Optimal oil production and the world supply of oil:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.]
International Monetary Fund
©2012
|
| Schriftenreihe: | IMF working paper
WP/12/294 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Beschreibung: | Title from PDF title page (IMF Web site, viewed Dec. 18, 2012). - "Research Department.". - "December 2012." We study the optimal oil extraction strategy and the value of an oil field using a multiple real option approach. The numerical method is flexible enough to solve a model with several state variables, to discuss the effect of risk aversion, and to take into account uncertainty in the size of reserves. Optimal extraction in the baseline model is found to be volatile. If the oil producer is risk averse, production is more stable, but spare capacity is much higher than what is typically observed. We show that decisions are very sensitive to expectations on the equilibrium oil price using a mean reverting model of the oil price where the equilibrium price is also a random variable. Oil production was cut during the 2008-2009 crisis, and we find that the cut in production was larger for OPEC, for countries facing a lower discount rate, as predicted by the model, and for countries whose governments' finances are less dependent on oil revenues. However, the net present value of a country's oil reserves would be increased significantly (by 100 percent, in the most extreme case) if production was cut completely when prices fall below the country's threshold price. If several producers were to adopt such strategies, world oil prices would be higher but more stable Includes bibliographical references |
| Beschreibung: | 1 Online-Ressource (31 pages) |
| ISBN: | 9781616359744 1616359749 |
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| 500 | |a Title from PDF title page (IMF Web site, viewed Dec. 18, 2012). - "Research Department.". - "December 2012." | ||
| 500 | |a We study the optimal oil extraction strategy and the value of an oil field using a multiple real option approach. The numerical method is flexible enough to solve a model with several state variables, to discuss the effect of risk aversion, and to take into account uncertainty in the size of reserves. Optimal extraction in the baseline model is found to be volatile. If the oil producer is risk averse, production is more stable, but spare capacity is much higher than what is typically observed. We show that decisions are very sensitive to expectations on the equilibrium oil price using a mean reverting model of the oil price where the equilibrium price is also a random variable. Oil production was cut during the 2008-2009 crisis, and we find that the cut in production was larger for OPEC, for countries facing a lower discount rate, as predicted by the model, and for countries whose governments' finances are less dependent on oil revenues. However, the net present value of a country's oil reserves would be increased significantly (by 100 percent, in the most extreme case) if production was cut completely when prices fall below the country's threshold price. If several producers were to adopt such strategies, world oil prices would be higher but more stable | ||
| 500 | |a Includes bibliographical references | ||
| 650 | 7 | |a TECHNOLOGY & ENGINEERING / Mining |2 bisacsh | |
| 650 | 4 | |a Ökonometrisches Modell | |
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| 650 | 4 | |a Petroleum products |x Prices |x Econometric models | |
| 650 | 4 | |a Petroleum reserves |x Econometric models | |
| 700 | 1 | |a Espinoza, Raphael A. |e Sonstige |4 oth | |
| 700 | 1 | |a Gyurkó, Lajos |e Sonstige |4 oth | |
| 710 | 2 | |a International Monetary Fund |b Research Department |e Sonstige |4 oth | |
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Datensatz im Suchindex
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| author | Aleksandrov, Nikolay |
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| author_variant | n a na |
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| dewey-full | 622/.1828 |
| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 622 - Mining and related operations |
| dewey-raw | 622/.1828 |
| dewey-search | 622/.1828 |
| dewey-sort | 3622 41828 |
| dewey-tens | 620 - Engineering and allied operations |
| discipline | Bergbau / Hüttenwesen |
| format | Electronic eBook |
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| illustrated | Not Illustrated |
| indexdate | 2024-07-10T07:13:53Z |
| institution | BVB |
| isbn | 9781616359744 1616359749 |
| language | English |
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| spelling | Aleksandrov, Nikolay Verfasser aut Optimal oil production and the world supply of oil prepared by Nikolay Aleksandrov, Raphael Espinoza, and Lajos Gyurkó [Washington, D.C.] International Monetary Fund ©2012 1 Online-Ressource (31 pages) txt rdacontent c rdamedia cr rdacarrier IMF working paper WP/12/294 Title from PDF title page (IMF Web site, viewed Dec. 18, 2012). - "Research Department.". - "December 2012." We study the optimal oil extraction strategy and the value of an oil field using a multiple real option approach. The numerical method is flexible enough to solve a model with several state variables, to discuss the effect of risk aversion, and to take into account uncertainty in the size of reserves. Optimal extraction in the baseline model is found to be volatile. If the oil producer is risk averse, production is more stable, but spare capacity is much higher than what is typically observed. We show that decisions are very sensitive to expectations on the equilibrium oil price using a mean reverting model of the oil price where the equilibrium price is also a random variable. Oil production was cut during the 2008-2009 crisis, and we find that the cut in production was larger for OPEC, for countries facing a lower discount rate, as predicted by the model, and for countries whose governments' finances are less dependent on oil revenues. However, the net present value of a country's oil reserves would be increased significantly (by 100 percent, in the most extreme case) if production was cut completely when prices fall below the country's threshold price. If several producers were to adopt such strategies, world oil prices would be higher but more stable Includes bibliographical references TECHNOLOGY & ENGINEERING / Mining bisacsh Ökonometrisches Modell Petroleum Prospecting Economic aspects Petroleum products Prices Econometric models Petroleum reserves Econometric models Espinoza, Raphael A. Sonstige oth Gyurkó, Lajos Sonstige oth International Monetary Fund Research Department Sonstige oth http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&db=nlabk&AN=548015 Aggregator Volltext |
| spellingShingle | Aleksandrov, Nikolay Optimal oil production and the world supply of oil TECHNOLOGY & ENGINEERING / Mining bisacsh Ökonometrisches Modell Petroleum Prospecting Economic aspects Petroleum products Prices Econometric models Petroleum reserves Econometric models |
| title | Optimal oil production and the world supply of oil |
| title_auth | Optimal oil production and the world supply of oil |
| title_exact_search | Optimal oil production and the world supply of oil |
| title_full | Optimal oil production and the world supply of oil prepared by Nikolay Aleksandrov, Raphael Espinoza, and Lajos Gyurkó |
| title_fullStr | Optimal oil production and the world supply of oil prepared by Nikolay Aleksandrov, Raphael Espinoza, and Lajos Gyurkó |
| title_full_unstemmed | Optimal oil production and the world supply of oil prepared by Nikolay Aleksandrov, Raphael Espinoza, and Lajos Gyurkó |
| title_short | Optimal oil production and the world supply of oil |
| title_sort | optimal oil production and the world supply of oil |
| topic | TECHNOLOGY & ENGINEERING / Mining bisacsh Ökonometrisches Modell Petroleum Prospecting Economic aspects Petroleum products Prices Econometric models Petroleum reserves Econometric models |
| topic_facet | TECHNOLOGY & ENGINEERING / Mining Ökonometrisches Modell Petroleum Prospecting Economic aspects Petroleum products Prices Econometric models Petroleum reserves Econometric models |
| url | http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&db=nlabk&AN=548015 |
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