World Energy Projection System Plus: Refinery Module

November 15, 2017

Introduction

Purpose of this report

This report documents the objectives, analytical approach, and development of the World Energy Projection System Plus (WEPS+) Refinery Model. It catalogues and describes the model assumptions; computational methodology; parameter estimation techniques; and model source code that are used to generate projections in the reference and side cases, as well as other scenarios.

The document serves three purposes. First, it is a reference document providing a detailed description for model analysts, users, and the public. Second, it meets the legal requirement of the U.S. Energy Information Administration (EIA) to provide adequate documentation in support of its models (Public Law 93‐275, section 57.b.1). Third, it facilitates continuity in model development by providing documentation from which energy analysts can undertake model enhancements, data updates, and parameter refinements as future projects

Model summary

The WEPS+ Refinery Model is a calculation tool. It uses the projected light, low sulfur crude oil price (a proxy for West Texas Intermediate—WTI—crude) and other input information to model global refined product markets. The WEPS+ Refinery Model computes wholesale and retail refined product pricing in key global refining centers and the 16 International Energy Outlook 2016 (IEO2016) regions (referred to as demand regions in this document). 

Model archival citation

This documentation refers to the WEPS+ Refinery Model.

Model contact

Adrian Geagla 
U.S. Energy Information Administration
United States Department of Energy
1000 Independence Avenue, SW
Washington, D.C. 20585
Telephone: (202) 586-2873
Email: adrian.geagla@eia.gov

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