The mothballing option has been studied in the literature, but mainly in decision theoretic frameworks. This paper looks at it from a strategic point of view and applies it to an incumbent-entrant framework. In particular, based on the recent strategic interactions between OPEC and the shale oil...

Motivated by the European Union's debate on sanctioning crude oil imports from Russia, we estimate the elasticity of substitution between different crude oil types. Using European data on country-level crude oil imports by field of origin, we argue that crude oil is not a homogenous good and...

Why did OPEC not cut oil production in the wake of 2014's price fall? This study aims at aiding the mostly qualitative discussion with quantitative evidence from computing quarterly partial market equilibria Q4 2011 - Q4 2015 under present short-term profit maximisation and different competition...

Der Preis für Rohöl hat sich seit der Jahrtausendwende erheblich erhöht. Für Deutschland wurde der Preisanstieg durch die Aufwertung des Euro gegenüber dem US-Dollar leicht gedämpft. Aus Sicht der Verbraucher macht sich der Ölpreisanstieg besonders deutlich an den Tankstellen bemerkbar....

This 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...

This paper considers the effects of refinery outages (due to planned turn-arounds or unplanned events) on current petroleum product prices and future refinery investment. Empirical evidence on these relationships is mixed and highly dependent on the size and duration of the outage, the...

Using the aggregate number of oil rigs as a proxy of oil investment, I evaluate the bidirectional relationship between oil prices and oil investment in OPEC and Non-OPEC countries. We take advantage of Bayesian estimation techniques and innovation accounting to incorporate the long run dynamics...