The stability of water-in-crude oil (or model crude oil) emulsions was determined by means of separation/sedimentation tests and high voltage destabilization tests. First the impact of the state of solvation of asphaltencs on their ability to stabilize emulsions were studied. Secondly, we analyzed the role of naturally occurring waxes in the stabilization of emulsions. Finally, the emulsion stability when both asphaltenes and waxes are involved was investigated.