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Crude Oil, UK-4

Parnell, J., Bowden, S. and Muirhead, D., 2017. Subsurface biodegradation of crude oil in a fractured basement reservoir, Shropshire, UK.u00a0Journal of the Geological Society,u00a0174(4), pp.655-666.

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Crude Oil, UK-4

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  1. CRUDE OIL, UK-4 (CASE STUDY) Company Name: Home Of Dissertations Website: https://www.dissertationhomework.com Contact Number: +44 7842798340 CONNECT NOW

  2. CRUDE OIL, UK-4

  3. Recent trend in price of crude oil (Source: Macrotrends.net, 2020)

  4. Crude Oil Prices - Historical Annual Data • British pound depreciated by -19.7% against the US dollar (Ferrer Lapeña et al. 2017) • The weak local currency of the UK makes British export pay for in stringer US currency, relatively less expensive for the global buyers • High rates of exports of crude oil changed the price of the product (Ferrer Lapeña et al. 2017) • Crude oil gained importance as it contributes to one third of the energy resources • Heavier products obtained from crude oil provides rise to several by-products • Crude oil process fell further after the latest report of Energy Information Administration • Reports suggest 453.7 million barrels of crude oil were 3% below 5 year average (Benkraiem et al. 2018) • EIA reported an inventory build of 7.7 million barrels adding to the price pressure (Benkraiem et al. 2018) (Source: Macrotrends.net, 2020)

  5. Global Crude Oil Market: Drivers and Restraints • Income of the populace (Rahmanian et al. 2016) • Reduction in price of automobiles fuels the purchase of automobiles making it important to make use of crude oil purchase • Crude oil is produced by relatively small companies and in remote locations making the demand of crude oil more (Rahmanian et al. 2016) • Crude oil is a naturally occurring substance and is useful in both processed and unprocessed forms • The demand for the product is directly proportional to the growth of the global energy market • Countries such as the US have high demands for crude oil as 45% of energy requirements are sourced from crude oils (Sanusi and Ahmad, 2016) (Source: Macrotrends.net, 2020)

  6. Geographical Dynamics of the Global Crude Oil Market • Middle East is the market leader in the production of crude oil • Next is the EU region, followed by Russia as the major contributor within the Eurasian range. • In terms of consumptions, Asia Pacific coupled with China leads the chart for consumption of crude oil • The US is the largest consumer of crude oil as an individual country with 20% of global crude oil consumption (Prices, 2020)

  7. Significant factors noted for analyzing the crude oil market • Increase in population by 2 billion by 2050 (Investopedia, 2020). • The increase in population would increase the demand for transportation thereby increasing the demand for crude oil • The increase in demand for crude oil would place the global crude oil market on the high growth of trajectory (Source: Macrotrends.net, 2020)

  8. Reference list • Benkraiem, R., hong van Hoang, T., Lahiani, A. and Miloudi, A., 2018. Crude oil and equity markets in major European countries: New evidence. Economics Bulletin, 38(4), pp.2094-2110. • Economics Online. 2020. The Market For Oil. [online] Available at: <https://www.economicsonline.co.uk/Competitive_markets/The_market_for_oil.html> [Accessed 20 March 2020]. • Ferrer Lapeña, R., Jareño Cebrián, F., Shahzad, S.J.H. and Jammazi, R., 2017. Time-varying causality between crude oil and stock markets: What can we learn from a multiscale perspective?. • Investopedia. 2020. What Makes Oil Prices Go Up Or Down. [online] Available at: <https://www.investopedia.com/articles/investing/072515/top-factors-reports-affect-price-oil.asp> [Accessed 20 March 2020]. • Lorusso, M. and Pieroni, L., 2018. Causes and consequences of oil price shocks on the UK economy. Economic Modelling, 72, pp.223-236. • Macrotrends.net. 2020. Crude Oil Prices - 70 Year Historical Chart. [online] Available at: <https://www.macrotrends.net/1369/crude-oil-price-history-chart> [Accessed 20 March 2020]. • Parnell, J., Bowden, S. and Muirhead, D., 2017. Subsurface biodegradation of crude oil in a fractured basement reservoir, Shropshire, UK. Journal of the Geological Society, 174(4), pp.655-666. • Prices, O., 2020. Oil Crashes To 18-Year Lows As Inventories Build | Oilprice.Com. [online] OilPrice.com. Available at: <https://oilprice.com/Energy/Oil-Prices/Oil-Crashes-To-18-Year-Lows-As-Inventories-Build.html> [Accessed 20 March 2020]. • Rahmanian, N., Aqar, D.Y., Bin Dainure, M.F. and Mujtaba, I.M., 2018. Process simulation and assessment of crude oil stabilization unit. Asia‐Pacific Journal of Chemical Engineering, 13(4), p.e2219. • Raikova, S., Le, C.D., Beacham, T.A., Jenkins, R.W., Allen, M.J. and Chuck, C.J., 2017. Towards a marine biorefinery through the hydrothermal liquefaction of macroalgae native to the United Kingdom. Biomass and Bioenergy, 107, pp.244-253. • Sanusi, M.S. and Ahmad, F., 2016. Modelling oil and gas stock returns using multi factor asset pricing model including oil price exposure. Finance research letters, 18, pp.89-99. • Thompson, H., Angelova, A., Bowler, B., Jones, M. and Gutierrez, T., 2017. Enhanced crude oil biodegradative potential of natural phytoplankton‐associated hydrocarbonoclastic bacteria. Environmental microbiology, 19(7), pp.2843-2861. • World Economic Forum. 2020. 6 Alternatives To Petrol. [online] Available at: <https://www.weforum.org/agenda/2015/12/6-alternatives-to-petrol/> [Accessed 20 March 2020].

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