This paper presents a method for optimizing oil production on large scale production networks such as the Troll west field in the North Sea. The method is based on piecewise linearization of all nonlinearities, and on decomposition of the full scale problem into smaller sub-problems. Column generation in a Branch & Price framework is used to solve the decomposed problem. The methods differs fro...

Crude oil is a highly strategic commodity. This paper investigates the necessity of using interval data and interval econometric models for crude oil price forecasting. Compared to the traditional point-valued data, interval-valued data in a time period contain much more valuable information which is useful for market participant to make decisions. We develop three autoregressive conditional in...

The analysis of products’ price behaviour continues to be an important empirical issue. This study contributes to the current literature on price dynamics of products by examining for the presence of chaos and non-linear dynamics in daily oil products for the Rotterdam and Mediterranean petroleum markets. Previous studies using only one invariant, such as the correlation dimension may not effec...

In recent years, time series forecasting has become an essential tool for stock market analysts to make informed decisions regarding prices. The present research makes use of various exponential smoothing methods. These include with multiplicative errors and additive trend (MAN), (MNN), simple (ANN) the prices six different companies in petroleum, electricity, gas industries that are listed IBE...

after the establishment of the opec, oil-rich countries of the third world, which were in struggle with big petroleum companies since the 1950s, tried to use oil as a means for achieving their economic and political goals. as an example, the opec raised the price of petroleum in 1973 and 1974 to unprecedent levels. concurrent with these conditions, richard nixon, then the president of the unite...

Although much has been written about the implications of monopoly power for the rate of extraction of natural resources, the specific case in which the resource can be sold in two markets with different elasticities of demand has escaped notice. We find that a monopolist facing two markets with differing iso-elastic demand schedules extracts more rapidly than the social planner, whether or not ...

Benzene is a ubiquitous air pollutant that causes human leukemia and hematotoxic effects. Although the mechanism by which benzene causes toxicity is unclear, metabolism is required. A series of articles by Kim et al. used air and biomonitoring data from workers in Tianjin, China, to investigate the dose-specific metabolism (DSM) of benzene over a wide range of air concentrations (0.03-88.9 p.p....

China is currently accelerating construction of its strategic petroleum reserves. How should China fill the SPR in a cost-effective manner in the short-run? Howmight this affect world oil prices? Using a dynamic programming model to answer these questions, the objective of this paper is to minimize the stockpiling costs, including consumer surplus as well as crude acquisition and holding costs....