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Kilian, Lutz, Not All Oil Price Shocks are Alike: Disentangling Demand and Supply Shocks in the Crude Oil Market (December 2006). I –INTRODUCTION
Crude Oil Definition: A mixture of hydrocarbons that exists in liquid phase in natural underground reservoirs and remains liquid at atmospheric pressure after passing through surface separating facilities. Depending upon the characteristics of the crude stream, it may also include 1. Small amounts of hydrocarbons that exist in gaseous phase in natural underground reservoirs but are liquid at atmospheric pressure after being recovered from oil well (casing head) gas in lease separators and are subsequently comingled with the crude stream without being separately measured. Lease condensate recovered as a liquid from natural gas wells in lease or field separation facilities and later mixed into the crude stream is also included; 2. Small amounts of nonhydrocarbons produced with the oil, such as sulfur and various metals; 3. Drip gases, and liquid hydrocarbons produced from tar sands, oil sands, gilsonite, and oil shale. Liquids produced at natural gas processing plants are excluded. Crude oil is refined to produce a wide array of petroleum products, including heating oils; gasoline, diesel and jet fuels; lubricants; asphalt; ethane, propane, and butane; and many other products used for their energy or chemical content. Egypt is the largest oil producer in Africa that is not a member of the organization of petroleum exporting countries (OPEC), and the second largest natural gas producer in the continent, following Algeria. Egypt also plays a vital role in the international energy markets through the operation of the Suez canal and the Suez-Mediterranean (SUMED) pipeline, important transit points for oil and liquefied natural gas(LNG) shipment form Africa and Persian gulf states to Europe and the Mediterranean basin. Fees collected from operation of these two transit points are significant revenue to the Egyptian Government. II -MARKT DATA

1- MARKET SHARE
This profile is the essential source for top-level energy industry data and information. The report provides an overview of each of the key sub-segments of the energy industry in Egypt. It details the market structure, regulatory environment, infrastructure and provides historical and forecasted statistics relating to the supply/demand balance for each of the key sub-segments. It also provides information relating to the crude oil assets (oil fields, refineries, pipelines and storage terminals) in Egypt. The report compares the investment environment in Egypt with other countries in the region. The profiles of the major companies operating in the crude oil sector in Egypt together with the latest news and deals are also included in the report. Due to the cost effectiveness of the refining process and the number of products recovered from crude oil, the market has been experiencing significant growth since the past few years.

This trend is expected to continue for some more years due to the increasing use of crude oil in a variety of industrial applications. Various products can be recovered from crude oil during the refining process at different temperatures. Naphtha and gasoline are recovered at lower temperatures, while kerosene and diesel are recovered at middle temperatures. Energy plays an important role in Egypt's economy with Egypt being a net exporter of oil. Net exports of crude oil and petroleum products have declined in recent years, higher prices on world markets have pushed Egypt's oil revenues upward. The country also began exports of liquefied natural gas (LNG) from its first terminal in January 2005, adding another hard currency revenue stream, which is set to expand in late 2005 with the completion of the second LNG export terminal. The Suez Canal and Sumed Pipeline are strategic routes for Persian Gulf oil shipments, making Egypt important from an oil transit point of view. The first oil field...
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