Bacon, RobertTordo, Silvana2014-04-222014-04-222005-10https://hdl.handle.net/10986/18006This report updates and extends previous work by a statistical analysis of the relationship between crude price differentials and three quality differentials, as well as transport costs and seasonal effects. In addition to the API (American Petroleum Institute) gravity number and the sulfur content of the crudes, which are the qualities generally included in existing analysis, the report presents the impact of acidity (measured by the Total Acid Number - TAN) on the price differential. This is because acidity has become increasingly important as the volume of high acid crudes, particularly from West Africa, has steadily increased in recent years.en-USCC BY 3.0 IGOAVERAGE PRICEAVERAGE PRICESBARRELCAPACITY UTILIZATIONCRUDE IMPORTSCRUDE MARKETSCRUDE OILCRUDE OIL MARKETCRUDE OIL PRICECRUDE OIL PRICESCRUDE OIL PRICINGCRUDE OILSCRUDE PRICECRUDE PRICESDEMAND FUNCTIONDISTILLATIONENERGY MARKETSENERGY PLANNERSEXPENDITUREFORWARD PRICEFORWARD PRICESFOSSIL FUELSFUELGASOLINEGLOBAL OIL PRODUCTIONHEAVY CRUDEHYDROCARBONSHYDROGEN SULFIDEIMPORTINTERNATIONAL MARKETMARKET CONDITIONSMARKET DEVELOPMENTMARKET DEVELOPMENTSMARKET TRENDSMILLION BARRELSMONTHLY AVERAGE PRICESOIL AND GASOIL IMPORTSOIL INDUSTRYOIL PRICE LEVELOIL PRICINGOIL PRODUCTIONOIL REVENUESOIL TRADERSOPECPETROLEUMPETROLEUM PRODUCTSPOLLUTIONPRICEPRICE ADJUSTMENTSPRICE FORECASTPRICE INCREASESPRICE LEVELPRICE LEVELSPRICE OF OILPRICE VOLATILITYPRICES OF CRUDESREFINERIESREFINERYREFININGREGRESSION ANALYSISSALESEASONAL VARIATIONSPOT PRICESSPREADSTREAMSULFURSULFUR COMPOUNDSSULFUR CONTENTWEST EUROPEWORLD MARKET10.1596/18006