were used for steady and incompressible flow of crude oil through the pump. The experimental set-up was installed and the pump performance calculated numerically  was compared with the experiments.   The investigations showed that the number of blades and the exit blade-angles have a significant influence on the head, shaft power, and efficiency. The vortical flow structures, recirculation and reverse flow characteristics around the impeller were investigated to explain the flow dynamics of impeller and casing. A larger number of blades on the rotor showed dominant streamlined flow without any wake phenomena. The combined effect of the number of blades and exit blade angle has led to an increase in head and efficiency through the parametric optimization.

  9. Dynamics of the Asia-Pacific oil market

    International Nuclear Information System (INIS)

    Yamaguchi, N.D.

    1996-01-01

    The Asia-Pacific could become the world's largest oil market with an estimated 10 million b/d new demand by 2010. At the same time less Asian crude will be available for the world market. Refinery expansion is likely to be insufficient and imports of refined products will rise. The Asia-Pacific market could be the world's largest middle distillate importer and a major centre of trade for essentially every other petroleum product and form of commercial energy. (Author)

  10. How crude oil consumption impacts on economic growth of Sub-Saharan Africa?

    International Nuclear Information System (INIS)

    Bashiri Behmiri, Niaz; Pires Manso, José R.

    2013-01-01

    This study investigates the causality relationship between crude oil consumption and economic growth in twenty three Sub-Saharan African countries. We applied a multivariate panel Granger causality framework during 1985–2011 and we included crude oil price as the control variable of the model. The results indicate that in the short-run, there is a bi-directional causality relationship between crude oil consumption and economic growth in oil importing region and there is a uni-directional causality relationship from crude oil consumption to GDP in oil exporting region. However, in the long-run there is a bi-directional causality relationship between them in both regions. Therefore, reducing crude oil consumption without employing appropriate policies adversely impacts on economic growth of Sub-Saharan Africa. Hence, in order to reduce crude oil dependency of the region policymakers should pay more attention to the issue of energy efficiency programs. - Highlights: ► We examined Granger causality among oil consumption and GDP in Sub-Saharan Africa. ► Crude oil price is the control variable of the model. ► There is short run bi-directional causality among oil and GDP (oil importing). ► There is short run uni-directional causality from oil to GDP (oil exporting). ► There is a long run bi-directional causality among oil and GDP in both regions

  11. Electrochemical removal of metals from crude oil samples

    Energy Technology Data Exchange (ETDEWEB)

    Welter, K.; Salazar, E.; Balladores, Y.; Marquez, O.P.; Marquez, J.; Martinez, Y. (Laboratorio de Electroquimica, Facultad de Ciencias, Universidad de Los Andes, Merida 5101-Venezuela)

    2009-02-15

    Removal of vanadium from vanadyl (IV) meso-tetra-phenylporphyrin (VO-MTPP) and vanadyl (IV) octa-ethylporphyrin (VO-OEP) and metals removal from Ayacucho Venezuelan crude oil samples were performed using electrochemical techniques. According to cyclic voltammograms, a potential of - 2.3 V vs. Ag/AgNO{sub 3} (0.1 M), LiClO{sub 4} (0.1 M) in acetonitrile, was chosen for running electrolysis at platinum (Pt), graphite (G) and glassy carbon (GC) electrodes. Qualitative analysis was done by cyclic voltammetry (CV) and atomic absorption spectroscopy (AAS) while quantification was performed by AAS and inductively coupled plasma/atomic emission spectrometry (ICP/AES). Three stages (best results) of the study are reported: (a) when using commercial porphyrins; the best conditions for electrolysis were: tetrahydrofuran (THF)/20% methanol (MeOH)/1% perchloric acid (HClO{sub 4}) on GC, producing 84% hydro-demetalation (HDM) for VO-MTPP, and 78% HDM for VO-OEP; (b) when using extracts of crude oil; demetalation percentages, after 90 min of electrolysis, on graphite, and after 120 min of electrolysis on platinum, were 66.44% and 64.10% HDM respectively, no discrimination of metals under these conditions (c) from electrolysis in whole crude oil, quantitative analysis gave: vanadium (V) 31.2 mg/kg, iron (Fe) 65, 0 mg/kg and nickel (Ni) 6, 3 mg/kg, with charge efficiencies of V (7.5%), Fe (79.6%) and Ni (8.2%). (author)

  12. Southeast Asian oil markets and refining

    Energy Technology Data Exchange (ETDEWEB)

    Yamaguchi, N.D. [FACTS, Inc., Honolulu, Hawaii (United States)

    1999-09-01

    An overview of the Southeast Asian oil markets and refining is presented concentrating on Brunei, Malaysia, the Philippines, Singapore and Thailand refiners. Key statistics of the refiners in this region are tabulated. The demand and the quality of Indonesian, Malaysian, Philippine, Singapore and Thai petroleum products are analysed. Crude distillation unit capacity trends in the Southeastern Asian refining industry are discussed along with cracking to distillation ratios, refining in these countries, and the impact of changes in demand and refining on the product trade.

  13. Southeast Asian oil markets and refining

    International Nuclear Information System (INIS)

    Yamaguchi, N.D.

    1999-01-01

    An overview of the Southeast Asian oil markets and refining is presented concentrating on Brunei, Malaysia, the Philippines, Singapore and Thailand refiners. Key statistics of the refiners in this region are tabulated. The demand and the quality of Indonesian, Malaysian, Philippine, Singapore and Thai petroleum products are analysed. Crude distillation unit capacity trends in the Southeastern Asian refining industry are discussed along with cracking to distillation ratios, refining in these countries, and the impact of changes in demand and refining on the product trade

  14. Effects of NYMEX trading on IPE Brent Crude futures markets: a duration analysis

    International Nuclear Information System (INIS)

    Lin, S.X.; Tamvakis, M.N.

    2004-01-01

    Recent developments in the energy markets, and the surge and dip in crude oil prices over the last few years, have renewed the interest in the workings of the two main price setting markets: London's International Petroleum Exchange (IPE) and New York's Mercantile Exchange (NYMEX). The interaction of these two markets, when both of them are open (synchronous trading) and when only London is open (asynchronous trading), is important, in view of the fact that most participants take positions in both markets. This paper looks at how London is affected by New York by analysing the transaction duration of the IPE Brent futures contract, both when the NYMEX WTI futures contract is being traded and when NYMEX is closed. Using tick-by-tick data obtained from IPE, transaction durations are found to form two distinctive and inverted U-shaped patterns. Autoregressive conditional duration (ACD) model, first introduced by Engle and Russell, is applied to the data. Parameters of IPE morning and afternoon are significantly different from each other, underlining the dominant effects of NYMEX on IPE trading. The results from the current analysis reinforce previous results by the authors, which indicate that NYMEX is a leading price setter in crude oil futures prices and has a dominant effect on the IPE-traded contracts

  15. Estimating 'Value at Risk' of crude oil price and its spillover effect using the GED-GARCH approach

    International Nuclear Information System (INIS)

    Fan, Ying; Wei, Yi-Ming; Zhang, Yue-Jun; Tsai, Hsien-Tang

    2008-01-01

    Estimation has been carried out using GARCH-type models, based on the Generalized Error Distribution (GED), for both the extreme downside and upside Value-at-Risks (VaR) of returns in the WTI and Brent crude oil spot markets. Furthermore, according to a new concept of Granger causality in risk, a kernel-based test is proposed to detect extreme risk spillover effect between the two oil markets. Results of an empirical study indicate that the GED-GARCH-based VaR approach appears more effective than the well-recognized HSAF (i.e. historical simulation with ARMA forecasts). Moreover, this approach is also more realistic and comprehensive than the standard normal distribution-based VaR model that is commonly used. Results reveal that there is significant two-way risk spillover effect between WTI and Brent markets. Supplementary study indicates that at the 99% confidence level, when negative market news arises that brings about a slump in oil price return, historical information on risk in the WTI market helps to forecast the Brent market. Conversely, it is not the case when positive news occurs and returns rise. Historical information on risk in the two markets can facilitate forecasts of future extreme market risks for each other. These results are valuable for anyone who needs evaluation and forecasts of the risk situation in international crude oil markets. (author)

  16. A risk assessment for crude oil in residential surface soils

    International Nuclear Information System (INIS)

    Sullivan, M.J.; Miller, C.J.; Custance, S.R.

    1991-01-01

    This paper reports that the discovery of crude oil residues in residential soils is occurring with increasing frequency as property previously owned by the petroleum industry is sold and developed for housing. Many states have adopted action levels for total petroleum hydrocarbons (TPH) in soil for the purpose of discerning those sites requiring remediation and/or monitoring. Many states are known to have action levels consisting of a single concentration value which may carry from 10 to 100 ppm TPH. Other states incorporate a range of action levels for addressing site-specific needs; values range from 10 to 1000 ppm TPH for gasoline in soils

  17. Exergy analysis of a crude oil atmospheric distillation unit

    International Nuclear Information System (INIS)

    Rivero, R.; Gonzalez, G.V.; Garcia, V.H.; Pulido, R.; Escarcega, C.A.

    1989-01-01

    This paper deals with the application of an exergy analysis to an existing and operating crude oil atmospheric distillation unit. The objective of such an analysis is to fully understand where energy inefficiencies and real energy losses are located and where modifications should be implemented to improve the overall utilization of energy in the plant. First, the description of the process and the block diagram are presented. After that, the calculating procedure to obtain the exergy balance, the exergy losses, the effectiveness and the improvement potential for each plant component is described and the corresponding results are shown. Finally, the component and overall evaluations are discussed

  18. Potential of oil palm empty fruit bunch ash for remediation of crude ...

    African Journals Online (AJOL)

    The potential of oil palm empty fruit bunch ash for remediation of crude oil polluted soil was investigated. Three levels (100 g, 200 g and 300 g) of ash treatments in 2 kg of soil were set up alongside a control (nil ash) after pollution with100 ml of crude oil. Composite soil samples were collected and analyzed at intervals of ...

  19. Crude Oil Resource: A Blessing Or Curse To Nigeria – The Case Of ...

    African Journals Online (AJOL)

    Crude Oil Resource: A Blessing Or Curse To Nigeria – The Case Of The Niger Delta. S Tamuno, JM Felix. Abstract. This paper examines the question as to whether crude oil resource is a blessing or curse to Nigeria: The case of the Niger Delta Region. The paper traces the origin of oil exploration and exploitation from ...

  20. Concentration of vanadium in crude oil and water using inductively-coupled plasma spectrometry

    International Nuclear Information System (INIS)

    Amin, Y.M.; Hassan, M.A.; Junkin, K.; Mahat, R.H.; Raphie, B.

    1991-01-01

    Vanadium is a trace element that is usually associated to crude oil and its products. In this study the concentration of vanadium in a few samples of local crude oil, sea and river water were determined using inductively-coupled plasma spectrometry (ICP). It is hoped that the concentration of vanadium in water can be used to indicate the possible extent of oil contamination

  1. Natural gas hydrate formation and inhibition in gas/crude oil/aqueous systems

    DEFF Research Database (Denmark)

    Daraboina, Nagu; Pachitsas, Stylianos; von Solms, Nicolas

    2015-01-01

    Gas hydrate formation in multi phase mixtures containing an aqueous phase (with dissolved salts), reservoir fluid (crude oil) and natural gas phase was investigated by using a standard rocking cell (RC-5) apparatus. The hydrate formation temperature was reduced in the presence of crude oils...... can contribute to the safe operation of sub sea pipelines in the oil and gas industry....

  2. Do structural oil-market shocks affect stock prices?

    International Nuclear Information System (INIS)

    Apergis, Nicholas; Miller, Stephen M.

    2009-01-01

    This paper investigates how explicit structural shocks that characterize the endogenous character of oil price changes affect stock-market returns in a sample of eight countries - Australia, Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. For each country, the analysis proceeds in two steps. First, modifying the procedure of Kilian [Not All Oil Price Shocks are Alike: Disentangling Demand and Supply Shocks in the Crude Oil Market. American Economic Review.], we employ a vector error-correction or vector autoregressive model to decompose oil-price changes into three components: oil-supply shocks, global aggregate-demand shocks, and global oil-demand shocks. The last component relates to specific idiosyncratic features of the oil market, such as changes in the precautionary demand concerning the uncertainty about the availability of future oil supplies. Second, recovering the oil-supply shocks, global aggregate-demand shocks, and global oil-demand shocks from the first analysis, we then employ a vector autoregressive model to determine the effects of these structural shocks on the stock market returns in our sample of eight countries. We find that international stock market returns do not respond in a large way to oil market shocks. That is, the significant effects that exist prove small in magnitude. (author)

  3. Acetylation of oil palm empty fruit bunch fiber as an adsorbent for removal of crude oil.

    Science.gov (United States)

    Asadpour, Robabeh; Sapari, Nasiman B; Isa, Mohamed Hasnain; Kakooei, Saeid

    2016-06-01

    Removal of oil spillage from the environment is a global concern. Various methods, including the use of fibers as sorbents, have been developed for oil spill control. Oil palm empty fruit bunch (OPEFB) fiber is a plant biomass that may be acetylated by acetic anhydride using N-bromosuccinimide (NBS) as a catalyst; here, the extent of acetylation may be calculated in terms of weight percent gain (WPG). The modified fiber was used to remove Tapis and Arabian crude oils. The optimum time, temperature, and catalyst concentration were 4 h, 120 °C, and 3 %, respectively, and these parameters could achieve an 11.49 % increase in WPG. The optimized parameters improved the adsorption capacity of OPEFB fibers for crude oil removal. The acetylated OPEFB fibers were characterized by using Fourier transform infrared spectroscopy and field emission scanning electron microscopy to observe the functional groups available and morphology. Kinetic and isotherm studies were conducted using different contact times and oil/water ratios. The rate of oil sorption onto the OPEFB fibers can be adequately described by the pseudo-second-order equation. Adsorption studies revealed that adsorption of crude oil on treated OPEFB fiber could be best described by the Langmuir isotherm model.

  4. Crude Oil Price Forecasting Based on Hybridizing Wavelet Multiple Linear Regression Model, Particle Swarm Optimization Techniques, and Principal Component Analysis

    Science.gov (United States)

    Shabri, Ani; Samsudin, Ruhaidah

    2014-01-01

    Crude oil prices do play significant role in the global economy and are a key input into option pricing formulas, portfolio allocation, and risk measurement. In this paper, a hybrid model integrating wavelet and multiple linear regressions (MLR) is proposed for crude oil price forecasting. In this model, Mallat wavelet transform is first selected to decompose an original time series into several subseries with different scale. Then, the principal component analysis (PCA) is used in processing subseries data in MLR for crude oil price forecasting. The particle swarm optimization (PSO) is used to adopt the optimal parameters of the MLR model. To assess the effectiveness of this model, daily crude oil market, West Texas Intermediate (WTI), has been used as the case study. Time series prediction capability performance of the WMLR model is compared with the MLR, ARIMA, and GARCH models using various statistics measures. The experimental results show that the proposed model outperforms the individual models in forecasting of the crude oil prices series. PMID:24895666

  5. Crude Oil Price Forecasting Based on Hybridizing Wavelet Multiple Linear Regression Model, Particle Swarm Optimization Techniques, and Principal Component Analysis

    Directory of Open Access Journals (Sweden)

    Ani Shabri

    2014-01-01

    Full Text Available Crude oil prices do play significant role in the global economy and are a key input into option pricing formulas, portfolio allocation, and risk measurement. In this paper, a hybrid model integrating wavelet and multiple linear regressions (MLR is proposed for crude oil price forecasting. In this model, Mallat wavelet transform is first selected to decompose an original time series into several subseries with different scale. Then, the principal component analysis (PCA is used in processing subseries data in MLR for crude oil price forecasting. The particle swarm optimization (PSO is used to adopt the optimal parameters of the MLR model. To assess the effectiveness of this model, daily crude oil market, West Texas Intermediate (WTI, has been used as the case study. Time series prediction capability performance of the WMLR model is compared with the MLR, ARIMA, and GARCH models using various statistics measures. The experimental results show that the proposed model outperforms the individual models in forecasting of the crude oil prices series.

  6. Crude oil price forecasting based on hybridizing wavelet multiple linear regression model, particle swarm optimization techniques, and principal component analysis.

    Science.gov (United States)

    Shabri, Ani; Samsudin, Ruhaidah

    2014-01-01

    Crude oil prices do play significant role in the global economy and are a key input into option pricing formulas, portfolio allocation, and risk measurement. In this paper, a hybrid model integrating wavelet and multiple linear regressions (MLR) is proposed for crude oil price forecasting. In this model, Mallat wavelet transform is first selected to decompose an original time series into several subseries with different scale. Then, the principal component analysis (PCA) is used in processing subseries data in MLR for crude oil price forecasting. The particle swarm optimization (PSO) is used to adopt the optimal parameters of the MLR model. To assess the effectiveness of this model, daily crude oil market, West Texas Intermediate (WTI), has been used as the case study. Time series prediction capability performance of the WMLR model is compared with the MLR, ARIMA, and GARCH models using various statistics measures. The experimental results show that the proposed model outperforms the individual models in forecasting of the crude oil prices series.

  7. Influence of chemical surfactants on the biodegradation of crude oil by a mixed bacterial culture

    International Nuclear Information System (INIS)

    Van Hamme, J.D.; Ward, O.P.

    1999-01-01

    A study was conducted in which the effects of surfactant physicochemical properties on crude oil biodegradation by a mixed-bacterial culture were examined. The effects of hydrophile-lipophile balance (HLB) and molecular structure on the biodegradation of Bow River crude oil were determined. It was shown that chemical surfactants have the potential to improve crude oil biodegradation in complex microbial systems. Surfactant selection should consider factors such as molecular structure, HLB and surfactant concentration. 26 refs., 4 tabs., 3 figs

  8. Soil water repellency at old crude oil spill sites

    International Nuclear Information System (INIS)

    Roy, J.L.

    1999-08-01

    This thesis presents the current state of knowledge regarding the cause of soil water repellency and characterizes disaggregated nonwettable surface soils found at old crude oil spill sites. Pollution-induced water repellency generally develops following prolonged exposures of soil to liquid- or vapour-phase petroleum hydrocarbons. The condition varies significantly in terms of severity and persistence. Soil water repellency retards plant growth and disturbs the hydrological balance of ecosystems. Disaggregated water-repellent soils are also very susceptible to dispersal by erosion, posing a threat to the productivity of surrounding soils. The author described the probable causes of soil water repellency under the following three main themes: (1) accumulation of hydrophobic organic material in soil, (2) redistribution and re-organisation of this material in soil, and (3) stabilisation of the hydrophobic organic material. This final process is necessary to ensure persistence of induced water repellency symptoms. Petroleum residues as water-repellent substances in weathered nonwettable oil-contaminated soils were also discussed and a hypothesis about soil water repellency was presented which deals with flexible conformation in organic matter coatings. Processes leading to the development of soil water repellency following crude oil contamination were also described. It was determined that soil water repellency is a function of the packing density and the chain conformation of amphiphilic organic molecules in the outermost layer of soil organic matter coatings. This research suggests that the fractional coverage of alkyl chains on soil particle surfaces determines the degree of water repellency that is displayed by soil. It was shown that prompt remediation of some oil-contaminated plots can effectively prevent the development of soil water repellency. 4 refs., 32 tabs., 22 figs., 5 appendices

  9. The US Shale Gas Revolution and Its Externality on Crude Oil Prices: A Counterfactual Analysis

    Directory of Open Access Journals (Sweden)

    Hongxun Liu

    2018-03-01

    Full Text Available The expansion of shale gas production since the mid-2000s which is commonly referred to as “shale gas revolution” has had large impacts on global energy outlook. The impact is particularly substantial when it comes to the oil market because natural gas and oil are substitutes in consumption and complements and rivals in production. This paper investigates the price externality of shale gas revolution on crude oil. Applying a structural vector autoregressive model (VAR model, the effect of natural gas production on real oil price is identified in particular, and then based on the identification, counterfactuals of oil price without shale gas revolution are constructed. We find that after the expansion of shale gas production, the real West Texas Intermediate (WTI oil price is depressed by 10.22 USD/barrel on average from 2007 to 2017, and the magnitude seems to increase with time. In addition, the period before shale gas revolution is used as a “thought experiment” for placebo study. The results support the hypothesis that real WTI oil price can be reasonably reproduced by our models, and the estimated gap for oil price during 2007–2017 can be attributed to shale gas revolution. The methodology and framework can be applied to evaluate the economic impacts of other programs or policies.

  10. Is the world oil market 'one great pool'? A test

    International Nuclear Information System (INIS)

    Rodriguez, A.E.; Williams, M.D.

    1993-01-01

    In a recent paper (Weiner, 1991) it was argued that crude oil markets are regionalized, thus challenging the assertion that the world oil market is homogeneous. This argument bears on the effectiveness of various energy policies. It is argued that these policies should be analyzed using constructs such as antitrust markets, rather than in relation to an ad-hoc definition of regionalization like that used by Weiner. Regionalization and geographic antitrust markets, empirics, and policy implications of regional markets are discussed. By drawing clear parallels between the concept of regionalization and antitrust markets, it is shown that: due to Wiener's flawed methodological and empirical approach, it is not clear that crude oil markets are, in fact, regional; and policies that appear at first glance to require regional markets to be effective, may be explained even in a unified world market. Strong evidence is found in support of a unified world oil market. Some policy implications in the area of import taxes are discussed. 35 refs., 1 tab

  11. Influence of crude oil treatment to the environment

    International Nuclear Information System (INIS)

    Mammadov, F.F.; Rzayev, P.F.

    2005-01-01

    Full text : Environmental menace is linking with the unprecedented man-caused explosion and perspective global warming at the result of atmosphere pollution. If similar tendency is continued radical changing's will not happen in future which catastrophically reflects in ecology, climate of the planet, finally in the population health of the Earth. However, unfortunately one-sidedly economy increasing are chiefly directed to the oil-gas sector and from year to year amount increasing of means of transport causes man's impact to the environment. Further increasing of these processes obviously can lead to the dangerous ecological situation. In the economical and efficiency increasing process country population depend directly on the level of energy consumption. Application of nature-conservative measures and technology, promotional efficiency increasing of energy usage, its total usage decreasing, simultaneous reducing of hazardous substance lead to the considerable but cardinal results. That's why taking into consideration above mentioned circumstance, conclusion one is oil and gas saving, reducing of hazardous substance, we can greatly economize by the gradual way of natural energy replacement into renewable energy. In this connection, special interest for Azerbaijan creates high-grade potential solar radiation usage problem in several fields of national economy, especially in oil sector of the country. There is a real background for effective usage of high-grade potential solar radiation in Azerbaijan oil industry. As the process of primary crude oil treatment in the condition of oil fields for its further transportation to Oil Refining Plant the temperature is to be near 50-60 degrees to be very readily reached to various solar radiation engineering systems. On the base on the above mentioned for realizing this process we built and developed high-grade temperature solar plant with parabolic trough concentrator. Economy till 40% of national fuels (mazut, gas

  12. Desulfurization of AL-Ahdab Crude Oil using Oxidative Processes

    Directory of Open Access Journals (Sweden)

    Neran Khalel Ibrahim

    2015-07-01

    Full Text Available Two different oxidative desulfurization strategies based on oxidation/adsorption or oxidation/extraction were evaluated for the desulfurization of AL-Ahdab (AHD sour crude oil (3.9wt% sulfur content. In the oxidation process, a homogenous oxidizing agent comprising of hydrogen peroxide and formic acid was used. Activated carbons were used as sorbent/catalyst in the oxidation/adsorption process while acetonitrile was used as an extraction solvent in the oxidation/extraction process. For the oxidation/adsorption scheme, the experimental results indicated that the oxidation desulfurization efficiency was enhanced on using activated carbon as catalyst/sorbent. The effects of the operating conditions (contact time, temperature, mixing speed and sorbent dose on the desulfurization efficiency were examined. The desulfurization efficiency measured at the best operating conditions(optimum conditions: 60 , 500rpm, 60min contact time and sorbent dose of 0.7g AC/100 ml AHD crude, was 32.8% corresponding to a sulfur content of 2.6 wt%. Applying the same optimum operating conditions and at 3:1 solvent/oil ratio, the oxidation/extraction method gave comparable desulfurization efficiency of 31.5%.

  13. Taxing the difference: World oil market projections 1994-2009

    International Nuclear Information System (INIS)

    Reinsch, A.E.; Considine, J.I.; MacKay, E.J.

    1994-01-01

    The likely impacts of key uncertainties affecting the oil market were assessed, and reference price path to aid industry and governments in their investment and policy decisions, was provided. The reference market outlook corresponded to an annual growth of around 1.5% and a price of $ 18.00 per barrel. The greatest weakness of the market projections were found to be the expected performance of petroleum product demand growth. There was strong evidence that governments of major oil consuming countries had taken action to weaken the response of petroleum product demand to declines in the crude price, by driving an ever increasing fiscal wedge between the crude price and the corresponding product prices.The outcome is an asymmetry in demand response to crude price movements. Incorporation of this asymmetry into the world oil market model could have some disturbing results: under the reference case market assumptions, continuation of this tax and pricing policy would not only eliminate the price gains projected, but move the oil price below current levels on a sustained basis. The study concluded that OPEC members and the governments of the major industrialized oil consuming countries should strive to reach an agreement to avoid catastrophic price instability. refs., tabs., figs

  14. Comparative toxicity of four crude oils to the early life stages of rainbow trout (Oncorhynchus mykiss)

    International Nuclear Information System (INIS)

    Clarke, L.M.J.; Khan, C.W.; Akhtar, P.; Hodson, P.V.; Short, J.W.

    2004-01-01

    Crude oil is a source of polycyclic aromatic hydrocarbons (PAH) in aquatic ecosystems. Fish that are chronically exposed to alkyl PAHs show dioxin-like toxicity characterized by the presence of blue sac disease (BSD) and the induction of cytochrome P4501A (CYP1A). This study compared the relative toxicity of four crude oils (Scotian Light Crude, MESA, the synthetic Federated Crude, and Alaska North Slope Crude) to early life stages of rainbow trout (Oncorhynchus mykiss). The study examined the influence of the four crudes in causing the disease in rainbow trout embryos living in simulated spawning beds with hydrocarbon-contaminated gravel. Each oil had different chemical characteristics and PAH concentrations. Mortality in the direct exposure experiment increased as the oil concentration increased. The same trend was observed for the BSD prevalence. The study showed that Scotian Light Crude was the least toxic, with BSD increasing only at the highest concentration. 7 refs., 2 tabs., 1 fig

  15. Conversion of Crude Oil to Methane by a Microbial Consortium Enriched From Oil Reservoir Production Waters

    Directory of Open Access Journals (Sweden)

    Carolina eBerdugo-Clavijo

    2014-05-01

    Full Text Available The methanogenic biodegradation of crude oil is an important process occurring in petroleum reservoirs and other oil-containing environments such as contaminated aquifers. In this process, syntrophic bacteria degrade hydrocarbon substrates to products such as acetate, and/or H2 and CO2 that are then used by methanogens to produce methane in a thermodynamically dependent manner. We enriched a methanogenic crude oil-degrading consortium from production waters sampled from a low temperature heavy oil reservoir. Alkylsuccinates indicative of fumarate addition to C5 and C6 n-alkanes were identified in the culture (above levels found in controls, corresponding to the detection of an alkyl succinate synthase gene (assA in the culture. In addition, the enrichment culture was tested for its ability to produce methane from residual oil in a sandstone-packed column system simulating a mature field. Methane production rates of up 5.8 μmol CH4/g of oil/day were measured in the column system. Amounts of produced methane were in relatively good agreement with hydrocarbon loss showing depletion of more than 50% of saturate and aromatic hydrocarbons. Microbial community analysis revealed that the enrichment culture was dominated by members of the genus Smithella, Methanosaeta, and Methanoculleus. However, a shift in microbial community occurred following incubation of the enrichment in the sandstone columns. Here, Methanobacterium sp. were most abundant, as were bacterial members of the genus Pseudomonas and other known biofilm forming organisms. Our findings show that microorganisms enriched from petroleum reservoir waters can bioconvert crude oil components to methane both planktonically and in sandstone-packed columns as test systems. Further, the results suggest that different organisms may contribute to oil biodegradation within different phases (e.g., planktonic versus sessile within a subsurface crude oil reservoir.

  16. Four Essays on the Economics of Oil and Gas Markets

    OpenAIRE

    Tischler, Benjamin

    2015-01-01

    Since the 1960s hydrocarbons like crude oil and natural gas have been the most important energy source to fuel the world economy. Despite high recent growth rates for renewable energies, hydro- carbons are expected to be a dominant source of energy for several decades to come. In the last 20 years not only fundamental trends, but also singular events such as the financial crisis have shaped the development of crude oil and natural gas markets as well as the corresponding academic debate. On a...

  17. Design challenges for large Arctic crude oil tanker

    International Nuclear Information System (INIS)

    Iyerusalimskiy, A.; Noble, P.

    2008-01-01

    The Vasily Dinkov vessel was delivered by Samsung Heavy Industries shipyard to Russian ship-owner Sovcomflot. It is the largest icebreaking tanker ever built. The vessel was designed and constructed to transport crude oil from the Varandey offshore terminal in the southeastern Barents Sea to a transshipment location near Murmansk, Russia. The vessel is under long-term charter for Naryanmarneftegas, a joint venture of Lukoil and ConocoPhillips. The new ship was constructed strictly to the requirements, specification, and concept design provided by the charterer. The Varandey oil transportation concept and the vessel operational profile resulted in some conflicting requirements, compromising technical solutions, and assumptions yet to be proven in operation. This paper described the design challenges and selected approach to solve the solution to the tanker key design elements. These included the ice transit and other Arctic environmental challenges; open water performance issues; and icebreaking hull structure design challenges associated with modern shipbuilding technology standards and cost efficiency. The principle characteristics of the Vasily Dinkov were first presented and the Varandey crude oil transportation system was also described. Several features have made the Vasily Dinkov the most advanced icebreaking tanker to date, such as the icebreaking concept which has expanded the capability of both traditional icebreaking ships fitted with the icebreaker bow and double acting ships intended to operate astern only in the ice; the largest azimuthal twin screw propulsion plant for the Arctic with highest ice torque capacity ever specified for cargo vessel; and the first customized, automated, asymmetric steering control system designed to improve open water maneuverability and steering stability of podded vessels. It was concluded that the transportation system, the overall vessel concept and many of the vessel features require validation based on operational

  18. Proceedings of the 5. NCUT upgrading and refining conference 2009 : bitumen, synthetic crude oil and heavy oil

    International Nuclear Information System (INIS)

    2009-01-01

    This conference examined various upgrading technologies related to bitumen production. It provided a forum to review new developments to exploit oil sands bitumen and extra heavy crudes in terms of production, upgrading and environmental issues facing the industry. This 2009 conference focused on the many existing and emerging technical solutions that will help consolidate the position of the vast reserves in Western Canada as a sustainable source of crudes for North America and other selected markets. Some of the technical challenges that have an effect on upgrading include poor quality bitumen and heavy oils; bitumen and diluent blending; pipeline issues; desalting; fouling and corrosion; high costs; dependence on natural gas for energy; poor middle distillates; and greenhouse gas emissions. The sessions of the conference were entitled: heavy oil and bitumen upgrading technologies; secondary upgrading and refining technologies; bitumen transportation; and bitumen and heavy oil processability. The conference featured a total of 50 presentations and posters, of which 43 have been catalogued separately for inclusion in this database. tabs., figs

  19. Induction of reactive oxygen species in marine phytoplankton under crude oil exposure.

    Science.gov (United States)

    Ozhan, Koray; Zahraeifard, Sara; Smith, Aaron P; Bargu, Sibel

    2015-12-01

    Exposure of phytoplankton to the water-accommodated fraction of crude oil can elicit a number of stress responses, but the mechanisms that drive these responses are unclear. South Louisiana crude oil was selected to investigate its effects on population growth, chlorophyll a (Chl a) content, antioxidative defense, and lipid peroxidation, for the marine diatom, Ditylum brightwellii, and the dinoflagellate, Heterocapsa triquetra, in laboratory-based microcosm experiments. The transcript levels of several possible stress-responsive genes in D. brightwellii were also measured. The microalgae were exposed to crude oil for up to 96 h, and Chl a content, superoxide dismutase (SOD), the glutathione pool (GSH and GSSG), and lipid peroxidation content were analyzed. The cell growth of both phytoplankton species was inhibited with increasing crude oil concentrations. Crude oil exposure did not affect Chl a content significantly in cells. SOD activities showed similar responses in both species, being enhanced at 4- and 8-mg/L crude oil exposure. Only H. triquetra demonstrated enhanced activity in GSSG pool and lipid peroxidation at 8-mg/L crude oil exposure, suggesting that phytoplankton species have distinct physiological responses and tolerance levels to crude oil exposure. This study indicated the activation of reactive oxygen species (ROS) in phytoplankton under crude oil exposure; however, the progressive damage in cells is still unknown. Thus, ROS-related damage in nucleic acid, lipids, proteins, and DNA, due to crude oil exposure could be a worthwhile subject of study to better understand crude oil toxicity at the base of the food web.

  20. Effects of crude oil pollution on the germination of Zea mays and Capsicum frutescens

    Energy Technology Data Exchange (ETDEWEB)

    Amakiri, J.O.; Onofeghara, F.A.

    1984-01-01

    The effects of crude oil pollution on the germination of Zea mays F7 and F27 and Capsicum frutescens were investigated. Crude oil was found to inhibit the germination of all the seed types used. The rate of germination decreased signficantly with increase in the length of the period of presoaking. The germination percentage of oil-soaked seeds of Zea mays also fell significantly with time. Seeds of Capsicum frutescens are most tolerant of crude oil in their germination response. The seeds were found to retain almost 100% viability after nearly 1 year of presoaking in crude oil. The lag phase preceding the germination of such seeds, however, increased threefold. Germination inhibition is attributed primarily to the physical surface characteristics of soil, which make it function as a physical barrier to water and oxygen. However, crude oil, where it penetrates, may be toxic to the embryos.

  1. Investor herds and oil prices evidence in the Gulf Cooperation Council (GCC equity markets

    Directory of Open Access Journals (Sweden)

    Talat Ulussever

    2017-09-01

    Full Text Available This paper scrutinizes the effect of crude oil prices on herd behavior among investors in the Gulf Cooperation Council (GCC stock markets. Using firm level data from Saudi Arabia, Qatar, Oman, Kuwait, Bahrain, Dubai and Abu Dhabi stock exchanges, we examine equity return dispersions within industry portfolios and test whether investor herds exist in these markets. We then assess whether crude oil price movements have any effect on the investment behavior of traders in the aforementioned markets. Our findings reveal significant evidence supporting herd behavior in all GCC equity markets with the exception of Oman and Qatar, more consistently during periods of market losses. Furthermore, we find significant oil price effects on herd behavior in these markets, particularly during periods of extreme positive changes in the price of oil. Our findings suggest that investors’ tendency to act as a herd in the said markets is significantly affected by the developments in the oil market.

  2. Corrosion of mild steel, copper and brass in crude oil / seawater mixture

    Digital Repository Service at National Institute of Oceanography (India)

    PrabhaDevi, S.; Sawant, S.S.; Wagh, A.B.

    Mild steel, copper and brass coupons were introduced in natural seawater containing varying amount of crude oil. Mild steel showed higher rate of corrosion in seawater containing oil and lower corrosion rate in natural as well as artificial seawater...

  3. Can reserve additions in mature crude oil provinces attenuate peak oil?

    NARCIS (Netherlands)

    Okullo, S.J.; Reynes, F.G.D.

    2011-01-01

    Following the peak in US crude oil production 30 years ago, more and more non-OPEC producers have seen their production decline as a result of resource depletion. OPEC, on the other hand has extracted a comparatively smaller proportion of its reserve base. Given that new non-OPEC discoveries are

  4. Application of microbiological methods for secondary oil recovery from the Carpathian crude oil reservoirs

    Energy Technology Data Exchange (ETDEWEB)

    Karaskiewicz, J

    1974-01-01

    The investigation made it possible to isolate from different ecologic environmental (soil, crude oil, formation water, industrial wastes) bacteria cultures of the genus Arthrobacter, Clostridium, Mycobacterium, Peptococcus, and Pseudomonas. These heterotrophic bacteria are characterized by a high metabolic and biogeochemical activity hydrocarbon transformation. Experiments on a technical scale were conducted from 1961 to 1971 in 20 wells; in this study, only the 16 most typical examples are discussed. The experiments were conducted in Carpathian crude oil reservoirs. To each well, a 500:1 mixture of the so-called bacteria vaccine (containing an active biomass of cultures obtained by a specific cultivation method and holding 6 x 10/sup 5/ bacteria cells in 1 ml of fluid, 2,000 kg of molasses, and 50 cu m of water originating from the reservoir submitted to treatment) was injected at 500 to 1,200 m. The intensification of the microbiological processes in the reservoir was observed. This phenomenon occurred not only in the wells to which the bacteria vaccine was injected, but also in the surrounding producing wells. At the same time, an increase in the crude oil production occurred on the average within the range from 20 to 200% and the surpluses of crude oil production continued for 2 to 8 yr. (92 refs.)

  5. Noteworthy: oil markets: Saudis abandon WTI price as benchmark

    OpenAIRE

    Jackson Thies

    2010-01-01

    Saudi Arabia's state-owned oil company no longer uses West Texas Intermediate (WTI) crude oil as its pricing benchmark. Saudi Aramco, the third largest U.S. oil supplier, switched to the Argus Sour Crude Index (ASCI) in January.

  6. FAKTOR-FAKTOR YANG MEMPENGARUHI EKSPOR CRUDE PALM OIL INDONESIA DALAM PERDAGANGAN INTERNASIONAL

    Directory of Open Access Journals (Sweden)

    fakhrus radifan

    2014-10-01

    Full Text Available Abstrak ___________________________________________________________________ Crude Palm Oil merupakan salah satu komoditas perkebunan ekspor unggulan yang mampu memberikan kontribusi dan sebagai salah satu penyumbang pendapatan devisa Indonesia dari ekspor tersebut. Produk olahan dari kelapa sawit yang kaya akan manfaat mempunyai peluang ekspor yang cukup besar di pasar internasional, selain diolah sebagai bahan baku industri minyak goreng, margarin, sabun dll. CPO juga dapat dijadikan bahan bakar alternatif nabati pengganti minyak bumi yang dapat diperbaharui. Namun volume Ekspor CPO Indonesia yang cenderung berfluktuatif dan mengalami penurunan dapat menjadikan kendala ekspor dalam perdagangan internasional. Penelitian ini bertujuan untuk mengetahui pengaruh variabel independen (Produksi CPO Indonesia, kurs Rupiah/Dolar AS, dan harga minyak mentah dunia terhadap variabel dependen (Ekspor CPO baik dalam jangka pendek maupun jangka panjang.Penelitian ini menggunakan data runtut waktu atau time series. Model analisis yang digunakan adalah alat analisis ekonometrika model koreksi kesalahan (Error Correction Model/ECM. Berdasarkan hasil penelitian dapat disimpulkan bahwa variabel independen dalam jangka panjang berpengaruh positif dan signifikan terhadap ekspor CPO Indonesia. Bagi produsen CPO Indonesia diharapkan dapat meningkatkan kapasitas produksinya, mencermati perkembangan harga minyak mentah dunia dan pergerakan kurs rupiah terhadap Dolar Amerika. Abstract ___________________________________________________________________ Crude Palm Oil is one of the main export commodities which are able to contribute Indonesia's foreign exchange earnings from the export. Products processed from palm oil which is rich in benefits has a sizeable export opportunities in international markets, in other hand  it is also can be used as raw material for cooking oil, margarine , soap etc. CPO can also be used as an alternative fuel vegetable oil substitute that

  7. The ACEGES laboratory for energy policy: Exploring the production of crude oil

    International Nuclear Information System (INIS)

    Voudouris, Vlasios; Stasinopoulos, Dimitrios; Rigby, Robert; Di Maio, Carlo

    2011-01-01

    An agent-based computational laboratory for exploratory energy policy by means of controlled computational experiments is proposed. It is termed the ACEGES (agent-based computational economics of the global energy system). In particular, it is shown how agent-based modelling and simulation can be applied to understand better the challenging outlook for oil production by accounting for uncertainties in resource estimates, demand growth, production growth and peak/decline point. The approach emphasises the idea that the oil system is better modelled not as black-box abode of 'the invisible hand' but as a complex system whose macroscopic explananda emerges from the interactions of its constituent components. Given the estimated volumes of oil originally present before any extraction, simulations show that on average the world peak of crude oil production may happen in the broad vicinity of the time region between 2008 and 2027. Using the proposed petroleum market diversity, the market diversity weakness rapidly towards the peak year. - Highlights: → Development of oil scenarios using computational experiments. → Support of energy policy using agent-based modelling and simulation. → Demonstration of the agent-based computational economics of the global energy system (ACEGES) policy-support tool. → Energy policy by means of evidence-based forward-looking probabilistic forecasts.

  8. Indigenous production of biosurfactant and degradation of crude oil

    Directory of Open Access Journals (Sweden)

    Hamid Rashedi

    2015-04-01

    Full Text Available The present study investigated the isolation and identification of biosurfactant producing bacteria from Iranian oil wells. The biosurfactant production of bacteria isolates was evaluated and confirmed using hemolysis and emulsification tests. The biodegradation of crude oil was studied using GC and HPLC analysis. A total of 45 strains have been isolated. These strains showed less than a 40 mN m-1 reduction in surface tension. The effects of different pH (4.2-9.2, salinity concentrations (1%-15%, and temperatures (25-50 in biosurfactant production of isolated strains were evaluated. One of the strains (Bacillus sp. NO.4 showed a high salt tolerance and a successful production of biosurfactant in a vast pH range. Its maximum biomass production (about 3.1 g L-1 dry weight was achieved after 60 hours of growth. The surface tension of the culture broth dropped rapidly after inoculation and reached its lowest value (36 mN m-1 during the exponential phase after about 36-48 hours of growth. The study of the GC graphs showed that higher aliphatic reduction occurred in fractions with C14 to C24 hydrocarbons. The depicted results of the HPLC graphs indicated a 100% degradation of chrysene and fluorine. In this study, we demonstrated the useful capacities of the isolates in removing oil pollutants and their application in MEOR in vitro.

  9. Interactions between zooplankton and crude oil: toxic effects and bioaccumulation of polycyclic aromatic hydrocarbons.

    Directory of Open Access Journals (Sweden)

    Rodrigo Almeda

    Full Text Available We conducted ship-, shore- and laboratory-based crude oil exposure experiments to investigate (1 the effects of crude oil (Louisiana light sweet oil on survival and bioaccumulation of polycyclic aromatic hydrocarbons (PAHs in mesozooplankton communities, (2 the lethal effects of dispersant (Corexit 9500A and dispersant-treated oil on mesozooplankton, (3 the influence of UVB radiation/sunlight exposure on the toxicity of dispersed crude oil to mesozooplankton, and (4 the role of marine protozoans on the sublethal effects of crude oil and in the bioaccumulation of PAHs in the copepod Acartia tonsa. Mortality of mesozooplankton increased with increasing oil concentration following a sigmoid model with a median lethal concentration of 32.4 µl L(-1 in 16 h. At the ratio of dispersant to oil commonly used in the treatment of oil spills (i.e. 1∶20, dispersant (0.25 µl L(-1 and dispersant-treated oil were 2.3 and 3.4 times more toxic, respectively, than crude oil alone (5 µl L(-1 to mesozooplankton. UVB radiation increased the lethal effects of dispersed crude oil in mesozooplankton communities by 35%. We observed selective bioaccumulation of five PAHs, fluoranthene, phenanthrene, pyrene, chrysene and benzo[b]fluoranthene in both mesozooplankton communities and in the copepod A. tonsa. The presence of the protozoan Oxyrrhis marina reduced sublethal effects of oil on A. tonsa and was related to lower accumulations of PAHs in tissues and fecal pellets, suggesting that protozoa may be important in mitigating the harmful effects of crude oil exposure in copepods and the transfer of PAHs to higher trophic levels. Overall, our results indicate that the negative impact of oil spills on mesozooplankton may be increased by the use of chemical dispersant and UV radiation, but attenuated by crude oil-microbial food webs interactions, and that both mesozooplankton and protozoans may play an important role in fate of PAHs in marine environments.

  10. Interactions between Zooplankton and Crude Oil: Toxic Effects and Bioaccumulation of Polycyclic Aromatic Hydrocarbons

    Science.gov (United States)

    Almeda, Rodrigo; Wambaugh, Zoe; Wang, Zucheng; Hyatt, Cammie; Liu, Zhanfei; Buskey, Edward J.

    2013-01-01

    We conducted ship-, shore- and laboratory-based crude oil exposure experiments to investigate (1) the effects of crude oil (Louisiana light sweet oil) on survival and bioaccumulation of polycyclic aromatic hydrocarbons (PAHs) in mesozooplankton communities, (2) the lethal effects of dispersant (Corexit 9500A) and dispersant-treated oil on mesozooplankton, (3) the influence of UVB radiation/sunlight exposure on the toxicity of dispersed crude oil to mesozooplankton, and (4) the role of marine protozoans on the sublethal effects of crude oil and in the bioaccumulation of PAHs in the copepod Acartia tonsa. Mortality of mesozooplankton increased with increasing oil concentration following a sigmoid model with a median lethal concentration of 32.4 µl L−1 in 16 h. At the ratio of dispersant to oil commonly used in the treatment of oil spills (i.e. 1∶20), dispersant (0.25 µl L−1) and dispersant- treated oil were 2.3 and 3.4 times more toxic, respectively, than crude oil alone (5 µl L−1) to mesozooplankton. UVB radiation increased the lethal effects of dispersed crude oil in mesozooplankton communities by 35%. We observed selective bioaccumulation of five PAHs, fluoranthene, phenanthrene, pyrene, chrysene and benzo[b]fluoranthene in both mesozooplankton communities and in the copepod A. tonsa. The presence of the protozoan Oxyrrhis marina reduced sublethal effects of oil on A. tonsa and was related to lower accumulations of PAHs in tissues and fecal pellets, suggesting that protozoa may be important in mitigating the harmful effects of crude oil exposure in copepods and the transfer of PAHs to higher trophic levels. Overall, our results indicate that the negative impact of oil spills on mesozooplankton may be increased by the use of chemical dispersant and UV radiation, but attenuated by crude oil-microbial food webs interactions, and that both mesozooplankton and protozoans may play an important role in fate of PAHs in marine environments. PMID:23840628

  11. Chromatographic and spectroscopic analysis of heavy crude oil mixtures with emphasis in nuclear magnetic resonance spectroscopy: A review

    International Nuclear Information System (INIS)

    Silva, Sandra L.; Silva, Artur M.S.; Ribeiro, Jorge C.; Martins, Fernando G.; Da Silva, Francisco A.; Silva, Carlos M.

    2011-01-01

    Graphical abstract: The chromatographic and spectroscopic techniques used to characterize heavy crude oils, although more focused in the nuclear magnetic resonance spectroscopy as the technique of choice, due to its capability to provide great information on the chemical nature of individual types of proton and carbon atoms in different and complex mixtures of crude oils are described. This review is based on 65 references and describes in a critical and interpretative ways the advantages of the NMR spectroscopy as a main technique to be used in crude oil refining industries that want to characterize crude oil fractions and the obtained refined products. Highlights: ► Chromatogrfaphic and spectroscopic techniques used to characterize heavy crude oils have been reviewed. ► This review describes in a critical and interpretative ways the advantages of the NMR spectroscopy as a main technique to be used in crude oil refining industries. ► The progress in the interpretation of the NMR spectra and of different multivariate data analyses and their potential in the identification and characterization of hydrocarbons and their physical and chemical properties have also been reviewed. - Abstract: The state of the art in the characterization of heavy crude oil mixtures is presented. This characterization can be done by different techniques, such as gas chromatography (GC), high performance liquid chromatography (HPLC), thin layer chromatography (TLC), infrared spectroscopy (IR), Raman spectroscopy, nuclear magnetic resonance (NMR) spectroscopy and mass spectrometry (MS). Nuclear magnetic resonance spectroscopy is the technique of choice due to its capability to provide information on the chemical nature of individual types of hydrogen and carbon atoms in different and complex mixtures of crude oils. The progress made in the interpretation of the NMR spectra with the development of new NMR techniques and different multivariate data analyses could give relevant

  12. The oil markets: A vision

    International Nuclear Information System (INIS)

    Miras Salamanca, P.

    2007-01-01

    Although oil markets show high levels of volatility, governments and institutions are much more concern with the problem of security of supply. Fundamental drivers of these markets vary from global questions (such as the balance between world supply and demand or the geopolitical situation), to national and local issues (regulation, industry structure and the cost chain in a given market). Global factors account for the lions share of the final price. Therefore, price variations of oil products tend to be similar in different environment. However, regulators and competition watchdogs should put special attention to supervise smaller areas, where specific problems could occur. (Author)

  13. Phytoremediation of some tropical soils contaminated with petroleum crude oil

    International Nuclear Information System (INIS)

    Oyibo, Charles

    2013-12-01

    This study was undertaken in three phases to identify (phase 1), screen (phase 11) and evaluate (phase 111) plants for their phytoremediation potential. In Phase 1, 15 plant species made up of grasses and legumes namely: Paspalum. vaginatum, Cynodon.dactylon, Pueraria. phaseoloides, Centrosema. pubescens, Panicum. maximum, Schrankia. leptocarpa, Eclipta. alba (Linn.), Cyperus. haspen (Linn.), Melastromastrum. capitatum, Acreceras. zizanoides Dandy, Pteridum aquilinum (Linn), Ludwigia.decurrens Walt,Setaria longiseta P.Beauv., Physalis angulata (Linn.), and Desmodium scorpiurus Desv.were identified on sites previously polluted by crude oil spills in the Niger Delta Area of Nigeria. The first 6 species were used in phase 11 while the first four species were earmarked (rolled over) for phase 111. Responses to Questionnaire indicated that majority of residents in the selected sites/communities had lived in these areas for 10 or more years had mainly JHS/SHS education; were self employed – mainly farmers and fishers although most were unemployed in the public sector. Adverse effects of the operations of oil companies particularly oil spillage on the environment and local residents include: loss of vegetation and farmlands, soil and water body contamination, weak social and cultural institutions (disrespect by youth for elders and institutions), militancy and hostage taking among youth from the area. In phase 11, seeds of legumes among the six selected species were collected from Accra, Aburi environs and Kusi in the Eastern region of Ghana; they were scarified, cultured in growth medium and the seedlings which emerged from them were transplanted into experimental pots, each containing 2000g of either Alajo or Toje soil series. One week after transplanting, each pot was simulated with a corresponding serial crude oil concentration of 0% (control) 1 % (24ml), 3% (83ml), 5.5% (130ml) and 8% (189ml) or 10% (237ml) in three replicates. These concentrations were arrived at

  14. Optimization of China Crude Oil Transportation Network with Genetic Ant Colony Algorithm

    Directory of Open Access Journals (Sweden)

    Yao Wang

    2015-08-01

    Full Text Available Taking into consideration both shipping and pipeline transport, this paper first analysed the risk factors for different modes of crude oil import transportation. Then, based on the minimum of both transportation cost and overall risk, a multi-objective programming model was established to optimize the transportation network of crude oil import, and the genetic algorithm and ant colony algorithm were employed to solve the problem. The optimized result shows that VLCC (Very Large Crude Carrier is superior in long distance sea transportation, whereas pipeline transport is more secure than sea transport. Finally, this paper provides related safeguard suggestions on crude oil import transportation.

  15. Learning Crude Oil by Using Scientific Literacy Comics

    Science.gov (United States)

    Aisyah, R.; Zakiyah, I. A.; Farida, I.; Ramdhani, M. A.

    2017-09-01

    A research has been conducted to create a crude oil learning media in the form of scientific literacy-oriented comic. The research included some phases, namely: concept analysis, material transformation to concept map, indicator identification and science literacy aspect. The product was made based on flowcharts and storyboards that have been validated by expert validators. The product has characteristics namely; 1) Develops indicators and aspects of science literacy, 2) presents the materials in form of story of science fiction genre, 3) has characters adopting levels of scientific literacy, 4) has optional stories, because it depends on questions asked to develop scientific literacy in terms of content, context, process and attitude. Based on feasibility test, the product is feasible to be used as learning media. It is suggested to do an expanded experiment to examine its affectivity in improving scientific literacy and growing students’ awareness about the issues of energy crisis and the impacts of fossil fuel use on the environment.

  16. Enhancing crude oil degradation in a sandy soil: Effects of addition ...

    African Journals Online (AJOL)

    This study investigated the effects of the addition of poultry manure alone and in combination with surfactant (Goldcrew or Corexit) and/or alternate carbon substrate (glucose or starch) on crude oil degradation in a sandy soil. With poultry manure alone, optimal crude oil degradation was obtained at a concentration of 4.0% ...

  17. Bioremediation Potential of Native Hydrocarbons Degrading Bacteria in Crude Oil Polluted Soil

    Directory of Open Access Journals (Sweden)

    Mariana MARINESCU

    2017-05-01

    Full Text Available Bioremediation of crude oil contaminated soil is an effective process to clean petroleum pollutants from the environment. Crude oil bioremediation of soils is limited by the bacteria activity in degrading the spills hydrocarbons. Native crude oil degrading bacteria were isolated from different crude oil polluted soils. The isolated bacteria belong to the genera Pseudomonas, Mycobacterium, Arthrobacter and Bacillus. A natural biodegradable product and bacterial inoculum were used for total petroleum hydrocarbon (TPH removal from an artificial polluted soil. For soil polluted with 5% crude oil, the bacterial top, including those placed in the soil by inoculation was 30 days after impact, respectively 7 days after inoculum application, while in soil polluted with 10% crude oil,  multiplication top of bacteria was observed in the determination made at 45 days after impact and 21 days after inoculum application, showing once again how necessary is for microorganisms habituation and adaptation to environment being a function of pollutant concentration. The microorganisms inoculated showed a slight adaptability in soil polluted with 5% crude oil, but complete inhibition in the first 30 days of experiment at 10% crude oil.

  18. Impact of the discovery of crude oil on inter-group relations between ...

    African Journals Online (AJOL)

    Impact of the discovery of crude oil on inter-group relations between Isoko and her immediate neighbours in the western Niger Delta of Nigeria. ... The article shows that the discovery of crude oil petroleum in the western Niger Delta marked a watershed in the history of intergroup relations in the area. Keywords: Discovery ...

  19. A Formula for the Coefficient of Thermal Expansion of Crude Oils ...

    African Journals Online (AJOL)

    A new formula for the calculation of the coefficient of world crude oils has been developed. The formula is semi theoretical. The empirical part was obtained by regression calculation of the Formation Volume Factor of the gas free crude oil at reservoir temperature. Comparison of the calculated values of the Formation ...

  20. Reduction of Sulphur Content of Urals Crude Oil Prior to Processing ...

    African Journals Online (AJOL)

    The presence of sulphur in crude oil poses enormous challenges as regards its negative environmental and economic impacts. As such, the safety of the personnel and the equipment is at high risk during the processing of Urals crude oil in Kaduna Refining and Petrochemical Company (KRPC) because of its sour nature.

  1. Price elasticity of demand for crude oil: estimates for 23 countries

    International Nuclear Information System (INIS)

    Cooper, J.C.B.

    2003-01-01

    This paper uses a multiple regression model derived from an adaptation of Nerlove's partial adjustment model to estimate both the short-run and long-run elasticities of demand for crude oil in 23 countries. The estimates so obtained confirm that the demand for crude oil internationally is highly insensitive to changes in price. (author)

  2. Studies on sludge from waxy crude oil storage tank. II. Solvent fractionation

    Energy Technology Data Exchange (ETDEWEB)

    Fazal, S.A.; Zarapkar, S.S.; Joshi, G.C. [D.G. Ruparel College, Bombay (India). Dept. of Chemistry

    1995-12-31

    The sludge formed from crude oil (Bombay Hindu Crude oil) dump storage has been analysed by solvent extraction with a series of solvents of increasing polarity. The extract fractions so obtained have been analysed extensively. The nature of the sludge is compared with the similar sludges reported by other workers. 9 refs., 4 figs., 2 tabs.

  3. Density and viscosity behavior of a North Sea crude oil, natural gas liquid, and their mixtures

    DEFF Research Database (Denmark)

    Schmidt, KAG; Cisneros, Sergio; Kvamme, B

    2005-01-01

    to accurately model the saturation pressures, densities, and viscosities of petroleum systems ranging from natural gases to heavy crude oils. The applicability of this overall modeling technique to reproduce measured bubble points, densities, and viscosities of a North Sea crude oil, a natural gas liquid...

  4. Comparison of the effects of crude and spent oils on Tilapia ...

    African Journals Online (AJOL)

    Toxic effects of bonnylight crude and spent oils on Oreochromis niloticus fingerlings were conducted under laboratory conditions at the University of Port Harcourt, Nigeria for two months. Five concentrations (5 ml/L, 10 ml/L, 20 m1/L, 50 m1/L and l00 ml/L) of water soluble fraction (WSF) of crude and spent oils were ...

  5. 75 FR 11841 - Proposed Information Collection; Comment Request; Short Supply Regulations, Petroleum (Crude Oil)

    Science.gov (United States)

    2010-03-12

    ... DEPARTMENT OF COMMERCE Bureau of Industry and Security Proposed Information Collection; Comment Request; Short Supply Regulations, Petroleum (Crude Oil) AGENCY: Bureau of Industry and Security. ACTION... supporting documentation for license applications to export petroleum (crude oil) and is used by licensing...

  6. An estimation of crude oil import demand in Turkey: Evidence from time-varying parameters approach

    International Nuclear Information System (INIS)

    Ozturk, Ilhan; Arisoy, Ibrahim

    2016-01-01

    The aim of this study is to model crude oil import demand and estimate the price and income elasticities of imported crude oil in Turkey based on a time-varying parameters (TVP) approach with the aim of obtaining accurate and more robust estimates of price and income elasticities. This study employs annual time series data of domestic oil consumption, real GDP, and oil price for the period 1966–2012. The empirical results indicate that both the income and price elasticities are in line with the theoretical expectations. However, the income elasticity is statistically significant while the price elasticity is statistically insignificant. The relatively high value of income elasticity (1.182) from this study suggests that crude oil import in Turkey is more responsive to changes in income level. This result indicates that imported crude oil is a normal good and rising income levels will foster higher consumption of oil based equipments, vehicles and services by economic agents. The estimated income elasticity of 1.182 suggests that imported crude oil consumption grows at a higher rate than income. This in turn reduces oil intensity over time. Therefore, crude oil import during the estimation period is substantially driven by income. - Highlights: • We estimated the price and income elasticities of imported crude oil in Turkey. • Income elasticity is statistically significant and it is 1.182. • The price elasticity is statistically insignificant. • Crude oil import in Turkey is more responsive to changes in income level. • Crude oil import during the estimation period is substantially driven by income.

  7. A laboratory study of particulate and gaseous emissions from crude oil and crude oil-dispersant contaminated seawater due to breaking waves

    Science.gov (United States)

    Afshar-Mohajer, Nima; Li, Cheng; Rule, Ana M.; Katz, Joseph; Koehler, Kirsten

    2018-04-01

    Crude oil spill incidents occur frequently causing a verity of occupational, ecological and environmental problems. Dispersants are applied to enhance the dispersion rate of crude oil slicks into the water column. In this study, the aerosol size distribution from 10 nm to 20 μm, total particle-bound aromatic hydrocarbons (pPAH) and volatile organic compounds (VOCs) are measured in a 6 x 0.3 x 0.6 m tank as plunging breaking waves entrain oil slicks. The experiments are performed for seawater with slicks of crude oil, crude oil-dispersant mixture and dispersant only. The measurements investigate the effects of wave energy and slick properties on the temporal evolution of the emissions. The total number concentrations of particles originating from the oil-dispersant mixture are 1-2 orders of magnitude higher than those of crude oil across the entire nano-scale range, reaching 100x for 20 nm particles. Conversely, the differences in concentration are small in the micron range. The average concentrations of pPAH are variable but similar (150-270 ng/m3). The VOC concentrations for crude oil-dispersant mixtures are 2-3 times lower than those of crude oil, presumably due to the surfactant effect on mass diffusion. The drastic increase in ultrafine particle concentrations may raise concerns about effects of inhalation by cleanup workers and downstream communities though VOC emissions reduce. Findings through this study provide insight into how the spray of dispersant may change the ratio of airborne particulate matter and VOC emissions from seawater due to natural processes.

  8. The Effect Of Additional Detergent In Crude Palm Oil In The Process Of Separation Stearin

    Science.gov (United States)

    Rezekyah Hasibuan, Vina; aini, Nur; Febriyanti; Ayubi Pane, Salahudin Al

    2018-03-01

    This study aims to find out how much stearin is formed from the addition of detergent and to understand the process of separation of crude olein with crude stearin from raw material of crude palm oil (CPO). Using a detergent fractionation system, detergent fractionation is a continuous crystallization of oil with controlled cooling and the separation of fractions by weight or centrifuge after supplementing surfactant.

  9. Sequential enrichment of microbial population exhibiting enhanced biodegradation of crude oil

    International Nuclear Information System (INIS)

    Venkateswaran, Kasthuri; Harayama, Shigeaki.

    1995-01-01

    The distribution of oil-degrading bacteria in the coastal waters and sediments of Hokkaido, Japan, was surveyed. It was found that the potential of mixed microbial populations to degrade weathered crude oil was not confined to any ecological components (water or sediment) nor to the sampling stations. One microbial culture that was stable during repeated subculturing degraded 45% of the saturates and 20% of the aromatics present in crude oil in 10 days during the initial screening. The residual hydrocarbons in this culture were extracted by chloroform and dispersed in a fresh seawater-based medium and subsequently inoculated with microorganisms from the first culture. After full growth of the second culture, the residual hydrocarbons were extracted and dispersed in a fresh medium in which microorganisms from the second culture had been inoculated. This sequential process was carried out six times to enrich those microorganisms that grew on the recalcitrant components of crude oil. After repeated exposure of the residual crude oil to the enriched microorganisms, about 80% of the initially added crude oil was degraded. The cultures obtained after each enrichment cycle were kept, and the degradation of fresh crude oil by the enriched microorganisms was monitored. The degrading activity of the enriched cultures increased as the number of enrichment cycles increased. A microbial population that had been selected six times on the residual crude oil could degrade 70% of the saturates and 30% of the aromatics of crude oil, indicating that growth of a microbial population on residual crude oil improved its ability to biodegrade crude oil. 21 refs., 2 tabs., 7 figs

  10. Mideast crisis and pricing in the oil futures market

    International Nuclear Information System (INIS)

    Hamed, A.H.

    1992-01-01

    Futures prices and the corresponding expected future cash price on crude oil markets differ. The difference is hypothesized to be due to a time varying risk premium where risk is due to either cash price volatility, oil output volatility, or unanticipated oil price movement. And this risk is measured by the conditional variance of the forementioned sources of risk. Using the ARCH (Autoregressive Conditional Heterosckdasticity) model and its extensions this study addresses the determination of the time varying risk premium. Political unrest in the Mideast oil exporting countries is hypothesized to be a determinant of the time varying risk premium in the oil futures market. The empirical tests allow informative inferences to be drawn on the role of political unrest in pricing oil

  11. Development of the German mineral oil market in 1995. Pt. 2

    International Nuclear Information System (INIS)

    Mohnfeld, J.; Heinze, W.

    1996-01-01

    Following a brief glance at the boundary conditions for the German market (world oil market, inland energy consumption), the development of inland sales is described. One after one, the mineral oil products Otto engine fuel, diesel fuel, light fuel oil and heavy fuel oil are considered. Further sections deal with crude oil supply, the supply of mineral oil produce, refinery production, the development in the sales sector, the profit situation of the mineral oil industry, the development of prices (according to products) and expenditure in foreign exchange for mineral oil. The article contains numerous tables and graphs; comparisons with the years previously illustrate development trends. (UA) [de

  12. Rheological Investigation on the Effect of Shear and Time Dependent Behavior of Waxy Crude Oil

    Directory of Open Access Journals (Sweden)

    Japper-Jaafar A.

    2014-07-01

    Full Text Available Rheological measurements are essential in transporting crude oil, especially for waxy crude oil. Several rheological measurements have been conducted to determine various rheological properties of waxy crude oil including the viscosity, yield strength, wax appearance temperature (WAT, wax disappearance temperature (WDT, storage modulus and loss modulus, amongst others, by using controlled stress rheometers. However, a procedure to determine the correct parameters for rheological measurements is still unavailable in the literature. The paper aims to investigate the effect of shear and time dependent behaviours of waxy crude oil during rheological measurements. It is expected that the preliminary work could lead toward a proper rheological measurement guideline for reliable rheological measurement of waxy crude oil.

  13. Some technological aspects for functioning of crude oil pipeline Solun-OKTA

    International Nuclear Information System (INIS)

    Zikovski, Toni

    2005-01-01

    Crude oil pipeline Solun-Okta was built according to international technical, ecological and safety standards and enables quick, optimal and continuity supply of OKTA Refinery with crude oil. The building of the pipeline began in 1999 and finished in 2002 with official start-up operation by pumping of first quantity crude oil. After the activation, human environment protection has an important place. A lot of instructions and procedures are prepared specially for this purpose. With a total length about 212 km, pipeline enables transport of crude oil from ECO Refinery to OKTA with a capacity of 2.5 million tons per year. The pipeline is designed for transport of few types crude oil and their mixtures. The pipeline system has been equipped with sophisticated and modern equipment, which will enable quality of the work by controlling and monitoring of the system. (Author)

  14. Some technological aspects for functioning of crude oil pipeline Solun-Okta

    International Nuclear Information System (INIS)

    Zikovski, Toni

    2005-01-01

    Crude oil pipeline Solun-Okta was built according to international technical, ecological and safety standards and enables quick, optimal and continuity supply of OKTA Refinery with crude oil. The building of the pipeline began in 1999 and finished in 2002 with official start-up operation by pumping of first quantity crude oil. After the activation, human environment protection has an important place. A lot of instructions and procedures are prepared specially for this purpose. With a total length about 212 km, pipeline enables transport of crude oil from ECO Refinery to OKTA with a capacity of 2.5 million tons per year. The pipeline is designed for transport of few types crude oil and their mixtures. The pipeline system has been equipped with sophisticated and modern equipment, which will enable quality of the work by controlling and monitoring of the system. (Author)

  15. Does Climate Change Mitigation Activity Affect Crude Oil Prices? Evidence from Dynamic Panel Model

    Directory of Open Access Journals (Sweden)

    Jude C. Dike

    2014-01-01

    Full Text Available This paper empirically investigates how climate change mitigation affects crude oil prices while using carbon intensity as the indicator for climate change mitigation. The relationship between crude oil prices and carbon intensity is estimated using an Arellano and Bond GMM dynamic panel model. This study undertakes a regional-level analysis because of the geographical similarities among the countries in a region. Regions considered for the study are Africa, Asia and Oceania, Central and South America, the EU, the Middle East, and North America. Results show that there is a positive relationship between crude oil prices and carbon intensity, and a 1% change in carbon intensity is expected to cause about 1.6% change in crude oil prices in the short run and 8.4% change in crude oil prices in the long run while the speed of adjustment is 19%.

  16. Price and income elasticities of crude oil import demand in South Africa. A cointegration analysis

    Energy Technology Data Exchange (ETDEWEB)

    Ziramba, Emmanuel [Department of Economics, University of South Africa, P.O Box 392, Unisa 0003 (South Africa)

    2010-12-15

    This paper examines the demand for imported crude oil in South Africa as a function of real income and the price of crude oil over the period 1980-2006. We carried out the Johansen co integration multivariate analysis to determine the long-run income and price elasticities. A unique long-run cointegration relationship exists between crude oil imports and the explanatory variables. The short-run dynamics are estimated by specifying a general error correction model. The estimated long-run price and income elasticities of -0.147 and 0.429 suggest that import demand for crude oil is price and income inelastic. There is also evidence of unidirectional long-run causality running from real GDP to crude oil imports. (author)

  17. Reduction of benzene and naphthalene mass transfer from crude oils by aging-induced interfacial films.

    Science.gov (United States)

    Ghoshal, Subhasis; Pasion, Catherine; Alshafie, Mohammed

    2004-04-01

    Semi-rigid films or skins form at the interface of crude oil and water as a result of the accumulation of asphaltene and resin fractions when the water-immiscible crude oil is contacted with water for a period of time or "aged". The time varying patterns of area-independent mass transfer coefficients of two compounds, benzene and naphthalene, for dissolution from crude oil and gasoline were determined. Aqueous concentrations of the compounds were measured in the eluent from flow-through reactors, where a nondispersed oil phase and constant oil-water interfacial area were maintained. For Brent Blend crude oil and for gasoline amended with asphaltenes and resins, a rapid decrease in both benzene and naphthalene mass transfer coefficients over the first few days of aging was observed. The mass transfer coefficients of the two target solutes were reduced by up to 80% over 35 d although the equilibrium partition coefficients were unchanged. Aging of gasoline, which has negligible amounts of asphaltene and resin, did not result in a change in the solute mass transfer coefficients. The study demonstrates that formation of crude oil-water interfacial films comprised of asphaltenes and resins contribute to time-dependent decreases in rates of release of environmentally relevant solutes from crude oils and may contribute to the persistence of such solutes at crude oil-contaminated sites. It is estimated that the interfacial film has an extremely low film mass transfer coefficient in the range of 10(-6) cm/min.

  18. Effects of selected thermophilic microorganisms on crude oils at elevated temperatures and pressures. Final report

    Energy Technology Data Exchange (ETDEWEB)

    Premuzic, E.T.; Lin, M.S.

    1995-07-01

    During the past several years, a considerable amount of work has been carried out showing that microbially enhanced oil recovery (MEOR) is promising and the resulting biotechnology may be deliverable. At the Brookhaven National Laboratory (BNL), systematic studies have been conducted which dealt with the effects of thermophilic and thermoadapted bacteria on the chemical and physical properties of selected types of crude oils at elevated temperatures and pressures. Particular attention was paid to heavy crude oils from Venezuela, California, Alabama, Arkansas, Wyoming, Alaska, and other oil producing areas. Current studies indicate that during the biotreatment several chemical and physical properties of crude oils are affected. The oils are (1) emulsified; (2) acidified; (3) there is a qualitative and quantitative change in light and heavy fractions of the crudes; (4) there are chemical changes in fractions containing sulfur compounds; (5) there is an apparent reduction in the concentration of trace metals; (6) the qualitative and quantitative changes appear to be microbial species dependent; and (7) there is a distinction between {open_quotes}biodegraded{close_quotes} and {open_quotes}biotreated{close_quotes} oils. Preliminary results indicate the introduced microorganisms may become the dominant species in the bioconversion of oils. These studies also indicate the biochemical interactions between crude oils and microorganisms follow distinct trends, characterized by a group of chemical markers. Core-flooding experiments have shown significant additional crude oil recoveries are achievable with thermophilic microorganisms at elevated temperatures similar to those found in oil reservoirs. In addition, the biochemical treatment of crude oils has technological applications in downstream processing of crude oils such as in upgrading of low grade oils and the production of hydrocarbon based detergents.

  19. International evidence on crude oil price dynamics. Applications of ARIMA-GARCH models

    International Nuclear Information System (INIS)

    Mohammadi, Hassan; Su, Lixian

    2010-01-01

    We examine the usefulness of several ARIMA-GARCH models for modeling and forecasting the conditional mean and volatility of weekly crude oil spot prices in eleven international markets over the 1/2/1997-10/3/2009 period. In particular, we investigate the out-of-sample forecasting performance of four volatility models - GARCH, EGARCH and APARCH and FIGARCH over January 2009 to October 2009. Forecasting results are somewhat mixed, but in most cases, the APARCH model outperforms the others. Also, conditional standard deviation captures the volatility in oil returns better than the traditional conditional variance. Finally, shocks to conditional volatility dissipate at an exponential rate, which is consistent with the covariance-stationary GARCH models than the slow hyperbolic rate implied by the FIGARCH alternative. (author)

  20. Reference data on world oil markets

    International Nuclear Information System (INIS)

    2005-01-01

    This paper makes a status of the 2004 activity of worldwide oil markets: oil demand, oil supplies (OPEC and non-OPEC countries, unused production capacities), formation of oil prices (role of stockpiles, role of terminal markets, impact of dollar rate), economic data: OPEC objectives, market vision, volatility of prices, supply and demand. (J.S.)

  1. effect of crude oil extracts on early stages of african catfish

    African Journals Online (AJOL)

    Admin

    Nigerian Bonny light crude oil and Exxon Mobil Oso off-shore condensate during a ... of Oso condensate extract when larval integument was damaged. It is ... Spills of oil condensate from Oso Exxon Mobil Oil rig readily enter the .... compounds are extracted from oil films in natural .... Resources and Fishing Rome, 9-13 Dec.

  2. Effect of crude oil and palm bunch ash on maize growth

    Institute of Scientific and Technical Information of China (English)

    Emmanue Ogboma Dania; Temitayo Fayehun; Osemhengbe Ruth Akhabue

    2016-01-01

    Objective:To investigate the effect of different crude oil fractions (whole crude and water soluble fraction) at 2% contamination (98% distilled water) and the effect of 2 g of palm bunch ash (PBA) on the phytotoxicity of crude oil fraction on growth parameters such as percentage of seedling emergence, plant height, number of leaves, length of root, length of radical and leaf area in maize (Zea mays). Methods: A total of 180 bags containing 500 g of loamy soil each were used for this study, of which 30 bags containing loamy soil each served as control, 60 bags of soil were added each 2% crude oil fraction and 60 bags of soil were added each 2% crude oil fraction and 2 gPBA each, while 30 bags of soil contained each 2 g ofPBA only. The maize grown on the soil was harvested after 7, 14 and 21 days of seedling emergence and assessed for growth parameters. Results: The growth parameters (plant height, length of root, length of radicle, number of leaves, and leaf area) in maize were significantly reduced in the crude oil fraction treatment (P≤0.05). The treatment containingPBA was found to have significant improvement compared to the crude oil fraction contaminated treatment. Conclusions: The study has revealed the deleterious effect of crude oil at 2% on maize and its effect was ameliorated usingPBA.

  3. Hedging strategy for crude oil trading and the factors influencing hedging effectiveness

    International Nuclear Information System (INIS)

    Yun, Won-Cheol; Jae Kim, Hyun

    2010-01-01

    This study analyzes the hedging effectiveness of different hedge type and period by Korean oil traders. Both crude oil price and exchange rate risks are considered. Theoretical models are formulated to estimate the hedge ratios by separate and complex hedge types. The hedging period covers 1-12 months. This study also performs some statistical works to investigate the relationship between the hedging effectiveness and the crude oil price sensitivity to exchange rate. In addition, the relationship between the hedging effectiveness and the volatilities of crude oil price and exchange rate is analyzed. (author)

  4. Toxicological evaluation of a lake ecosystem contaminated with crude oil

    International Nuclear Information System (INIS)

    Twigg, D.; Ramey, B.

    1995-01-01

    Winona Lake on the Daniel Boone National Forest in Powell County, Kentucky, was used from the mid 1950's to 1987 as a water source for water-injection oil drilling and as a brine disposal site. The lake was contaminated with excessive amounts of crude oil. A multi phase investigation was conducted, including chemical analysis of water and sediment, water toxicity tests using a cladoceran, Ceriodaphnia dubia, sediment toxicity tests using an amphipod, Hyalella azteca, and a faunal survey of the communities of the lake and stream both above and below the lake. The sediment was laden with petroleum hydrocarbons (4.1 parts per thousand), while the water showed no contamination. The C dubia test results showed no significant water toxicity. The contaminated sediment adjacent to the dam produced 75% mortality in H. azteca. The faunal survey indicated little or no impact on the upstream and downstream communities but the lake community was highly impacted, especially the benthos. Pollution tolerant Chaoborus sp. were the only organisms collected from sediment samples dredged from the lake. Contamination was limited to the sediment within the lake but the impact on the entire lake community was severe

  5. Bioremediation of soil contaminated crude oil by Agaricomycetes.

    Science.gov (United States)

    Mohammadi-Sichani, M Maryam; Assadi, M Mazaheri; Farazmand, A; Kianirad, M; Ahadi, A M; Ghahderijani, H Hadian

    2017-01-01

    One of the most important environmental problems is the decontamination of petroleum hydrocarbons polluted soil, particularly in the oil-rich country. Bioremediation is the most effective way to remove these pollutants in the soil. Spent mushroom compost has great ability to decompose lignin-like pollution. The purpose of this study was the bioremediation of soil contaminated with crude oil by an Agaricomycetes . Soil sample amended with spent mushroom compost into 3%, 5% and 10% (w/w) with or without fertilizer. Ecotoxicity germination test was conducted with Lipidium sativa . The amplified fragment (18 s rDNA) sequence of this mushroom confirmed that the strain belonged to Pleurotus ostreatus species with complete homology (100% identity). All tests experiment sets were effective at supporting the degradation of petroleum hydrocarbons contaminated soil after three months. Petroleum contaminated soil amended with Spent mushroom compost 10% and fertilizer removed 64.7% of total petroleum hydrocarbons compared control. The germination index (%) in ecotoxicity tests ranged from 60.4 to 93.8%. This showed that the petroleum hydrocarbons contaminated soil amended with 10% Spent mushroom compost had higher bioremediation ability and reduced soil toxicity in less than three months.

  6. Effect of Bombay high crude oil and its water-soluble fraction on growth and metabolism of diatom Thalassiosira sp.

    Digital Repository Service at National Institute of Oceanography (India)

    Parab, S.R.; Pandit, R.A.; Kadam, A.N.; Indap, M.M.

    Effect of Bombay high crude oil (BHC) and its water-soluble fraction (WSF) on growth and metabolism of the phytoplankton, Thalassiosira sp. was assessed. The study revealed the signs of acute toxicity at higher concentrations of crude oil (0...

  7. Acute toxicities of crude oils and oil-dispersant mixtures to Red sea fishes and invertebrates

    Energy Technology Data Exchange (ETDEWEB)

    Eisler, R.

    1975-11-01

    Crude oil from fields in the Persian Gulf and in the Sinai plus a chemical oil dispersant were tested, using static bioassay procedures, for toxicity to adults or juveniles of ten marine species: Heteroxenia fuscescens, a soft coral; Nerita forskali and Drupa granulata, gastropod molluscs; Mytilus variabilis, a mussel; Acanthopleura haddoni, a chiton (mollusc); Echinometra mathaei, sea urchin; Calcinus latens, a hermit crab; Palaemon pacificus, a shrimp; Parupeneus barberinus, goatfish; and Siganus rivulatus, rabbitfish. Concentrations fatal to 50 percent of individual test species in 168 hours, LC-50 (168 h), ranged from 0.74 to more than 30.0 ml/liter for Persian Gulf crude, from 14.5 to more than 30.0 ml/liter for Sinai crude, and from 0.006 to 0.064 ml/liter for the dispersant. In general, fishes and crustaceans were the most sensitive groups assayed and molluscs the most resistant. LC-50 (168 h) values for oil-dispersant mixtures of 10 parts oil to 1 part dispersant (v/v) for selected species ranged from 0.047 to 0.152 ml/liter which appears to reflect the biocidal properties of the dispersant. Some individuals that survived immersion in high concentrations of the test compounds for 168 h were adversely affected during treatment and afterwards.

  8. Crude oil import policy of Turkey: Historical analysis of determinants and implications since 1968

    Energy Technology Data Exchange (ETDEWEB)

    Ediger, Volkan S., E-mail: volkanediger@gmail.co [Izmir University of Economics, Sakarya Caddesi, No. 156, 35330 Izmir (Turkey); Berk, Istemi [Izmir University of Economics, Sakarya Caddesi, No. 156, 35330 Izmir (Turkey)

    2011-04-15

    Turkey is one of the most energy import dependent countries in the world, suffering deeply from the economic and strategic burdens of oil importation. Our purpose is to determine the factors behind the crude oil import policy of Turkey and to measure their contribution to a well-organized import strategy. We implemented a principle component analysis to construct an Oil Import Vulnerability Index (OIVI) based on four factors, which are crude oil import dependency of primary energy consumption, crude oil import bill as a share of Gross Domestic Product (GDP), non-diversification of import sources, and share of oil in total energy import. The contribution of these factors to the OIVI is found to be approximately equal. While an overall deterioration in the OIVI has been observed during periods of increasing oil prices, better diversification of oil import sources has lead to significant improvements. We suggest Turkish policy-makers implement sound policies, emphasizing diversification of crude oil import sources and reduction of the share of crude oil in primary energy imports to increase energy supply security. This study has also demonstrated that it is possible to construct an index representing crude oil vulnerability caused by import dependency. - Research highlights: {yields}We examine the factors lying behind the crude oil import policy of Turkey. {yields} We measure the contribution of each factor to a well-organized import strategy. {yields} We constrtuct an Oil Import Vulnerability Index using principle component analysis. {yields} We suggest that four factors affect oil import policies with almost equal weights. {yields} Source diversification is found to be the core issue in oil import policies.

  9. Crude oil import policy of Turkey: Historical analysis of determinants and implications since 1968

    International Nuclear Information System (INIS)

    Ediger, Volkan S.; Berk, Istemi

    2011-01-01

    Turkey is one of the most energy import dependent countries in the world, suffering deeply from the economic and strategic burdens of oil importation. Our purpose is to determine the factors behind the crude oil import policy of Turkey and to measure their contribution to a well-organized import strategy. We implemented a principle component analysis to construct an Oil Import Vulnerability Index (OIVI) based on four factors, which are crude oil import dependency of primary energy consumption, crude oil import bill as a share of Gross Domestic Product (GDP), non-diversification of import sources, and share of oil in total energy import. The contribution of these factors to the OIVI is found to be approximately equal. While an overall deterioration in the OIVI has been observed during periods of increasing oil prices, better diversification of oil import sources has lead to significant improvements. We suggest Turkish policy-makers implement sound policies, emphasizing diversification of crude oil import sources and reduction of the share of crude oil in primary energy imports to increase energy supply security. This study has also demonstrated that it is possible to construct an index representing crude oil vulnerability caused by import dependency. - Research highlights: →We examine the factors lying behind the crude oil import policy of Turkey. → We measure the contribution of each factor to a well-organized import strategy. → We constrtuct an Oil Import Vulnerability Index using principle component analysis. → We suggest that four factors affect oil import policies with almost equal weights. → Source diversification is found to be the core issue in oil import policies.

  10. Sulfur transfer in the distillate fractions of Arabian crude oils under gamma-irradiation

    International Nuclear Information System (INIS)

    Basfar, Ahmed A.; Soliman, Yasser S.; Alkhuraiji, Turki S.

    2017-01-01

    Desulfurization of light distillation fractions including gasoline, kerosene and diesel obtained from the four Arabian crude oils (heavy, medium, light and extra light) upon γ-rays irradiation to different doses was investigated. In addition, yields vol%, FTIR analysis, kinematic viscosity and density of all distillation fractions of irradiated crude oils were evaluated. Limited radiation-induced desulfurization of those fractions was observed up to an irradiation dose of 200 kGy. FTIR analysis of those fractions indicates the absence of oxidized sulfur compounds, represented by S=O of sulfone group, indicating that γ-irradiation of the Arabian crude oils at normal conditions does not induce an oxidative desulfurization in those distillation fractions. Radiation-induced sulfur transfer decreases by 28.56% and increases in total sulfur by 16.8% in Arabian extra light oil and Arabian medium crude oil respectively. - Highlights: • Limited desulfurization in the light distillate fraction of Arabian crude oils using γ-rays was observed. • FTIR analysis confirms limited unchanged in density, viscosity and yields of Arabian crude oils. • In absence of oxidizer, radiation-induced sulfur transfer was observed in gasoline and diesel fractions of Arabian crude oils. • Radiation-induced oxidative desulfuration of the light distillate fractions depends on its characteristics.

  11. Eastern Canadian crude oil supply and its implications for regional energy security

    International Nuclear Information System (INIS)

    Hughes, Larry

    2010-01-01

    Canada has been blessed with immense energy resources; however, their distribution is not uniform. One such example is crude oil, which is found primarily in western Canada. Eastern Canada, consisting of the six eastern-most provinces (Newfoundland and Labrador, New Brunswick, Nova Scotia, Ontario, Prince Edward Island, and Quebec), produce limited quantities of crude oil, most of which is exported to the United States. Ideally, western Canadian crude oil would meet the demands of eastern Canada; however, the North American Free Trade Agreement (NAFTA) and the absence of oil pipelines means that eastern Canada increasingly relies on supplies of crude oil from a small number of oil exporting countries, many with declining production. This paper examines crude oil production, supply, and its refining in eastern Canada. It shows that crude production in the region has reached its peak and that increasing global competition for crude oil will affect energy security in eastern Canada, either through price increases or supply shortages, or both. (author)

  12. Microbial enhanced heavy crude oil recovery through biodegradation using bacterial isolates from an Omani oil field.

    Science.gov (United States)

    Al-Sayegh, Abdullah; Al-Wahaibi, Yahya; Al-Bahry, Saif; Elshafie, Abdulkadir; Al-Bemani, Ali; Joshi, Sanket

    2015-09-16

    Biodegradation is a cheap and environmentally friendly process that could breakdown and utilizes heavy crude oil (HCO) resources. Numerous bacteria are able to grow using hydrocarbons as a carbon source; however, bacteria that are able to grow using HCO hydrocarbons are limited. In this study, HCO degrading bacteria were isolated from an Omani heavy crude oil field. They were then identified and assessed for their biodegradation and biotransformation abilities under aerobic and anaerobic conditions. Bacteria were grown in five different minimum salts media. The isolates were identified by MALDI biotyper and 16S rRNA sequencing. The nucleotide sequences were submitted to GenBank (NCBI) database. The bacteria were identified as Bacillus subtilis and B. licheniformis. To assess microbial growth and biodegradation of HCO by well-assay on agar plates, samples were collected at different intervals. The HCO biodegradation and biotransformation were determined using GC-FID, which showed direct correlation of microbial growth with an increased biotransformation of light hydrocarbons (C12 and C14). Among the isolates, B. licheniformis AS5 was the most efficient isolate in biodegradation and biotransformation of the HCO. Therefore, isolate AS5 was used for heavy crude oil recovery experiments, in core flooding experiments using Berea core plugs, where an additional 16 % of oil initially in place was recovered. This is the first report from Oman for bacteria isolated from an oil field that were able to degrade and transform HCO to lighter components, illustrating the potential use in HCO recovery. The data suggested that biodegradation and biotransformation processes may lead to additional oil recovery from heavy oil fields, if bacteria are grown in suitable medium under optimum growth conditions.

  13. Oil market strengthening in the second half of 1992

    International Nuclear Information System (INIS)

    Beck, R.J.

    1992-01-01

    This paper reports that the economy and events in the Middle East continue to drive the oil market. Saudi Arabia's decision in March to reduce crude oil output boosted prices by about $3/bbl and may have signaled a significant change in the kingdom's price strategy. With Kuwaiti production capacity still less then its levels before the Iraqi invasion of 1990, with Iraqi exports still crimped by an international embargo, and with Saudi Arabia producing less than before, the market looks tight for the rest of the year. Last year's war to liberate Kuwait temporarily eliminated much of the surplus production capacity with which the Organization of Petroleum Exporting Countries had grappled for several years. This year, oil supply and demand have stayed in rough balance, even with Kuwaiti crude returning to the market. Two prospects have made traders nervous: resumption of Iraqi exports at significant levels and deliberate Saudi overproduction aimed at suppressing prices. The Saudi production cut put one of those fears to temporary rest. And negotiations between Baghdad and the United Nations over the Iraqi embargo seem unlikely to produce results for at least a while. Demand growth, meanwhile, will depend on economic performances of key oil consuming countries. In the US, modest economic recovery has increased industrial activity and stimulated demand for petroleum products. Crude oil and product prices began rising in April. Refiner additions to crude stocks have further added to the call on shrinking crude supplies, helping to lift prices. In turn, product prices have risen. With continued economic growth, prices will climb modestly throughout the year

  14. A new approach to model strain change of gelled waxy crude oil under constant stress

    DEFF Research Database (Denmark)

    Hou, Lei; Song, Changyu; Yan, Wei

    2014-01-01

    Deformation of gelled waxy crude oil with loaded stress is worthy of research for the flow assurance of pipelining system. A dispersion parameter was introduced to characterize the disruption degree of wax crystal structure in crude oil with shear action. Based on fractional calculus theory, a rh...... monotonously with test temperature. Multiple creep curves of gelled waxy crude oil at a certain temperature can be described with this model......., a rheological model incorporating dispersion parameter was proposed to describe creep of gelled waxy crude. A discrete and numerical algorithm was proposed to solve the model. Combining with the experimental results of five kinds of waxy crude oil, the model parameters were regressed and found to change...

  15. Producers and oil markets

    International Nuclear Information System (INIS)

    Greaves, W.

    1993-01-01

    This article attempts an assessment of the potential use of futures by the Middle East oil producers. It focuses on Saudi Arabia since the sheer size of Saudi Arabian sales poses problems, but the basic issues discussed are similar for the other Middle East producers. (Author)

  16. The Effect of the Operating Conditions on the Apparent Viscosity of Crude Palm Oil During Oil Clarification

    OpenAIRE

    Sulaiman Al-Zuhair, Mirghani I. Ahmed and Yousif A. Abakr

    2012-01-01

    This paper discusses the apparent viscosity of crude palm oil, using rotary viscometer, under different boundary conditions. It was experimentally shown that the apparent viscosity of palm oil drops with increasing of the shear rate and the temperature.  However, the effect of temperature on the viscosity tends to fade at temperatures beyond 80 oC.  A correlation between the apparent viscosity of crude palm oil and the operating conditions was developed. This correlation can be used...

  17. Experiment on the Influence Factors of Steam Distillation Rate of Crude Oil in Porous Media

    Directory of Open Access Journals (Sweden)

    Tian Guoqing

    2017-01-01

    Full Text Available To explore the influence of complexity of reservoir properties in porous media and the diversity of operating conditions on the steam distillation rate of crude oil in the process of heavy oil exploitation with steam injection, steam distillation simulation devices are used to study steam distillation rate of crude oil in porous media. Then steam distillation ratio is obtained under the condition of different core permeability, oil saturation, steam temperatures, system pressure, steam injection rates and steam distillation rates with different viscosities of crude oil. The results show that the steam distillation rate of crude oil in porous media depends mainly on the nature of the crude oil itself, for temperature and pressure are the key factors compared with the pore structure, the initial oil saturation and steam injection rate. The experimental results help estimate the amount of crude oil and the required steam in the reservoir in the steam drive process, aiming to facilitate the optimization design and operation of steam drive.

  18. Upgrading of heavy crude oil with supported and unsupported transition metals

    Energy Technology Data Exchange (ETDEWEB)

    Nares, H.R.; Schacht-Hernandez, P.; Cabrera-Reyes, M.C.; Ramirez-Garnica, M.; Cazarez-Candia, O. [Instituto Mexicano del Petroleo, Atepehuacan (Mexico)

    2006-07-01

    Heavy crude oil presents many problems such as difficulty in transportation, low processing capacity in refineries, and low mobility through the reservoir due to high viscosity which affects the index of productivity of the wells. Because of these challenges, it is necessary to enhance heavy crude oil, both aboveground and underground. The effects of several metallic oxides used to upgrade heavy crude oil properties were examined in order to increase the mobility of reservoir oil by reducing viscosity and improving the quality of the oil. This can be accomplished by reducing the asphaltene and sulfur contents and increasing the American Petroleum Institute (API) gravity using transition metal supported in alumina and unsupported from transition metals derived from either acetylacetonate or alkylhexanoate in liquid phase homogeneously mixed with heavy crude oil as well as metal transition supported in alumina. KU-H heavy crude oil from the Golf of Mexico was studied. The results were obtained by Simulated Distillation and True Boiling Point (TBP). It was concluded that the use of crude oil thermal hydrocracking allowed the API gravity to increase and considerably reduce the viscosity. As a result, the productivity index in wells was increased. However there is a high formation of coke that could damage the conductivity of the rock and then reduce the potential of oil recovery. 27 refs., 3 tabs., 5 figs.

  19. Price and income elasticities of crude oil import demand in South Africa: A cointegration analysis

    Energy Technology Data Exchange (ETDEWEB)

    Ziramba, Emmanuel, E-mail: zirame@unisa.ac.z [Department of Economics, University of South Africa, P.O Box 392, Unisa 0003 (South Africa)

    2010-12-15

    This paper examines the demand for imported crude oil in South Africa as a function of real income and the price of crude oil over the period 1980-2006. We carried out the Johansen co integration multivariate analysis to determine the long-run income and price elasticities. A unique long-run cointegration relationship exists between crude oil imports and the explanatory variables. The short-run dynamics are estimated by specifying a general error correction model. The estimated long-run price and income elasticities of -0.147 and 0.429 suggest that import demand for crude oil is price and income inelastic. There is also evidence of unidirectional long-run causality running from real GDP to crude oil imports. - Research Highlights: {yields}The paper examines the demand for imported crude oil in South Africa over the period 1980-2006. {yields} The estimated long-run price and income elasticities are -0.147 and 0.429, respectively. {yields} There is evidence of unidirectional long-run causality running from real GDP to crude oil imports.

  20. Price and income elasticities of crude oil import demand in South Africa: A cointegration analysis

    International Nuclear Information System (INIS)

    Ziramba, Emmanuel

    2010-01-01

    This paper examines the demand for imported crude oil in South Africa as a function of real income and the price of crude oil over the period 1980-2006. We carried out the Johansen co integration multivariate analysis to determine the long-run income and price elasticities. A unique long-run cointegration relationship exists between crude oil imports and the explanatory variables. The short-run dynamics are estimated by specifying a general error correction model. The estimated long-run price and income elasticities of -0.147 and 0.429 suggest that import demand for crude oil is price and income inelastic. There is also evidence of unidirectional long-run causality running from real GDP to crude oil imports. - Research Highlights: →The paper examines the demand for imported crude oil in South Africa over the period 1980-2006. → The estimated long-run price and income elasticities are -0.147 and 0.429, respectively. → There is evidence of unidirectional long-run causality running from real GDP to crude oil imports.