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dc.contributor.authorHuppmann, Danielen_US
dc.contributor.authorHolz, Franziskaen_US
dc.date.accessioned2009-04-08en_US
dc.date.accessioned2009-08-06T13:21:01Z-
dc.date.available2009-08-06T13:21:01Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/27392-
dc.description.abstractThis paper proposes a partial equilibrium model to describe the global crude oil market. Pricing on the global crude oil market is strongly influenced by price indices such as WTI (USA) and Brent (Northwest Europe). Adapting an approach for pool-based electricity markets, the model captures the particularities of these benchmark price indices and their influence on the market of physical oil. This approach is compared to a model with bilateral trade relations as is traditionally used in models of energy markets. With these two model approaches, we compute the equilibrium solutions for several market power scenarios to investigate whether the multi-pool approach may be better suited than the bilateral trade model to describe the crude oil market. The pool-based approach yields, in general, results closer to observed quantities and prices, with the best fit obtained by the scenario of an OPEC oligopoly. We conclude that the price indices indeed are important on the global crude market in determining the prices and flows, and that OPEC effectively exerts market power, but in a non-cooperative way.en_US
dc.language.isoengen_US
dc.publisherDeutsches Institut für Wirtschaftsforschung (DIW) Berlinen_US
dc.relation.ispartofseriesDiscussion papers // German Institute for Economic Research 869en_US
dc.subject.jelL13en_US
dc.subject.jelL71en_US
dc.subject.jelQ41en_US
dc.subject.ddc330en_US
dc.subject.keywordCrude oilen_US
dc.subject.keywordmarket structureen_US
dc.subject.keywordcartelen_US
dc.subject.keywordpool marketen_US
dc.subject.keywordsimulation modelen_US
dc.subject.stwErdölpreisen_US
dc.subject.stwMineralölmarkten_US
dc.subject.stwKartellen_US
dc.subject.stwPartielles Gleichgewichten_US
dc.subject.stwSimulationen_US
dc.subject.stwWelten_US
dc.subject.stwOPEC-Staatenen_US
dc.titleA model for the global crude oil market using a multi-pool MCP approachen_US
dc.typeWorking Paperen_US
dc.identifier.ppn596046847en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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