Browsing by Subject "Crude oil prices"

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    Asymmetric effects of benchmark prices on Iraqi oil: Basrah Light, Basrah Heavy and Kirkuk
    (2021-02) Kahraman, Volkan
    This thesis assesses the asymmetric effects of benchmark oil prices on Basrah Light, Basrah Heavy and Kirkuk crude oil prices. The empirical evidence reveals that a decrease in benchmark prices decreases three Iraqi oil blends more than an increase in benchmark increases for three Iraqi blends. Moreover, as the magnitude of shocks to benchmarks increases, then the degree of asymmetry also increases.
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    ItemOpen Access
    Turkish straits and an important oil price benchmark: Urals
    (International Association for Energy Economics, 2023-07-01) Ayasli, D.E.; Yalcin, Y.; Sahin, S.; Berument, M. Hakan
    The Turkish Straits is one of the busiest waterways in the World. Around 4% of the world’s crude oil trade passes through the Turkish Straits. We model the CIF Mediterranean price of Urals crude, one of the world’s most critical medium gravity crude brands that passes through the Turkish Straits. The empirical evidence provided here suggests that congestion (measured in terms of the waiting time for entering the Turkish Straits) increases the CIF Mediterranean price of Urals crude up to 5.05% and 3.09% for the İstanbul and Çanakkale straits, respectively. However, similar supporting evidence could be found for neither an important benchmark oil (Brent) nor Iranian Light, which has similar characteristics and can be considered a close substitute for Urals crude in the Mediterranean refinery market. This shows that the Turkish Straits have an important impact on the price of this important medium crude oil in world oil markets.