Optimal crude oil procurement under fluctuating price in an oil refinery

•We consider a practical decision problem faced by many Chinese oil refineries—the optimal procurement of crude oil.•This problem is extremely hard for three reasons—highly volatile crude oil prices, high dimensions and a multiperiod time horizon.•We introduce an approximate stochastic dynamic progr...

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Bibliographic Details
Published in:	European journal of operational research Vol. 245; no. 2; pp. 438 - 445
Main Authors:	Chen, Ruoran, Deng, Tianhu, Huang, Simin, Qin, Ruwen
Format:	Journal Article
Language:	English
Published:	Amsterdam Elsevier B.V 01.09.2015 Elsevier Sequoia S.A
Subjects:	Corporate purchasing Crude oil Crude oil prices Dynamic programming Fluctuating price Petroleum refineries Procurement Refinery operation Risk management Studies Uncertainty Uncertainty modelling Procurement Risk management Refinery operation Fluctuating price Uncertainty modelling
ISSN:	0377-2217, 1872-6860
Online Access:	Get full text
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