Turkish straits and an important oil price benchmark: Urals

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buir.contributor.authorBerument, M. Hakan
buir.contributor.orcidBerument, M. Hakan|0000-0003-2276-4741
dc.citation.epage300en_US
dc.citation.issueNumber4
dc.citation.spage277
dc.citation.volumeNumber4
dc.contributor.authorAyasli, D.E.
dc.contributor.authorYalcin, Y.
dc.contributor.authorSahin, S.
dc.contributor.authorBerument, M. Hakan
dc.date.accessioned2024-03-20T07:45:05Z
dc.date.available2024-03-20T07:45:05Z
dc.date.issued2023-07-01
dc.departmentDepartment of Economics
dc.description.abstractThe 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.
dc.identifier.doi10.5547/01956574.44.4.daya
dc.identifier.eissn1944-9089
dc.identifier.issn0195-6574
dc.identifier.urihttps://hdl.handle.net/11693/115004
dc.language.isoen
dc.publisherInternational Association for Energy Economics
dc.relation.isversionofhttps://dx.doi.org/10.5547/01956574.44.4.daya
dc.source.titleEnergy Journal
dc.subjectCongestion
dc.subjectCrude oil prices
dc.subjectNon-linear model
dc.subjectSmooth transition regression model (STR)
dc.subjectTurkish straits
dc.titleTurkish straits and an important oil price benchmark: Urals
dc.typeArticle

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