How is the oil refining industry’s efficiency derived?
The oil refining industry’s efficiency is derived from the prices of petroleum products (Naphtha, Gasoline, Kerosene, Diesel, and Fuel Oil) using the portfolio theory. The panel data was constructed using the following dependent variables, the crude oil production efficiency, energy consumption, renewable energy consumption, and R&D investment.
How can oil refinery technology improve the efficiency of oil preparation and refining?
In addition, the design of the main assemblies and apparatuses of refinery units is constantly being improved and the heat recovery scheme of technological streams is being optimized. All this makes it possible to increase the efficiency of oil preparation and refining processes.
How does edible oil refining reduce production costs?
In edible oil refining, the continuous effort to reduce overall production costs is mainly achieved by increasing plant capacities, installation of mono feedstock plants, and increasing the degree of automation. Over the years, more energy-efficient processes and technologies, resulting in a higher refined oil yield, have gradually been introduced.
Which explanatory variables describe the efficiency of the oil refining industry?
And the explanatory variables describing the efficiency of the oil refining industry (crude oil production, energy use, renewable energy consumption, R&D expenditure, etc.) were selected to form panel data for OECD countries from 2005 to 2016. These panel data generally have heterogeneity and endogenous problems of explanatory variables.
