Data for: Evolution of the world crude oil market integration: A graph theory analysis

Abstract of associated article: This paper investigates the evolution of the world crude oil market and the pricing power for major oil-producing and oil-consuming countries using graph theory. A minimal spanning tree for the world crude oil market is constructed and some empirical results are given. The integration of the world crude oil market is verified. Furthermore, the world crude oil market is characterised as a geographical and organisational structure. The crude oil markets of adjacent countries or regions tend to link together, while OPEC is well-integrated. We also found that the links in the South and North American region and the African region are relatively stable. The crude oil markets in the U.S., Angola and Saudi Arabia take up the core, with a higher ‘betweenness centrality’ and lower ‘farness’, whereas the markets in the East and Southeast Asian countries are on the fringe. Finally, the degree of globalisation for the world crude oil market is becoming further entrenched, verified by a decreasing normalised tree length; hence, its systemic risk may increase due to the future uncertainty of world politics.

关联论文摘要：本文基于图论（graph theory）方法，考察全球原油市场的演进规律，以及主要产油国与原油消费大国的定价话语权格局。本文构建了全球原油市场的最小生成树（minimal spanning tree），并给出若干实证结果，证实全球原油市场存在一体化特征。进一步而言，全球原油市场兼具地理分布与组织架构双重特征：相邻国家或地区的原油市场更易形成关联，而石油输出国组织（Organization of the Petroleum Exporting Countries, OPEC）内部市场一体化程度较高。研究还发现，南美、北美区域以及非洲区域的市场关联关系相对稳固。美国、安哥拉与沙特阿拉伯的原油市场处于市场网络的核心位置，具备更高的中介中心性（betweenness centrality）与更低的远心度（farness）；反观东亚与东南亚国家的原油市场则处于网络边缘。最后，归一化树长（normalised tree length）的持续下降证实，全球原油市场的全球化程度正进一步加深，而受未来全球政治局势的不确定性影响，该市场的系统性风险或随之上升。