The efects of two benchmarks on Russian crude oil prices

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buir.contributor.authorBerüment, M. Hakan
buir.contributor.orcidBerüment, M. Hakan|0000-0003-2276-4741
dc.citation.epage16en_US
dc.citation.spage1en_US
dc.contributor.authorŞahin, G.
dc.contributor.authorDoğan, N.
dc.contributor.authorBerüment, M. Hakan
dc.date.accessioned2023-02-21T07:43:16Z
dc.date.available2023-02-21T07:43:16Z
dc.date.issued2022-10-05
dc.departmentDepartment of Economicsen_US
dc.description.abstractThis study analyzes the asymmetric effects of the price shocks of two global crude oil benchmarks (Dated Brent and Dubai) on three Russian crude oil prices: Urals, ESPO, and Sokol. The empirical evidence suggests that an increase in benchmark oil prices causes a rise in the selling prices of these Russian crude oil grades, and a drop in benchmarks decreases the prices. Russia has higher market power in North West Europe and the Mediterranean regions, while there is a more competitive market for Russian oils in Asia. Parallel to this, it is estimated that positive benchmark price shocks impact Urals crude oil grade sales prices more than negative ones in the North West Europe and Mediterranean markets. In contrast, negative benchmark price shocks impact ESPO and Sokol crude oil grade sales prices more than positive ones in the Asian markets. Russia’s main aim is to secure its oil revenues; hence, Russia can secure higher revenue by increasing oil prices more in a less competitive market than in a more competitive market. Additionally, the degree of asymmetry increases as the shock size rises. © 2022, The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature.en_US
dc.identifier.doi10.1007/s10644-022-09441-0en_US
dc.identifier.issn1573-9414
dc.identifier.urihttp://hdl.handle.net/11693/111568
dc.language.isoEnglishen_US
dc.publisherSpringeren_US
dc.relation.isversionofhttps://doi.org/10.1007/s10644-022-09441-0en_US
dc.source.titleEconomic Change and Restructuringen_US
dc.subjectAsymmetric responsesen_US
dc.subjectEnergy economicsen_US
dc.subjectOil pricesen_US
dc.subjectRussian crude oilen_US
dc.titleThe efects of two benchmarks on Russian crude oil pricesen_US
dc.typeArticleen_US

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