Organization of the Petroleum Exporting Countries. OPEC Annual Statistical Bulletin

Transcription

1 217 Organization of the Petroleum Exporting Countries OPEC Annual Statistical Bulletin nd edition

2 Team for the preparation of the OPEC Annual Statistical Bulletin Head, Energy Studies Department In charge of the Research Division Oswaldo Tapia Project Leader Head, Data Services Department Adedapo Odulaja Coordinator, Statistics Team Hossein Hassani Statistics Team Pantelis Christodoulides, Klaus Stöger, Mouhamad Moudassir, Mohammad Sattar, Ryszard Pospiech, Mihni Mihnev Editorial Team Head, Public Relations and Information Department Hasan Hafidh Editor Alvino-Mario Fantini, Mathew Quinn Coordinator, Design and Production Carola Bayer Senior Production Assistant Diana Lavnick Graphic Designer Tara Starnegg Coordinator, IT Development Team Mohamed Mekerba IT Development Team Hannes Eichner, Roland Kammerer, Zairul Arifin, Vedran Hrgovcic Online Annual Statistical Bulletin 217: asb.opec.org Order a USB stick with the data of the Annual Statistical Bulletin 217 here: prid@opec.org Download now: Smart App for OPEC Annual Statistical Bulletin ios Android Questions on data Data queries: dataqueries@opec.org. Advertising The OPEC Annual Statistical Bulletin now accepts advertising. For details, please contact the Head, PR and Information Department at the following address: Organization of the Petroleum Exporting Countries Helferstorferstrasse 17, A-11 Vienna, Austria Tel: / Fax: Advertising: prid@opec.org Website: Photographs Page 5: Courtesy OPEC. Pages 7, 13, 23, 35, 53, 77, 95, 17, 117: Shutterstock. 217 Organization of the Petroleum Exporting Countries ISSN

3 Contents Foreword 5 Key messages 6 Tables Page Section 1: Summary 7 Table 1.1 OPEC Members facts and figures 8 Table 1.2 OPEC Members crude oil production allocations 9 Section 2: Macro-economics 13 Feature Box: Oil use per capita in OPEC Member Countries 15 Table 2.1 OPEC Members population 16 Table 2.2 OPEC Members GDP at current market prices 17 Table 2.3 OPEC Members real GDP growth rates PPP based weights 18 Table 2.4 OPEC Members values of exports 19 Table 2.5 OPEC Members values of petroleum exports 2 Table 2.6 OPEC Members values of imports 21 Table 2.7 Current account balances in OPEC Members 22 Section 3: Oil data: upstream 23 Feature Box: A review of historical US crude oil production and liquid oil supply 25 Table 3.1 World proven crude oil reserves by country 26 Table 3.2 Active rigs by country 27 Table 3.3 Wells completed in OPEC Members 29 Table 3.4 Producing wells in OPEC Members 3 Table 3.5 Daily and cumulative crude oil production in OPEC Members 31 Table 3.6 World crude oil production by country 32 Table 3.7 Non-OPEC oil supply and OPEC NGLs 33 Section 4: Oil data: downstream 35 Feature Box: Downstream dynamics in Asia and their importance to the oil market 37 Table 4.1 Refinery capacity in OPEC Members by company and location 38 Table 4.2 Charge refinery capacity in OPEC Members 4 Table 4.3 World refinery capacity by country 4 Table 4.4 World refinery throughput by country 42 Table 4.5 Output of petroleum products in OPEC Members 43 Table 4.6 World output of petroleum products by country 45 Table 4.7 Oil demand by main petroleum product in OPEC Members 46 Table 4.8 World oil demand by country 48 Table 4.9 World oil demand by main petroleum product and region 5 Section 5: Oil trade 53 Feature Box: The significance of OPEC exported crude oil to Asia and Pacific 55 Table 5.1 OPEC Members crude oil exports by destination 56 Table 5.2 OPEC Members petroleum products exports by destination 58 Table 5.3 World crude oil exports by country 6 Table 5.4 World exports of petroleum products by country 63 Table 5.5 World exports of petroleum products by main petroleum product and region 65 Table 5.6 World exports of crude oil and petroleum products by country 67 Table 5.7 World imports of crude oil by country 69 Table 5.8 World imports of petroleum products by country 71 Table 5.9 World imports of petroleum products by main petroleum product and region 72 Table 5.1 World imports of crude oil and petroleum products by country 74 1

4 Contents Section 6: Oil transportation 77 Feature Box: Recent developments in tanker fleet and spot freight rates 79 Table 6.1 Tanker fleet in OPEC Members 8 Table 6.2 World tanker fleet by year of build and categories 8 Table 6.3 LPG carrier fleet in OPEC Members 82 Table 6.4 World LPG carrier fleet by size 82 Table 6.5 World combined carrier fleet by size 83 Table 6.6 Average spot freight rates by vessel category 84 Table 6.7 Dirty tanker spot freight rates 85 Table 6.8 Clean tanker spot freight rates 86 Table 6.9 Main crude oil pipelines in OPEC Members 87 Table 6.1 Main petroleum product pipelines in OPEC Members 92 Section 7: Oil prices 95 Feature Box: Evolution of the Brent-WTI spread in recent years 97 Table 7.1 OPEC Reference Basket (ORB) and corresponding components spot prices 98 Table 7.2 Selected spot crude oil prices 99 Table 7.3 ICE Brent, NYMEX WTI and DME Oman annual average of the 1st, 6th and 12th forward months 12 Table 7.4 OPEC Reference Basket in nominal and real terms 12 Table 7.5 Annual average of premium factors for selected OPEC Reference Basket components 13 Table 7.6 Spot prices of petroleum products in major markets 14 Table 7.7 Retail prices of petroleum products in OPEC Members 15 Table 7.8 Crack spread in major markets 16 Section 8: Taxes on oil 17 Feature Box: Petroleum taxation in main OECD countries 19 Table 8.1 Composite barrel and its components in major OECD oil consuming countries 11 Table 8.2 Tax to CIF crude oil price ratio in major OECD oil consuming countries 113 Table 8.3 Euro Big 4 household energy prices 113 Section 9: Natural gas data 117 Feature Box: Historical trends in OECD natural gas and oil demand 119 Table 9.1 World proven natural gas reserves by country 12 Table 9.2 Yearly and cumulative marketed natural gas production in OPEC Members 122 Table 9.3 World marketed production of natural gas by country 124 Table 9.4 World natural gas exports by country 126 Table 9.5 World natural gas imports by country 127 Table 9.6 World natural gas demand by country 13 Table 9.7 LNG carrier fleet in OPEC Members 132 Table 9.8 World LNG carrier fleet by size 132 Table 9.9 Main gas pipelines in OPEC Members 133 Disclaimer The data contained in the OPEC Annual Statistical Bulletin (the ASB ) is historical and obtained directly from OPEC Member Countries and third parties listed in the publication. Whilst reasonable efforts have been made to ensure the accuracy of the ASB s content, the OPEC Secretariat makes no warranties or representations as to its accuracy, relevance or comprehensiveness, and assumes no liability or responsibility for any inaccuracy, error or omission, or for any loss or damage arising in connection with or attributable to any action or decision taken as a result of using or relying on the information in the ASB. The ASB is not intended as a benchmark or input data to a benchmark. Definition of terms, as well as names and boundaries on any maps, shall not be regarded as authoritative. The information contained in the ASB, unless copyrighted by a third party, may be used and/or reproduced for research, educational and other non-commercial purposes without the OPEC Secretariat s prior written permission provided that OPEC is fully acknowledged as the copyright holder. Written permission from the OPEC Secretariat is required for any commercial use. 2

5 Contents Graphs Page Section 2: Macro-economics 13 Feature Box: OPEC Members population and oil demand 15 OPEC Members oil demand per capita 15 Graph 2.1 OPEC Members population 16 Graph 2.2 Population as a share of total OPEC 16 Graph 2.3 OPEC Members GDP at current market prices 17 Graph 2.4 GDP at current market prices as a share of total OPEC 17 Graph 2.5 Real GDP growth rates PPP based weights for total OPEC 18 Graph 2.6 Real GDP growth rates for OPEC Members 18 Graph 2.7 OPEC Members values of exports 19 Graph 2.8 Values of exports as a share of total OPEC 19 Graph 2.9 OPEC Members values of petroleum exports 2 Graph 2.1 Values of petroleum exports as a share of total OPEC 2 Graph 2.11 OPEC Members values of imports 21 Graph 2.12 Values of imports as a share of total OPEC 21 Graph 2.13 Current account balances in total OPEC 22 Graph 2.14 Current account balances in OPEC Members 22 Section 3: Oil data: upstream 23 Feature Box: Overview of US oil supply 25 Share of crude oil production in US oil supply 25 US crude oil production vs non-crude oil supply 25 Graph 3.1 World proven crude oil reserves 28 Graph 3.2 OPEC Members proven crude oil reserves 28 Graph 3.3 World crude oil production 28 Graph 3.4 OPEC Members crude oil production 28 Graph 3.5 Non-OPEC oil supply and OPEC NGLs 29 Section 4: Oil data: downstream 35 Feature Box: Oil demand and refinery throughput 37 Graph 4.1 World refinery capacity 49 Graph 4.2 World output of petroleum products 49 Graph 4.3 OPEC output of refined petroleum products 49 Graph 4.4 World oil demand 52 Graph 4.5 OPEC Members oil demand 52 Graph 4.6 World oil demand by main petroleum product 52 Section 5: Oil trade 53 Feature Box: OPEC Members crude oil exports by region 55 Imported volumes of throughput for refineries in Asia and Pacific 55 Graph 5.1 World crude oil exports by region 61 Graph 5.2 OPEC Members crude oil exports 61 Graph 5.3 World trade of crude oil 62 Graph 5.4 OPEC Members petroleum products exports by destination 64 Graph 5.5 Percentage share of OPEC Members crude oil exports by regions 68 Graph 5.6 OPEC Members exports of crude and petroleum products 68 Graph 5.7 OPEC Members exports of petroleum products 68 Graph 5.8 OPEC Members crude oil exports by destination 7 Graph 5.9 OPEC Members flows of crude and refined oil 76 Section 6: Oil transportation 77 Feature Box: Global tanker fleet development 79 Average tanker spot freight rates 79 Graph 6.1 World tanker fleet by year of build and categories 81 Graph 6.2 World tanker fleet by year of build and categories 81 Graph 6.3 Average spot freight rates by vessel category 84 Graph 6.4 Dirty tanker spot freight rates 85 Graph 6.5 Dirty tanker spot freight costs 85 Graph 6.6 Clean tanker spot freight rates 86 Graph 6.7 Clean tanker spot freight costs 86 3

6 Contents Section 7: Oil prices 95 Feature Box: Average yearly 12 month moving correlation between Cushing stock levels and Brent-WTI spread 97 Cushing stocks vs Brent-WTI spread 97 Crude oil outflow from PADD2 vs Brent-WTI spread 97 Graph 7.1 OPEC Reference Basket 98 Graph 7.2 Differentials of selected spot crude oil prices to OPEC Reference Basket (1) 1 Graph 7.3 Differentials of selected spot crude oil prices to OPEC Reference Basket (2) 1 Graph 7.4 Differentials of selected spot crude oil prices to OPEC Reference Basket (3) 11 Graph 7.5 Differentials of selected spot crude oil prices to OPEC Reference Basket (4) 11 Graph 7.6 OPEC Reference Basket in nominal and real terms 12 Graph 7.7 Spot petroleum product prices US Gulf 14 Graph 7.8 Spot petroleum product prices Singapore 14 Graph 7.9 Spot petroleum product prices Rotterdam 14 Section 8: Taxes on oil 17 Feature Box: Retail revenues vs export revenues 19 Graph 8.1 Composite barrel and its components in volume 111 Graph 8.2 Composite barrel and its components 112 Graph 8.3 Tax versus CIF crude oil price for major OECD oil consuming countries USA 114 Graph 8.4 Tax versus CIF crude oil price for major OECD oil consuming countries Canada 114 Graph 8.5 Tax versus CIF crude oil price for major OECD oil consuming countries Japan 114 Graph 8.6 Tax versus CIF crude oil price for major OECD oil consuming countries France 114 Graph 8.7 Tax versus CIF crude oil price for major OECD oil consuming countries Germany 114 Graph 8.8 Tax versus CIF crude oil price for major OECD oil consuming countries Italy 114 Graph 8.9 Tax versus CIF crude oil price for major OECD oil consuming countries UK 114 Graph 8.1 Tax versus CIF crude oil price for major OECD oil consuming countries G7 114 Graph 8.11 Tax versus CIF crude oil price for major OECD oil consuming countries OECD 114 Graph 8.12 Tax to CIF crude oil price ratio for major OECD oil consuming countries USA 115 Graph 8.13 Tax to CIF crude oil price ratio for major OECD oil consuming countries Canada 115 Graph 8.14 Tax to CIF crude oil price ratio for major OECD oil consuming countries Japan 115 Graph 8.15 Tax to CIF crude oil price ratio for major OECD oil consuming countries France 115 Graph 8.16 Tax to CIF crude oil price ratio for major OECD oil consuming countries Germany 115 Graph 8.17 Tax to CIF crude oil price ratio for major OECD oil consuming countries Italy 115 Graph 8.18 Tax to CIF crude oil price ratio for major OECD oil consuming countries UK 115 Graph 8.19 Tax to CIF crude oil price ratio for major OECD oil consuming countries G7 115 Graph 8.2 Tax to CIF crude oil price ratio for major OECD oil consuming countries OECD 115 Graph 8.21 Euro Big 4 household energy prices 116 Graph 8.22 Euro Big 4 share of tax in household energy prices 116 Section 9: Natural gas data 117 Feature Box: OECD demand 119 Year-on-year demand growth 119 Graph 9.1 World proven natural gas reserves 121 Graph 9.2 OPEC Members proven natural gas reserves 121 Graph 9.3 World marketed production of natural gas 121 Graph 9.4 OPEC Members marketed production of natural gas 121 Graph 9.5 World natural gas exports 129 Graph 9.6 World natural gas imports 129 General notes 139 Definitions 14 Country groupings 141 Economic organizations 142 Abbreviations 142 Selected oil companies 143 Major sources 143 Conversion factors 144 Map Major OPEC flows of crude and refined oil inside back cover 4

7 Foreword Mohammad Sanusi Barkindo, OPEC Secretary General It is an honour to be able to present the 52nd edition of the Annual Statistical Bulletin (ASB), one of OPEC s most important publications. Since its first publication in 1965, the ASB has been a useful reference tool for research analysts and academics, as well as policy-makers and many others working in the oil and gas industry. It makes available data about the oil and gas industry worldwide and also functions as an important source of reliable information for the benefit of different stakeholders in the oil industry. The 217 ASB provides key statistical data for all of OPEC s 13 Member Countries Algeria, Angola, Ecuador, Gabon, Islamic Republic of Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela (the 53rd edition of the ASB will include data for Equatorial Guinea) as well as their National Oil Companies. In addition, it also provides useful information about other non-opec oil producing countries, bringing together important data on the upstream and the downstream, on exports, imports, production, refineries, pipelines and shipping. In regularly publishing the ASB and making such data publicly available, OPEC seeks to ensure greater data transparency and increased sharing of information about the oil and gas industry and its many stakeholders. This has long been one of OPEC s key objectives. The 217 edition of the ASB is available in various formats including print and PDF. A separate interactive online version, which is freely available on the OPEC website, includes historical time-series data going back to 196. The ASB is also available in a Smart App version, with many advanced features. This can be downloaded for both ios and Android mobile devices. The ASB is the product of detailed and time-intensive work over many months, involving the contributions of many analysts, researchers and statisticians at the OPEC Secretariat and in our Member Countries. Their work has to be commended, for it is only through such efforts that the Organization can continue to regularly fulfil its commitment to contribute to market stability through an enhancement of data transparency. I therefore would like to thank the staff at the OPEC Secretariat, as well as colleagues and officials in OPEC Member Countries, for their commitment, continuing hard work and valuable contributions. Mohammad Sanusi Barkindo Secretary General 5

8 Key messages This year s OPEC Annual Statistical Bulletin (ASB), which is comprised of data up to the end of 216, reveals the following important facts: In 216, world crude oil production inched up by.35m b/d or.5 per cent as compared to 215, to reach 75.48m b/d, marking a seventh consecutive year of growth. The majority of non-opec countries registered substantial declines in their 216 average crude production, as compared to 215. The biggest declines were for the United States,.54m b/d or 5.7 per cent and China,.31m b/d or 7.2 per cent. In 216, the top three crude oil producing countries were Saudi Arabia (1.46m b/d), Russia (1.29m b/d) and the United States (8.88m b/d). World oil demand averaged at 95.12m b/d in 216, up by 1.5 per cent year-on-year, with the largest increases in Asia and Pacific, particularly China and India, Western Europe, North America and Africa. 216 oil demand in the Middle East remained flat year-on-year, while oil demand declined in Latin America for the second year in a row. Total OECD oil demand grew solidly for the second consecutive year in 216, while oil demand in OPEC Member Countries declined for the first time since 1999, dropping by.2m b/d or 2.2 per cent, as compared to 215, mainly as a result of declining oil demand in Venezuela, Ecuador, Saudi Arabia and IR Iran. Distillates and gasoline account for around 56 per cent of 216 total world oil demand and are on increasing trends. Residual fuel oil requirements share in 216 total oil demand amounts roughly to seven per cent, with requirements marking yearly gains for the first time since 24. Gasoline dominates 216 oil demand growth in Asia and Pacific and North America, while distillates are robust in Western and Eastern Europe. The 216 OPEC Member Countries demand remained robust only in relation to residual fuel and declined for all other main petroleum categories, notably gasoline and distillates. Total exports of crude oil of OPEC Member Countries stood at 25.1m b/d in 216 from 23.49m b/d in 215. This increase represents a 6.5 per cent growth on a year-on-year basis. As in previous years, the bulk of crude oil from OPEC Members was exported to the Asia and Pacific region, 15.72m b/d or 62.9 per cent. Significant volumes of crude oil were also exported to North America, which increased its imports from OPEC Members from 2.81m b/d in 215 to 3.29m b/d in 216. Europe imported 4.21m b/d of crude oil from OPEC Members, 2.5 per cent less as compared to 215 volumes. OPEC Members exports of petroleum products averaged 5.29m b/d during 216, up by.9m b/d or 2.5 per cent as compared to 215. OPEC Members imports of petroleum products stood at 2.6m b/d in 216, roughly.15m b/d, or 6.7 per cent lower than in 215. Total world proven crude oil reserves stood at 1,492bn b at the end of 216, increasing slightly by.3 per cent from the previous year s level of 1,488bn b. The largest additions came from Iraq, Venezuela and Norway. Total OPEC Members proven crude oil reserves increased.5 per cent to 1,217bn b at the end of 216, with a share of 81.5 per cent of total world crude oil reserves. In 216, proven natural gas reserves increased by.4 per cent at approximately 2.5 trillion standard cu m. This increase in natural gas reserves came on the back of new discoveries in the Middle East and Africa, almost solely relating to OPEC Members. World refinery capacity expanded by.45m b/cd to stand at 97.37m b/cd at the end of 216, mainly supported by additions in North America and the Middle East, as well as Asia and Pacific regions. In the Middle East, expansions came from OPEC Members, while the United States, China and South Korea accounted for additions in North America and Asia and Pacific. 216 refinery capacity in the OECD grew for the second consecutive year, mainly due to gains in the United States. Global refinery throughput ramped up by 1.7 per cent to reach 81.94m b/d in 216 with largest gains in the Asia and Pacific and the Middle East. In the Middle East, the gains in refinery throughput originated in OPEC Member Countries. India, China and South Korea dominated the gains in the Asia and Pacific region. The OPEC Reference Basket averaged at $4.76/b in 216, down from $49.49/b in 215 and reaching the lowest yearly average since 24. The yearly decline valued at $8.73/b or 17.6 per cent as compared to 215. The 216 volatility stood at $7.28/b or, equivalently, 17.9 per cent relative to the yearly average. The oil market remained mostly in contango since the 2H214. 6

9 »I SECTION 1 Summary

10 Summary Table 1.1 OPEC Members facts and figures, 216 Algeria Angola Ecuador Gabon IR Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia United Arab Emirates Venezuela OPEC Population million inhabitants Land area 1, sq km 2,382 1, , , , ,13 GDP per capita $ 3,949 3,486 5,853 7,588 5,12 4,389 25,67 5,193 2,262 61,258 19,92 37,678 9,257 6,28 GDP at market prices million $ 161,14 95,821 96,69 14,273 49, ,274 11,572 33,157 4, ,59 639, , ,274 2,939,39 GDP growth real PPP % Value of exports million $ 29,54 25,935 16,744 5,871 97,386 43,89 46,261 11,986 34,74 72, , ,653 26, ,99 Value of imports million $ 49,437 12,515 15,618 2,977 73,3 38,713 3,83 11,12 35,24 63, ,433 27,985 17, ,566 Current account balance milllion $ 26,314 4,929 1,19 1,279 23,566 3, ,491 2,722 2,885 24,914 11,546 6,684 43,74 Value of petroleum exports million $ 18,638 25,935 5,442 4,198 41,123 43,753 41,461 9,313 27,788 22, ,373 45,559 25, ,684 Proven crude oil reserves million barrels 12,2 9,523 8,273 2, 157,2 148,766 11,5 48,363 37,453 25, ,28 97,8 32,25 1,216,78 Natural gas reserves billion cu m 4, , , ,784. 1,54.9 5, ,72.5 8, ,91. 5, ,676 Crude oil production 1, b/d 1, , , , , , ,46.2 3,88.3 2, ,28.5 Natural gas marketed production million cu m 93,152. 1, ,95. 1, , , , , ,86. 61, , ,389.4 Refinery capacity 1, b/cd , ,899. 1,124. 1, ,836.2 Refinery throughput 1, b/d , , ,1.3 1,21.4 9,364.8 Output of petroleum products 1, b/d , , , ,822.1 Oil demand 1, b/d , , ,45.2 Crude oil exports 1, b/d , , ,83.5 2, , , ,47.8 1, ,13.9 Exports of petroleum products 1, b/d , ,29.1 Imports of petroleum products 1, b/d ,6.9 Natural gas exports million cu m 53,974. 1,149. 8,567. 4, , , ,2. 237,24.5 Notes: Land area figures as per official websites. 8

11 Summary Table 1.2 OPEC Members crude oil production allocations (1, b/d) Apr 82 Mar 83 Apr 83 Oct 84 Nov 84 Aug 86 Sep 86 Oct 86 Nov 86 Dec 86 Jan 87 Jun 87 Jul 87 Dec 87 Jan 88 Dec 88 Jan 89 Jun 89 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ 9/ 1/ Algeria Ecuador Gabon IR Iran 1,2 2,4 2,3 2,3 2,317 2,317 2,255 2,369 2,369 2,64 Iraq 1,2 1,2 1,2 1,2 1,466 1,54 2,64 Kuwait 8 1, ,37 Libya 75 1, ,37 Nigeria 1,3 1,3 1,3 1,3 1,34 1,34 1,238 1,31 1,31 1,355 Qatar Saudi Arabia 7,15 5, 4,353 4,353 4,353 4,353 4,133 4,343 4,343 4,524 United Arab Emirates 1, 1, Venezuela 1,5 1,675 1,555 1,555 1,574 1,574 1,495 1,571 1,571 1,636 OPEC 16,2 16,2 14,811 14,811 14,667 15,41 17,26 OPEC excl Iraq 13,768 13,846 13,87 Jul 89 Sep 89 Oct 89 Dec 89 Jan 9 Jul 9 Aug 9 Apr 91 Sep 91 Oct 91 Jan 92 Feb 92 Sep 92 Oct 92 Dec 92 Jan 93 Feb 93 Mar 93 Sep 93 11/ 12/ 13/ 14/ 15/ 16/ 17/ 18/ 19/ 2/ Algeria nd 76 nd Ecuador nd 273 nd Gabon nd 273 nd IR Iran 2,783 2,926 3,14 3,14 3,217 nd 3,184 nd 3,49 3,34 Iraq 2,783 2,926 3,14 3,14 nd 55 nd 5 4 Kuwait 1,93 1,149 1,5 1,5 nd 812 nd 1,5 1,6 Libya 1,93 1,149 1,233 1,233 1,425 nd 1,395 nd 1,49 1,35 Nigeria 1,428 1,51 1,611 1,611 1,84 nd 1,751 nd 1,857 1,78 Qatar nd 377 nd Saudi Arabia 4,769 5,14 5,38 5,38 8,34 nd 7,887 nd 8,395 8, United Arab Emirates 1,41 1,94 1,95 1,5 2,32 nd 2,244 nd 2,26 2,161 Venezuela 1,724 1,812 1,945 1,945 2,235 nd 2,147 nd 2,36 2,257 OPEC 18,193 19,126 2,712 21,117 2, ,65* 21,68 24,2* 23,28 22,265 Notes: Totals may not add up due to independent rounding. Angola joined OPEC in January 27; Ecuador suspended its membership from December 1992 to October 27. Gabon terminated its membership in January 1995, but rejoined the Organization in July OPEC excluding Kuwait and Iraq. No production level allocated. 2. OPEC excluding IR Iran and Iraq. * Includes Indonesia. 3. OPEC excluding Libya and Nigeria. Agreed at the: 1/ 63rd (Extraordinary) Meeting of the OPEC Conference, March 19 2, / 67th (Extraordinary) Meeting of the OPEC Conference, March 14, No production level allocated to Saudi Arabia which acted as the swing producer. Venezuela: 1.7m b/d including condensates. Nigeria: At the 7th Meeting of the OPEC Conference, July 1 11, 1984, a temporary production rise to 1.4m b/d and 1.45m b/d in August 1984 and September 1984, respectively, was decided. 3/ 71st (Extraordinary) Meeting of the OPEC Conference, October 29 31, Retained at the 75th (Extraordinary) Meeting of the OPEC Conference, October 4, / 78th Meeting of the OPEC Conference, June 25 3, 1986, and July 28 August 5, 1986, with the exception of Iraq. 5/ 79th (Extraordinary) Meeting of the OPEC Conference, October 6 22, 1986, with the exception of Iraq. 6/ 79th (Extraordinary) Meeting of the OPEC Conference, October 6 22, 1986, with the exception of Iraq. 7/ 8th Meeting of the OPEC Conference, December 11 2, / 81st Meeting of the OPEC Conference, June 25 27, / 82nd Meeting of the OPEC Conference, December 9 14, 1987, with the exception of Iraq. Extended at the 83rd Meeting of the OPEC Conference, June 11 14, 1988, with the exception of Iraq. 1/ 84th Meeting of the OPEC Conference, November 21 28, / 85th Meeting of the OPEC Conference, June 5 7, / 3rd Meeting of the Eight Minister Monitoring Committee, September 23 27, / 86th Meeting of the OPEC Conference, November 25 28, / 87th Meeting of the OPEC Conference, July 26 27, 199. September 2 March 21: Oil Ministers informal consultations and 1st Ministerial Monitoring Committee, August 26 29, 199 (interim course of action: OPEC shall consequently increase production in accordance with need). Retained August 199 agreement at the 88th Meeting of the OPEC Conference, December 12 13, / 3rd Meeting of the Ministerial Monitoring Committee, March 11 12, Reservations were made by Algeria and IR Iran as to the total OPEC production level. Reiterated without reservations at the 89th Meeting of the OPEC Conference, June 4, / 4th Meeting of the Ministerial Monitoring Committee, September 24 25, Retained at the 9th Meeting of the Conference, November 26 27, / 6th Meeting of the Ministerial Monitoring Committee, February 12 15, Reservations were made by IR Iran as to the total OPEC production level and by Saudi Arabia as to their allocated production level. Rollover (inclusive of reservations) at the 91st Meeting of the OPEC Conference, May 21 22, The Conference also decided to allow any additional production from Kuwait. 18/ 9th Meeting of the Ministerial Monitoring Committee, September 16 17, Reaffirmed to allow for any additional production from Kuwait. 19/ 92nd Meeting of the OPEC Conference, November 25 27, 1992, with full support of Member Countries, except Iraq and the allowance of additional volumes to Kuwait as they become available during the 1Q93. 2/ 1th Meeting of the Ministerial Monitoring Committee, February 13 16, 1993 with full support of Member Countries, except Iraq. Rollover of this agreement at the 93rd Meeting of the OPEC Conference, June 8 1, 1993, with full support of Member Countries, except Iraq and Kuwait. 9 9

12 Summary Table 1.2 OPEC Members crude oil production allocations (1, b/d) Oct 93 Jun 96 Jul 96 Dec 97 Jan 98 Mar 98 Apr 98 Jun 98 Jul 98 Mar 99 Apr 99 Mar Apr Jun Jul Sep Oct 1, Oct 3, Oct 31, Jan 1 Feb 1 Mar 1 21/ 22/ 23/ 24/ 25/ 26/ 27/ 28/ 29/ 3/ 31/ Algeria Gabon 287 IR Iran 3,6 3,6 3, ,318 3,359 3,727 3,844 3,917 3,698 Iraq 4 1,2 1,314 Kuwait 2, 2, 2, ,98 1,836 1,98 2,37 2,11 2,141 2,21 Libya 1,39 1,39 1, ,323 1,227 1,323 1,361 1,44 1,431 1,35 Nigeria 1,865 1,865 2, ,33 1,885 2,33 2,91 2,157 2,198 2,75 Qatar Saudi Arabia 8, 8, 8, ,23 7,438 8,23 8,253 8,512 8,674 8,189 United Arab Emirates 2,161 2,161 2, ,157 2, 2,157 2,219 2,289 2,333 2,21 Venezuela 2,359 2,359 2, ,845 2,72 2,845 2,926 3,19 3,77 2,92 OPEC 23,19 23,73 26,44 OPEC excl Iraq 1,175 23,17 21,789 19, ,83 24,841 25,315 23,894 Target 24,432 Apr 1 Aug 1 Sep 1 Dec 1 Jan 2 Dec 2 Jan 3 Feb 3 May 3 Jun 3 Oct 3 Nov 3 Mar 4 Apr 4 Jun 4 Jul 4 Aug 4 Oct 4 21/ 94th (Extraordinary) Meeting of the OPEC Conference, September 25 29, 1993, with full support of Member Countries, except Iraq. Maintained at the 12th Meeting of the Ministerial Monitoring Committee, March 25 26, 1994, with full support of Member Countries, except Iraq. Maintained at the 97th, 98th and 99th Meeting of the OPEC Conference, November 21 22, 1994, June 19 2, 1995, and November 21 22, 1995, respectively. 22/ 1th Meeting of the OPEC Conference, June 5 7, The remaining volume of 1.2m b/d is to be supplied by Iraq. Rollover of the agreement at the 11st and the 12nd Meeting of the OPEC Conference, November 27 28, 1996, and June 25 26, 1997, respectively. 23/ 13rd Meeting of the OPEC Conference, November 26 December 1, The remaining volume of 1,314,8 b/d is to be supplied by Iraq. 24/ 14th Meeting (Extraordinary) of the OPEC Conference, March 3, Data reflects temporary production cuts from OPEC excluding Iraq production in February 1998 as reported by selected secondary sources. Iraq is not called upon to participate in this agreement. 25/ 15th Meeting of the OPEC Conference, June 24, Iraq is not called upon to participate in this agreement. 26/ 17th Meeting of the OPEC Conference, March 23, Reaffirmed strong commitment to the agreement at the 18th Meeting of the OPEC Conference, September 22, Iraq is not called upon to participate in this agreement. 27/ 19th Meeting of the OPEC Conference, March 27 29, 2. Agreement of OPEC Member Countries excluding IR Iran and Iraq. 28/ 11th (Extraordinary) Meeting of the OPEC Conference, June 21, 2. Iraq is not called upon to participate in this agreement. 29/ 111th Meeting of the OPEC Conference, September 1 11, 2. Iraq is not called upon to participate in this agreement. 3/ 111th Meeting of the OPEC Conference, September 1 11, 2; including additional 5, b/d (price band mechanism) as announced by the OPEC President on October 3, 2, and effective from October 31, 2. Iraq is not called upon to participate in this agreement. 31/ 113th (Extraordinary) Meeting of the OPEC Conference, January 17, 21. Iraq is not called upon to participate in this agreement. 32/ 114th Meeting of the OPEC Conference, March 16 17, 21. Retained at the 115th (Extraordinary) and 116th (Extraordinary) Meeting of the OPEC Conference, June 5 and July 3, 21, respectively. Iraq is not called upon to participate in this agreement. 33/ OPEC Conference, July 25, 21. Retained at the 117th Meeting of the OPEC Conference, September 26 27, 21. Iraq is not called upon to participate in this agreement. 34/ Announced during the 118th (Extraordinary) Meeting of the OPEC Conference, November 14, 21, and confirmed its implementation during the Consultative Meeting of the OPEC Conference in Cairo, December 28, 21. Retained at the 119th (Extraordinary), 12th (Extraordinary) and 121st Meeting of the OPEC Conference, March 15, June 26 and September 19, 22, respectively. Iraq is not called upon to participate in this agreement. 35/ 122th (Extraordinary) Meeting of the OPEC Conference, December 12, 22. Iraq is not called upon to participate in this agreement. 36/ 123rd (Extraordinary) Meeting of the OPEC Conference, January 12, 23. Retained at the 124th Meeting of the OPEC Conference, March 11, 23. Iraq is not called upon to participate in this agreement. 37/ Consultative Meeting of the OPEC Conference, April 24, 23. Retained at the 125th (Extraordinary) and 126th (Extraordinary) Meeting of the OPEC Conference, June 11 and July 31, 23, respectively. Iraq is not called upon to participate in this agreement. 38/ 127th Meeting of the OPEC Conference, September 24, 23. Retained at the 128th (Extraordinary) and 129th (Extraordinary) Meeting of the OPEC Conference, December 4, 23, and February 1, 24, respectively. Iraq is not called upon to participate in this agreement. 39/ 129th (Extraordinary) Meeting of the OPEC Conference, February 1, 24. Reconfirmed at the 13th Meeting of the OPEC Conference, March 31, 24. Iraq is not called upon to participate in this agreement. 4/ 131st (Extraordinary) Meeting of the OPEC Conference, June 3, 24. Iraq is not called upon to participate in this agreement. 41/ 131st (Extraordinary) Meeting of the OPEC Conference, June 3, 24. Iraq is not called upon to participate in this agreement. 42/ 132nd Meeting of the OPEC Conference, September 15, 24. Iraq is not called upon to participate in this agreement. During the 133rd (Extraordinary) Meeting of the OPEC Conference, December 1, 24, Member Countries agreed to collectively reduce the over production by 1m b/d from their current actual output, effective January 1, 25. Agreement of 132nd Meeting is retained at the 134th (Extraordinary) Meeting of the OPEC Conference, January 3, 25. Nov 1, 4 Mar 16, 5 32/ 33/ 34/ 35/ 36/ 37/ 38/ 39/ 4/ 41/ 42/ Algeria IR Iran 3,552 3,46 3,186 3,377 3,597 3,729 3,597 3,45 3,744 3,817 3,964 Iraq Kuwait 1,941 1,861 1,741 1,845 1,966 2,38 1,966 1,886 2,46 2,87 2,167 Libya 1,296 1,242 1,162 1,232 1,312 1,36 1,312 1,258 1,365 1,392 1,446 Nigeria 1,993 1,911 1,787 1,894 2,18 2,92 2,18 1,936 2,11 2,142 2,224 Qatar Saudi Arabia 7,865 7,541 7,53 7,476 7,963 8,256 7,963 7,638 8,288 8,45 8,775 United Arab Emirates 2,113 2,25 1,894 2,7 2,138 2,217 2,138 2,51 2,225 2,269 2,356 Venezuela 2,786 2,67 2,497 2,647 2,819 2,923 2,819 2,74 2,934 2,992 3,17 OPEC excl Iraq 22,946 21,998 2,575 21,89 23,23 24,83 23,23 22,282 24,178 24,653 25,61 1

13 Summary Table 1.2 OPEC Members crude oil production allocations (1, b/d) Mar 17, 5 Jun 3, 5 Jul 5 Oct 6 Nov 6 Jan 7 Feb 7 Oct 7 Nov 7 Dec 7 Jan 8 Sep 8 Oct 8 Nov 8 Dec 8 Jan 9 Dec 11 Jan 12 Dec 15 Jan 17 43/ 44/ 45/ 46/ 47/ 48/ 49/ 5/ 51/ 52/ 53/ Algeria nd nd nd 71 nd nd 1,39 Angola nd nd 99 nd nd 1,673 Ecuador nd nd 27 nd nd 522 Gabon 193 IR Iran 4,37 4, nd nd nd 199 nd nd 3,797 Iraq nd 4,351 Kuwait 2,27 2, nd nd nd 132 nd nd 2,77 Libya 1,473 1, nd nd nd 89 nd nd Nigeria 2,265 2, nd nd nd 113 nd nd Qatar nd nd nd 43 nd nd 618 Saudi Arabia 8,937 9, nd nd nd 466 nd nd 1,58 United Arab Emirates 2,4 2, nd nd nd 134 nd nd 2,874 Venezuela 3,165 3, nd nd nd 129 nd nd 1,972 OPEC 29,84 3 OPEC excl Iraq 26,75 26,549 1,5 OPEC excl Angola, Ecuador and Iraq 1, * Target OPEC excl Angola, Ecuador and Iraq 26,3* 25,8* 27,253* Target OPEC excl Iraq 29,673* 28,88 27,38 24,845 Target OPEC 3, 32,5* 43/ 135th Meeting of the OPEC Conference, March 16, 25. Iraq is not called upon to participate in this agreement. The President of the Conference is authorized, after consultation with fellow Heads of Delegation, to announce an additional 5, b/d increase until its next Meeting, if prices remain at current high levels or continue to further rise. 44/ 136th (Extraordinary) Meeting of the OPEC Conference, June 15, 25. Iraq is not called upon to participate in this agreement. The President of the Conference is authorized, after consultation with fellow Heads of Delegation, to announce an additional 5, b/d increase until its next Meeting, if prices remain at current high levels or continue to further rise. The 137th OPEC Conference, September 2, 25, agreed to make available to the market the spare capacity of 2m b/d, should it be called for, for a period of three months, starting October 1, 25. The 138th (December 12, 25), the 139th (Extraordinary, January 31, 26), the 14th (March 8, 26) and the 141st (Extraordinary, June 1, 26) Conference retained the OPEC production level as agreed on June 15, / Consultative Meeting of the OPEC Conference, October 19 2, 26. Data reflects interim production cuts from OPEC excluding Iraq production in September 26. Iraq is not called upon to participate in this agreement. 46/ 143rd (Extraordinary) Meeting of the OPEC Conference, December 14, 26. Data reflects a further production cut to the decision taken in Doha, October 19 2, 26. Iraq is not called upon to participate in this agreement. 47/ 145th Meeting of the OPEC Conference, September 11, 27. Angola and Iraq are not called upon to participate in this agreement. Data reflect production increase of 5, b/d for OPEC (excluding Angola and Iraq) to achieve m b/d. 48/ 146th (Extraordinary) Meeting of the OPEC Conference, December 5, 27. Iraq is not called upon to participate in the agreement. 49/ 149th Meeting of the OPEC Conference, September 9-1, 28: The Conference agreed to abide to September 27 production allocations (adjusted to include new Members Angola and Ecuador and excluding Indonesia and Iraq), totalling to 28.8m b/d. 5/ 15th (Extraordinary) Meeting of the OPEC Conference, October 24, 28: Data reflects a production cut of 1.5m b/d to achieve 27.31m b/d. Iraq and Indonesia are not called upon to participate in the agreement. 51/ The 151th (Extraordinary) Meeting of the Conference, December 17, 28, agreed to reduce OPEC excluding Iraq production by total of 4.2m b/d from September levels of the actual production based on secondary sources. Iraq is not called upon to participate in the agreement. 52/ The 16th Meeting of the Conference, December 14, 211, decided to maintain the total OPEC production level of 3.m b/d. This agreement was maintained at the 161st (June 14, 212), the 162nd (December 12, 212), the 163rd (May 31, 213), the 164th (December 4, 213), the 165th (June 11, 214), the 166th (November 27, 214) and for the last time at the 167th (June 5, 215) Meeting of the Conference. 53/ The 171st Meeting of the Conference, November 3, 216, decided to reduce its production by around 1.2m b/d to bring its ceiling to 32.5m b/d, effective of January 1, 217. Agreed crude oil production levels were allocated, with the exception of Libya and Nigeria. 11

14 1

15 SECTION 2 Macro-economics

16 Macro-economics

17 Oil use per capita in OPEC Member Countries Macro-economics Feature Box: Section 2 During the period 198 to 216, OPEC Member Countries populations increased by about 275 million and, in relative terms, by almost 25 per cent, marking an average annual increase of around b 1 8 million per year. 1 The largest percentage gains have taken place in Middle Eastern OPEC Member Countries with relatively small populations, such as Qatar and the United Arab Emirates. OPEC Members oil demand gained almost 2.4 billion barrels during the same period, marking an average of b 2 68m b/yr. 2 Oil demand in OPEC Members is determined to a large extent by the transportation and industrial sectors, particularly the petroleum products categories of gasoline and distillates, as well as kerosenes. The higher rate in oil consumed, compared to the population, implies a sharp increase in oil use per capita from 4.9 b/yr in 198 to 7. b in 216 with the largest increases in relative terms originating in Middle Eastern OPEC Members. Healthy growth in the transportation sector of OPEC Members between 23 and 213, in addition to a developing industrial sector, have supported oil demand per capita gains considerably. OPEC Members population and oil demand OPEC Members oil demand per capita (million) (m b) 6 4, 5 3,5 4, 4 b 2,5 1 = 8 3 2, 2 1,5 b 2 = 68 1, (b/yr) Oil demand (RHS) Population Oil demand per capita in OPEC Members increased sharply during the early 198s, as well as from 23 to 213. It remained relatively stagnant between the mid-198s and 23, and further declined from 214 onwards, as shown in the figure above (right-hand side). The main factors behind declining oil demand per capita as of 214 were efficiencies in the transportation sector, increasing petroleum products retail prices in some OPEC Member Countries and fuel substitution with other primary commodities, notably natural gas in the industrial sector. As can be seen from the figure on the left-hand side, while population growth in OPEC Member Countries follows a linear trend during the time period , oil demand has switched towards a non-linear structure, especially after strong gains during the period Oil demand per capita in 216 varies substantially among OPEC Members, ranging from a minimum of 2 to a maximum of 37 b/yr. Notes: 1. Slope coefficient of simple linear regression model with population as a dependent variable and the year as an independent variable. 2. Slope coefficient of simple linear regression model with oil demand as a dependent variable and the year as an independent variable. 15

18 Macro-economics Table 2.1 OPEC Members population (million inhabitants) change 16/15 Algeria Angola Ecuador Gabon IR Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia United Arab Emirates Venezuela OPEC Graph 2.1 OPEC Members population (million inhabitants) Algeria Angola Ecuador Gabon IR Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia United Arab Emirates Venezuela Graph 2.2 Population as a share of total OPEC, 216 (%) Algeria Angola Ecuador Gabon IR Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia United Arab Emirates Venezuela

19 Macro-economics Table 2.2 OPEC Members GDP at current market prices (m $) Algeria 29,5 29, ,12 165, ,14 Angola 115, , ,777 12,962 95,821 Ecuador 87,925 94,776 1,917 99,68 96,69 Gabon 17,181 17,596 18,29 14,37 14,273 IR Iran 587,29 511, , ,436 49,823 Iraq 218,32 234, , , ,274 Kuwait 174,66 174, , ,78 11,572 Libya 89,242 62,872 33,819 29,763 33,157 Nigeria 461, , , ,136 4,571 Qatar 186, ,183 25,66 164,19 152,59 Saudi Arabia 735, , ,35 651, ,617 United Arab Emirates 373, ,598 41,958 37, ,353 Venezuela 331, ,17 215,296 26,89 287,274 OPEC 3,586,635 3,56,924 3,42,836 3,27,811 2,939,39 4, Graph 2.3 OPEC Members GDP at current market prices (bn $) Algeria Angola Ecuador Gabon IR Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia United Arab Emirates Venezuela 3,5 3, 2,5 2, 1,5 1, Graph 2.4 GDP at current market prices as a share of total OPEC, 216 (%) Algeria Angola Ecuador Gabon IR Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia United Arab Emirates Venezuela

20 Macro-economics Table 2.3 OPEC Members real GDP growth rates PPP based weights (%) Algeria Angola Ecuador Gabon IR Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia United Arab Emirates Venezuela OPEC Notes: Aggregates were compiled on the basis of 211 GDP weights using 211 purchasing power parities (PPP) Graph 2.5 Real GDP growth rates PPP based weights for total OPEC (%) Graph 2.6 Real GDP growth rates for OPEC Members (%) Algeria Angola Ecuador Gabon IR Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia United Arab Emirates Venezuela

21 Macro-economics Table 2.4 OPEC Members values of exports (m $) Notes: All figures fob Algeria 77,17 69,649 65,227 34,566 29,54 Angola 71,93 68,247 59,17 33,181 25,935 Ecuador 23,765 24,848 25,732 18,366 16,744 Gabon 1,331 9,715 9,346 6,473 5,871 IR Iran 131,35 14,562 12,796 76,793 97,386 Iraq 94,392 89,742 84,56 49,43 43,89 Kuwait 114, ,93 1,658 54,89 46,261 Libya 61,26 46,18 23,726 13,943 11,986 Nigeria 96,95 97,818 82,596 45,888 34,74 Qatar 142, , ,845 92,38 72,459 Saudi Arabia 388,41 375, ,433 23, ,575 United Arab Emirates 359, ,28 343,85 3, ,653 Venezuela 97,877 88,753 74,714 37,236 26,473 OPEC 1,668,929 1,64,459 1,453, ,7 888,99 1,8 Graph 2.7 OPEC Members values of exports (bn $) Algeria Angola Ecuador Gabon IR Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia United Arab Emirates Venezuela 1,6 1,4 1,2 1, Graph 2.8 Values of exports as a share of total OPEC, 216 (%) Algeria Angola Ecuador Gabon IR Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia United Arab Emirates Venezuela

22 Macro-economics Table 2.5 OPEC Members values of petroleum exports (m $) Algeria 48,271 44,462 4,628 21,742 18,638 Angola 69,954 66,652 57,25 31,929 25,935 Ecuador 13,792 14,17 13,276 6,66 5,442 Gabon 8,922 8,44 7,72 4,913 4,198 IR Iran 11,468 61,923 53,652 27,38 41,123 Iraq 94,9 89,359 84,33 49,249 43,753 Kuwait 18,534 17,543 94,324 48,444 41,461 Libya 6,188 44,445 2,357 1,973 9,313 Nigeria 95,62 9,546 78,53 41,818 27,788 Qatar 65,65 62,519 56,912 28,513 22,958 Saudi Arabia 337,48 321, , ,91 134,373 United Arab Emirates 86,16 85,64 88,855 53,836 45,559 Venezuela 93,569 85,63 71,731 35,136 25,142 OPEC 1,182,968 1,82, , ,43 445,684 Notes: Where applicable, petroleum product exports are included. Data for some countries may include condensates, as well as other NGLs; some countries import substantial amounts of crude and products, resulting in lower net revenue from petroleum operations. 1,4 Graph 2.9 OPEC Members values of petroleum exports (bn $) 1,2 1, Algeria Angola Ecuador Gabon IR Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia United Arab Emirates Venezuela Graph 2.1 Values of petroleum exports as a share of total OPEC, 216 (%) Algeria Angola Ecuador Gabon IR Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia United Arab Emirates Venezuela

23 Macro-economics Table 2.6 OPEC Members values of imports (m $) Algeria 59,6 63,758 68,36 52,649 49,437 Angola 23,74 26,331 28,58 2,693 12,515 Ecuador 24,25 25,889 26,445 2,458 15,618 Gabon 3,629 3,99 4,46 3,61 2,977 IR Iran 121,74 11,242 8,362 65,822 73,3 Iraq 59,6 59,349 53,177 39,45 38,713 Kuwait 27,268 29,293 31,35 3,952 3,83 Libya 25,59 34,5 2,43 11,236 11,12 Nigeria 57,396 55,31 61,594 52,335 35,24 Qatar 54,544 58,792 63,829 59,19 63,529 Saudi Arabia 155, , , , ,433 United Arab Emirates 256,528 27, ,42 263,435 27,985 Venezuela 65,951 57,183 47,58 36,496 17,977 OPEC 934, , , , ,566 Notes: All figures cif. 1,2 Graph 2.11 OPEC Members values of imports (bn $) 1, Algeria Angola Ecuador Gabon IR Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia United Arab Emirates Venezuela Graph 2.12 Values of imports as a share of total OPEC, 216 (%)

24 Macro-economics Table 2.7 Current account balances in OPEC Members (m $) Algeria 12, ,434 27,476 26,314 Angola 13,841 8,145 3,748 1,273 4,929 Ecuador ,21 1,19 Gabon 3,4 1,241 1, ,279 IR Iran 23,416 26,523 15,861 9,19 23,566 Iraq 29,542 22,591 24,428 3,672 3,134 Kuwait 79,137 7,181 54,41 5, Libya 23,836 8,895 11,662 18,373 13,491 Nigeria 17,516 19, ,439 2,722 Qatar 62, 6,461 49,41 13,751 2,885 Saudi Arabia 164, ,442 73,758 53,478 24,914 United Arab Emirates 79,564 74,118 54,462 17,265 11,546 Venezuela 2,586 4,64 3,598 2,36 6,684 OPEC 511, , ,766 98,71 43,74 6 Graph 2.13 Current account balances in total OPEC (bn $) Graph , Current 216) account balances in OPEC Members (bn $) Algeria Angola Ecuador Gabon IR Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia United Arab Emirates Venezuela

25 SECTION 3 Oil data: upstream

26 Oil data: upstream 24

27 Oil data: upstream Feature Box: Section 3 A review of historical US crude oil production and liquid oil supply Oil production in the US has a very long tradition going back to the early 19th century. As the Annual Statistical Bulletin provides oil supply data starting with the year 196, this brief review focuses on the last 56 years. One can distinguish between three phases of oil liquid supply (covering the production of crude oil, natural gas liquids and non-conventional oils such as biofuels) in the US (see the figure on the right). These phases are: Continuous production increase, a trend that started already far before the period under consideration, with its peak in the year 197. Four decades of oil supply decline of more than 1, b/d on average annually. Sharp supply gains (of 75, b/d on average annually) following rapid developments in production from shale formations from 26 onwards. Overview of US oil supply, barrels (m b/d) Historical peak in 197 at 11.32m b/d New peak in 215 at 14.4m b/d Low in 26 at 7.32m b/d Coefficient of simple linear regression model 1 (b/d) , , 1. Slope coefficient of simple linear regression model with US supply as a dependent variable and the year as an independent variable. In this regard, it is worth addressing the role of crude oil and the changes in the composition of oil supply over the years. Reference is thus made to the figures below. The left-hand figure shows the share of crude oil production in US oil supply, while the right-hand figure disaggregates US output in crude oil and non-crude production (for the last 2 years only). Share of crude oil production in US oil supply, (%) US crude oil production vs non-crude oil supply, (m b/d) Crude (LHS) Non-crude (RHS) As can be seen, the share of crude oil, which stood at 88 per cent in 196, was constantly declining and bottomed out in the year 211 at only 63 per cent. Since then, the share has been hovering between 64 and 67 per cent, implying that crude oil is only responsible for about two-thirds of supply, meaning the role of crude oil for US oil supply has become less important. This development has been caused by the trend of declining crude oil production which predates the tight oil boom, as well as the steady increase of non-crude elements such as natural gas liquids, notably from unconventional resources in recent years but also from biofuels. As illustrated, production of non-crude elements was stable when crude oil production was still falling, and picked up earlier. This softened the decline in US oil supply before 26 and pushed up the growth thereafter. Finally, another interesting aspect is that non-crude oil supply continued to increase in 216, partly offsetting the steep drops in crude oil production. 25

28 Oil data: upstream Table 3.1 World proven crude oil reserves by country (m b) Notes: Figures as at year-end. 1. Data excludes oil sands % change 16/15 North America 34, ,652. 4,53. 36, ,218. Canada 1 4,132. 4,281. 4,118. 3,9. 3,9. United States 3, , , , ,318. Latin America 338, , , , , Argentina 2,85. 2,82. 2,354. 2,38. 2, Brazil 13, ,5. 15, , , Colombia 2,2. 2,377. 2,445. 2,38. 2, Ecuador 8,235. 8,832. 8,273. 8,273. 8,273. Mexico 11, ,79. 9,711. 9,711. 9,711. Venezuela 297, , ,953. 3, ,25..5 Others 2,83. 3,14. 3,16. 2,815. 2, Eastern Europe and Eurasia 119, , , , ,856. Azerbaijan 7,. 7,. 7,. 7,. 7,. Belarus Kazakhstan 3,. 3,. 3,. 3,. 3,. Russia 8,. 8,. 8,. 8,. 8,. Turkmenistan Ukraine Uzbekistan Others 1,94. 1,87. 1,76. 1,73. 1,69..4 Western Europe 1,8. 11,337. 1,761. 1,64. 11, Denmark Norway 5,366. 5,825. 5,497. 5,139. 6, United Kingdom 2,8. 2,979. 2,982. 2,755. 2, Others 1,829. 1,727. 1,67. 1,66. 1, Middle East 799, , , , ,73..6 IR Iran 157,3. 157,8. 157, ,4. 157,2..8 Iraq 14,3. 144, , , , Kuwait 11,5. 11,5. 11,5. 11,5. 11,5. Oman 5,5. 4,974. 5,151. 5,36. 5, Qatar 25, , , , ,244. Saudi Arabia 265, , , , ,28..1 Syrian Arab Republic 2,5. 2,5. 2,5. 2,5. 2,5. United Arab Emirates 97,8. 97,8. 97,8. 97,8. 97,8. Others 3,138. 3,139. 3,14. 3,14. 3,139. Africa 128, ,7. 127, , , Algeria 12,2. 12,2. 12,2. 12,2. 12,2. Angola 9,55. 9,11. 8,423. 9,524. 9,523. Egypt 4,4. 4,4. 4,4. 4,4. 4,4. Gabon 2,. 2,. 2,. 2,. 2,. Libya 48, , , , ,363. Nigeria 37, ,71. 37, ,62. 37, Sudans 5,. 5,. 5,. 5,. 5,. Others 1,25. 1,25. 9,42. 9,42. 9,42. Asia and Pacific 47, ,86. 48, , , Australia 3,922. 3,957. 3,982. 3,982. 3, Brunei 1,1. 1,1. 1,1. 1,1. 1,1. China 24, , , , , India 5,571. 5,643. 5,675. 5,68. 5, Indonesia 3,291. 3,33. 3,33. 3,23. 3,23. Malaysia 3,668. 3,75. 3,75. 3,6. 3,6. Vietnam 4,4. 4,4. 4,4. 4,4. 4,4. Others 1,172. 1,331. 1,338. 1,261. 1, Total world 1,478,673. 1,489,272. 1,49,386. 1,487,893. 1,492, of which OPEC 1,22,83. 1,28,171. 1,28,382. 1,21,22. 1,216,78..5 OPEC percentage OECD 61, , ,277. 6, , FSU 118, , , , ,

29 Oil data: upstream Table 3.2 Active rigs by country change 16/15 North America 2,137 2,146 2, Canada United States 1,784 1,774 1, Latin America Argentina Bolivia Brazil Colombia Ecuador Mexico Trinidad & Tobago Venezuela Others Eastern Europe and Eurasia Azerbaijan Kazakhstan Poland Romania Russia Turkmenistan Others Western Europe Germany Italy Netherlands Norway United Kingdom Others Middle East IR Iran Iraq Kuwait Oman Qatar Saudi Arabia Syrian Arab Republic United Arab Emirates Yemen Others Africa Algeria Angola Egypt Gabon Libya Nigeria Others Asia and Pacific 1,11 1,13 1,113 1,99 1,2 79 Australia China India Indonesia Malaysia New Zealand Pakistan Others Total world 5,55 5,162 5,259 3,618 3, of which OPEC OPEC percentage OECD 2,391 2,367 2, FSU Notes: Figure as at year end. 27

30 Oil data: upstream 1,6 1,4 1,2 1, ,4 1,2 1, Graph 3.1 World proven crude oil reserves (bn b) Graph 3.2 OPEC Members proven crude oil reserves (bn b) % North America Latin America Eastern Europe & Eurasia Western Europe Middle East Africa Asia and Pacific OPEC share (%) Algeria Angola Ecuador Gabon IR Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia United Arab Emirates Venezuela Graph 3.3 World Graph 3.3: crude Wo oil production Graph 3.4 OPEC Members crude oil production (m b/d) (m b/d) % North America Latin America Eastern Europe & Eurasia Western Europe Middle East Africa Asia and Pacific OPEC share (%) Algeria Angola Ecuador Gabon IR Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia United Arab Emirates Venezuela 28

31 Oil data: upstream Table 3.3 Wells completed in OPEC Members Notes: 1. Figures include share of wells completed from Neutral Zone change 16/15 Algeria Angola Ecuador Gabon IR Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia United Arab Emirates Venezuela OPEC 3,496 3,32 3,764 3,352 2, Total world 11,757 14,888 11,67 71,38 51,8 2,3 7 Graph 3.5 Non-OPEC oil supply and OPEC NGLs (m b/d) North America Latin America Eastern Europe & Eurasia Western Europe Middle East Africa Asia and Pacific Processing gains OPEC (NGL + NCF)

32 Oil data: upstream Table 3.4 Producing wells in OPEC Members change 16/15 Algeria 2,61 2,61 2,42 1,968 1, Angola 1,554 1,554 1,59 1,593 1, Ecuador 3,177 3,414 3,592 3,483 3, Gabon IR Iran 2,119 2,24 2,281 2,339 2, Iraq 1,7 1,735 1,963 2,361 2, Kuwait 1 1,831 1,794 1,76 1,731 1,78 49 Libya 1,91 1, Nigeria 2,168 1,951 2,1 1,947 1, Qatar Saudi Arabia 1 3,47 3,372 3,46 3,555 3, United Arab Emirates 1,64 1,722 1,735 1,792 1, Venezuela 14,959 14,89 14,71 14,685 13,395 1,29 OPEC 37,44 36,832 36,538 36,858 36, Total world 981, ,696 1,6,232 1,113,243 1,12,111 11,132 Notes: Excluding shut-in wells. 1. Figures include share of producing wells from Neutral Zone. 3

33 Oil data: upstream Table 3.5 Daily and cumulative crude oil production in OPEC Members (1, b) Daily crude oil production (average) Algeria ,29.1 1, ,146.3 Angola ,721.6 Ecuador Gabon IR Iran 1,67.7 3,829. 1, , , ,651.3 Iraq , , , ,81. 4,647.8 Kuwait 1 1, , , , ,954.3 Libya 3,318. 1, , , Nigeria ,83.1 2,58. 1, ,53.6 1,427.3 Qatar Saudi Arabia 1 1, , ,9.5 6, ,94.5 1,46.2 United Arab Emirates ,71.9 1, , ,88.3 Venezuela 2, ,78. 2,165. 2, ,891. 2,372.5 OPEC 8, , , , , ,28.5 Cumulative crude oil production up to and including year Notes: 1. Figures include share of production from Neutral Zone Algeria 81,372 2,569,469 6,44,548 8,974,34 11,837,3 18,658,344 Angola 1,127 76, ,359 1,681,478 3,972,81 12,532,233 Ecuador 2,745 26, ,927 1,526,131 2,843,162 5,78,839 Gabon 15, ,732 87,19 1,57,592 2,691,226 4,12,426 IR Iran 4,167,717 12,357,977 29,969,896 38,41,483 51,367,7 72,756,193 Iraq 2,75,439 7,476,78 15,826,156 22,246,28 26,918,241 41,845,43 Kuwait 1 4,333,49 13,28,96 21,993,164 25,857,94 32,92,887 46,846,867 Libya 5,476,384 12,81,843 16,929,582 21,993,272 29,132,15 Nigeria 12,318 1,138,896 8,389,456 13,656,562 2,572,881 32,94,498 Qatar 451,617 1,428,583 3,199,374 4,334,88 6,32,88 1,255,952 Saudi Arabia 1 4,345,242 13,283,848 42,36,785 61,814,68 91,266, ,97,919 United Arab Emirates 1,16,471 7,164,231 11,921,927 19,785,67 34,434,521 Venezuela 13,865,487 26,31,976 36,46,663 42,528,79 51,772,971 68,275,979 OPEC 3,26,786 84,52, ,222,42 251,388, ,145,19 52,631,961 31

34 Oil data: upstream Table 3.6 World crude oil production by country (1, b/d) % change 16/15 North America 7, , , , , Canada 1,38.5 1, , , , United States 6, , , , , Latin America 9,71.3 9, ,74.7 9, , Argentina Brazil 2,61.3 2,23.9 2, , , Chile Colombia , , Ecuador Mexico 2, , , , , Peru Trinidad & Tobago Venezuela 2,83.9 2, , , , Others Eastern Europe and Eurasia 12, , , , , Azerbaijan Kazakhstan 1,36.5 1, , , , Romania Russia 9, ,47.3 1,87.5 1, , Turkmenistan Ukraine Others Western Europe 2, , ,75.3 2, , Denmark France Germany Italy Netherlands Norway 1, , , , , Turkey United Kingdom Others Middle East 24, , , , , Bahrain IR Iran 3, , , , , Iraq 2, , ,11.5 3,54.1 4, Kuwait 1 2, , , , , Oman Qatar Saudi Arabia 1 9,763. 9,637. 9, , , Syrian Arab Republic United Arab Emirates 2,653. 2, ,794. 2, , Yemen Africa 8, , , ,94.8 6, Algeria 1, ,22.6 1, , , Angola 1,74. 1,71.2 1, , , Congo Egypt Equatorial Guinea Gabon Libya 1, Nigeria 1, , ,87. 1, , Sudans Others Asia and Pacific 7, , ,46.9 7, , Australia Brunei China 4,74.2 4, ,28.3 4, , India Indonesia Malaysia New Zealand Others Total world 72, , , , , of which OPEC 32, ,83.2 3, , , OPEC percentage OECD 13, , , , , FSU 12, , , , , Notes: 1. Figures include share of production from Neutral Zone. 32

35 Oil data: upstream Table 3.7 Non-OPEC oil supply and OPEC NGLs (1, b/d) % change 16/15 North America 13, , , , , Canada 3, ,38. 4, , , United States 1, , , , , Latin America 7, , , ,88.8 7, Argentina Brazil 2, ,62.5 2, ,79.7 3, Chile Colombia ,3.2 1,13.3 1, Mexico 2, , ,81.2 2, , Peru Trinidad & Tobago Others Eastern Europe and Eurasia 13, , , , , Azerbaijan Kazakhstan 1, , , , , Romania Russia 1, , , , , Turkmenistan Ukraine Others Western Europe 3, , , , , Denmark France Germany Italy Netherlands Norway 1, , , , , Turkey United Kingdom , Others Middle East 1,469. 1, , ,273. 1, Bahrain Oman , Syrian Arab Republic Yemen Africa 2,24.1 2, ,13.5 2, , Congo Egypt Equatorial Guinea Sudans Others Asia and Pacific 8,49.5 8, , , , Australia Brunei China 4, ,25.2 4,32.3 4, , India Indonesia Malaysia New Zealand Others 1,92.8 1,95.7 1,76.8 1, , Non-OPEC production 5, , , , , Processing gains 2,127. 2,128. 2,159. 2,172. 2, Non-OPEC supply 52, , , ,3.9 57, OPEC NGL 5, , , , , OPEC non-conventional (NCF) OPEC (NGL+NCF) 5, , , , , Non-OPEC & OPEC (NGL+NCF) 58, , , , , of which OECD 21,96. 22, , ,3.5 24, FSU 13, , , , ,

36

37 Ж I дв івм 1 3 її ж. ьъ 4- Я в я

38 Oil data: downstream

39 Oil data: downstream Feature Box: Section 4 Downstream dynamics in Asia and their importance to the oil market Global oil demand continued to grow in 216 at a slower rate at 1.5 per cent as compared to the growth in 215 of around 1.8 per cent. Geographically, Asia and Pacific remained the main source of oil demand growth in 216 with India, China and South Korea being the main drivers. Western Europe, Eastern Europe as well as Eurasia have also registered substantial growth in 216. North America and Middle East oil demand growth slowed down slightly while Latin American oil demand continued to decline. Considering the petroleum derivatives, the light end of the barrel gasoline, LPG and jet/kerosene supported global oil demand growth while fuel oil remained weak. In Asia and Pacific, particularly, oil demand remained bullish, with 216 gasoline demand in Asia and Pacific increasing by more than six per cent, kerosene by roughly five per cent and other petroleum products including LPG and naphtha increased by approximately three per cent while fuel oil demand shrank by almost three per cent compared to 215. India, China and South Korea continued to grow in a wide range of petroleum products. Petroleum demand in India and South Korea increased by eight per cent and six per cent, respectively, in 216 compared to 215, while it also increased in China, Thailand, New Zealand, to name a few countries. As result of strong world oil demand growth in 216, world refining capacity also increased but at a slower rate compared to previous years. Despite the deceleration of global downstream activities in 216, world refining capacity inched up by almost.5m b/cd as compared to 215. The 216 global refining capacity gains have mainly originated from North America and the Middle East. North American refining capacity increased, particularly in the United States where it rose by.3m b/cd. The Middle East also registered a growth of.3m b/cd of condensate splitters. Asian and Pacific refinery capacity growth slowed down strongly in 216, despite increases in South Korea and in China, which were partly offset by declines in Japan. Western Europe refining capacity declined again in 216 as result of continuing closures in France and the UK. Global refinery throughput slowed down this year compared to last year as a result of gains in oil prices and high global oil stocks. Asia and Pacific and the Middle East registered a strong growth in throughput in 216. All other regions weakened in 216 except North America which experienced small growth. Global refinery output followed the same trend as global refinery throughput with Asia and Pacific recording healthy gains, North America registered small gains while other regions registered declines. Oil demand correlates highly with refinery throughput. Considering the period 2 to 216, the explained variance of the assumed linear relationship between the two variables (R 2 ) 1 exceeds 99 per cent for total world, as well as for Asia and Pacific, while it reaches 8 per cent for the remaining of the regions. For total world and Asia and Pacific, this relationship is almost linear, with similar simple regression coefficients in both models, while this structure weakens for other world regions. These results are shown in the accompanying graph, which highlights the importance of Asia and Pacific in the oil market, particularly in the downstream Oil demand and refinery throughput (m b/d) Oil demand 2 R² =.8 R² =.99 R² = Throughput 1 World Asia All other regions 1. The square of the correlation coefficient. 37

40 Oil data: downstream Table 4.1 Refinery capacity in OPEC Members by company and location (1, b/cd) Location Algeria Sonatrach Skikda Skikda (condensate) Arzew Alger Hassi Messaoud Adrar Angola Fina Petroleos de Angola Luanda Ecuador Petroindustrial Esmeraldas Santa Elens Shushufindi Repsol YPF Orellana Andes Petroleum Sucumbios Petroproduccion El Oro nap Sucumbios Lago Agrio Gabon Total & Shell Port Gentil IR Iran 1,715. 1,715. 1,781. 1,781. 1,91. NIOC Abadan Isfahan Bandar Abbas Tehran Arak Tabriz Shiraz Lavan Kermanshah Bandar Abbas nap nap nap nap 12. Iraq INOC Baiji Basrah Daura Kirkuk Sainia Najaf Samawa Nasiria Missan Diwania Haditha Qaiarah Kask

41 Oil data: downstream Table 4.1 Refinery capacity in OPEC Members by company and location (1, b/cd) Location Kuwait KNPC Mina Al-Ahmadi Mina Abdullah Shuaiba Libya NOC Ras Lanuf Zawia Tobruk Sarir Marsa El-Brega Nigeria PHRC New Port Harcourt WRPC Warri KRPC Kaduna PHRC Old Port Harcourt NDPR Rivers State Qatar Qatar Petroleum Ras Laffan condensate Qatar Petroleum Mesaieed refinery & condensate Takreer Ras Laffan condensate II nap nap nap nap 146. Saudi Arabia 2,17. 2,57. 2,899. 2,899. 2,899. Saudi Aramco Ras Tanura Yanbu Riyadh Jeddah Saudi Aramco & Mobil Samref Saudi Aramco & Petrola Rabigh Saudi Aramco & Total Satorp nap Saudi Aramco Yasref nap nap Saudi Aramco & Shell Sasref United Arab Emirates ,124. 1,124. ADNOC Al-Ruwais Emirate Oil Jebel Ali ADNOC Umm Al-Narr METRO Oil Fujairah Venezuela 1,872. 1,855. 1,89.6 1,89.6 1,89.6 PDVSA Amuay Cardon Puerto La Cruz El Palito San Roque Bajo Grande Petropiar Petromonagas Petrocedeno Petrozuata OPEC 1,13.3 1, , , ,836.2 Notes: 1. Upgrader refinery capacity. 39

42 Oil data: downstream Table 4.2 Charge refinery capacity in OPEC Members, 216 (1, b/cd) Vacuum distillation Thermal operations Catalytic cracking Catalytic reforming Catalytic hydrocracking 1 Catalytic hydrotreating Algeria Angola Ecuador Gabon IR Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia United Arab Emirates Venezuela OPEC 2, ,6.4 1,32.1 3,159.6 Notes: 1. Includes GTL cracker capacities. Table 4.3 World refinery capacity by country (1, b/cd) change 16/15 North America 19, , , ,23.7 2, Canada 2,49.8 1, , , ,965.7 United States 17, , , ,58. 18, Latin America 8, , , , ,669.1 Argentina Brazil 2,. 2,93. 2,235. 2, ,277.8 Colombia Ecuador Mexico 1,69. 1,69. 1,69. 1,69. 1,69. Curaçao Trinidad & Tobago Venezuela 1 1,872. 1,855. 1,89.6 1,89.6 1,89.6 Others 1, ,86.3 1,86.3 1,86.3 1,86.3 Eastern Europe and Eurasia 1, , , , , Azerbaijan Belarus Kazakhstan Poland Romania

43 Oil data: downstream Table 4.3 World refinery capacity by country (1, b/cd) Eastern Europe and Eurasia (cont d) Notes: 1. Includes upgrader capacity change 16/15 Russia 5,754. 5,929. 6,4. 6,54. 6, Ukraine Others 1, , , , ,261.8 Western Europe 14, , , , , Belgium France 1, ,58.4 1,46. 1,46. 1, Germany 2,247. 2,247. 2,188. 2,188. 2,188. Italy 2, , ,46. 2,46. 2,46. Netherlands 1, , , , ,196.6 Spain 1, , , , ,427.5 United Kingdom 1, , ,42. 1,42. 1, Others 3, , , , ,512.7 Middle East 7, ,16.3 8, ,15.3 9, IR Iran 1,715. 1,715. 1,781. 1,781. 1, Iraq Kuwait Qatar Saudi Arabia 2,17. 2,57. 2,899. 2,899. 2,899. United Arab Emirates ,124. 1,124. Others 1, , , , ,182.3 Africa 3,413. 3, , , ,491.8 Algeria Angola Egypt South Africa Gabon Libya Nigeria Others Asia and Pacific 3, , ,5.5 31, , Australia China 11, , , , , India 4, ,319. 4,319. 4,619. 4,619. Indonesia 1,157. 1,157. 1,157. 1,157. 1,157. Japan 4, , , , , South Korea 2,949. 2,949. 3,9. 3,59. 3, Singapore 1,422. 1,414. 1,514. 1,514. 1,514. Others 4,39.9 4,46.9 4, , ,181.4 Total world 94, , , , , of which OPEC 1,13.3 1, , , , OPEC percentage OECD 45, , , , , FSU 8, ,77.4 8, , ,

44 Oil data: downstream Table 4.4 World refinery throughput by country (1, b/d) % change 16/15 North America 16, , , , , Canada 1,868. 1,843. 1,841. 1,839. 1, United States 14, , , , , Latin America 6, , ,49.4 6, , Argentina Brazil 1,932. 2,55.3 2,16.9 1,984. 1, Colombia Ecuador Mexico 1,26.5 1, , , Curaçao Trinidad & Tobago Venezuela 1, , ,351. 1, , Others 1, Eastern Europe and Eurasia 7, , , , , Azerbaijan Belarus Kazakhstan Poland Romania Russia 5, ,59.9 5, , , Ukraine Others Western Europe 11, , , , , Belgium France 1, , , , , Germany 1,94.2 1, , , , Italy 1, ,27.9 1,22.3 1,346. 1, Netherlands 1, ,3.7 1,62.1 1, Spain 1, , , , ,296.1 United Kingdom 1, , , , , Others 2,61.4 2, ,566. 2, , Middle East 6, ,64.6 6, ,266. 7, IR Iran 1,717. 1,817. 1,817. 1,817. 1, Iraq Kuwait Qatar Saudi Arabia 1, , ,. 2,18.5 2, United Arab Emirates , Others Africa 2, , ,3.6 2,16.3 2, Algeria Angola Egypt South Africa Gabon Libya Nigeria Others Asia and Pacific 25, , , , , Australia China 9,512. 9,782. 1, ,1. 11, India 4,3.3 4, , ,561. 4, Indonesia Japan 3, , , , , South Korea 2, ,484. 2,516. 2,784. 2, Singapore ,277. 1,262. 1,21. 1, Others 3, ,25.6 3, , , Total world 77, , , , , of which OPEC 8,173. 8,14.2 8, , , OPEC percentage OECD 37,75. 36, , , ,8.7 FSU 6, , , , ,

45 Oil data: downstream Table 4.5 Output of petroleum products in OPEC Members (1, b/d) % change 16/15 Algeria Gasoline Kerosene Distillates Residuals Others Angola Gasoline Kerosene Distillates Residuals Others Ecuador Gasoline Kerosene Distillates Residuals Others Gabon Gasoline Kerosene Distillates Residuals Others IR Iran 1, , , , , Gasoline Kerosene Distillates Residuals Others Iraq Gasoline Kerosene Distillates Residuals Others Kuwait 1, , Gasoline Kerosene Distillates Residuals Others Libya Gasoline Kerosene Distillates Residuals Others

46 Oil data: downstream Table 4.5 Output of petroleum products in OPEC Members (1, b/d) % change 16/15 Nigeria Gasoline Kerosene Distillates Residuals Others ,69.5 Qatar Gasoline Kerosene Distillates Residuals Others Saudi Arabia 1, , ,13.5 2,48.5 2, Gasoline Kerosene Distillates , Residuals Others United Arab Emirates , Gasoline Kerosene Distillates Residuals Others Venezuela 1,232. 1, , , Gasoline Kerosene Distillates Residuals Others OPEC 8,76.4 8, ,89.6 9, , Gasoline 1,499. 1, , , , Kerosene ,15.5 1, Distillates 2, , , ,57.9 2, Residuals 2,14.7 2,68.6 1, , , Others 2,96.7 2,98.9 2, , , Notes: Data may include products from GTLs and condensate units. 44

47 Oil data: downstream Table 4.6 World output of petroleum products by country (1, b/d) % change 16/15 North America 2, , , , , Canada 2,99. 2,7.6 2,52.3 2,2.5 2,33..6 United States 18, ,16. 19, ,886. 2, Latin America 7, , ,47.2 6, , Argentina Brazil 2,21.8 2, , ,41.2 1, Colombia Ecuador Mexico 1, , , , , Curaçao Trinidad & Tobago Venezuela 1,232. 1, , , Others 1, Eastern Europe and Eurasia 9,68.9 9, ,37.3 9, , Azerbaijan Belarus Kazakhstan Poland Romania Russia 6, , , ,437. 6, Ukraine Others Western Europe 12, , , , , Belgium France 1, ,26.6 1, ,27.5 1, Germany 2,12.1 2, , , , Italy 1,67.2 1,495. 1,48.3 1, , Netherlands 1,28.8 1, , , , Spain 1, , , , , United Kingdom 1, ,41.5 1, ,341. 1, Others 2, , , , , Middle East 7, , , ,99.6 8, IR Iran 1, , , , , Iraq Kuwait 1, , Qatar Saudi Arabia 1, , ,13.5 2,48.5 2, United Arab Emirates , Others Africa 2, , , , , Algeria Angola Egypt South Africa Gabon Libya Nigeria Others Asia and Pacific 26, , , , , Australia China 1, , , , , India 4,96.6 4, , , , Indonesia ,.3 3. Japan 3, ,669. 3, ,58.8 3,51.5 South Korea 2, , , ,6.2 3, Singapore 1,99.6 1,44.5 1,31.9 1,1. 1, Others 3,15. 3,93.2 3,76. 3, , Total world 85, , , , , of which OPEC 8,76.4 8, ,89.6 9, , OPEC percentage OECD 43, , , , , FSU 7,79.7 7,85.8 7, , , Notes: Data may include products from GTL and condensate units. 45

48 Oil data: downstream Table 4.7 Oil demand by main petroleum product in OPEC Members (1, b/d) % change 16/15 Algeria Gasoline Kerosene Distillates Residuals Others Angola Gasoline Kerosene Distillates Residuals Others Ecuador Gasoline Kerosene Distillates Residuals Others Gabon Gasoline Kerosene Distillates Residuals Others IR Iran 1, , , , , Gasoline Kerosene Distillates Residuals Others Iraq Gasoline Kerosene Distillates Residuals Others Kuwait Gasoline Kerosene Distillates Residuals Others

49 Oil data: downstream Table 4.7 Oil demand by main petroleum product in OPEC Members (1, b/d) % change 16/15 Libya Gasoline Kerosene Distillates Residuals Others Nigeria Gasoline Kerosene Distillates Residuals Others Qatar Gasoline Kerosene Distillates Residuals Others Saudi Arabia 2, ,994. 3, , , Gasoline Kerosene Distillates Residuals Others 1, , , , , United Arab Emirates Gasoline Kerosene Distillates Residuals Others Venezuela Gasoline Kerosene Distillates Residuals Others OPEC 8, , , , , Gasoline 2,1.7 2,96. 2, , , Kerosene Distillates 2,33.6 2, , ,46.9 2, Residuals 1,39.8 1, , , , Others 2, ,41.3 2,531. 2, ,

50 Oil data: downstream Table 4.8 World oil demand by country (1, b/d) % change 16/15 North America 2, , , , , Canada 2,47.5 2,455. 2,46.6 2,46. 2, United States 18, , , , , Others Latin America 9,94.3 9, ,35.1 9,17.5 9, Argentina Brazil 2, ,97.5 3, , , Colombia Ecuador Mexico 2,12.2 2,9.6 2,39.8 2,6.7 1, Venezuela Others 2,3.1 2,17.2 2,43.7 2,11.1 2, Eastern Europe and Eurasia 5,73.2 5, ,93.3 5, , Czech Republic Hungary Kazakhstan Poland Romania Russia 3, , ,46.1 3, , Slovakia Ukraine Others Western Europe 13, , , , , France 1, , , ,69.7 1, Germany 2, , , , , Italy 1,37.3 1, , , , Netherlands Spain 1,3.9 1,28.4 1, , , United Kingdom 1, , , , , Others 3, , ,859. 4,37.2 4, Middle East 7, ,79.9 7, , ,195.8 IR Iran 1, , , , , Iraq Kuwait Qatar Saudi Arabia 2, ,994. 3, , , Syrian Arab Republic United Arab Emirates Others Africa 3, , ,94.2 3,992. 4, Algeria Angola Egypt Gabon Libya Nigeria South Africa Tunisia Others 1,77.3 1,14.6 1, , , Asia and Pacific 29, ,15.2 3, , , Australia 1,94.9 1,12.8 1, , , China 9,793. 1, , , , India 3, , , ,5.9 4, Indonesia 1,58.7 1,64.9 1, , , Japan 4,63.2 4,54.1 4, ,12.2 3, New Zealand South Korea 2, , , ,46.8 2, Thailand 1, , ,33.9 1, , Others 4, , ,12.6 5,24.1 5, Total world 89, , , , , of which OPEC 8, , , , , OPEC percentage OECD 45, , , , , FSU 4, ,54. 4,641. 4, ,

51 Oil data: downstream 12 Graph 4.1 World refinery capacity (m b/cd) % 14 North America Latin America Eastern Europe & Eurasia Western Europe Middle East Africa Asia and Pacific OPEC share (%) North America Latin America Eastern Europe & Eurasia Western Europe Middle East Africa Asia and Pacific OPEC share (%) Graph 4.2 World output of petroleum products (m b/d) % Algeria Angola Ecuador Gabon IR Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia United Arab Emirates Venezuela Graph 4.3 OPEC output of refined petroleum products (m b/d)

52 Oil data: downstream Table 4.9 World oil demand by main petroleum product and region (1, b/d) % change 16/15 North America 2, , , , , Gasoline 9,72.4 9, , ,3.1 1, Kerosene 1, , , , , Distillates 4,548. 4,535. 4, , , Residuals Others 4, ,12.4 4, , , Latin America 9,94.3 9, ,35.1 9,17.5 9, Gasoline 2, , , , , Kerosene Distillates 2, , , ,84.3 2, Residuals 1,39.4 1, Others 2, ,537. 2, ,39. 2, Eastern Europe and Eurasia 5,73.2 5, ,93.3 5, , Gasoline 1, , ,372. 1, , Kerosene Distillates 1, , , , , Residuals Others 1,99.6 2,31.8 1, , ,2..1 Western Europe 13, , , , , Gasoline 1, , ,773. 1,784. 1, Kerosene 1,23.6 1, , , , Distillates 5, , , , , Residuals 1, , Others 3, ,35.5 3, , , Middle East 7, ,79.9 7, , ,195.8 Gasoline 1, , , ,623. 1, Kerosene Distillates 2, , , , , Residuals 1,381. 1, , , , Others 2,13. 2,118. 2, , , Africa 3, , ,94.2 3,992. 4, Gasoline ,11.3 1,85.2 1, , Kerosene Distillates 1,399. 1, ,58.2 1, , Residuals Others

53 Oil data: downstream Table 4.9 World oil demand by main petroleum product and region (1, b/d) % change 16/15 Asia and Pacific 29, ,15.2 3, , , Gasoline 5, , , , , Kerosene 2,65.8 2,15.9 2, , , Distillates 8, ,686. 8, ,66.4 9, Residuals 2, ,65.6 2,52.5 2, , Others 1,761. 1, , , , Total world 89, , , , , Gasoline 23, , ,7.6 24, , Kerosene 6, , , , , Distillates 26, , , , , Residuals 7,75.5 7, ,12.1 6, , Others 25, , , , , of which OPEC 8, , , , , Gasoline 2,1.7 2,96. 2, , , Kerosene Distillates 2,33.6 2, , ,46.9 2, Residuals 1,39.8 1, , , , Others 2, ,41.3 2,531. 2, , OECD 45, , , , , Gasoline 14, , , , , Kerosene 3, ,81.3 3, ,24.6 4, Distillates 12, , ,37. 13, , Residuals 2, , , ,4.3 2, Others 12, , , , , FSU 4, ,54. 4,641. 4, , Gasoline 1, , , ,152. 1, Kerosene Distillates 1,2. 1,43.5 1,244. 1, , Residuals Others 1, , ,61.3 1,595. 1,

54 Oil data: downstream Graph 4.4 World oil demand (m b/d) % North America Latin America Eastern Europe & Eurasia Western Europe Middle East Africa Asia and Pacific OPEC share (%) Graph 4.5 OPEC Members oil demand (m b/d) Algeria Angola Ecuador Gabon IR Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia United Arab Emirates Venezuela Graph 4.6 World oil demand by main petroleum product (m b/d) Gasoline Kerosene Distillates Residuals Others 52

55

56 Oil trade

57 Oil trade The significance of OPEC exported crude oil to Asia and Pacific Feature Box: Section 5 Since 198, OPEC Members share in global crude oil exports has amounted on average to approximately 55 per cent. In 216 this ratio stood at 57 per cent. Moreover, in the last year, total OPEC crude oil exports stood at 25.m b/d, up from 23.5m b/d in 215. This increase represents a growth of approximately six per cent compared to 215. Significant volumes were exported to Europe, which imported about 4.2m b/d from OPEC Member Countries in 216 compared to 4.3m b/d in 215. North America imported 3.3m b/d of crude oil from OPEC Members in 216, representing a percentage increase of 17.1 points compared to the previous year. However, and as was the case in previous years, the bulk of OPEC crude oil was exported to the Asia and Pacific region at a volume of 15.7m b/d. This implies that this region accounted for almost 63 per cent of total OPEC export volumes. In fact, OPEC Members share of total exports to Asia over the years has been increasing constantly. The visualized trends, as presented in the graph below, are further summarized in the table below, which presents some general test statistics of a simple linear regression model on OPEC Members export volumes by region over the years. OPEC Members crude oil exports by region (m b/d) Europe (LHS) Rest of the world (LHS) North America (LHS) Asia and Pacific (RHS) Summary of statistical results Simple linear regression models Coefficient 1 (m b/d) Europe.5 North America.46* Asia and Pacific.51* Rest of the World.4 1. Slope coefficient of simple linear regression model with OPEC Members crude oil export volumes as a dependent variable and the year as an independent variable. * Statistically significant at α =.5 level. The rising trend in Asia and Pacific can certainly be traced back to ever-growing crude oil demand in this region, with China, India, Japan and South Korea as the major consumers. The relation between total volumes of throughput of Asian refineries and Asian volumes of supply clearly suggests that the need for additional barrels in this region is significant. The graph below highlights that over the last seven years, Asian refineries needs for additional imported crude oil (including NGLs) increased from 15.5m b/d in 21 to 2.3m b/d in 216. This implies a growth of around 31 per cent. For the same period, OPEC Members contributions to cover these additional barrels needed in Asian refineries was significant. More specifically, and focusing on crude oil, in 21 OPEC supplied the Asian market with 11.5m b/d and in 216 this volume increased by 37 per cent to stand at 15.7m b/d. On average over the last seven years, at least 8 per cent of Asian refineries additional demand for refinery intake that needed to be imported was covered by OPEC Members. A statistical correlation test to examine the relationship between the ever-increasing demand of Asian refineries and total Asian imported volumes of OPEC Members crude oil yielded a strong positive correlation coefficient of r =.84, which is also statistically significant at the α =.5 level. 25 Imported volumes of throughput for refineries in Asia and Pacific (m b/d) Crude oil imports from OPEC Total imports of crude oil and NGL 55

58 Oil trade Table 5.1 OPEC Members crude oil exports by destination (1, b/d) Destination Algeria Europe North America Asia and Pacific Latin America Africa.7 Middle East Angola 1, , ,67.9 1,71.9 1,67.1 Europe North America Asia and Pacific 1,12.5 1,13.2 1,11.3 1,58.9 1,163.9 Latin America Africa Middle East Ecuador Europe North America Asia and Pacific Latin America Africa 9.7 Middle East Gabon Europe North America Asia and Pacific Latin America Africa Middle East IR Iran 2,12. 1, ,19.2 1,81.1 1,921.7 Europe North America Asia and Pacific 1,839. 1, ,423.6 Latin America Africa Middle East Iraq 2, ,39.4 2, ,4.9 3,83.5 Europe North America Asia and Pacific 1,25.2 1, , , ,27.6 Latin America Africa Middle East Kuwait 2,7. 2,58.5 1, , ,128.2 Europe North America Asia and Pacific 1,699. 1, ,55.6 1, ,643.4 Latin America 3. Africa Middle East 56

59 Oil trade Table 5.1 OPEC Members crude oil exports by destination (1, b/d) Notes: Data may include lease condensates and volumes of oil in transit. Destination Libya Europe North America Asia and Pacific Latin America Africa Middle East Nigeria 2,368. 2,193. 2,12.1 2,114. 1,738. Europe North America 1, Asia and Pacific Latin America Africa Middle East Qatar Europe North America Asia and Pacific Latin America Africa Middle East Saudi Arabia 7, ,57.7 7, , ,463.4 Europe North America 1, ,459. 1, ,19.8 1,177. Asia and Pacific 4, , , ,592. 4,918.1 Latin America Africa Middle East United Arab Emirates 2, ,71.4 2, , ,47.8 Europe North America Asia and Pacific 2,42.9 2, , , ,361. Latin America Africa Middle East Venezuela 1, ,528. 1, , ,835. Europe North America Asia and Pacific Latin America Africa Middle East OPEC 25, , , , ,13.9 Europe 3, , ,56.2 4, ,213.2 North America 4,73.8 3, , ,88. 3,288.7 Asia and Pacific 14, , , , ,722.6 Latin America 1,23.6 1,83.4 1, , Africa Middle East

60 Oil trade Table 5.2 OPEC Members petroleum products exports by destination (1, b/d) Destination Algeria Europe North America Asia and Pacific Latin America Africa Middle East Angola Europe North America Asia and Pacific Latin America Africa Middle East Ecuador Europe North America Asia and Pacific Latin America Africa Middle East Gabon Europe North America Asia and Pacific Latin America Africa Middle East IR Iran Europe 7.7 North America Asia and Pacific Latin America Africa Middle East Iraq Europe North America 1.8 Asia and Pacific.3 Latin America Africa Middle East Kuwait Europe North America Asia and Pacific Latin America Africa Middle East 58

61 Oil trade Table 5.2 OPEC Members petroleum products exports by destination (1, b/d) Notes: Data may include re-exports and volumes of oil in transit. Destination Libya Europe North America Asia and Pacific Latin America Africa Middle East Nigeria Europe North America Asia and Pacific Latin America Africa Middle East Qatar Europe North America Asia and Pacific Latin America Africa Middle East Saudi Arabia , ,52.6 Europe North America Asia and Pacific Latin America Africa Middle East United Arab Emirates Europe North America Asia and Pacific Latin America Africa Middle East Venezuela Europe North America Asia and Pacific Latin America Africa Middle East OPEC 4, , ,22.5 4, ,29.1 Europe North America Asia and Pacific 2, , , , ,418.5 Latin America Africa Middle East

62 Oil trade Table 5.3 World crude oil exports by country (1, b/d) % change 16/15 North America 1, , , , , Canada 1, ,58.7 2, ,31.2 2, United States Latin America 4, , , , , Brazil Colombia Ecuador Mexico 1, ,27.7 1, , , Trinidad & Tobago Venezuela 1, ,528. 1, , , Others Eastern Europe and Eurasia 6, , ,8.3 7, , Azerbaijan Kazakhstan 1,365. 1,378. 1,39.1 1, , Russia 4, , , , , Others Western Europe 2,38.4 1, , , , Norway 1,33. 1, ,23.2 1, , United Kingdom Others Middle East 18, , , , , IR Iran 2,12. 1, ,19.2 1,81.1 1, Iraq 2, ,39.4 2, ,4.9 3, Kuwait 2,7. 2,58.5 1, , , Oman Qatar Saudi Arabia 7, ,57.7 7, , , United Arab Emirates 2, ,71.4 2, , , Others Africa 6, , ,53.7 6,21.7 5, Algeria Angola 1, , ,67.9 1,71.9 1, Congo Egypt Gabon Libya Nigeria 2,368. 2,193. 2,12.1 2,114. 1, Sudans Others Asia and Pacific 1,239. 1, , , , Australia Brunei China Indonesia Malaysia Vietnam Others Total world 41, , , , , of which OPEC 25, , , , , OPEC percentage OECD 5, , ,19. 6, , FSU 6, , ,76. 6, , Notes: Data may include lease condensates and volumes of oil in transit. 6

63 Oil trade North America Latin America Eastern Europe & Eurasia Western Europe Middle East Africa Asia and Pacific OPEC share (%) Graph 5.1 World crude oil exports by region (m b/d) % Algeria Angola Ecuador Gabon IR Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia United Arab Emirates Venezuela Graph 5.2 OPEC Members crude oil exports (m b/d)

64 Oil trade Graph 5.3 World trade of crude oil, , ,549 4,218 1,133 2, , North America ,823 6 Europe Middle East Africa 1,365 FSU Asia China ,185 2 Latin America 1,562 1, Notes: Excluding intraregional trade. (1, b/d) 62

65 Oil trade Table 5.4 World exports of petroleum products by country (1, b/d) % change 16/15 North America 3,65.2 3, ,288. 4, , Canada United States 3,137. 3,487. 3,824. 4,273. 4, Latin America 1, , ,22.1 1, , Brazil Ecuador Mexico Trinidad & Tobago Venezuela Others Eastern Europe and Eurasia 3, , , , , Romania Russia 2, , ,61.7 2, , Others Western Europe 6, , , , , Belgium France Germany Italy Netherlands 2, ,79.3 2,81.2 2, , Norway Spain Sweden United Kingdom Others ,4.5 1,13.6 1, Middle East 3,27.5 3, , , , Bahrain IR Iran Iraq Kuwait Qatar Saudi Arabia , , United Arab Emirates Others Africa Algeria Angola Egypt Gabon Libya Nigeria Others Asia and Pacific 6, , ,89.9 7,68.4 7, Australia China , India 1, , , , , Indonesia Japan Malaysia Singapore 1, , , , , South Korea 1, , ,26.1 1, , Others Total world 25, , , , , of which OPEC 4, , ,22.5 4, , OPEC percentage OECD 12, , , , , FSU 2,81. 3,57.8 3, , , Notes: Data may include re-exports and volumes of oil in transit. 63

66 Oil trade Graph 5.4 OPEC Members petroleum products exports by destination, 216 FSU Europe Middle East 3,336 9 Latin America (1, b/d) North America 52 Northern Africa Asia and Pacific Southern & Western Africa 5 64

67 Oil trade Table 5.5 World exports of petroleum products by main petroleum product and region (1, b/d) % change 16/15 North America 3,65.2 3, ,288. 4, , Gasoline Kerosene Distillates 1, ,292. 1, , , Residuals Others 1, , ,76.2 2,75.5 2, Latin America 1, , ,22.1 1, , Gasoline Kerosene Distillates Residuals Others Eastern Europe and Eurasia 3, , , , , Gasoline Kerosene Distillates 1,257. 1, , , , Residuals 1,34.9 1, , , , Others Western Europe 6, , , , , Gasoline 1, , , ,89.1 1, Kerosene Distillates 1, , ,827. 1, , Residuals 1, , , , , Others 1,41.8 1, , , , Middle East 3,27.5 3, , , , Gasoline Kerosene Distillates Residuals Others 1, ,45.3 1, ,47.8 1, Africa Gasoline Kerosene Distillates Residuals Others

68 Oil trade Table 5.5 World exports of petroleum products by main petroleum product and region (1, b/d) % change 16/15 Asia and Pacific 6, , ,89.9 7,68.4 7, Gasoline 1, , ,52.7 1,56.3 1, Kerosene Distillates 1, , , ,94.9 2, Residuals 1, ,67.6 1, , , Others 1, ,39.6 1, , , Total world 25, , , , , Gasoline 4,432. 4,469. 4,679. 5, , Kerosene 1, , ,814. 1,94.2 2, Distillates 6,652. 6,87.7 6, , , Residuals 5,694. 5,79. 5, ,961. 5, Others 6,79.9 7, ,24.9 7, , of which OPEC 4, , ,22.5 4, , Gasoline Kerosene Distillates , Residuals , Others 2,16.5 2, , ,11.1 2, OECD 12, , , , , Gasoline 2, , ,58.7 2, , Kerosene Distillates 3, ,858. 3, ,26.1 4, Residuals 1, , , ,55.9 1, Others 3,21.9 3,467. 3, ,24.2 4, FSU 2,81. 3,57.8 3, , , Gasoline Kerosene Distillates 1, ,23.9 1, ,5.3 1, Residuals 1,31. 1,47.2 1, , , Others Notes: Data may include re-exports and volumes of oil in transit. 66

69 Oil trade Table 5.6 World exports of crude oil and petroleum products by country (1, b/d) % change 16/15 North America 5, , , , , Canada 2, , ,74.1 2, , United States 3,24. 3,621. 4,175. 4, , Latin America 6,25.4 6,55.9 6, , , Brazil , Colombia Ecuador Mexico 1, , , ,443. 1, Trinidad & Tobago Venezuela 2, , , ,292. 2, Others Eastern Europe and Eurasia 1, ,167. 1, , , Azerbaijan Kazakhstan 1,57.8 1, , , , Russia 7,16.3 7,158. 7,99.6 7, , Others Western Europe 8, ,324. 8,25.6 8, , Belgium France Germany Italy Netherlands 2, ,9.3 2,93.6 2, , Norway 1,681. 1, , , , United Kingdom 1,145. 1, ,54.5 1,79.7 1, Others 1, , , ,96. 1, Middle East 21, , , , , Bahrain IR Iran 2,558. 1,69.4 1, , , Iraq 2, ,41.9 2, ,18.6 3, Kuwait 2, , , ,73.2 2, Oman Qatar 1,54.1 1,19.7 1, ,11.7 1, Saudi Arabia 8, , , , , United Arab Emirates 2,721. 2, , , , Others Africa 7, , , ,16.7 6, Algeria 1, , ,25.5 1, , Angola 1, ,71.6 1, , , Congo Egypt Gabon Libya 1, Nigeria 2, , , ,132. 1, Sudans Others Asia and Pacific 7, , ,9.7 8, , Australia Brunei China , India 1, , , , , Indonesia Japan Malaysia Singapore 1, , , , , South Korea 1, , ,26.1 1, , Vietnam Others Total world 66, , , , , of which OPEC 29, , , , , OPEC percentage OECD 17, , , , , FSU 9, ,986. 1,39.5 1, , Notes: Data may include lease condensates, re-exports of petroleum products and volumes of oil in transit. 67

70 Oil trade Graph G 5.5 Percentage share of OPEC Members crude oil exports by regions North America Latin America Eastern Europe & Eurasia Western Europe Middle East Africa Asia and Pacific OPEC share (%) Graph 5.6 OPEC Members exports of crude and petroleum products 198 (m b/d) Algeria Angola Ecuador Gabon IR Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia United Arab Emirates Venezuela 6, 5, 4, 3, 2, 1, Graph 5.7 OPEC Members exports of petroleum products 198 (1, b/d) Algeria Angola Ecuador Gabon IR Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia United Arab Emirates Venezuela 68

71 Oil trade Table 5.7 World imports of crude oil by country (1, b/d) % change 16/15 North America 9, , ,97.6 7, , Canada United States 8,527. 7,73. 7,344. 7,363. 7, Latin America ,7.5 1, Brazil Chile Cuba Trinidad & Tobago Others Eastern Europe and Eurasia 1, ,791. 1, ,94.7 1, Belarus Bulgaria Czech Republic Hungary Poland Romania Others Western Europe 1, ,98.8 9, , , Belgium France 1, ,11.1 1,76.7 1, , Germany 1, , ,86.8 1, ,843. Greece Italy 1, , ,85.9 1, , Netherlands 1, ,56.5 1, Spain 1,183. 1, , ,36. 1, Sweden Turkey United Kingdom 1,8.5 1, Others Middle East Bahrain Others Africa Morocco South Africa Others Asia and Pacific 19, , ,68.5 2, , Australia China 5, , , ,73.9 7, India 3, , , , , Indonesia Japan 3, ,48.9 3, , , Malaysia New Zealand Philippines Singapore South Korea 2,555. 2,45.3 2, , , Thailand Others 1,74. 1,33.2 1,56.3 1,24. 1, Total world 43, , , ,45. 44, of which OECD 27, , , , , FSU Notes: Data may include lease condensates and volumes of oil in transit. 69

72 Oil trade Latin America FSU 1,845 2,549 Middle East 13, North America 368 Europe , Asia and Pacific Graph 5.8 OPEC Members crude oil exports by destination, 216 Northern Africa Southern & Western Africa 721 (1, b/d) 7

73 Oil trade Table 5.8 World imports of petroleum products by country (1, b/d) % change 16/15 North America 2, , , , , Canada United States 2,71. 2,129. 1,897. 2,86. 2, Latin America 2,34.6 2,36.4 2, , , Brazil Chile Ecuador Mexico Panama Venezuela Others Eastern Europe and Eurasia Bulgaria Hungary Poland Ukraine Others Western Europe 6,76.6 7,39.4 7,26.2 7, , Belgium France Germany Italy Netherlands 1,87.9 1, , ,9.5 1, Spain Turkey United Kingdom Others 1,34.8 1,366. 1, , , Middle East 1, , , , , IR Iran Iraq Qatar Saudi Arabia United Arab Emirates Others Africa 1, , , , , Algeria Angola Egypt Gabon Libya Morocco Nigeria Tunisia Others Asia and Pacific 8, ,9.3 9, ,87.9 1, Australia China 1,17.9 1, ,15.9 1, India Indonesia Japan 1,89.1 1, Malaysia Singapore 2, ,31.1 2, , , South Korea Others 1, ,82.7 1, ,988. 1, Total world 23, , , , , of which OPEC 1, , , ,29.9 2, OPEC percentage OECD 12, , , , , FSU Notes: Data may include re-exports and volumes of oil in transit. 71

74 Oil trade Table 5.9 World imports of petroleum products by main petroleum product and region (1, b/d) % change 16/15 North America 2, , , , , Gasoline Kerosene Distillates Residuals Others 1,58.6 1, , Latin America 2,34.6 2,36.4 2, , , Gasoline Kerosene Distillates Residuals Others Eastern Europe and Eurasia Gasoline Kerosene Distillates Residuals Others Western Europe 6,76.6 7,39.4 7,26.2 7, , Gasoline Kerosene Distillates 2,354. 2,593. 2, , , Residuals 1, , , ,24.9 1, Others 1, , ,59.7 2,32.7 2, Middle East 1, , , , , Gasoline Kerosene Distillates Residuals Others Africa 1, , , , , Gasoline Kerosene Distillates Residuals Others

75 Oil trade Table 5.9 World imports of petroleum products by main petroleum product and region (1, b/d) % change 16/15 Asia and Pacific 8, ,9.3 9, ,87.9 1, Gasoline 1,32.3 1, , , , Kerosene Distillates 1,39.6 1,46.2 1, , , Residuals 2, , ,14.8 3, , Others 2, , , , , Total world 23, , , , , Gasoline 4,65. 4, ,38.7 5, , Kerosene 1, , , , , Distillates 6,22.5 6, ,51.6 6, , Residuals 4, ,39.3 4,852. 5,138. 4, Others 6, ,696. 6, ,82.3 8, of which OPEC 1, , , ,29.9 2, Gasoline Kerosene Distillates Residuals Others OECD 12, , , , , Gasoline 1,926. 1, , , , Kerosene Distillates 3,15. 3, , , , Residuals 1, , ,56.6 1, , Others 5,54.7 5, , , , FSU Gasoline Kerosene Distillates Residuals Others Notes: Data may include re-exports and volumes of oil in transit. 73

76 Oil trade Table 5.1 World imports of crude oil and petroleum products by country (1, b/d) % change 16/15 North America 11, , ,46.3 1, , Canada , United States 1,598. 9,859. 9,241. 9,449. 1, Latin America 3, , , ,64.5 3, Brazil Chile Cuba Ecuador Mexico Panama Trinidad & Tobago Venezuela Others , , , Eastern Europe and Eurasia 2, ,61.5 2, , , Belarus Bulgaria Czech Republic Hungary Poland Romania Ukraine Others Western Europe 17, , , , , Belgium 1,28.7 1,14.2 1,14.1 1, , France 2,42.9 1, ,974. 2,2.7 1, Germany 2, ,63.5 2, , , Greece Italy 1, , , , , Netherlands 2, , , ,957. 3, Spain 1, , , , , Sweden Turkey ,4.2 1, United Kingdom 1, ,613. 1,548. 1,58.6 1, Others 1,98.5 2, ,25.3 2, ,

77 Oil trade Table 5.1 World imports of crude oil and petroleum products by country (1, b/d) Notes: Data may include lease condensates, re-exports of petroleum products and volumes of oil in transit. % change 16/15 Middle East 1, ,6.2 2, ,38.1 2, Bahrain IR Iran Iraq Qatar Saudi Arabia United Arab Emirates Others 1, ,8.3 1, Africa 2, ,29.5 2,39.4 2, , Algeria Angola Egypt Gabon Libya Morocco Nigeria South Africa Tunisia Others Asia and Pacific 27, , ,839. 3, , Australia China 6, ,75.7 7, , , India 4,87.5 4, , ,572. 5, Indonesia Japan 4, , , ,26.4 4, Malaysia New Zealand Philippines Singapore 2, ,92.9 3, ,38.6 3, South Korea 3,47.8 3, , , , Thailand ,22.9 1, Others 2, , , , , Total world 66, , , , , of which OPEC 1, , ,23.1 2, , OECD 39, , , , , FSU 1,29.2 1,178. 1,22.3 1, ,

78 G\ Graph 5.9 OPEC Members flows of crude and refined oil, 216 (1, b/d) Oil trade Angola Libya Nigeria Algeria Gabon Iraq Saudi Arabia Kuwait Qatar IR Iran United Arab Emirates SS6 1,81 OPEC Latin America OPEC Africa OPEC Middle East

79 SECTION Oil transportation 6

80 Oil transportation

81 Oil transportation Recent developments in tanker fleet and spot freight rates Feature Box: Section 6 In recent years, the trend towards rising oil production levels in exporting countries, together with increasing demand and refining capacities in oil importing countries, has resulted in a global increase of vessels for oil transportation in order to meet growing demand. From a purely economic point of view, demand for tankers is mainly determined by the dynamics of the fundamentals of supply and demand across various geographic regions. Since 28 the number of all combined tankers has increased continuously as highlighted in the graph below. In 216 the total number of vessels amounted to 5,67 compared to 5,359 vessels in 215. In the period from 28 to 216, the total number of tankers increased by 71 per cent. In terms of deadweight tonnages (dwt), in 216 global combined vessels could theoretically and safely carry and transport about 528m t of oil per day compared to 5m t in 215. In the period from 28 to 216, total number of dwt increased by 75 per cent. A simple linear regression model on the continuously increasing carriage capacity of tankers over time yields a slope coefficient of b = 26,737 1, dwt per year. No of vessels 6, 5, 4, 3, 2, 1, Global tanker fleet development (1, dwt) b = 26, , 5, 4, 3, 2, 1, Coefficient of simple linear regression model ,737* 1. Slope coefficient of simple linear regression model with global dwt as a dependent variable and the year as an independent variable. * Statistically significant at α =.5 level. Number of vessels (LHS) Global DWT (RHS) In general, the oil tanker market differentiates between two categories. First, dirty tankers mainly carry crude oil and residual fuel oil, and are typically very big vessels with relatively low dollar-per-ton transportation costs. Second, clean tankers are meant to transport refined products and are normally smaller vessels and, hence, have higher dollar-per-ton transportation costs. On a global scale, and considering the major transportation routes, the average transportation costs in 216 for clean tankers was about 3 per cent more than for dirty tankers as implied by the graph below. Average tanker spot freight rates ($/t) Descriptive statistics Difference between dirty and clean tankers spot freight rates ($/t) Average Std Dev Min Max Difference Dirty Clean The table above presents some descriptive statistics on the differences between dirty and clean tanker spot freight rates for the period On average, clean tanker spot freight rates were $6.4/t more expensive than dirty tanker rates, with a standard deviation of $2/t, while the maximum difference amounted to almost as much as $9/t. 79

82 Oil transportation Table 6.1 Tanker fleet in OPEC Members (1, dwt) 212 number dwt 213 number dwt 214 number dwt 215 number dwt 216 number Algeria Angola 31 2, , , , ,85 Ecuador , , Gabon IR Iran 47 1, , , , ,982 Iraq Kuwait 21 3, , , , ,73 Libya Nigeria Qatar Saudi Arabia 2 5, ,4 23 6,4 23 6,4 23 6,4 United Arab Emirates , , ,139 Venezuela 19 1, , , , ,346 OPEC , , , , 191 3,57 Total world 4, ,168 4, ,169 5, ,975 5, ,922 5,67 527,651 OPEC percentage Notes: Figures as at year-end. dwt Table 6.2 World tanker fleet by year of build and categories Tanker size up to 21 no dwt 22 6 no dwt no dwt no dwt Total no GP , , , , ,384 MR , , , ,782 1,315 52,876 LR , , , ,297 1,414 78,557 LR , , , ,72 1,41 171,397 VLCC , , , , ,437 Total world 1,29 94,136 1, ,268 2,24 186,618 1, ,63 5,67 527,651 Notes: Figures as at year-end. Data is adjusted to take in account different categories of vessels. Data includes clean, dirty and chemical tankers. GP = general purpose carrier; MR = medium range carrier; LR1 = large range 1 carrier; LR2 = large range 2 carrier; VLCC = very large crude carrier. (1, dwt) dwt 8

83 Oil transportation 2, Graph 6.1 World tanker fleet by year of build and categories (1, dwt) 16, 12, GP MR LR1 LR2 VLCC 8, 4, up to ,5 Graph 6.2 World tanker fleet by year of build and categories (number of vessels) 2, 1,5 GP MR LR1 LR2 VLCC Total 1, 5 up to

84 Oil transportation Table 6.3 LPG carrier fleet in OPEC Members (1, cu m) 212 no capacity 213 no capacity 214 no capacity 215 no capacity 216 no capacity Algeria Angola Ecuador Gabon IR Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia United Arab Emirates Venezuela OPEC 34 1, , , , ,27 Total world 1,23 19,625 1,216 19,945 1,248 21,316 1,273 22,373 1,338 25,899 OPEC percentage Notes: Figures as at year-end. Table 6.4 World LPG carrier fleet by size (1, cu m) 212 no capacity 213 no capacity 214 no capacity 215 no capacity 216 no capacity up to 19, , , , , ,33 2, 39, , , , , ,4 4, 59, , , , , ,365 6, 99, , , , , ,164 1, and over Total world 1,23 19,625 1,216 19,945 1,248 21,316 1,273 22,373 1,338 25,899 Notes: Figures as at year-end. 82

85 Oil transportation Table 6.5 World combined carrier fleet by size (1, dwt) 212 no dwt 213 no dwt 214 no dwt 215 no dwt 216 no 1, 39, , 49, , 59,999 6, 69, , 79, , 99, , 119, ,98 1 1,98 1 1,98 1 1, , 129, , 319, , , ,599 Total world 3 3, , , , ,831 Notes: Figures as at year-end. dwt 83

86 Oil transportation Table 6.6 Average spot freight rates by vessel category (% of Worldscale) Tanker size (1, dwt) GP MR LR LR VLCC Notes: Average spot freight rates are the average of all spot freight rates by tanker size reported each month in the spot market. GP = general purpose carrier; MR = medium range carrier; LR1 = large range 1 carrier; LR2 = large range 2 carrier; VLCC = very large crude carrier. 3 Graph 6.3 Average spot freight rates by vessel category (% of Worldscale) GP MR LR1 LR2 VLCC 84

87 Oil transportation Table 6.7 Dirty tanker spot freight rates (% of Worldscale and $/t) 212 % 213 $/t % 214 $/t % 215 $/t % 216 $/t % ME/EAST ME/WEST WAF/EAST WAF/USGC WEST/USGC INDO/EAST CAR/USEC MED/MED MED/WEST Notes: ME = Middle East; EAST = Far East; WEST = North-West Europe; WAF = West Africa; USGC = US Gulf Coast; INDO = Indonesia; CAR = Caribbean; USEC = US East Coast; MED = Mediterranean. $/t 25 Graph 6.4 Dirty tanker spot freight rates (% of Worldscale) ME/EAST ME/WEST WAF/EAST WAF/USGC WEST/USGC INDO/EAST CARIB/USEC MED/MED MED/WEST Graph 6.5 Dirty tanker spot freight costs ($/t) 3 25 ME/EAST ME/WEST WAF/EAST WAF/USGC WEST/USGC INDO/EAST CARIB/USEC MED/MED MED/WEST

88 Oil transportation Table 6.8 Clean tanker spot freight rates (% of Worldscale and $/t) 212 % 213 $/t % 214 $/t % 215 $/t % Notes: ME = Middle East; EAST = Far East; SING = Singapore; WEST = North-West Europe; USEC = US East Coast, MED = Mediterranean. 216 $/t % ME/EAST SING/EAST WEST/USEC MED/MED MED/WEST $/t 3 Graph 6.6 Clean tanker spot freight rates (% of Worldscale) ME/EAST SING/EAST WEST/USEC MED/MED MED/WEST Graph 6.7 Clean tanker spot freight costs ($/t) ME/EAST SING/EAST WEST/USEC MED/MED MED/WEST 86

89 Oil transportation Table 6.9 Main crude oil pipelines in OPEC Members, 216 Connection from/to Owner or operator Length (miles) Diameter (inches) Algeria Haoud El Hamra/Arzew (2) Sonatrach/TRC 498, , 34 Haoud El Hamra/Bejaia Sonatrach/TRC Haoud El Hamra/Skikda Sonatrach/TRC 4 34 In Amenas/La Skhirra (Tunisia) Sonatrach/TRC Angola Block : Banzala platform A /GS-Mike platform Chevron Block : East Kokongo/Malongo terminal Chevron Block : GS-M platform/gs-n platform Chevron 11 2 Block : GS-N platform/malongo terminal Chevron 35 3 Block : PPP/Mal tank farm Chevron Block : South Nemba/East Kokongo Chevron Block : South Sanha/East Kokongo Chevron Block : North N Dola/East Kokongo Chevron Block 14: Tombua Landana CPT/East Kokongo Chevron Block 14: Lianzi DC-A/BBLT Chevron Block 15/6: PLET M2/PLET M1 Eni 15 8 Block 15: FLET Production Line/FLET Production Line (4) Esso 4 x 13 4 x 12 Block 15: Kizomba C1/ Kizomba A SHR Esso 24 1 Block 15: Kizomba MV1 (North)/Kizomba B SHR Esso 13 1 Block 17: FLET P1/SSU Zinia Total 34 1 Block 17: P2/FPSO Girassol Total 17 8 Block 17: P5/FPSO Girassol Total 11 8 Block 17: P6/FPSO Girassol Total 11 8 Block 17: P7/FPSO Girassol Total 26 8 Block 17: P8/FPSO Girassol Total 4 8 Block 18: Greater Plutonio Project (2) BP 2, 22 2 x 12 Block 2/85: Bagre B/Bagre F Snl P & P Block 2: Essungo/Quinfuquena terminal Snl P & P Block 2: Lombo East/Essungo Snl P & P Block 3: IPSF1/PLAP2 Snl P & P 13 1 Block 3: Lombo East/PALP2 Snl P & P Block 3: PACF1/PALP1 Snl P & P Block 3: PAMF1/PALP 2 Snl P & P Block 31: PSVM Project (3) BP 19, 33, 35 11, 2 x 13 Ecuador Lago Agrio/Esmeraldas Lago Agrio/Esmeraldas Gabon Oleoducto Transecuatoriano SOTE (State) Oleoducto de crudos pesados OCP (Private) /2/ , 2 x 32, 34, 36 Konzi/Cap Lopez 42 1 Mandaros/Tchengue 58 16/2 87

90 Oil transportation Table 6.9 Main crude oil pipelines in OPEC Members, 216 Connection from/to Owner or operator Length (miles) Diameter (inches) IR Iran Ahwaz/Ray NIOC 934 3/26 Ahwaz/Abadan (2) NIOC 121, /2, 24 Cheshmeh Khosh/Ahwaz NIOC Darkhoin/Abadan NIOC 6 16 Esfahan/Ray NIOC Gachsaran/Shiraz NIOC Genaveh/Kharg NIOC 47 3/42/52 Goreh/Genaveh NIOC 33 26/3/42 Marun/Esfahan NIOC 44 3/32 Naftshahr/Kermanshah NIOC Neka/Ray NIOC 32 3/32 Omidieh/Abadan NIOC Ray/Tabriz NIOC Tang-e-Fani/Kermanshah NIOC Iraq (IT1) Station/Al-Fat ha (Tigris river crossing) North Oil Company 46 4 (IT1) Station/North Refinery Company Oil Pipeline Company (IT1A) Station/Iraqi-Turkish border North Oil Company (K3) Station/Iraqi-Syrian border (2) North Oil Company 2 x 98 32, 3 Ahdeb/PS2 SOC Ahdeb/Wassit P P (2) OPC 42, 45 16, 1 Al-Fat ha (Tigris River crossing)/(it1a) Station North Oil Company 29 4 Badra/PS2 (Section 1) MOC Badra/PS2 (Section 2) SOC East Baghdad/Daura refinery OPC Burzgan Terminal/FAO Petrochina & CNOOC Neft-Khana/Daura refinery OPC PS1/Basrah terminal SOC PS2/Tuba (warehouse) SOC West Al-Fat ha/(it1a) Station (3) North Oil Company 3 x 27 2, 28, 34 West Al-Fat ha/(k3) Station North Oil Company ZB1/Al-Umaya terminal SOC ZB1/Basrah terminal SOC 1 42 Kuwait Kadma/Doha P S KOC 14 2 KADMA/MF-CR181R KOC 48 3 MF-CPHMAA/CALM 21 KOC MF-CR125L/MF-CR125R KOC MF-GC27L/R/MF-TWK KOC MF-GC28L/R/MF-TWK KOC

91 Oil transportation Table 6.9 Main crude oil pipelines in OPEC Members, 216 Connection from/to Owner or operator Length (miles) Diameter (inches) Kuwait (cont d) MF-NPP MS/CALM 2 KOC MF-PointA/MF-CR119R KOC MF-Ratqa1/SC-13 KOC MF-T18/MF-TWK KOC 22 2 MF-TB1/2/MF-CR88R KOC Point-A/KADMA KOC 24 3 Wafra/MF/TB1 KGOC/KOC Libya El-Sharara/Az-Zawiyah Akakus El-Sharara/Mellitah Mellitha Oil & Gas Sarir/Tobruk Arabian Oil Hamada/Az-Zawiyah Arabian Oil Amal/Ras Lanuf (2) Harouge 2 x /3 Zaggut/Es-Sider Waha Oil Intesar/Zueitina Zuetina Messla/Amal Arabian Oil Samah/Dahra Waha Oil Nasser/Al-Brayqah Sirte Gialo/Waha Waha Oil 94 3 Ora-Beda gathering/aseida gathering Harouge Bu-Attifel/Intesar Mellitha Oil & Gas 82 3 Zella/Hofra Zuetina 7 2 Magid/Nafoora Arabian Oil Sabah/Zella Zuetina Raguba/ Nasser Al-Brayqah Line Sirte 55 2 Aseida gathering/ras Lanuf Harouge 55 3 Dor Marada/Ora Harouge 51 1 Rimal/Bu-Attifel Mellitha Oil & Gas El-Feel/El-Sharara Mellitha Oil & Gas Bahi gathering/es-sider (2) Waha Oil 2 x 44 3 Dahra/Bahi gathering Waha Oil 43 3 Faregh/Gialo Waha Oil 4 12 Waha/Samah Waha Oil 4 24 Hofra/Aseida gathering Harouge Nafoora/Amal Arabian Oil Waha/Zaggut Waha Oil Zaggut/Samah Waha Oil

92 Oil transportation Table 6.9 Main crude oil pipelines in OPEC Members, 216 Connection from/to Owner or operator Length (miles) Diameter (inches) Nigeria Escravos/Warri/Kaduna NNPC/PPMC /16 Obriafu/Oben node NNPC/PPMC Drill Center 2/Drill Center North MPNU 1 11 Ogoda/Brass NAOC Okoro 2/IMA terminal AMNI 6 12 Tebidaba/Brass NAOC Bonny/Port Harcourt refinery NNPC/PPMC Brass Creek/Forcados SPDC Oso/Qit/tanker berth 2 & Oso SPM MPN/MPNU 31, 37, 45 18, 36, 42 Rapele manifold/forcados terminal SPDC Edop/Qit MPN 3 24 Alakiri/Bonny SPDC Buguma Creek/Alakiri SPDC 2 29 Idoho/Qit (2) MPNU 19, 48 2 x 24 Forcados/CLP SPDC Ughelli PS/WRM LL SPDC 19 2 Bonny terminal/offshore SBM (1 & 2) SPDC 2 x 19 2 x 48 Bonny/CLP SPDC Forcados terminal/offshore SBM SPDC Brass manifold/brass offshore terminal NAOC Qatar Mile 32/storage tank Mesaieed (3) QP 3 x 6 16, 2, 24 Bul Hanine/Halule Island QP 43 2 DP (1 & 2)/Halule Island (3) Total 3 x 4 2 x 12, 2 GIP/PS3 QPD 41 1 Idd El Shargi/Halule Island (2) OXY 2, 24 2, 12 Um Bab/Mile 32 (4) QP 4 x 25 2 x 14, 16, 24 Saudi Arabia Abqaiq/Yanbu Saudi Aramco Shaybah/Abqaia Saudi Aramco Hawtah/Hawtah stabilizer Saudi Aramco Safaniyah/Juaymah Saudi Aramco /48 Ghawar/Abqaiq (3) Saudi Aramco 2 x 11, /2/24/3/31, 46/48, 36/4/42 AY-1L KP /Rabigh Saudi Aramco 9 36 Khurais/Riyadh Saudi Aramco Safiniyah/Khursaniyah (4) Saudi Aramco 4 x 66 22, 3, 4/42, 4/42/48 Khursaniyah/Ras Tanura (4) Saudi Aramco 53, 63, 65, 67 4/42/48, 22, 4/42, 3 Abqaiq/Qatif junction (5) Saudi Aramco 2 x 44, 3 x 34 3/32, 46/48, 3, 4/42 Abqaiq Plants/Dhahrab (3) Saudi Aramco 39, 2 x 38 14, 12/14 Berri/Ras Tanura Saudi Aramco 37 4/42 9

93 Oil transportation Table 6.9 Main crude oil pipelines in OPEC Members, 216 Connection from/to Owner or operator Length (miles) Diameter (inches) Saudi Arabia (cont d) KM 5/Qatif junction Saudi Aramco 31 46/48 Neutral Zone: Wafra field/mina Saud (3) SAC 3 x 31 1, 16, 2 Aindar/Abqaiq plants (3) Saudi Aramco 3 x 28 2/22, 24/26/28, 24/26/3/32 Qatif junction/ju aymah terminal (3) Saudi Aramco 3 x 24 48, 2 x 46/48 United Arab Emirates Habshan/Jebel Dhanna (3) ADCO 22, 27, 49 32, 2 x 36 Habshan/Fujeirah (2) ADCO 91.6, x 48 Zakum/Das Island ADMA-OPCO 57 3 Umm Shaif/Das Island ADMA-OPCO Upper Zakum/Zirku ZADCO 36.74*2 42*2 Venezuela Bachaquero/PT Miranda (2) PDVSA 2 x 66 3/31, 3/34 EPM-1/PT Officina PDVSA La Victoria/Las Monas PDVSA Mata Larga/PT Silvestre PDVSA PT Miranda/Cardon PDVSA PT Oficina/TAEG PDVSA 95 3 PT Oficina/Jose PDVSA PT Silvestre/El Palito PDVSA CATCT/ERB-II (3) PDVSA 3 x /26/3 Pta de Palma/PT Miranda PDVSA Ule/Amuya PDVSA ZPS/JPS PDVSA CIJAA/PT Officina PDVSA 93 2 COPEM/PT Officina PDVSA VELADERO/EPT-1 PDVSA PTA (T-52) Sb/PT Officina PDVSA CATCJ/QE-1 (Azagua) PDVSA

94 Oil transportation Table 6.1 Main petroleum product pipelines in OPEC Members, 216 Connection from/to Owner or operator Length (miles) Diameter (inches) Algeria Arzew/Oran Naftal 19 8 Arzew/Sidi Bel Abbès (2) Naftal 45, 45 (LPG) 12, 1 El Khroub/El Eulma Naftal Sidi Abdeli/Remchi Naftal 14 8 Sidi Arcine/Blida (2) Naftal 3, 24 (LPG) 2 x 1 Sidi Bel Abbès/Sidi Abdeli Naftal 32 1 Sidi Bel Abbès/Tlemcen Naftal 44 (LPG) 8 Skikda/Berrahal (2) 1 Naftal 53, 53 (LPG) 12, 8 Skikda/El Khroub (3) Naftal 65 1, 56, 57 (LPG) 16 1, 12, 1 Angola Lobito-Lusaka (Zambia) 1 Sonangol 868 na Ecuador Beaterio (Quito)/Ambato EP Petroecuador 69 6 Esmeraldas/Santo Domingo EP Petroecuador Libertad/Barbasquilo EP Petroecuador 14 6 Libertad/Pascuales EP Petroecuador 78 1 Monteverde/Chorrillos EP Petroecuador 77 1 Quito/Ambato EP Petroecuador 69 6 Santo Domingo/Beaterio EP Petroecuador Santo Domingo/Pascuales EP Petroecuador 17 1 Shushufindi/Beaterio EP Petroecuador 187 6/4 Gabon IR Iran Abadan/Ahwaz NIOC 94 12, 16 Ahwaz/Rey (2) NIOC 51, 469 1/14/1, 16/2/16 Arak/Hamadan NIOC Arak/Rey NIOC 16 1, 16 Esfahan/Rey (2) NIOC 2 x , 24 Gazvin/Rasht NIOC 19 6 Imam Taghy/Torbat Haidar NIOC 58 8 Mahshahr/Abadan NIOC Rey/Karadj NIOC 36 8 Rey/Rasht NIOC , 16, 18 Rey/Sary NIOC , 16 Rey/Tabriz NIOC Rey/Mashhad NIOC 523 2, 22 Shahrood/Gorgan NIOC 13 8, 1 Shahrood/Mashhad NIOC Tabriz/Orumieh NIOC 174 8, 1 92

95 Oil transportation Table 6.1 Main petroleum product pipelines in OPEC Members, 216 Connection from/to Owner or operator Length (miles) Diameter (inches) Iraq Baiji/Hamam Alil OPC Baiji/Kirkuk OPC Baiji/Mushahdah (2) OPC 2 x , 8 Baiji/T1 OPC Basrah refinery/hartha & Najibia electric OPC 3 8/12 stations Daura refinery/baghdad int airport OPC 28 8 Daura/Rusafa OPC 51 1 Hamam Alil/Felfel OPC Huzairan depot/cement Al Tamem OPC 42 6 Karkh/Habania OPC 156 (16 x 31)(12 x 125) Khour Al- Zubair/Shuaiba (2) OPC 2 x 45 1, 8/1 Mushahdah/Karkh OPC Mushahdah/Rusafa OPC Nasiriyah/Daura refinery OPC Nasiriyah/Kut OPC North Gas/Sallah Al-Dean refinery OPC 86 8 Rusafa/Diala OPC 25 8 Shuaiba/Abu Phlooce OPC 38 1/24 Shuaiba/Khour Al-Zubair OPC 45 16/24 Shuaiba/Muftia OPC 21 1 Shuaiba/Nasiriyah (2) OPC 161, , 1 Kuwait Mina al Ahmadi refinery/al-zour/doha KNPC 52 2 x 18, 2 x 2 Mina al Ahmadi/Kafco KNPC Mina al Ahmadi refinery/al Ahmadi (2) KNPC 12 8, 2 x 6 Mina al Ahmadi refinery/subhan (2) KNPC 2 x 12 12, 8 Libya Azzawya/Elwettia depot Elbrega Co Azzawya/Eljmail depot Elbrega Co 4 16 Azzawya/Airport road depot (2) Elbrega Co 2 x 34 16, 1 Azzawya/Janzour depot Elbrega Co 21 8 Nigeria Atlas Cove/Moisimi PPMC 3 16 Auchi/Benin PPMC Auchi/Suleja PPMC Benin/Ore PPMC Enugu/Auchi PPMC Ibadan/Ilorin PPMC 16 6 Moisimi/Ibadan PPMC Ore/Moisimi PPMC

96 Oil transportation Table 6.1 Main petroleum product pipelines in OPEC Members, 216 Connection from/to Owner or operator Length (miles) Diameter (inches) Nigeria (cont d) Suleja/Kaduna PPMC Suleja/Minna PPMC 5 8 Warri/Benin PPMC Qatar QP refinery, Mesaieed/Q-Jet, Doha QP Refinery QP refinery, Mesaieed/WOQOD, Doha (2) QP Refinery 19, 26 6, 18 Saudi Arabia Dharan/Riyadh Saudi Aramco Riyadh/Qasim Saudi Aramco Yanbu/Madina Saudi Aramco Ras Tanura/Dhahran (3) Saudi Aramco 66, 2 x 23 2, 2 x 12 Abqaiq/Alhasa Saudi Aramco 4 8 United Arab Emirates Ruwais/Mussafah (3) Takreer 3 x , 2 x 28 HEJP-ENOC/Dubai international airport HEJP-ENOC & 16 EIL Jebel Ali terminal/jiff at DIA EPPCO Aviation Venezuela San Tomé/Puerto Ordaz PDVSA San Lorenzo/El Vigía PDVSA PT La Cruz/San Tomé PDVSA San Tomé/Maturín PDVSA 99 8 Refineria El Palito/Planta Barquisimeto PDVSA Bajo Grande/San Lorenzo PDVSA 7 12 Planta Carenero/Planta Guatire PDVSA Puerto Ordaz/Ciudad Bolívar PDVSA 44 8 Refineria El Palito refinery/planta Yagua PDVSA Notes: 1. Project underway. 94

97 SECTION Oil prices 7

98 Oil prices

99 Evolution of the Brent-WTI spread in recent years Oil prices Feature Box: Section 7 Each year between 1983 and 26, the American crude oil benchmark, WTI, remained more expensive than its European counterpart, Brent. This indicator, referred to as the Brent-WTI spread, averaged $ 1.35/b over that time period, with a standard deviation of $.61/b, and reached its minimum of $ 3.2/b in 24. In 27 it moved momentarily into positive territory and averaged $.26/b, before falling by $2.89/b the next year to its second lowest value since the 198s. In 211 it sky-rocketed by $16.19/b, over 666 times the average y-o-y change, and has stayed positive on a yearly basis ever since, marking a fundamental change in the global oil market. The phenomenon of a low WTI price, in comparison with other global benchmarks, is often attributed to the oversupply in the United States (US) crude oil market. For the global market, oil oversupply can be defined as the difference between oil supply and demand, while on a country level trade plays the most crucial part. In the US, the situation is even more complicated with so many factors playing a role. The stocks levels at Cushing, Oklahoma, the delivery point for WTI often described as the most significant trading hub connecting the Gulf Coast suppliers with northern consumers is often used as the reference point for assessing over/undersupply in the US. The global oil market situation in 211, when the Brent-WTI spread saw a dramatic increase, was quite unique. Rising Canadian and US onshore production provided additional supply to the mid-continent, while US demand declined by over 2, b/d y-o-y. On the other side of the Atlantic, declines in North Sea production and outages in Libya provided support for Brent, which was appreciating not only towards WTI but also towards Dubai crudes. From December 21 to February 211, the Brent-WTI spread increased by a factor of six from $2.38/b to $14.36/b as the stocks at Cushing filled up and reached a local maximum of 86 per cent full at the end of March 211. The quantities of crude available exceeded the sum of both: the capacity of local refineries and the capacity of infrastructure allowing its transport towards refining centres and ports in the Gulf Coast. In September 211 the 12-month moving correlation between Cushing stock levels and the Brent-WTI spread turned negative for the first time since 28, marking a temporary change in the relationship between the two variables. It stayed in negative territory for a year, during which the outflow of oil from Cushing doubled. Average yearly 12 month moving correlation between Cushing stock levels and Brent-WTI spread As the pipeline network linking Cushing to the Gulf Coast developed, the outflow of oil from PADD 2, where Cushing is located, towards the refining centre in the Gulf Coast (PADD 3) rose gradually, contributing to bringing the spread down to $3.45/b in July 213. This relationship can be described by the correlation between the Brent- WTI spread and crude oil outflow from PADD 2, which stands at.82 for June 211 to December 216. Cushing stocks vs Brent-WTI spread m b $/b Crude oil outflow from PADD 2 vs Brent- WTI spread m b $/b Cushing stocks Spread (RHS) Outflow to PADD 3 Total outflow Spread (RHS) 97

100 Oil prices Table 7.1 OPEC Reference Basket (ORB) and corresponding components spot prices ($/b) Notes: 1. Standard deviation of daily prices. 2. Ratio of volatility to annual average price. Representative crude stream Algeria Saharan Blend Angola Girassol Ecuador Oriente Gabon Rabi Light na na na IR Iran Iran Heavy Iraq Basrah Light Kuwait Kuwait Export Libya Ess Sider Nigeria Bonny Light Qatar Marine Saudi Arabia Arab Light United Arab Emirates Murban Venezuela Merey OPEC ORB ORB Volatility ORB Coefficient of variation 2, % Graph 7.1 OPEC Reference Basket ($/b) Change over previous year (right hand scale) 98

101 Oil prices Table 7.2 Selected spot crude oil prices ($/b) Crude stream Algeria Zarzaitine Angola Cabinda Egypt Suez Mix IR Iran Iran Light Indonesia Minas Libya Brega Malaysia Miri Malaysia Tapis Mexico Isthmus Mexico Maya Nigeria Forcados Norway Ekosfisk Norway Oseberg Oman Oman Qatar Dukhan Russia Urals Saudi Arabia Arab Heavy United Kingdom Brent Dated United Kingdom Forties United States WTI United Arab Emirates Dubai Spread WTI Brent WTI Dubai Brent Dubai

102 Oil prices 6 Graph 7.2 Differentials of selected spot crude oil prices to OPEC Reference Basket (1) ($/b) Zarzaitine Cabinda Gippsland Daching Suez Mix Iran Light 15 Graph 7.3 Differentials of selected spot crude oil prices to OPEC Reference Basket (2) ($/b) Minas Brega Miri Tapis Isthmus Maya 1

103 Oil prices Graph 7.4 Differentials Graph 7.4: Differentials of selected spot - Selected crude oil prices Spot to Crude OPEC Oil Reference Prices Basket to OPEC (3) Reference Basket ($/b) Forcados Ekosfisk Oseberg Oman Dukhan Urals 1 Graph 7.5 Graph Differentials 7.5: Differentials of selected spot - Selected crude oil prices Spot Crude to OPEC Oil Reference Prices Basket to OPEC (4) Reference Basket ($/b) Arab Heavy Brent Dtd. Forties WTI Dubai Mesa 3 11

104 Oil prices Table 7.3 ICE Brent, NYMEX WTI and DME Oman annual average of the 1 st, 6 th and 12 th forward months ($/b) ICE Brent NYMEX WTI DME Oman 1 st forward month th forward month th forward month st forward month th forward month th forward month st forward month th forward month th forward month Table 7.4 OPEC Reference Basket in nominal and real terms ($/b) Nominal oil price Nominal price adjusted for: Exchange rates Inflation Combined Notes: Base: 21 = Based on weighted average index of currency exchange rates in the modified Geneva I Agreement (see Geneva I Agreement definition under General Notes ). 2. Based on weighted average consumer price indices of modified Geneva I countries and the US. 3. Based on combined indices of exchange rates and inflation. 12 Graph 7.6 OPEC Reference Basket in nominal and real terms (base 21, $/b) Nominal ORB Real ORB (exchange rate and inflation adjusted) 12

105 Oil prices Table 7.5 Annual average of premium factors for selected OPEC Reference Basket components ($/b) Europe Algeria Saharan Blend IR Iran Iran Heavy Iraq Basrah Light Libya Es Sider Nigeria Bonny Light Saudi Arabia Arab Light Asia IR Iran Iran Heavy Iraq Basrah Light Kuwait Kuwait Export Saudi Arabia Arab Light US Iraq Basrah Light Saudi Arabia Arab Light Arab Medium Arab Heavy Notes: Premium factors are related to corresponding benchmark crudes. 13

106 Oil prices Table 7.6 Spot prices of petroleum products in major markets ($/b) Specifications US Gulf Gasoline Regular unleaded Gasoil.2% sulphur Fuel oil 3.% sulphur Singapore Gasoline Premium unleaded Gasoil.5% sulphur Fuel oil 38 centistokes Rotterdam Gasoline Premium unleaded Gasoil 1ppm sulphur Fuel oil 3.5% sulphur Notes: US Gulf and Singapore prices apply to cargo. Rotterdam prices apply to barge size lots. Graph 7.7 Spot petroleum product prices US Gulf ($/b) Graph 7.8 Spot petroleum product prices Singapore ($/b) Graph 7.9 Spot petroleum product prices Rotterdam ($/b) Gasoline Gasoil Fuel oil 14

107 Oil prices Table 7.7 Retail prices of petroleum products in OPEC Members (units of national currency/b) Algeria Gasoline 2, ,227. 2,227. 2,227. 3,29.67 Diesel oil 1,37. 1,37. 1,37. 1,37. 1, Kerosene nap nap nap nap nap Fuel oil nap nap nap nap nap Angola Gasoline 9,54. 9,54. 14,31. 18, ,44. Diesel oil 6,36. 6,36. 9,54. 11, ,465. Kerosene 3,339. 3,339. 5,565. 7, ,13. Fuel oil 8, , ,95. 12, , Ecuador Gasoline Diesel oil Kerosene Fuel oil Gabon Gasoline 85,65. 85,65. 85,65. 85,65. 9,63. Diesel oil 74,73. 74,73. 74,73. 74,73. 8,454. Kerosene na na na na na Fuel oil nap nap nap nap nap IR Iran Gasoline 1,192,5. 1,192,5. 1,192,5. 1,749,. 1,749,. Diesel oil 159,. 159,. 159,. 477,. 795,. Kerosene 159,. 159,. 159,. 238,5. 2,146,5. Fuel oil 318,. 318,. 318,. 477,. 1,59,. Iraq Gasoline 71,55. 71,55. 71,55. 82,15. 92,75. Diesel oil 63,6. 63,6. 63,6. 55,65. 47,7. Kerosene 23,85. 23,85. 23,85. 31,8. 39,75. Fuel oil nap nap nap nap nap Kuwait Gasoline Diesel oil Kerosene Fuel oil nap nap nap nap nap Libya Gasoline na na Diesel oil na na Kerosene na na Fuel oil nap nap nap nap nap Nigeria Gasoline 15, , , , ,55.48 Diesel oil 25, , , , ,474.1 Kerosene 7,95. 7,95. 7,95. 7,95. 18, Fuel oil 18, , , , ,

108 Oil prices Table 7.7 Retail prices of petroleum products in OPEC Members (units of national currency/b) Qatar Gasoline Diesel oil Kerosene nap nap nap nap nap Fuel oil nap nap nap nap nap Saudi Arabia Gasoline Diesel oil Kerosene Fuel oil nap nap nap nap nap United Arab Emirates Gasoline Diesel oil Kerosene nap nap nap nap nap Fuel oil nap nap nap nap nap Venezuela Gasoline Diesel oil Kerosene Fuel oil Table 7.8 Crack spread in major markets ($/b) US Gulf crack spread vs WTI Specifications Gasoline Regular unleaded Gasoil.2% sulphur Fuel oil 3.% sulphur Singapore crack spread vs Dubai Gasoline Premium unleaded Gasoil.5% sulphur Fuel oil 38 centistokes Rotterdam crack spread vs Brent Gasoline Premium unleaded Gasoil 1ppm sulphur Fuel oil 3.5% sulphur Notes: US Gulf and Singapore prices apply to cargo. Rotterdam prices apply to barge size lots. 16

109 SECTION 8 Taxes on oil

110 Taxes on oil

111 Petroleum taxation in main OECD countries Taxes on oil Feature Box: Section 8 Every increase in oil price is thought to raise fuel costs to the detriment of consumers while generating huge income for foreign oil producers such as OPEC Member Countries. But this is a misconception. While huge revenues are indeed generated, they are earned primarily by major oil consuming countries. OECD economies, for example, earn far more revenue from the retail sale of petroleum products than OPEC Countries make from the original sale of their oil. In principle, in most industrialized economies, there are two types of taxes imposed on oil-derived fuels at pump stations. The first one is a fixed fee added to the fuel on a per litre basis. It goes by various names like, for example, an excise tax, fuel tax or a CO 2 tax. Most countries impose a combination of these. The other one is a given percentage share imposed on both the raw fuel price and the fixed tax component called value added tax (VAT). Within such tax schemes, when the raw fuel price decreases the share of tax in percentage terms rises. Through this taxation scheme, from 212 to 216, OECD economies earned on average about $1,498bn/yr more from retail sales of petroleum products than OPEC Member Countries made from oil revenues. A significant amount of the final retail prices of petroleum products is attributed to high taxation rates. In fact, during 216, the share of total tax of the final retail price amounted to around 54 per cent in the main OECD countries. Therefore, the real burden on end-use consumers comes from taxes not from the original price paid for crude oil. Moreover, between 212 and 216, OECD countries earned on average $1,1bn/yr from taxes alone compared to OPEC s $835bn/yr in oil revenues. And while the trillions of dollars earned from oil taxes are Retail revenues VS export revenues $ billion ,5 2, 1,5 1, 5 Estimated annual average OECD retail revenues Estimated annual average OPEC oil revenues pure income for OECD governments, oil export revenues of OPEC Member Countries must also cover the high costs of exploration, production and transportation. In a comparison of a composite barrel of oil between 213 and 216 in the OECD, crude oil prices plummeted by 41 per cent, while taxes increased by 2 per cent. 2,333 Difference: $1,498 billion

112 Taxes on oil Table 8.1 Composite barrel and its components in major OECD oil consuming countries ($/b) $/b % share % change y o y $/b % share % change y o y $/b % share % change y o y $/b % share % change y o y $/b % share % change y o y United States Composite barrel Crude cif price Tax Industry margin Canada Composite barrel Crude cif price Tax Industry margin Japan Composite barrel Crude cif price Tax Industry margin France Composite barrel Crude cif price Tax Industry margin Germany Composite barrel Crude cif price Tax Industry margin Italy Composite barrel Crude cif price Tax Industry margin United Kingdom Composite barrel Crude cif price Tax Industry margin G7 Composite barrel Crude cif price Tax Industry margin OECD Composite barrel Crude cif price Tax Industry margin

113 Taxes on oil Graph 8.1 Composite barrel and its components in volume ($/b) Crude price Industry margin Tax USA Canada Japan France Germany Italy UK

114 Taxes on oil Graph 8.2 Composite barrel and its components (%) USA Canada Japan France Germany Italy UK Crude price Industry margin Tax 112

115 Taxes on oil Table 8.2 Tax to CIF crude oil price ratio in major OECD oil consuming countries (ratio) USA Canada Japan France Germany Italy UK G OECD Notes: G7 includes Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. Table 8.3 Euro Big 4 household energy prices, 216 ($/toe NCV) Automotive diesel Premium unleaded 95 RON Liquefied petroleum gas Natural gas Electricity Tax , ,32.6 Non-tax ,878.1 Total price 1, ,85. 1, ,91.7 Tax share (%) Notes: Euro Big 4 includes France, Germany, Italy and the United Kingdom. 113

116 Taxes on oil Tax Graphs Tax versus CIF crude oil price for major OECD oil consuming countries, Graph 8.3 USA cif ($/b) 216 Tax Graph 8.4 Canada Tax Graph 8.5 Japan cif Tax 2 Graph 8.6 France Tax 2 Graph 8.7 Germany cif Tax 2 Graph 8.8 Italy Tax 2 Graph 8.9 UK cif Tax 15 Graph 8.1 G7 Tax 15 Graph 8.11 OECD cif

117 Taxes on oil Graph Tax to CIF crude oil price ratio for major OECD oil consuming countries Graph 8.12 USA (ratio) 2. Graph 8.13 Canada 2. Graph 8.14 Japan Graph 8.15 France 4 Graph 8.16 Germany Graph 8.17 Italy Graph 8.18 UK Graph 8.19 G Graph 8.2 OECD

118 Taxes on oil 3,5 3, 2,5 2, 1,5 Graph 8.21 Euro Big 4 household energy prices, 216 USD/ toe NCV ($/toe NCV) % , 2 Tax 5 1 Not tax Natural gas Liquified petroleum gas Electricity Automotive diesel Premium leaded 95 RON Tax share Graph 8.22 Euro Big 4 share of tax in household energy prices (%) Automotive diesel Premium unleaded 95 RON Liquefied petroleum gas Natural gas Electricity 116

119 Г- SECTION 9 Natural gas data

120 Natural gas data

121 Historical trends in OECD natural gas and oil demand Natural gas data Feature Box: Section 9 OECD natural gas and oil demand accounted for roughly 46 and 49 per cent of world natural gas and oil demand, respectively, in 216. While their overall shares of both natural gas and oil have shown declining trends during the last decade, they differ substantially in the development of their respective trends. Natural gas demand grew by more than 14 per cent during the period , and gas seemed to be particularly favoured in regions and countries with increasing domestic production, such as the United States and Canada. During the same period, , oil requirements fell by almost seven per cent. Furthermore, average year-on-year growth has slowed down during the last decade for both natural gas and oil from around two per cent to one per cent for natural gas and from one per cent to a slight decline for oil. The co-evolution of historical demand for both OECD natural gas and oil could be further examined by applying simple linear regression models with the inclusion of the year and a dummy variable with the latter capturing a structural break beginning in 26. For both oil and natural gas regression models, the effect of the binary variable has been significantly different than zero (p <.), though with diverse developments. OECD oil demand switched from average yearly growth of b 11.6m b/d during the period to an average decline of b 12.36m b/d during the years thereafter. Natural gas grew on average stronger by b bn s cu m between compared to the last decade when it was b bn s cu m. Yearly growth in OECD natural gas requirements is significantly higher than OECD oil requirements for the majority of years between 1986 and 216 (p <.1), with the differences becoming even larger as of 26. OECD demand (bn s cu m) m b/d 1,8 55 1,6 52 1, ,2 43 1, Oil (RHS) Natural gas Year-on-year demand growth (%) % Oil Natural gas Statistics of OECD demand Regression model Coefficient Estimate p-value R 2 Oil ( ) b11.6 <..97 Oil (26 216) b12.36 <..54 Natural gas ( ) b <..98 Natural gas (26 216) b < Simple linear regression model with the year as an independent variable

122 Natural gas data Table 9.1 World proven natural gas reserves by country (bn s cu m) % change 16/15 North America 11, , , , ,365.1 Canada 1,66. 1,7. 2,28. 2,18.7 2,18.7 United States 9,461. 1,25.5 9, , ,184.4 Latin America 7, , ,98.8 7, , Argentina Bolivia Brazil Chile Colombia Ecuador Mexico Peru Trinidad & Tobago Venezuela 5,563. 5,581. 5,617. 5,71.5 5, Others Eastern Europe and Eurasia 64, , , , ,291.1 Armenia Azerbaijan 1,38. 1,3. 1,292. 1,284. 1,284. Kazakhstan 1,95. 1,929. 1,918. 1,97. 1,97. Poland Romania Russia 48,81. 49, ,896. 5,485. 5,485. Turkmenistan 1,. 9, ,94.2 9,87. 9,87. Ukraine Uzbekistan 1,661. 1,632. 1,68. 1,585. 1,585. Others Western Europe 4,564. 4, ,98.7 3, , Denmark Germany Italy Netherlands 1, Norway 2,685. 2,654. 2,547. 2, , United Kingdom Others Middle East 8,131. 8,87. 8, , ,6.4.8 IR Iran 33,78. 34,2. 34,2. 33,5. 33, Iraq 3,158. 3,158. 3,158. 3,158. 3, Kuwait 1,784. 1,784. 1,784. 1,784. 1,784. Oman Qatar 25,69. 24, , , , Saudi Arabia 8,235. 8,317. 8, , , United Arab Emirates 6,91. 6,91. 6,91. 6,91. 6,91. Others 1,64. 1,86. 1,79. 1,68. 1,68. Africa 14, , , , , Algeria 4,54. 4,54. 4,54. 4,54. 4,54. Angola Cameroon Congo Egypt 2,185. 2,185. 2,185. 2,86. 2,86. Gabon Libya 1,549. 1,56. 1,54.9 1,54.9 1,54.9 Nigeria 5, ,17.1 5,324. 5, , Others Asia and Pacific 16, , , , , Australia 3,727. 3,769. 3,215. 3,25. 3,25. Bangladesh Brunei China 3,51. 3,2. 3,275. 3, , India 1,331. 1,355. 1,427. 1,488. 1, Indonesia 2,917. 2, , , ,775.1 Malaysia 2,389. 2,611. 2,676. 2,74. 2,74. Myanmar Pakistan Thailand Vietnam Others Total world 199, ,68.9 2, ,742. 2, of which OPEC 95, , , , , OPEC percentage OECD 2,15. 2, , , , FSU 64, , , ,16. 66,16. Notes: Figures as at year-end. 12

123 Natural gas data 21 Graph 9.1 World proven natural gas reserves (1, bn s cu m) % 55 North America Latin America Eastern Europe & Eurasia Western Europe Middle East Africa Asia and Pacific OPEC share (%) Algeria Angola Ecuador Gabon IR Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia United Arab Emirates Venezuela Graph 9.2 OPEC Members proven natural gas reserves (1, bn s cu m) North America Latin America Eastern Europe & Eurasia Western Europe Middle East Africa Asia and Pacific OPEC share (%) 4, 3,5 3, 2,5 2, 1,5 1, 5 Graph 9.3 World marketed production of natural gas (bn s cu m) % Algeria Angola Ecuador Gabon IR Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia United Arab Emirates Venezuela Graph 9.4 OPEC Members marketed production of natural gas (bn s cu m)

124 Natural gas data Table 9.2 Yearly and cumulative marketed natural gas production in OPEC Members (million s cu m) Marketed natural gas production yearly Algeria , , ,6. 83, , ,152. Angola ,919. Ecuador Gabon IR Iran ,881. 7, ,2. 6, , ,95. Iraq ,281. 3,98. 3,15. 7,51.8 1,416.4 Kuwait ,37. 4,71. 4,19. 9,6. 11, ,291. Libya ,17. 6,2. 5,88. 16, ,57.5 Nigeria ,7. 4,1. 12,46. 28,99. 42,562.4 Qatar 1. 1,5. 4,741. 6,3. 24,9. 131, ,83.3 Saudi Arabia 1,23. 11, ,52. 49,81. 87,66. 11,86. United Arab Emirates , ,11. 38,38. 51, ,83.7 Venezuela 4,958. 7,71. 14,85. 21, ,81. 19, ,718. OPEC 7, , , , , , ,389.4 Cumulative marketed natural gas production up to and including year Algeria 6. 15, , ,787. 1,12,956. 1,941,218. 2,449,574.6 Angola ,684. 1, , ,7.6 Ecuador ,95. 2,175. 4,526. 7,43.9 Gabon ,18.2 3,21.2 4,19.2 5,6.2 7,271.3 IR Iran 1,3. 33,63. 23, , ,718. 1,96,28. 3,163,131. Iraq 6. 6, , , , , ,84.3 Kuwait 1,4. 22, , , , , ,522. Libya , , , , ,972.4 Nigeria , , , , ,548.1 Qatar 1. 2, ,6. 78, , ,429. 1,839,683.1 Saudi Arabia 8, , , ,196. 1,41,617. 2,19,927. United Arab Emirates 2,379. 3, , , ,964. 1,34,681.2 Venezuela 5,72. 69, , , , ,32. 1,3,217.1 OPEC 9, , ,96.2 2,14, ,479, ,942,14. 13,31,

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126 Natural gas data Table 9.3 World marketed production of natural gas by country (million s cu m) % change 16/15 North America 839, ,4. 896, , , Canada 156, , , ,1. 174, United States 682, , , ,9. 751, Latin America 218, , , , , Argentina 37,64. 35,56. 35,53. 36,4. 36, Bolivia 17,91. 2,48. 21, , , Brazil 16, ,29.2 2, ,41.5 2, Colombia 11,93. 12,8. 12,68. 12, , Ecuador Mexico 53, ,423. 5,51. 45, , Peru 11,85. 11, , , , Trinidad & Tobago 42,69. 42, ,82. 4, , Venezuela 22, , , ,4.4 27, Others 2,17. 1,952. 1,948. 1,917. 1, Eastern Europe and Eurasia 857, , , , , Azerbaijan 17, , , , , Hungary 2,462. 2,1. 1,854. 1,758. 1, Kazakhstan 19,49. 19,65. 2,15. 21, , Poland 6,193. 6,26. 6,81. 6,81. 5, Romania 1, ,17. 11, ,17. 9, Russia 656, , , , , Turkmenistan 66,. 72,. 74,16. 8, , Ukraine 18,89. 2,16. 19,51. 19,. 19, Uzbekistan 58,73. 58,8. 58,5. 55,7. 57, Others Western Europe 267, , , , , Austria 1,91. 1,37. 1,247. 1,233. 1, Croatia 1,61. 1,48. 1,85. 1,829. 1, Denmark 5,725. 4,846. 4,613. 4,593. 4, France Germany 12, ,886. 1,191. 8,392. 7, Ireland ,998. 2,171.2 Italy 8,65. 7,734. 7,147. 6,773. 5, Netherlands 8, ,41. 72, ,379. 5, Norway 114,55. 19,4. 111,14. 12, , United Kingdom 4, ,36. 38,41. 41,21. 43, Others 1,253. 1,213. 1,1. 1,55. 1, Middle East 596, , , , , Bahrain 13,74. 17,22. 2, , , IR Iran 22, , , , ,95..1 Iraq 6, , , , , Kuwait 15, , , ,99. 17,

127 Natural gas data Table 9.3 World marketed production of natural gas by country (million s cu m) Middle East (cont d) % change 16/15 Oman 31, ,62. 3, , , Qatar 157, , , , , Saudi Arabia 99,33. 1,3. 12,38. 14,45. 11, Syrian Arab Republic 5,8. 5,3. 4,9. 4,3. 3, United Arab Emirates 54,3. 54,6. 54, , , Others 1, ,92. 17,44. 11,5. 1, Africa 228, , , , , Algeria 86, , , ,4.7 93, Angola , Egypt 6, , , , , Equatorial Guinea 6,37. 6,55. 6,16. 6,2. 6, Côte d Ivoire 1,65. 1,8. 1,9. 1,9. 1,9. Gabon Libya 18, , , , , Mozambique 4,89. 5,28. 5,6. 5,712. 5, Nigeria 42, , , , , South Africa 2,4. 2,4. 2,14. 2,3. 1, Tunisia 2,783. 2,786. 2,561. 2,475. 2, Others 2,6. 2,75. 2,63. 3,2. 3,2. Asia Pacific 486, , , , , Australia 49,94. 51,69. 53, , , Bangladesh 22,3. 22,8. 23,8. 25, , Brunei 11,83. 12,26. 11, , , China 16, , , , , India 41,7. 35,12. 34, , , Indonesia 72,39. 71,45. 7,891. 7, , Japan 4,845. 4,695. 4,686. 4,43. 4, Malaysia 62,. 64,. 65, , , Myanmar 11,97. 13, , ,4. 18, New Zealand 4,646. 4,866. 5,177. 4,975. 5, Pakistan 44, , , , , Philippines 2,75. 3,496. 3,95. 3,482. 3, Thailand 41, , , , , Vietnam 8,32. 8,58. 8,99. 9,79.9 9, Others 1,712. 1,126. 5,571. 1,489. 1, Total world 3,494,85.6 3,537,93.3 3,594,12.8 3,645, ,674, of which OPEC 76, , , , , OPEC percentage OECD 1,231,62. 1,233,93. 1,274,25. 1,296,76. 1,285, FSU 836, , ,4. 832, ,

128 Natural gas data Table 9.4 World natural gas exports by country (million s cu m) % change 16/15 North America 134, , , , , Canada 88,29. 82, , , , United States 45, , ,876. 5,52. 65, Latin America 39,49. 42, ,926. 4, , Argentina Bolivia 14,72. 17,11. 17,82. 17, , Colombia 1,84. 2, Mexico Trinidad & Tobago 17,73. 17,72. 17,41. 17, , Others 5,9. 5,18. 5,664. 4,969. 5, Eastern Europe and Eurasia 267,8. 285, , , , Azerbaijan 6,1. 7,9. 8,66. 8,14. 7, Kazakhstan 11,3. 11,4. 11,86. 11, , Russia 23,94. 21, , , , Turkmenistan 35,81. 41,27. 45,85. 46,3. 47, Uzbekistan 1,2. 13,5. 13,5. 13,23. 12, Others. 1,3. 1,25. 1,2. 1,2. Western Europe 218, , , , , Austria 3,629. 4,34. 3,63.6 3, ,634.2 Belgium 9,54. 13,6. 13,22. 17,17. 17, Denmark 2,983. 2,236. 2,85. 2,191. 2, France 5,994. 5,27. 4,81. 5,468. 3, Germany 12,24. 13,89. 2,1. 26,36. 26, Italy Netherlands 54,51. 59,5. 58,661. 5, , Norway 111, , , ,2. 114, Spain 4,414. 5,832. 6,32. 5,47. 3, United Kingdom 11,971. 9,754. 1, , , Others Middle East 155, , , , , IR Iran 9,152. 9,37. 8,36. 8,541. 8, Oman 1,87. 11,28. 11,27. 9,83. 1, Qatar 115, , , , , United Arab Emirates 13,42. 12,59. 13,52. 13,2. 13,2. Yemen 6,83. 9,31. 8,8. 1,9. 1, Africa 14, , , ,17. 96, Algeria 54, ,78. 44,19. 43, , Angola ,149. na Egypt 7,57. 6,56. 5, , , Equatorial Guinea 4,72. 5,9. 4,79. 5,1. 5,1. Libya 6,225. 5,513. 4, ,664. 4,664. Mozambique 3,6. 3,72. 3,8. 3,8. 3,8. Nigeria 28, , , , , Asia and Pacific 11, , , , , Australia 27,41. 29,55. 32,39. 34, , Brunei 8,88. 9,24. 8,3. 8,31. 8, Indonesia 32, , , , , Malaysia 32,8. 35,4. 35, , , Myanmar 8,47. 8,69. 13, ,75. 15, Total world 1,3,16. 1,47,81. 1,26,66.5 1,62,15.7 1,111, of which OPEC 227, ,52. 22, , , OPEC percentage OECD 379, , , , , FSU 267,8. 283, , , ,

129 Natural gas data Table 9.5 World natural gas imports by country (million s cu m) % change 16/15 North America 118,33. 18, , , , Canada 29,18. 26, ,89. 19,627. 2, United States 88, ,65. 76, , , Latin America 52, , , ,687. 6, Argentina 8,7. 11,2. 11,312. 1,66. 1, Brazil 13,73. 16,77. 17,48. 19,96. 19, Chile 3,83. 3,778. 3,715. 3,494. 4, Mexico 21, , ,698. 2, , Venezuela 1,877. 1, nap Others 2,7. 2,89. 2,83. 2,78. 1, Eastern Europe and Eurasia 137,13. 13, , , , Armenia 2,7. 1,96. 2,8. 2,5. 2,5. Belarus 2,252. 2,26. 2,52. 18,79. 18,64..8 Bulgaria 2,37. 2,59. 2, Czech Republic 1,22. 9,97. 7,95. 8,2. 8, Hungary 6,6. 6,13. 6,536. 7,259. 7, Kazakhstan 3,93. 5,28. 4,84. 4,7. 4, Latvia 1,5. 1,6. 1,15. 1,21. 1, Lithuania 3,11. 2,53. 2,64. 2,62. 2, Moldova 2,91. 2,25. 2,63. 2,72. 2, Poland 11,27. 12,69. 11, , , Romania 2,4. 1,3. 1, , Russia 33,77. 28,1. 27, , , Slovakia 5,3. 5,8. 3,74. 4,527. 4, Tajikistan Ukraine 3,89. 28,23. 19, ,185. 1, Others 1,97. 2,838. 2,38. 2,393. 2, Western Europe 414, , , , , Austria 7,81. 6,39. 7,8. 6,. 8, Belgium 28,58. 31,85. 28,5. 34,1. 35, Bosnia & Herzegovina Croatia 1,28. 1,37. 1,4. 1,72. 1, Finland 3,661. 3,34. 3,57. 2,79. 2, France 44,94. 47,99. 45, , , Germany 9,53. 96,2. 92,55. 13,4. 19, Greece 4,34. 3,7. 2,928. 3,161. 3, Ireland 5,29. 4,88. 4,5. 4,69. 2, Italy 67,82. 61, , ,2. 65, Luxembourg 1,26. 1,

130 Natural gas data Table 9.5 World natural gas imports by country (million s cu m) Western Europe (cont d) % change 16/15 Netherlands 15,39. 15,56. 15,9. 25,. 26, Portugal 4,61. 4,84. 4,453. 5,127. 5, Serbia 2,24. 2, ,9. 1, ,814.5 Spain 36, , , , ,45. Sweden 1,13. 1, Switzerland 3,42. 3,65. 3,255. 3,381. 3, Turkey 44,3. 43,71. 49, , , United Kingdom 49,1. 48, ,45. 45,62. 47, Others 1,727. 1,914. 1,438. 1,523. 1, Middle East 38, , , , , IR Iran 6,72. 5,329. 4,422. 9,15. 9, Jordan ,21. 2,21. Kuwait ,517. 3,25. 3,852. 4, Oman 1,95. 1,95. 1,97. 1, , Syrian Arab Republic United Arab Emirates 28,21. 29,47. 25,8. 27,1. 27, Others Africa 6,58.1 7,16. 7,42. 11,15. 12, Morocco South Africa 3,6. 3,72. 3,456. 3,749. 3, Tunisia 1,89. 2,26. 2,864. 2,711. 2, Others ,19. 5, Asia and Pacific 272, , , , , China 39,7. 51,8. 55, , , India 17,92. 17,38. 13,79. 17,74. 21, Japan 122, , , , , South Korea 48,12. 52,98. 49,86. 43, , Thailand 9,76. 1,36. 1, , , Others 35,8. 38,76. 4, , , Total world 1,4, ,52,17.1 1,1,35.9 1,39, ,76, of which OPEC 37,486 39,714 34,197 4,367 41, OPEC percentage OECD 753, , ,62 737,65 767, FSU 1,14 92,361 82,785 73,745 69,

131 Natural gas data North America Latin America Eastern Europe & Eurasia Western Europe Middle East Africa Asia and Pacific OPEC share (%) Graph 9.5 World natural gas exports (bn s cu m) % 25 1,4 1,2 1, ,2 Graph 9.6 World natural gas imports (bn s cu m) % 5 North America Latin America Eastern Europe & Eurasia Western Europe Middle East Africa Asia and Pacific OPEC share (%) 1,

132 Natural gas data Table 9.6 World natural gas demand by country (million s cu m) % change 16/15 North America 823, , , , , Canada 1, , ,51. 14, , United States 723, , ,4. 777, , Latin America 219, , , , , Argentina 46, , , , , Bolivia 3,19. 3,37. 3,85. 3,34. 3, Brazil 3, , , , , Colombia 1,9. 1,7. 11,7. 11,51. 11, Ecuador Mexico 68, , , , , Peru 6,61.9 5,9.8 7,35. 7,57.5 8, Trinidad & Tobago 2,2.8 2, , ,45.9 2, Venezuela 24, , , , , Others 8, , ,526. 7,819. 7, Eastern Europe and Eurasia 686, , , , , Azerbaijan 7, , , ,575. 1, Hungary 1, ,284. 8,522. 9,126. 9, Kazakhstan 12,39. 13,49. 14,15. 13,61. 13, Poland 18, , , , , Romania 13, , , , , Russia 444, , , , , Turkmenistan 23,3.3 24,3.4 34,2. 37,62. 37, Ukraine 52, ,. 41,618. 3, , Uzbekistan 52, , ,31. 5,3. 5, Others 51, , , , , Western Europe 469, , , , , Austria 9,34.3 8, ,775. 8,278. 8, Croatia 2,89.4 2,9.4 2,44. 2,574. 2, Denmark 3, , ,159. 3,17. 3, France 43, , , , , Germany 84, , , , , Ireland 4, ,77.7 4,417. 4,397. 5, Italy 74, , , ,524. 7, Netherlands 46, , ,65. 4, , Norway 4,34. 5,15. 5,97. 6,428. 5, United Kingdom 77,94. 77,454. 7,89. 72, , Others 118, , , , ,57..7 Middle East 423, , , , , Bahrain 13, , ,1. 16, , IR Iran 157, , ,6. 184,9. 188, Iraq 6, , , , , Kuwait 16, , ,49. 2, ,

133 Natural gas data Table 9.6 World natural gas demand by country (million s cu m) Middle East (cont d) % change 16/15 Oman 22, , , , , Qatar 32, ,12. 4,5. 38,4. 38, Saudi Arabia 99, ,3. 12,38. 14,45. 16, Syrian Arab Republic 6,15.9 5,65.8 4,9. 4,3. 4,. 7. United Arab Emirates 65, , ,5. 72,7. 71, Others 4, ,12.1 9,943. 9, , Africa 125, , , , , Algeria 36, , , , , Angola Egypt 53, , ,8. 47, , Equatorial Guinea 1,58. 1,46. 1,37. 1,19. 1,18..8 Cote d Ivoire 1,5. 1,65. 1,8. 1,9. 1,9. Gabon Libya 5,73.8 6, ,94. 5, , Mozambique Nigeria 14,37. 15, , , , South Africa 4, , ,21. 4,797. 4, Tunisia 3,76.5 5,318. 5,423. 5,191. 5, Others 3, , ,423. 5, ,424.2 Asia Pacific 639, , , , , Australia 23, ,73. 27, , , Bangladesh 22, , ,8. 26,8. 27, Brunei 2,95.4 2,97.4 3,888. 4,33. 3, China 143, , , , , India 58, ,67.3 5, , , Indonesia 39,2. 42,18. 41,76. 46,75. 5, Japan 126, , , , , Malaysia 31,61. 32,81. 35,18. 31,18. 31, Myanmar 3,53.5 3,48. 3,54. 3,45. 3, New Zealand 4, , ,251. 5,21. 5,56..7 Pakistan 41,46. 39,4. 39,7. 4,75. 41, South Korea 5, , , ,96. 45, Thailand 51, , , , , Vietnam 8,41.2 8, ,13. 11, , Others 31, , , , , Total world 3,388,44.7 3,438, ,435, ,532, ,68, of which OPEC 459, , , , , OPEC percentage OECD 1,611, ,631, ,61, ,629,688. 1,674, FSU 627, , , , ,

134 Natural gas data Table 9.7 LNG carrier fleet in OPEC Members (1, cu m) Notes: Figures as at year-end. 212 no capacity 213 no capacity 214 no capacity 215 no capacity 216 no capacity Algeria 9 1,57 9 1,73 9 1,73 9 1,73 9 1,14 Angola Ecuador Gabon IR Iran Iraq Kuwait Libya Nigeria 24 3, , , , ,913 Qatar 29 5, , , , ,61 Saudi Arabia United Arab Emirates 8 1,96 8 1,96 8 1,96 8 1,96 8 1,96 Venezuela OPEC 73 11, , ,78 6 9, ,993 Total world , , , , ,573 OPEC percentage Table 9.8 World LNG carrier fleet by size (1, cu m) 212 no capacity 213 no capacity 214 no capacity 215 no capacity 216 no capacity up to 19, , 39, , 59, , 99, ,7 14 1, , and over , , , , ,544 Total world , , , , ,573 Notes: Figures as at year-end. 132

135 Natural gas data Table 9.9 Main gas pipelines in OPEC Members, 216 Length (miles) Diameter (inches) Algeria Alrar/Hassi R Mel (3) Sonatrach 2 x 597, 33 2 x 42, 48 Hassi R Mel/Skikda El Kala Sonatrach Hassi R Mel/Skikda (2) Sonatrach 2 x x 42 Hassi R Mel/Oued Safsaf Sonatrach 48 Hassi R Mel/El Aricha Sonatrach Hassi R Mel/Arzew Beni Saf (2) Sonatrach 272, , 48 Hassi R Mel/Arzew (4) Sonatrach 315, 316, 2 x x 4, 24/22, 42 Angola Segmetnt A/NB-S WYE Chevron 2 2 Segment B/NB-S WYE Chevron TL/NB-S WYE Chevron AOKA-PLTG5836/NB-S WYE Esso EL-2/NB-S WYE Total FG451/NB-S WYE Total 2 12 PLEM 3 A/PLEM 2A Total PLEM 2A/Tie in Point in 2m WD Total Linha de Transporte de Gas/Tie in Point in 2m WD Ecuador BP Amistad Platform (Offshore)/Bajo Alto Petroamazonas EP Gabon IR Iran Asaluyeh/Lushan NIGC Asaluyeh/Aghajari NIGC Asaluyeh/Bid Boland NIGC Asaluyeh/Iranshahr NIGC Asaluyeh/Naeen NIGC Asaluyeh/Saveh NIGC Bid Boland/Astara NIGC /4 Kangan/Qazvin NIGC Kangan/Pataveh NIGC Saveh/Miandoab NIGC 292 4, 48 Tehran/Dasht-e-Shad NIGC ,

136 Natural gas data Table 9.9 Main gas pipelines in OPEC Members, 216 Connection from/to Owner or operator Length (miles) Diameter (inches) Iraq Branch from Trans-Iraq dry gas pipeline/ Hilla-2 PWR St OPC Al-Ahdeb/Al-Zubaydia PWR St OPC Baiji/Al-Mashriq OPC Baiji/Al-Kaem OPC Khor Al-Zubair gas distribution station/ Hartha PWR St OPC Kirkuk/Baiji OPC 9 24 Kirkuk/North Oil OPC Kirkuk/Taji OPC Mishraq cross road/mousil PWR St OPC North Rumaila/Khor Al-Zubair gas dis station OPC Rumaila/Nasiriyaha PWR St OPC Strategic pipeline/al-najaf PWR St OPC Strategic pipeline/hilla PWR St OPC Strategic pipeline/kabesa cement OPC 24 1 Taji/South Baghdad PWR St OPC Trans-Iraqi dry gas pipeline/daura PWR St OPC Trans-Iraqi dry gas pipeline/najaf PWR St OPC Trans-Iraqi dry gas pipeline/dewania OPC 5 24 Kuwait Khafji offshore/khafji onshore (2) KJO 68 12, 42 Wafa/KOC booster station 2 WJO Libya Brega/Al Khums Sirte Oil Mellitah/Gela (Italy) Green Stream Wafa/Mellitah (2) Mellitha Oil & Gas 2 x , 32 Brega/Benghazi Sirte Oil Intisar/Zueitina Zueitina Intisar/Brega 1 Zueitina Nasser/Brega Sirte Oil Bu Attifel/Intisar (2) Mellitha Oil & Gas, Eni Oil 2 x 82 34, 1 Tripoli/Mellitah 1 Sirte Oil Faregh/Intisar Waha Waha/Nasser Waha Al Khums/Tripoli 1 Sirte Oil Bahr es Salam/Mellitah (2) Mellitha Oil & Gas 2 x 68 1, 36 Nasser/KM-81.5 Sirte Oil

137 Natural gas data Table 9.9 Main gas pipelines in OPEC Members, 216 Connection from/to Owner or operator Length (miles) Diameter (inches) Libya (cont d) KM-91.5/Brega (2) Sirte Oil 2 x 57 16, 36 Raguba/KM-11 Sirte Oil 55 2 KM-81.5/Brega Sirte Oil 51 3 Jakhira/Intisar (2) Wintershall 2 x 5 8, 2 Intisar/Sahl Sirte Oil 5 3 Sahl/KM-81.5 Sirte Oil 3 3 Attahaddy/KM-91.5 (2) Sirte Oil 2 x 16 12, 3 Bouri offshore/bahr Es Salam (2) Mellitha Oil & Gas 2 x 12 4, 1 Nigeria Ajaokuta/Obajana Nigerian Gas Company Aladja pipeline system/aladja Nigerian Gas Company 65 6, 8, 14, 16 Alagbado/Ewekoro (WAPCO) Nigerian Gas Company 17 6 Alagbado/Ota-Agbara distr (SNG) Nigerian Gas Company Alagbado/Ota-Agbara distr (SNG) Nigerian Gas Company Alakiri/Ikot-Abasi (ALSCON) Nigerian Gas Company Escravos/WGTP Nigerian Gas Company Ewekoro node/abeokuta (GDZ) Nigerian Gas Company 2 18 Ikpe Anang/EHGC (UNICEM) Nigerian Gas Company Imo River/Aba (SPDC) Nigerian Gas Company 2 12 Int scrapper station/ikot-abasi (ALSCON) Nigerian Gas Company Kew Metal/Ogijo Nigerian Gas Company 63 6 KP 331/Itoki Nigerian Gas Company Oben/Ajaokuta Nigerian Gas Company Oben/Geregu (PHCN) Nigerian Gas Company 123 2/24 Oben/Sapele (PHCN) Nigerian Gas Company Obiafu gas plant (GTS-1)/Ubeta Node (GTS-1) Nigerian LNG Ltd PS 4 (Itoki)/Ibese Nigerian Gas Company Rumuji Node (GTS-1)/NLNG Bonny Nigerian LNG Ltd Soku Gas Plant (GTS-1)/Rumuji Node (GTS-1) Nigerian LNG Ltd Ubeta Node (GTS-1)/Rumuju Node (GTS-1) Nigerian LNG Ltd Utorogu/Ughelli (PHCN) Nigerian Gas Company 22 1 Warri/Egbin node (PS4) Nigerian Gas Company WGTP/WRPC Nigerian Gas Company

138 Natural gas data Table 9.9 Main gas pipelines in OPEC Members, 216 Connection from/to Owner or operator Length (miles) Diameter (inches) Qatar BRZ-WHPs/Ras Laffan landfall BRZ DOL WHPs /Ras Laffan landfall Dolphin/Del NF B-PU/Ras Laffan landfall Qatar Gas PEARL-1/Ras Laffan landfall Shell 58 3 PS-2 Offshore/PS-1 Offshore QP 2 6 PS-3 Offshore/PS-1 Offshore QP 37 1 PS-4/Ras Laffan landfall (2) QP 2 x 77 12, 34 Qatargas WHPs/Ras Laffan landfall (2) Qatar Gas 73, 91 38, 34 Ras Laffan/Mesaieed QP Ras Laffan/NFGP (2) QP 2x137 12, 34 Ras Laffan/UAE Dolphin /DEL Ras Laffan: Station V/Station S (2) QP Ras Laffan: Station V/Station T3 QP Rasgas WHPs/Ras Laffan landfall Ras Gas RG-A/Ras Laffan landfall Ras Gas 9 32 Saudi Arabia Abqaiq/Yanbu Saudi Aramco UBTG-1/Berri (2) Saudi Aramco 2 x , 36/38/4/42 UBTG-1/AY-1 KP 916 Saudi Aramco UBTG-1/Ju aymah Saudi Aramco /3/38/4 Safaniya/Ju aymah Saudi Aramco AY-1 KP 943/Riyadh Saudi Aramco Tanajib/Berri Saudi Aramco 9 3 Abqaiq/Berri Saudi Aramco 85 24/36 Haradh/Uthmaniya (2) Saudi Aramco 77, 87 24/ 32, 48 UA-1/Uthmaniya Saudi Aramco 62 24/32 Hawiyah/UBTG-1 Saudi Aramco Ju'aymah/Jubail Saudi Aramco 35 3/38/4 Abqaiq/Shedgum Saudi Aramco Waqr/Haradh Saudi Aramco 31 3 Hawiyah/ Uthmaniyah Saudi Aramco Qatif North/Berri Saudi Aramco Tinat/Haradh Saudi Aramco 27 2 Haradh/Hawiyah (3) Saudi Aramco 3 x 27 3 Aindar/Shedgum Saudi Aramco Depco/Abqaiq Saudi Aramco

139 Natural gas data Table 9.9 Main gas pipelines in OPEC Members, 216 Connection from/to Owner or operator Length (miles) Diameter (inches) United Arab Emirates Umm Shaif Field/Das Island ADMA OPCO TABK/Umm Shaif field ADMA OPCO/TABK ABK/USCC ABK Mubarraz field/mubarraz terminal ADOC Taweelah/Fujirah Dolphin Al Ain/Fujirah Dolphin Venezuela Anaco/Barquisimeto PDVSA 1,535 8, 1, 12, 16, 2, 26, 3, 36 Anaco/Puerto La Cruz, Margarita PDVSA 48 12, 16, 2, 26, 36 Anaco/Puerto Ordaz PDVSA , 2, 26, 36 Compressor plant Orocual/Plant Jusepin PDVSA ICO Pipeline/TyD Gas Metano PDVSA Gas PDVSA 164 3/36 Muscar Operations Center/Soto Valves Estacion PDVSA (ANACO) Quiriquire/Jusepin PDVSA 32/32 2 San Genaro de Boconoito/Obispo PDVSA Santa Barbara/Aguasay 5A-Plant PDVSA Sistema ULE Amuay/TyD Gas Metano PDVSA Gas Trans-Caribbean Pipeline/TyD Gas Metano PDVSA Gas PDVSA /2 PDVSA

140

141 General notes

142 General Notes Definitions Barrels per calendar day (b/cd): the total number of barrels processed in a refinery within 24 hours, reflecting all operational limitations (eg routine inspections, maintenance, repairs etc). Barrels per stream day (b/sd): the number of barrels of input that a refining facility can process within 24 hours, operating at full capacity under optimal crude and product slate conditions. Completion: the installation of permanent equipment for the production of oil or gas. Composite barrel: a consumption weighted average of retail prices (including taxes) of the main groups of refined petroleum products. Crude oil: a mixture of hydrocarbons that exists in a liquid phase in natural underground reservoirs and remains liquid at atmospheric pressure after passing through surface separating facilities. For statistical purposes, volumes reported as crude oil include: liquids technically defined as crude oil; small amounts of hydrocarbons that exist in the gaseous phase in natural underground reservoirs, but which are liquid at atmospheric pressure after being recovered from oil well (casing head) gas in lease separators; small amounts of non-hydrocarbons produced with the oil; very heavy and extra-heavy crude oils with viscosity less than 1, mpa-s (centipoises) at original reservoir conditions. Distillates: middle distillate type of hydrocarbons; includes products similar to number one and number two heating oils and diesel fuels. These products are used for space heating, diesel engine fuel and electrical power generation. Dry hole: a well found to be incapable of producing either oil or gas in sufficient quantities to justify completion as an oil or gas well. Exports of petroleum products: excludes international air and marine bunkers. Gasoline: a mixture of relatively volatile hydrocarbons, with or without small quantities of additives, that have been blended to form a fuel suitable for use in internal combustion engines; includes gasoline used in aviation. Geneva I agreement: agreement of January 1972 between some OPEC Member Countries and the major international oil companies, which had the effect of establishing an index for quarterly adjustments of posted crude oil prices on the basis of the arithmetic average of the deviations of the exchange rates of nine major currencies against the US dollar. This was modified to an import-weighted index in 1978, accounting for exchange rates and inflation rate. The present modified Geneva I + US dollar currency basket includes the US dollar, the Euro, the Japanese yen, the UK pound and the Swiss franc. Kerosene: medium hydrocarbon distillates in the 15 to 28 C distillation range and used as a heating fuel as well as for certain types of internal combustion engines; includes jet fuel, which is a fuel of naphtha or of kerosene type, suitable for commercial or military purposes in aircraft turbine engines. Natural gas liquids (NGLs): those reservoir gases liquefied at the surface in lease separators, field facilities or gas processing plants. NGLs consist of field condensates and natural gas plant products such as ethane, pentane, propane, butane and natural gasoline. Natural gas: a mixture of hydrocarbon compounds and small quantities of various non-hydrocarbons existing in the gaseous phase or in solution with oil in natural underground reservoirs at reservoir conditions. The natural gas volumes refer to Standard Conditions of 6 F, psia (15.6 C, 76 mm/hg). Gross production: the total flow of natural gas from oil and gas reservoirs of associated-dissolved and non-associated gas. Marketed production: corresponds to gross production, minus the volumes of gas flared or re-injected into fields, minus the shrinkage. Re-injection: the total volume of natural gas produced from oil and gas completions, processed through gas-processing plants and field facilities, and used for gas lift, gas injection and cycling operations. Shrinkage: volume shrinkage due to purification and/or extraction of natural gas liquids, gas used as input to GTL plants, lease separators and plant own consumption and any other losses caused by spillage, evaporation, etc. Non-conventional oil: includes synthetic crude oil from tar sands, oil shale, etc, liquids derived from coal liquefaction(ctl) and gas liquefaction (GTL), hydrogen and emulsified oils (eg Orimulsion), non-hydrocarbon compounds added to or blended with a product to modify fuel properties (octane, cetane, cold properties, etc) of substances like alcohols (methanol, ethanol), ethers (such as MTBE (methyl tertiary butyl ether), ETBE (ethyl tertiary butyl ether), TAME (tertiary amyl methyl ether) or esters (eg rapeseed or dimethylester, etc) and chemical compounds such as TML (tetramethyl lead) or TEL (tetraethyl lead) and detergents. Oil demand: inland delivery, including refinery fuels and losses, as well as products from gas plants, including international air and marine bunkers as well as direct crude burning. Oil or gas well: a well completed for the production of oil or gas from one or more zones or reservoirs. 14

143 General Notes Oil supply: consists of crude oil natural gas liquids and non-conventional oil production. OPEC Basket: the OPEC Reference Basket (ORB) price was introduced on January 1, Up to June 15, 25, it was the arithmetic average of seven selected crudes. These were: Saharan Blend (Algeria); Minas (Indonesia); Bonny Light (Nigeria); Arab Light (Saudi Arabia); Dubai (United Arab Emirates); Tia Juana Light (Venezuela); and Isthmus (Mexico). Mexico is not a Member of OPEC. As of June 16, 25, the ORB is calculated as a production-weighted average of the OPEC Basket of crudes. These are: Saharan Blend (Algeria); Girassol (Angola as of January 27); Oriente (Ecuador as of October 19, 27); Rabi Light (Gabon, as of July 1, 216), Iran Heavy (IR Iran); Basrah Light (Iraq); Kuwait Export (Kuwait); Ess Sider (Libya); Bonny Light (Nigeria); Qatar Marine (Qatar); Arab Light (Saudi Arabia); Murban (United Arab Emirates); and Merey (Venezuela). Output of petroleum products: the total amount of petroleum products produced from refinery input in a given period, excluding refinery fuels. Petroleum products: products obtained from the processing of crude oil, unfinished oils, NGLs and other hydrocarbon compounds. These include aviation gasoline, motor gasoline, naphtha, kerosene, jet fuel, distillate fuel oil, residual fuel oil, liquefied petroleum gas, lubricants, paraffin wax, petroleum coke, asphalt and other products. Proven crude oil reserves: the estimated quantities of all liquids statistically defined as crude oil. They consist of those quantities of crude oil which by analysis of geoscience and engineering data can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under defined economic conditions, operating methods and government regulations (source: SPE Petroleum Resources Management System). Proven natural gas reserves: are the estimated quantities of all hydrocarbons statistically defined as natural gas. They consist of those quantities of natural gas (associated and non-associated) which by analysis of geoscience and engineering data can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under defined economic conditions, operation methods and government regulations (source: SPE Petroleum Resources Management System). Refinery capacity (charge): the input (feed) capacity of the refinery processing facilities. Refinery capacity (operable): the maximum amount of input to atmospheric distillation units that can be processed in an average 24-hour period. Refinery throughput: oil input to atmospheric distillation unit. Residual fuel oil: fuels obtained as liquid still bottoms from the distillation of crude used alone or in blends with heavy liquids from other refinery process operations. These are used for the generation of electric power, space heating, vessel bunkering and various industrial purposes. Rig: a derrick complete with engine-house and other equipment necessary for drilling oil and gas wells. Well (exploratory and development): a hole drilled for the purpose of finding or producing crude oil or natural gas, or providing services related to the production of crude oil and natural gas. Country groupings (OPEC Member Countries are shown in bold.) North America: Canada, Greenland, St Pierre and Miquelon, United States. Latin America: Antigua, Argentina, Bahamas, Barbados, Belize, Bermuda, Bolivia, Brazil, British Virgin Islands, Cayman Islands, Chile, Colombia, Costa Rica, Cuba, Dominica, Dominican Republic, Ecuador, El Salvador, French Guiana, Grenada, Guadeloupe, Guatemala, Guyana, Haiti, Honduras, Jamaica, Martinique, Mexico, Montserrat, Nicaragua, Panama (including Panama Canal Zone), Paraguay, Peru, Puerto Rico, St Kitts-Nevis-Anguilla, St Lucia, St Vincent, Suriname, Trinidad & Tobago, Turks and Caicos Islands, United States Virgin Islands, Uruguay, Venezuela and Other Latin America. Eastern Europe and Eurasia: Albania, Armenia, Azerbaijan, Belarus, Bulgaria, Czech Republic, Estonia, Georgia, Hungary, Kazakhstan, Kyrgyzstan, Latvia, Lithuania, Moldova, Poland, Romania, Russia, Slovakia, Tajikistan, Turkmenistan, Ukraine and Uzbekistan. Western Europe: Austria, Belgium, Bosnia and Herzegovina, Cyprus, Croatia, Denmark (including Faroe Islands), Finland, France (including Andorra and Monaco), Germany, Gibraltar, Greece, Iceland, Ireland, Italy (including San Marino and the Holy See), Luxembourg, Malta, Montenegro, Netherlands, Norway (including Svalbard and Jan Mayen Islands), Portugal, Serbia, Slovenia, Spain (including Canary Islands), Sweden, Switzerland (including Liechtenstein), Former Yugoslav Republic of Macedonia, Turkey, United Kingdom and Other Western Europe. 141

144 General Notes Middle East: Bahrain, Islamic Republic of Iran, Iraq, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, United Arab Emirates (Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-khaimah, Sharjah, Umm al-qaiwain), Yemen and Other Middle East. Africa: Algeria, Angola, Benin, Botswana, British Indian Ocean Territory, Burkina Faso, Burundi, Cameroon (United Republic of), Cape Verde, Central African Republic, Chad, Comoros, Congo (Republic of the), Congo (Democratic Republic of the), Djibouti, Egypt, Equatorial Guinea, Eritrea, Ethiopia, Gabon, Gambia (The), Ghana, Guinea, Guinea-Bissau, Côte d Ivoire, Kenya, Lesotho, Liberia, Libya, Madagascar, Malawi, Mali, Mauritania, Mauritius, Morocco, Mozambique, Namibia, Niger, Nigeria, Reunion, Rwanda, St Helena, São Tomé and Príncipe, Senegal, Seychelles, Sierra Leone, Somalia, South Africa, Sudans (including South Sudan and Sudan), Swaziland, Tanzania, Togo, Tunisia, Uganda, Western Sahara, Zambia and Zimbabwe. Asia and Pacific: Afghanistan, American Samoa, Antarctica, Australia, Bangladesh, Bhutan, Brunei, Cambodia, Canton and Enderbury Islands, People s Republic of China (PRC), Hong Kong Special Administrative Regions (SAR of the PRC), Macau SAR of the PRC, Christmas Island, Cocos (Keeling) Islands, Cook Islands, Fiji, French Polynesia, Guam, India, Indonesia, Japan, Johnston Island, Kiribati, Korea (Democratic People s Republic of), Korea (Republic of), Lao People s Democratic Republic, Malaysia, Maldives, Midway Islands, Mongolia, Myanmar, Nauru, Nepal, New Caledonia, New Zealand, Niue, Norfolk Island, Pacific Islands (Trust Territory), Pakistan, Papua New Guinea, Philippines, Pitcairn Island, Samoa, Singapore, Solomon Islands, Sri Lanka, Thailand, Tokelau, Tonga, Tuvalu, Vanuatu, Vietnam, Wake Island, Wallis, Futuna Islands and Other Asia and Pacific. Economic organizations Organization of the Petroleum Exporting Countries (OPEC) Members: Algeria (1969), Angola (27), Ecuador (reactivated membership in 27), Gabon (rejoined OPEC in 216), the Islamic Republic of Iran (196), Iraq (196), Kuwait (196), Libya (1962), Nigeria (1971), Qatar (1961), Saudi Arabia (196), United Arab Emirates (1967), Venezuela (196). Organization for Economic Co-operation and Development (OECD) Members: Australia, Austria, Belgium, Canada, Chile, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Korea, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, United Kingdom, United States and Other OECD. Former Soviet Union (FSU): Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Latvia, Lithuania, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine and Uzbekistan. Abbreviations Symbols: na Not available. nap Not applicable. Zero, nil or negligible. Currencies: $ US dollar Euro DZD Algerian dinar AOA Angolan new kwanza $ Ecuador XAF IRR IQD KWD LYD Central African CFA franc Iranian rial Iraqi dinar Kuwaiti dinar Libyan dinar NGN QAR SAR AED VEF Nigerian naira Qatari riyal Saudi Arabian riyal United Arab Emirates dirham Venezuelan bolivar fuerte Miscellaneous: b barrel(s) b/d barrels per day b/cd barrels per calendar day b/sd barrels per stream day b/yr barrels per year b billion bn b billion barrels cif cost, insurance and freight cu m cubic metres dwt deadweight tonnage fob free on board ft feet GDP gross domestic product GTL gas to liquids LHS left-hand side LNG liquefied natural gas LPG liquefied petroleum gas m million m b million barrels NCV net calorific value NCF non-conventional NOC national oil company NGLs natural gas liquids RHS right-hand side s cu m standard cubic metres t tonne Rounding: In all tables totals may not add up due to independent rounding. 142

145 General Notes Selected oil companies ADCO ADMA ADMA-OPCO ADNOC ADOC Agip Agoco Amerada Hess AOC Aramco Arco Asamera Ashland BP Braspetro Brega Marketing Buttes Calasiatic Caltex (PT) ChevronTexaco Conoco Corpoven DPC EGPC ExxonMobil GASCO Getty GOC Gulf Hispanoil INOC Inpex JORC KRPC KNPC KOC Lagoven Maraven Maxus Mobil NIGC Abu Dhabi Company for Onshore Oil Operations Abu Dhabi Marine Areas Abu Dhabi Marine Operating Company Abu Dhabi National Oil Company Abu Dhabi Oil Company Agip SpA Arabian Gulf Oil Company (Libya) Amerada Hess Corporation Arabian Oil Company Saudi Arabian Oil Company (Saudi Aramco) Atlantic Richfield Company Asamera Oil Ashland Oil BP plc Petrobras Internacional SA Brega Petroleum Marketing Company Buttes Gas & Oil Company Calasiatic Petroleum Company PT Caltex Pacific Indonesia ChevronTexaco Corporation Continental Oil Company Corpoven SA Dubai Petroleum Company Egyptian General Petroleum Corporation ExxonMobil Corporation Abu Dhabi Onshore Gas Company Getty Oil Corporation Gabon Oil Company Gulf Oil Corporation Hispanica de Petroleos SA Iraq National Oil Company Indonesia Petroleum Ltd Jeddah Oil Refinery Company Kaduna Refinery & Petrochemical Company Kuwait National Petroleum Company KSC Kuwait Oil Company KSC Lagoven SA Maraven SA Maxus Energy Corporation Mobil Oil Corporation National Iranian Gas Company NIOC National Iranian Oil Company NNPC Nigerian National Petroleum Corporation NOC National Oil Corporation (Libya) NODCO National Oil Distribution Company (Qatar) NPHR New Port Harcourt Refinery Oasis Oasis Oil Company of the Libya, Inc Occidental Occidental Petroleum Corporation OMV OMV Aktiengesellschaft PDVSA Petroleos de Venezuela SA Pertamina Perusahaan Pertambangan Minyak Dan Gas Bumi Negara Petroecuador National oil company of Ecuador Petroindustrial Refinery operations company of Ecuador Petromer Trend Petromer Trend Corporation Petromin General Petroleum and Mineral Organization of Saudi Arabia Petroproduccion Exploration and production oil company of Ecuador Phillips Phillips Petroleum Company PPMC Pipeline and Products Marketing Company (Nigeria) QGPC Qatar General Petroleum Corporation (now Qatar Petroleum) Royal Dutch/Shell Royal Dutch Petroleum Company, The Netherlands, and Shell Transport and Trading Co, UK Sonangol Sociedade Nacional de Combustíveis de Angola Sonatrach Société Nationale de Transport et de Commercialisation des Hydrocarbures Stancal Standard Oil Company of California PT Stanvac PT Stanvac Indonesia Tenneco Tenneco Incorporated Tesoro Tesoro Indonesia Petroleum Corporation Topco Texas Overseas Petroleum Company Total Total Union Oil Union Oil Company of California VOO Veba Oil Operations (Libya) Waha Oil Waha Oil Company (Libya) Wintershall Wintershall AG WRPC Warri Refinery & Petrochemical Company Zadco Zakum Development Company ZOC Zueitina Oil Company (Libya) Major sources Direct communications to the OPEC Secretariat American Petroleum Institute (API) Arab Oil & Gas Asia Pacific Economic Cooperation (APEC) Baker Hughes Bloomberg BP Statistical Review of World Energy Brazil: Ministry of Mines and Energy Brazil: National Agency of Petroleum, Natural Gas and Biofuels Business Monitor International Cambridge Energy Research Associates Canadian Association of Petroleum Producers Canada: National Energy Board Canadian Energy Research Institute Cedigaz, Natural Gas in the World Centre for Global Energy Studies China: National Bureau of Statistics China: National Petroleum Corporation Central Bank reports Clarkson Research Studies: The Liquid Gas Carrier Register De Golyer & MacNaughton: Twentieth Century Petroleum Statistics Eastern Bloc Research, CIS and East European Energy Databook Economic Intelligence Unit (EIU): country reports and database Energy Detente Energy Information Administration, US Department of Energy 143

146 General Notes Eurostat Fearnleys, Annual Review Financial Times: Oil and Gas International Yearbook Galbraith s Weekly Tanker Fixtures Report Gas Exporting Countries Forum (GECF) Haver Analytics IHS Global Insight IHS Cambridge Energy Research Associates (HIS CERA) India: Ministry of Petroleum & Natural Gas Institute Français du Petrole (IFP): The World Gas Industry Institute of Energy Economics, Japan (IEEJ) International Energy Agency (IEA): Energy Prices and Taxes; Energy Statistics and Balances; Monthly Oil/Gas Data Services IEA Monthly Oil Data Service (MODS) International Monetary Fund (IMF): International Financial Statistics, World Economic Outlook Database, Direction of Trade Statistics Japan: Ministry of Economy, Trade and Industry Joint Organizations Data Initiative Middle East Economic Survey National Energy Administration of the People s Republic of China (NEA) National and international oil companies reports National statistical publications National Westminster Bank Norway: Ministry of Petroleum and Energy NYMEX OECD: Trade by Commodities OECD/IEA: Energy Balances of non-oecd countries OECD/IEA: Energy Balances of OECD countries OECD/IEA: Energy Statistics of non-oecd countries OECD/IEA: Energy Statistics of OECD countries OECD/IEA: Quarterly Energy Prices and Taxes OECD: International Trade by Commodities Statistics Oil & Gas Journal Oil and Energy Trends: Annual Statistical Review Oil Bulletin Petrolier Organización Latinoamericana de Energia (OLADE) Organization of Arab Petroleum Exporting Countries (OAPEC) Petrobras Petroleum Argus Petroleum Economist Petroleum Intelligence Weeky (PIW) Petrostrategies Platt s Port of Fujairah Port of Rotterdam Reuters Rystad Energy Secretariat s estimates Simpson Spence & Young: World Oil Tanker Trends Society of Petroleum Engineers (SPE): Petroleum Resources Management System United Nations: Energy Statistics Yearbook; Monthly Bulletin of Statistics United Nations: National Account Statistics Wood Mackenzie World Bank: World Development Indicators World LPG Gas Association World Oil World Petroleum Trends Conversion factors Crude oil Standard factors Metric tonne Long ton Barrels Cubic metres (kilolitres) Metric tonne Long ton Barrels Cubic metres (kilolitres) By country (b/tonne) Algeria Angola Ecuador Gabon IR Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia United Arab Emirates Venezuela OPEC Petroleum products (b/tonne) Gasoline Kerosene Distillates Residuals

147 Major OPEC Members flows of crude and refined oil (1, b/d) 216 Ecuador Venezuela Nigeria Algeria Gabon Saudi Arabia Kuwait United Arab Emirates OPEC Latin America OPEC Africa, OPEC Middle East

148 OPEC Helferstorferstrasse 17, A-11 Vienna, Austria