Optimization of China’s Strategic Petroleum Reserve Policy: A Markovian Decision Approach

Publication year: 2011 Source: Computers & Industrial Engineering, Available online 7 November 2011 Ziming Zhu, Liwen Liu, Jiamin Wang China is in the process of building Strategic Petroleum Reserve (SPR) as a utility for its oil supply security. In this paper we develop a stochastic dynamic programming model to optimize China’s stockpile policy with the objective of minimizing the discounted SPR policy costs over a finite time horizon.

Publication year: 2011 Source: Computers & Industrial Engineering, Available online 7 November 2011 Ziming Zhu, Liwen Liu, Jiamin Wang China is in the process of building Strategic Petroleum Reserve (SPR) as a utility for its oil supply security. In this paper we develop a stochastic dynamic programming model to optimize China’s stockpile policy with the objective of minimizing the discounted SPR policy costs over a finite time horizon.

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Optimization of China’s Strategic Petroleum Reserve Policy: A Markovian Decision Approach