Energy Comments Publications

The results of OIES research is published as working papers, energy comments, presentations and articles as well as commercially published books and monographs. The views expressed in all OIES publications are those of the authors and do not necessarily represent the views of the Oxford Institute for Energy Studies or any of its Members.

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  • Changes to the ‘Dated Brent’ benchmark: more to come

    By: Adi Imsirovic

    On 25 February this year Platts, a division of S&P Global, announced the inclusion of delivered, or CIF (Cost, Insurance and Freight), Rotterdam offers of North Sea oil cargoes into its flagship Dated Brent benchmark starting from 1 October 2019. Competing price reporting agency (PRA) Argus is already publishing its ‘New North Sea Dated’ assessment […]

  • OPEC Policy in the Age of Trump

    By: Bassam Fattouh , Andreas Economou

    President Trump’s tweet on February 25 urging OPEC to ‘relax’ and to take it ‘easy’ with their cuts, and that a ‘fragile’ global economy can’t tolerate a higher oil price, did have an immediate price impact, with the Brent price declining by 4 per cent on the day, from nearly $67/b down to $64/b. But […]

  • The Light Sweet-Medium Sour Crude Imbalance and the Dynamics of Price Differentials

    By: Bassam Fattouh , Andreas Economou

    The current sweet-sour crude oil imbalance is creating challenges for producers and refineries alike. While OPEC+ is striving to balance the market by the first half of 2019, unplanned outages from countries such as Venezuela, Iran and Canada and OPEC+ cuts have contributed to a large deficit in medium/heavy sour crudes. This is having a […]

  • Electricity, Electric Vehicles, and Public Policy: Eight Key Takeaways

    By: OIES

    The Oxford Institute for Energy Studies held its second workshop on the impact of disruptive change in the transport sector, titled ‘Electricity, Electric Vehicles and Public Policy’. Participants included experts from the electricity, oil, auto, mobility, finance and technology sectors. The workshop focused on investigating the prospects for deep EV penetration. The focus was on […]

  • What Next for Asian Benchmarks? – A Footnote

    By: Adi Imsirovic

    Since October 2018 Saudi Aramco has used the DME Oman daily settlement price in its pricing formula for Asian customers. The DME Oman futures contract settles daily, based on a weighted average of trades between 16.25 and 16.30 Singapore time (often referred to as a ‘window’). In line with the usual timing of Asian oil […]

  • 5+1 Key Facts about the OPEC Declaration of Cooperation

    By: Andreas Economou , Bassam Fattouh

    As OPEC’s Declaration of Cooperation with non-OPEC producers draws to a close (ending-2018), the future of this historic joint effort of 24 (now 25) OPEC and non-OPEC oil-producing countries has moved to the top of the producers’ agenda. The next Joint Ministerial Monitoring Committee’s meeting on September 23rd in Algiers, could provide some hints regarding […]

  • IMO 2020 and the Brent-Dubai Spread

    By: Adi Imsirovic , Ben Pryor

    In October 2017, the International Maritime Organization (IMO) decided to limit sulphur content in all marine fuels from the current 3.5 per cent to 0.5 per cent, commencing in January 2020. Meeting these requirements will involve huge effort by the refining and shipping industries. Investments in the energy industry are notoriously large, risky, price sensitive […]

  • What to Make of Saudi Arabia’s Recent Shift in its Output Policy?

    By: Bassam Fattouh , Andreas Economou

    After a sharp rise in April/May this year, which saw Brent trading at above $80/barrel for several days, the upward pressure on the oil price eased in July with the Brent structure flipping into contango. This may have come as a surprise to many analysts who were expecting oil prices to continue on their upward […]

  • What Next for Asian Benchmarks?

    By: Bassam Fattouh

    Earlier this month, Saudi Aramco announced that from October 2018 it will be changing the pricing formula it uses to price its long-term crude oil sales to Asia. Rather than using the equally weighted average prices for Dubai and Oman as assessed by pricing agency S&P Global Platts (referred to in this article as Platts […]

  • The US Exit from the JCPOA: What Consequences for Iranian Energy?

    By: David Ramin Jalilvand

    On May 8, the United States announced their immediate and full withdrawal from the Iran nuclear deal, formally known as the Joint Comprehensive Plan of Action (JCPOA). This came with the re-imposition of all nuclear-related US sanctions and possibly several new sanctions. It is common knowledge that before implementation of the JCPOA in January 2016, […]

  • The Oil Market’s Mixed Price Signals

    By: Bassam Fattouh

    Recent movements in oil prices, time spreads, and physical differentials have been sending some mixed signals both about current and long-term market fundamentals. This may reflect heightened uncertainty as well as a wide divergence of expectations about key factors shaping the oil market, both in the short-term and the medium-term, including the size of potential […]

  • Capacity mechanisms in EU Law: A comment on the free movement of goods

    By: Kaisa Huhta

    The EU internal market in electricity is experiencing challenges in ensuring resource adequacy through the operation of the energy-only market alone. To guarantee the uninterrupted availability of affordable electricity, many Member States have adopted national capacity mechanisms, which compensate for the availability and readiness of existing and forthcoming generation capacity to supply electricity.  These national […]

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