Unconventional and Conventional Oil Production Impacts on Oil Price - Lessons Learnt with Glance to the Future

Ali, Sawsan; Suboyin, Abhijit; Haj, Hadi Bel

doi:10.4172/2375-4389.1000286

Cited by 3 publications

(4 citation statements)

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“…We came to the same conclusion, that the unconventional production has an influence on the price of oil. This is also supported by a recent article written by Ahmed et al (2018). In addition to higher unconventional production, mainly in non-OPEC countries, advancements in market efficiencies also play a role in the persistent downward trend of oil prices.…”

Section: Granger Causalitymentioning

confidence: 57%

“…However, the majority of them take into account either only the conventional production or production as a whole, conventional and unconventional sources combined (Kliesen, 2008;Ghalayini, 2011;Hosseini, 2014;Ahmed, 2016;Foudeh, 2017;Alekhina and Yoshino, 2018). The literature lacks studies in which the role of unconventional sources of energy was stressed out (Kilian, 2014;Ahmed et al, 2018). Hence, we focus our model on tight oil production, which includes the shale and tight oil extracted by unconventional methods and its impact on the price of oil WTI, and other factors.…”

Section: Literature Reviewmentioning

confidence: 99%

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How Does the Production of Unconventional Resources of Energy Influence Energy Security: Empirical Approach

Obadi

Gardoňová

2019

IJEEP

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This paper examines the issue of production of unconventional resources of energy and their impact on energy security. Energy security is influenced by several factors, among them the endowment of natural energy resources, either conventional or unconventional, and the level of their production. A VAR model has been constructed to examine the influence of tight oil production on the price of oil and on other variables, moreover, which variables influence the price of oil most. These findings may be interpreted by generalization as influencing the energy security and by extrapolation the results hold same for the American market than for the rest of the world, as the US largely dictates the price of oil worldwide. Our results inter alia suggest that, unconventional oil Granger causes the price of WTI, and the opposite in not true. We found also that there is a slightly positive correlation between the stocks and tight oil and stocks and oil exports, hence we can conclude that a higher production leads to higher amount of oil stocked and exported. What is more interesting is that tight oil reports greater correlation than conventional oil production.

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Section: Granger Causalitymentioning

confidence: 57%

Section: Literature Reviewmentioning

confidence: 99%

How Does the Production of Unconventional Resources of Energy Influence Energy Security: Empirical Approach

Obadi

Gardoňová

2019

IJEEP

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“…The growth of population, transportation, and industry growth are the major drivers in increasing the demand for petroleum resources (Ali et al, 2018). The International Energy Agency reported that heavy oil production from Canada and Venezuela might reach 6 million barrels daily by 2030.…”

Section: Introductionmentioning

confidence: 99%

Extraction of Metalloporphyrins Using Subcritical Toluene-Assisted Thermally Stable Ionic Liquid

Salleh¹,

Yusup²,

Mandal³

et al. 2023

JST

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Due to the depleting production of conventional petroleum, heavy oil is turned to as an alternative. However, the presence of trace nickel and vanadium in heavy oil poses problems for the refining process in producing lighter-end products. Such problems are its tendency to poison the catalyst, accumulate during distillation, and corrode the equipment. The objective of this work is to remove the metal porphyrins from model oil using the thermally stable ionic liquid 1-butyl-3-methylimidazolium octylsulfate, [BMIM][OS] assisted by subcritical toluene (above boiling point, 110.6°C and below a critical point, 318.6°C at 41.264 bar) in a novel attempt. The experiments were conducted at 150ºC to 210ºC under a mixing time of 30 to 90 minutes while the pressure was monitored. Four metal porphyrins are used: nickel etioporphyrin, nickel tetraphenylporphyrin, vanadium oxide etioporphyrin, and vanadium oxide tetraphenylporphyrin. The results show that more than 40% of removal is achieved for all metal porphyrins, which shows great potential for further technological improvement. The Nuclear Magnetic Resonance (NMR) shows that the ionic liquid did not decompose at the process temperature, which proves great stability. The extraction of metal porphyrins follows the second-order extraction model with an R2 of more than 0.98.

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“…Despite the very challenging production of oil from heavy oil reservoirs, heavy oil is becoming a very prospective and valuable source of energy these days. Combined with the facts that (1) oil production from conventional reservoirs is decreasing [4], (2) tremendous heavy reserves are more than 3 times bigger than conventional oil reserves [5], and (3) tertiary oil recovery techniques are advancing each year [6,7], we predict that more and more studies about heavy oil will be published in the upcoming years.…”

Section: Introductionmentioning

confidence: 99%

Huff-n-Puff Experimental Studies of CO2 with Heavy Oil

Shilov

Maksakov

Kharlanov³

2019

Energies

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This work is devoted to CO2 Huff-n-Puff studies on heavy oil. Oil recovery for heavy oil reservoirs is sufficiently small in comparison with conventional reservoirs, and, due to the physical limitation of oil flow through porous media, a strong need for better understanding of tertiary recovery mechanisms of heavy oil exists. Notwithstanding that the idea of Huff-n-Puff gas injection technology for enhanced oil recovery has existed for dozens of years, there is still no any precise methodology for evaluating the applicability and efficiency of this technology in heavy oil reservoirs. Oil recovery factor is a question of vital importance for heavy oil reservoirs. In this work, we repeated Huff-n-Puff tests more than three times at five distinct pressure points to evaluate the applicability and efficiency of CO2 Huff-n-Puff injection to the heavy oil reservoirs. Additionally, the most critical factor that affects oil recovery in gas injection operation is the condition of miscibility. Experimental data allowed to distinguish the mixing zone of the light fractions of studied heavy oil samples. The experimental results showed that the pressure increase in the Huff-n-Puff injection process does not affect the oil recovery when the injection pressure stays between miscibility pressure of light components of oil and minimum miscibility pressure. It was detected that permeability decreases after Huff-n-Puff CO2 tests.

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Unconventional and Conventional Oil Production Impacts on Oil Price - Lessons Learnt with Glance to the Future

Cited by 3 publications

References 0 publications

How Does the Production of Unconventional Resources of Energy Influence Energy Security: Empirical Approach

How Does the Production of Unconventional Resources of Energy Influence Energy Security: Empirical Approach

Extraction of Metalloporphyrins Using Subcritical Toluene-Assisted Thermally Stable Ionic Liquid

Huff-n-Puff Experimental Studies of CO2 with Heavy Oil

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