| OIL FUNDAMENTALS • Oil price history • World supply and demand • Structure of world markets • Price formation and reporting CRUDE OIL • Types of crude oil • Evaluation of crude oils • Crude oil markets • Crude oil pricing OIL REFINING • Distillation and reforming • Treating and conversion • Cracking • Refinery economics and optimization • Blending • Refinery margins LOGISTICS • Scheduling oil supplies • Stocks and storage • Losses • Inland distribution OIL PRODUCTS • Refined product quality and specifications • Value of quality • Downstream marketing TRANSPORTATION • Oil tankers • Freight and Worldscale • Chartering a ship • Pipelines MARKETS AND TRADING • International oil trading • Mechanics of trading • Contracts for sale and purchase • Costs of trading PROCESSING • Processing deals PRICE RISK MANAGEMENT • Identifying exposure • Futures • Swaps • Basic hedging techniques |