This paper implements a simple one-parameter semi-analytic model for asphaltene-induced reduction of porosity, pore-radius and permeability in closed systems. By treating sedimentation as the dominant deposition mechanism, dynamics of asphaltene deposition under "stagnant" conditions is provided, elucidating the dependence of damage rate on the size of asphaltene aggregates as well as rock and fluid properties. Parametric studies indicate that while the rate of formation degradation depends on rock and fluid properties, ultimate severity of impairment is primarily controlled by in-situ asphaltene content. The proposed model has been used to explain the general observation that light oil systems are more vulnerable to asphaltene damage, than the heavy oil systems. Validity of proposed model is demonstrated by comparing with available experimental datasets that include both sandstone and carbonates. In all cases, experimental results have been matched within 7% accuracy using the proposed model with a single adjustable parameter. Furthermore, thermal simulation studies conducted on a hypothetical but representative heavy oil reservoir highlight the detrimental effects of impairment on field-scale oil recovery and thermal efficiency. Both the models and results presented should be useful for studying impairments induced by asphaltene and other deposits.