Global Crude Oil Storage Index: A New Benchmark for Energy Policy

Jennifer Considine; Philip Galkin; Abdullah Aldayel

doi:10.30573/KS--2022-MP01

Global Crude Oil Storage Index: A New Benchmark for Energy Policy

Jennifer Considine, Philip Galkin, Abdullah Aldayel

Energy Environment and Society

Research output: Book/Report › Commissioned report

Abstract

The global oil market dwarfs other commodity markets. Its size and role in the energy and industrial value chains underscore its significant economic and geopolitical impacts. Thus, the consequences of oil price fluctuations extend far beyond the oil industry and can be viewed as a barometer of trends in the global economy. Several oil price benchmarks currently compete in the global market. The most popular ones, such as Brent or West Texas Intermediate (WTI), are backed by a sufficient supply of the underlying crude. They also meet the criteria for efficient trading, hedging and speculating — including having sufficient liquidity, developed futures markets, low transaction costs and strong institutional support.

Original language	English
Place of Publication	Saudi Arabia
Publisher	King Abdullah Petroleum Studies and Research Center
Number of pages	56
DOIs	https://doi.org/10.30573/KS--2022-MP01
Publication status	Published - 13 Sept 2022

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This output contributes to the following UN Sustainable Development Goals (SDGs)

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10.30573/KS--2022-MP01

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abstract = "The global oil market dwarfs other commodity markets. Its size and role in the energy and industrial value chains underscore its significant economic and geopolitical impacts. Thus, the consequences of oil price fluctuations extend far beyond the oil industry and can be viewed as a barometer of trends in the global economy. Several oil price benchmarks currently compete in the global market. The most popular ones, such as Brent or West Texas Intermediate (WTI), are backed by a sufficient supply of the underlying crude. They also meet the criteria for efficient trading, hedging and speculating — including having sufficient liquidity, developed futures markets, low transaction costs and strong institutional support.",

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AB - The global oil market dwarfs other commodity markets. Its size and role in the energy and industrial value chains underscore its significant economic and geopolitical impacts. Thus, the consequences of oil price fluctuations extend far beyond the oil industry and can be viewed as a barometer of trends in the global economy. Several oil price benchmarks currently compete in the global market. The most popular ones, such as Brent or West Texas Intermediate (WTI), are backed by a sufficient supply of the underlying crude. They also meet the criteria for efficient trading, hedging and speculating — including having sufficient liquidity, developed futures markets, low transaction costs and strong institutional support.

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Global Crude Oil Storage Index: A New Benchmark for Energy Policy

Abstract

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