This article briefly and historically reviews the polices of the Organization of Petroleum Exporting Countries （OPEC） and analyzes the factors that facilitate or hinder OPEC＇s monopoly in the crude oil market. The ...This article briefly and historically reviews the polices of the Organization of Petroleum Exporting Countries （OPEC） and analyzes the factors that facilitate or hinder OPEC＇s monopoly in the crude oil market. The industrial concentration ratio is chosen to measure OPEC＇s monopoly power based on the data from 1986 to 2004. It is concluded that OPEC possesses a long-standing cartel foundation and a rather strong monopoly in the world crude oil market. At the same time, there are unstable factors that influence and even weaken OPEC＇s monopoly.展开更多
Taking the return series of the EU carbon allowance price, WTI crude oil price, the European renewable energy index and Shenzhen carbon emission price, Daqing crude oil price, the China securities new energy index as ...Taking the return series of the EU carbon allowance price, WTI crude oil price, the European renewable energy index and Shenzhen carbon emission price, Daqing crude oil price, the China securities new energy index as sample data, the multifractal detrend cross-correlation analysis method(MF-DCCA)is used to research the dynamic cross-correlation relationships among the carbon emission market, crude oil market and the new energy market in Europe and China and the source of the multifractality. The empirical analysis shows that the cross-correlations among the carbon emission market, crude oil market and new energy market in Europe and China have all significant multifractal characteristics. Moreover, the multifractal strength of cross-correlation between the carbon emission market and crude oil market is less than that between the carbon emission market and new energy market in Europe. The Chinese market is the opposite. In addition, the multifractal strength of cross-correlation between the crude oil market and new energy market in Europe is more than that between the crude oil market and new energy market in China. It is also found that the long-range correlation of the sequences themselves and the fat-tailed distribution in fluctuations are the common causes of the multifractality, and the fat-tailed in fluctuations distribution contributes more to the multifractals of the series.展开更多
Crude oil imports in China are mainly carried out by state-owned entities with non state-owned entities as compliment. Crude imported by 5 state-owned entities accounts for 90% of the total imports, while non state-ow...Crude oil imports in China are mainly carried out by state-owned entities with non state-owned entities as compliment. Crude imported by 5 state-owned entities accounts for 90% of the total imports, while non state-owned entities are about given more freedom in using and importing crude. In 2015 only, there were 13 companies granted with access to imported crude oil and 6 were qualified to import rights. Currently, there are 29 non-state-owned companies engaging in crude import business. China oil market is faced with severe challenges. The growth rate of oil demand declined, and dependence upon imported oil increased and reached as high as 61.26% in 2015. Refined oil demand growth also slowed down, and oil refining overcapacity got prominent and completion would become fiercer in future. Overcapacity was about 140 million tons per year in 2015. Consumption ratio of diesel to gasoline went on declining, and the task of product structure adjustment was heavy. China oil market is undergoing great transformation, and institutional mechanism will go ahead, on the basis of centering on orderly release of limitations on crude oil and refined oil import and export, orderly release of competitive business and government pricing of oil/gas downstream links, vigorous resolving of overcapacity, strengthening low-carbon development, and laying a solid foundation for guarantee.展开更多
This paper proposes optimization models of crude oil distillation column for both limited and unlimited feed stock and market value of known products prices. The feed to the crude distillation column was assumed to be...This paper proposes optimization models of crude oil distillation column for both limited and unlimited feed stock and market value of known products prices. The feed to the crude distillation column was assumed to be crude oil containing naphtha gas, kerosene, petrol and diesel as the light-light key, light key, heavy key and heavy-heavy key respectively. The models determined maximum concentrations of heavy key in the distillate and light key in the bottom for limited feed stock and market condition. Both were impurities in their respective positions of the column. The limiting constraints were sales specification concentration of light key in the distillate [ ], heavy key in the bottom [ ] and an operating loading constraint of flooding above the feed tray. For unlimited feed stock and market condition, the optimization models determined the optimum separation [ and ] and feed flow rate that would give maximum profit with minimum purity sales specification constraints of light key in the distillate and heavy key in the bottom as stated above. The feed loading was limited by the reboiler capacity. However, there is need to simulate the optimization models for an existing crude oil distillation column of a refinery in order to validate the models.展开更多
文摘This article briefly and historically reviews the polices of the Organization of Petroleum Exporting Countries （OPEC） and analyzes the factors that facilitate or hinder OPEC＇s monopoly in the crude oil market. The industrial concentration ratio is chosen to measure OPEC＇s monopoly power based on the data from 1986 to 2004. It is concluded that OPEC possesses a long-standing cartel foundation and a rather strong monopoly in the world crude oil market. At the same time, there are unstable factors that influence and even weaken OPEC＇s monopoly.
基金supported by the Jiangsu postgraduate research and practice innovation program (Grant No. KYCX18_1386)
文摘Taking the return series of the EU carbon allowance price, WTI crude oil price, the European renewable energy index and Shenzhen carbon emission price, Daqing crude oil price, the China securities new energy index as sample data, the multifractal detrend cross-correlation analysis method(MF-DCCA)is used to research the dynamic cross-correlation relationships among the carbon emission market, crude oil market and the new energy market in Europe and China and the source of the multifractality. The empirical analysis shows that the cross-correlations among the carbon emission market, crude oil market and new energy market in Europe and China have all significant multifractal characteristics. Moreover, the multifractal strength of cross-correlation between the carbon emission market and crude oil market is less than that between the carbon emission market and new energy market in Europe. The Chinese market is the opposite. In addition, the multifractal strength of cross-correlation between the crude oil market and new energy market in Europe is more than that between the crude oil market and new energy market in China. It is also found that the long-range correlation of the sequences themselves and the fat-tailed distribution in fluctuations are the common causes of the multifractality, and the fat-tailed in fluctuations distribution contributes more to the multifractals of the series.
文摘Crude oil imports in China are mainly carried out by state-owned entities with non state-owned entities as compliment. Crude imported by 5 state-owned entities accounts for 90% of the total imports, while non state-owned entities are about given more freedom in using and importing crude. In 2015 only, there were 13 companies granted with access to imported crude oil and 6 were qualified to import rights. Currently, there are 29 non-state-owned companies engaging in crude import business. China oil market is faced with severe challenges. The growth rate of oil demand declined, and dependence upon imported oil increased and reached as high as 61.26% in 2015. Refined oil demand growth also slowed down, and oil refining overcapacity got prominent and completion would become fiercer in future. Overcapacity was about 140 million tons per year in 2015. Consumption ratio of diesel to gasoline went on declining, and the task of product structure adjustment was heavy. China oil market is undergoing great transformation, and institutional mechanism will go ahead, on the basis of centering on orderly release of limitations on crude oil and refined oil import and export, orderly release of competitive business and government pricing of oil/gas downstream links, vigorous resolving of overcapacity, strengthening low-carbon development, and laying a solid foundation for guarantee.
文摘This paper proposes optimization models of crude oil distillation column for both limited and unlimited feed stock and market value of known products prices. The feed to the crude distillation column was assumed to be crude oil containing naphtha gas, kerosene, petrol and diesel as the light-light key, light key, heavy key and heavy-heavy key respectively. The models determined maximum concentrations of heavy key in the distillate and light key in the bottom for limited feed stock and market condition. Both were impurities in their respective positions of the column. The limiting constraints were sales specification concentration of light key in the distillate [ ], heavy key in the bottom [ ] and an operating loading constraint of flooding above the feed tray. For unlimited feed stock and market condition, the optimization models determined the optimum separation [ and ] and feed flow rate that would give maximum profit with minimum purity sales specification constraints of light key in the distillate and heavy key in the bottom as stated above. The feed loading was limited by the reboiler capacity. However, there is need to simulate the optimization models for an existing crude oil distillation column of a refinery in order to validate the models.
