Accuracy and reliability
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Prices and Consumption, Economic StatisticsNicklas Milton Elversøe
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The use of the oil price collected from S&P Global Commodity Insights, PCAAS00, as well as the calculation of the annual price as a simple average, is specifically mentioned in the comments to the Hydrocarbon Tax Act, the price's precision and representativeness for Danish North Sea oil is affected both by which fields are incorporated into the price for North Sea oil and how S&P Global Commodity Insights makes quality adjustments.
Overall accuracy
The statistical precision depends on how well the reported price (PCAAS00) for North Sea oil from S&P Global Commodity Insights represents the sold production of oil in the Danish part of the North Sea. This representativeness is affected both by which fields are incorporated into the price for North Sea oil and how S&P Global Commodity Insights makes quality adjustments.
Statistics Denmark assesses, at least annually, with the help of an expert group consisting of the Nordsøfonden (the Danish State Subsurface Resource Company) and the the Danish Energy Agency, the representativeness of PCAAS00 for production in Danish part of the North Sea oil. The expert group has assessed that the incorporation of WTI Midland from June 2023 does not decrease representativeness but rather enhances it.
Sampling error
Not relevant for these statistics.
Non-sampling error
The primary uncertainty lies in PCAAS00's representativeness in relation to oil production in the Danish part of the North Sea. This uncertainty lies, among other things, in in the choices in relation to the calculation S&P Global Commodity Insights makes when calculating PCAAS0. Furthermore, the annual average calculated by Statistics Denmark is a simple average that does not take into account how large quantities have been sold on the individual days.
Quality management
Statistics Denmark follows the recommendations on the organisation and management of quality set out in the Code of Practice for European Statistics and the accompanying implementation model, the Quality Assurance Framework. Read more about these on the page Quality in official statistics.
Quality management is supported by common principles, guidelines and managerial responsibility for quality in statistical products and processes. The aim is to ensure a systematic and consistent approach to quality across the entire statistical production.
Quality assurance
Quality assurance at Statistics Denmark is integrated into the statistical production processes and is carried out in accordance with the principles of the Code of Practice for European Statistics. Read more on the page Quality in official statistics.
Quality assurance includes the continuous use of standardised procedures, documentation in line with international standards and internal controls related to data collection, data processing and dissemination. Experience gained from production is continuously used to identify needs for adjustments and improvements.
Quality assessment
The quality of the statistics is assessed based on its purpose and definition in the Hydrocarbon Tax Act.
Data revision - policy
Statistics Denmark revises published figures in accordance with the Revision Policy for Statistics Denmark. The common procedures and principles of the Revision Policy are for some statistics supplemented by a specific revision practice.
Data revision practice
Only final figures are published.