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Global Crude Oil Storage Index: A New Benchmark for Energy Policy

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  • Jennifer Considine
  • Philipp Galkin
  • Abdullah Aldayel

    (King Abdullah Petroleum Studies and Research Center)

Abstract

The global oil market dwarfs other commodity markets. Its size and role in the energy and industrial value chains underscore its significant economic and geopolitical impacts. Thus, the consequences of oil price fluctuations extend far beyond the oil industry and can be viewed as a barometer of trends in the global economy. Several oil price benchmarks currently compete in the global market. The most popular ones, such as Brent or West Texas Intermediate (WTI), are backed by a sufficient supply of the underlying crude. They also meet the criteria for efficient trading, hedging and speculating — including having sufficient liquidity, developed futures markets, low transaction costs and strong institutional support.

Suggested Citation

  • Jennifer Considine & Philipp Galkin & Abdullah Aldayel, 2021. "Global Crude Oil Storage Index: A New Benchmark for Energy Policy," Methodology Papers ks--2022-mp01, King Abdullah Petroleum Studies and Research Center.
    • Handle: RePEc:prc:mpaper:ks--2022-mp01
    DOI: 10.30573/KS--2022-MP01
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    Keywords

    Allocations; Commodities;

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