Crude oil plays an important role in the global economy, as it contributes one-third of energy consumption worldwide. However, despite its importance policymaking and economic development, forecasting price is still challenging due to complexity irregular trends. Although a significant amount research has been conducted improve using external factors well machine-learning deep-learning models, ...

E nergy analysts sometimes speak of oil’s “golden era,” that 100-year stretch between 1874 and 1974 when the real price was relatively stable within a range from $10 to $20 per barrel (BP, 2008) in 2007 dollars. Figure 1 shows that in recent decades, that stability has ended. In October 1973, several Arabic members of the Organization of the Petroleum Exporting Countries (OPEC) announced that i...

We investigate the economics of coal-to-liquid (CTL) conversion, a polygeneration technology that produces liquid fuels, chemicals, and electricity by coal gasification and Fischer–Tropsch process. CTL is more expensive than extant technologies when producing the same bundle of output. In addition, the significant carbon footprint of CTL may raise environmental concerns. However, as petroleum p...

The US shale exploration and production (E&P) industry has grown since 2007 due to the development of new techniques such as hydraulic fracturing and horizontal drilling. As a result, the share of shale gas in the US natural gas production is almost 50%, and the share of tight oil in the US crude oil production is almost 52%. Even though oil and gas prices decreased sharply in 2014, the product...

The world’s supply of petroleum hydrocarbons, which serve as feedstock for the fuel and chemical industries, is rapidly diminishing to satisfy the global demand for energy and consumer goods. In response to this increasing demand and limited supply, the cost of crude oil has risen to over $100 per barrel in 2012, a 10-fold increase compared to prices in the late 1990s [1]. As fossil fuels are n...

In the winter of 1973, some major oil exporting countries joined together to declare an embargo on oil exports to some of the western countries for political reasons. Elated by their success and the realization that they controlled a major share of the oil exports, they subsequently raised the price of oil four-fold and cut back production, thereby obtaining, in the face of an almost inelastic ...

Price discovery in crude oil and refined oil products has been extensively undertaken in organised futures markets for over a decade now. There are two dominant such markets today: the first one in the New York Mercantile Exchange; and the second in London’s International Petroleum Exchange. With the demise of OPEC as the leading price setter for crude and products, NYMEX light sweet crude and ...

Introduction Petroleum refining utilize large quantities of water for desalting, distillation, thermal cracking, catalytic and treatment processes to produce useful products [liquefied petroleum gas (LPG), gasoline, jet fuel, diesel, asphalt and petrochemical feedstock] 1-3. Refining process generates wastewater (0.4-1.6 times the volume of crude oil processed)4. Discharge of untreated petroleu...

According to International Energy Outlook 2007 the total world demand of energy is projected to increase through 2030 about 95% for the non-OECD region and 24% for OECD nations. Crude oil is one of the most critical energy commodities while with coal and natural gas are projected to provide roughly the 86% share of the total US primary energy supply in 2030. In this paper, we use wavelet neural...