Optimal crude oil procurement under fluctuating price in an oil refinery

DOI10.1016/J.EJOR.2015.03.002MaRDI QIDQ319604zbMATHOpenAlexFDO

Authors Ruoran Chen, Tianhu Deng, Ruwen Qin, Simin Huang

Publication date 6 October 2016

Published in European Journal of Operational Research (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1016/j.ejor.2015.03.002

zbMATH Keywords

uncertainty modellingrisk managementprocurementfluctuating pricerefinery operation

Mathematics Subject Classification ID

Case-oriented studies in operations research (90B90) Inventory, storage, reservoirs (90B05)

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Cites work

• A Decomposition Strategy for Global Optimum Search in the Pooling Problem
• A nonlinear programming technique for the optimization of continuous processing systems
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• Algebraic methods for construction of mixed orthogonal arrays
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• Applying experimental design and regression splines to high-dimensional continuous-state stochastic dynamic programming
• CORO, a modeling and an algorithmic framework for oil supply, transformation and distribution optimization under uncertainty
• Measuring the goodness of orthogonal array discretizations for stochastic programming and stochastic dynamic programming
• Modelling the pooling problem at the New Zealand Refining Company
• Multivariate adaptive regression splines
• Numerical Solution of Continuous-State Dynamic Programs Using Linear and Spline Interpolation
• Optimization under uncertainty of the integrated oil supply chain using stochastic and robust programming
• Planning logistics operations in the oil industry
• Refinery short-term scheduling with tank farm, inventory and distillation management: an integrated simulation-based approach
• Successive Linear Programming at Exxon
• Supply chain optimization of petroleum organization under uncertainty in market demands and prices

Cited in

(8)

• A review of the operations literature on real options in energy
• Prescriptive analytics for commodity procurement applications
• scientific article; zbMATH DE number 5007568 (Why is no real title available?)
• Oil refinery procurement strategies: a Bayesian approach
• Optimal strategy between extraction and storage of crude oil
• Real options in operations research: a review
• Approximate stochastic dynamic programming for hydroelectric production planning
• Integrated optimization of procurement, processing, and trade of commodities

Describes a project that uses

Uses Software

• CORO

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