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Crude oil demand, refinery capacity and the product market: Refining as a bottleneck in the petroleum industry
April 23, 2008. Driven by the ongoing increase of oil prices, developments in the oil industry are attracting a lot of attention. Demand for oil and oil products is on the rise, particularly in the rapidly expanding economies of China and India. Crude production facilities are already operating at nearly maximum capacity, and the refining industry may also a face lack of capacity. In this paper, Wouter Pieterse and Aad Correljé provide a theoretical analysis of the current changes in the petroleum value chain - i.e. the crude oil market, the refinery industry, and the oil product market. Read more »