Optimization of Crude Oil Trade Structure: A Complex Network Analysis

Gaogao Dong, Ting Qing, Lixin Tian, Ruijin Du, Jingjing Li and Dimitri Volchenkov

Complexity, 2021, vol. 2021, 1-11

Abstract: With the contradiction between supply and demand being intensified, the unreasonable crude oil trade structure has become increasingly prominent. Therefore, optimizing the supply and demand structure of the global crude oil trade is an urgent problem, which has become one of the crucial factors affecting the energy strategy and economic development of each country. This paper builds an optimization model that aims at minimizing crude oil trade costs based on the complex network theory. Meanwhile, an optimal solution generation approach is proposed and developed in this paper. Compared with the preoptimized trade network, the proposed model can effectively reduce the trade cost. By topological analysis of the trade network and its optimal configuration, we obtain that both the preoptimized and optimized crude oil trade networks follow power-law distribution. By using the minimum spanning tree, we find that the major crude oil net exporting countries have the most significant influence and are at the core in the optimized trade structure. This work focuses on the sustainable development of the global crude oil trade and provides a fresh perspective for the optimal crude oil trade system. Moreover, the methodology and model may be applied in the investigation of optimization for other energy system structures.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:hin:complx:3480546

DOI: 10.1155/2021/3480546

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