Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/27392 
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dc.contributor.authorHuppmann, Danielen
dc.contributor.authorHolz, Franziskaen
dc.date.accessioned2009-04-08-
dc.date.accessioned2009-08-06T13:21:01Z-
dc.date.available2009-08-06T13:21:01Z-
dc.date.issued2009-
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
dc.language.isoengen
dc.publisher|aDeutsches Institut für Wirtschaftsforschung (DIW) |cBerlinen
dc.relation.ispartofseries|aDIW Discussion Papers |x869en
dc.subject.jelL13en
dc.subject.jelL71en
dc.subject.jelQ41en
dc.subject.ddc330en
dc.subject.keywordCrude oilen
dc.subject.keywordmarket structureen
dc.subject.keywordcartelen
dc.subject.keywordpool marketen
dc.subject.keywordsimulation modelen
dc.subject.stwErdölpreisen
dc.subject.stwMineralölmarkten
dc.subject.stwKartellen
dc.subject.stwPartielles Gleichgewichten
dc.subject.stwSimulationen
dc.subject.stwWelten
dc.subject.stwOPEC-Staatenen
dc.titleA model for the global crude oil market using a multi-pool MCP approach-
dc.type|aWorking Paperen
dc.identifier.ppn596046847en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:diw:diwwpp:dp869en

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