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.
What is the efficiency index of oil refining industry?
The efficiency index of the oil refining industry is a dependent variable, and the explanatory variables are crude oil production, energy use, renewable energy consumption, and R&D expenditure. Crude oil production can explain industrial efficiency in terms of the ¡°curse of resources¡± ( Hausmann and Rigobon, 2003 ).
What is the global crude oil refining throughput in 2015?
These datasets cover 93% (74.4Mbbld 1) of the actual global crude oil-refining throughput in 2015 (79.7Mbbld 1) reported in the literature 24, and therefore the results of this study are representative of global refining.
What percentage of crude oil is refining?
They represent 56% of the world¡¯s total volume of crude oil refined and refining emissions in the baseline case. Their volume-weighted-average refining CI and energy use are 40.6kgCO 2 ebbl 1 and 605MJbbl 1, which are close to the global average 40.7kgCO 2 ebbl 1 and 606MJbbl 1 (343 crude oils), respectively.