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The Refining Industry in the North Atlantic

Keith Hamm

Year: 1994
Volume: Volume 15
Number: Special Issue
DOI: 10.5547/ISSN0195-6574-EJ-Vol15-NoSI-10
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Abstract:
By 1993, refining capacity in Western Europe and North America was about in line with demand. The massive surplus in capacity evident in the early 1980s had been eliminated by reductions in capacity and increases in demand. This rebalancing, together with changes in the structure of crude pricing have, laid the basis for a more sound economic performance than has been the case, hitherto. Against this background there is a substantial investment requirement in the coming years, both positive, to take account of new business opportunities, and negative, needed just to stay in business. These latter investments stem from environmental legislation, tightening the specifications required both for finished products and operations of refineries. These requirements, coming on top of the poor profit performance of the last ten years have led to continued rationalisation by the industry despite evidence of emerging bottlenecks.



Refining in the Far East: Its Potential and Constraints

Hoesung Lee and Dennis Eklof

Year: 1994
Volume: Volume 15
Number: Special Issue
DOI: 10.5547/ISSN0195-6574-EJ-Vol15-NoSI-11
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Abstract:
This paper explores the outlook for oil product demand growth in the Far East, and the implications for future refinery capacity requirements. These requirements are compared to the industries announced expansion plans to evaluate potential future market positions. The potential for increased supplies from other geographic regions, mainly Middle East, is also explored. Finally, estimates of the required capital investments are discussed.



Decomposing Crude Price Differentials: Domestic Shipping Constraints or the Crude Oil Export Ban?

Mark Agerton and Gregory B. Upton Jr.

Year: 2019
Volume: Volume 40
Number: Number 3
DOI: 10.5547/01956574.40.3.mage
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Abstract:
Over the past decade the primary U.S. crude benchmark, WTI, diverged considerably from its foreign counterpart, Brent, sometimes selling at a steep discount. Some studies pointed to the ban on exporting U.S. crude oil production as the main culprit for this divergence. We find that scarce domestic pipeline capacity explains half to three quarters of the deviation of mid-continent crude oil prices from their long-run relationship with Brent crude. We are unable to find evidence that mismatch between domestic refining configurations and domestic crude characteristics contributed significantly to this deviation. This implies that the short-run deleterious effects of the export ban may have been exaggerated.





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