We present a simplified but consistent picture of asphaltene precipitation from crude oil from a thermodynamic perspective, illustrating its relationship to the familiar bubble curve via the calculation of constant-composition p-T phase diagrams that incorporate both the bubble curve and the asphaltene precipitation boundary. Using the statistical associating fluid theory (SAFT) we show that the position of the precipitation boundary can be explained using a very simple fluid model including relatively few components. Our results support the view that the precursor to asphaltene precipitation is a liquid-liquid phase separation due to a demixing instability in the fluid. Moreover, the bubble curve for these systems is seen to represent a boundary between regions of two-phase (liquid-liquid) and three-phase (vapour-liquid-liquid) equilibria. (C) 2011 Elsevier B.V. All rights reserved.