The Changing Face of Global Refining
|
|
- Abel Jordan
- 5 years ago
- Views:
Transcription
1 The Changing Face of Global Refining OPIS National Supply Summit Las Vegas, Nevada October 24-26, 2010 John B. O Brien, Executive Chairman Baker & O Brien, Inc. All rights reserved.
2 The Changing Face of Global Refining A Changing World A Global Shift in Refining Threats to U.S. and European Refineries A Potential Tsunami of Product Imports into the Atlantic Basin 1
3 The Changing Face of Global Refining A Changing World A Global Shift in Refining Threats to U.S. and European Refineries A Potential Tsunami of Product Imports into the Atlantic Basin 2
4 Regions of the World A potential tsunami of gasoline and distillates from Middle East and India may threaten refineries in the U.S. and Europe OECD North America FSU and Eastern Europe OECD Europe China Non-OECD Asia Latin America Africa India Middle East OECD Pacific NOTE: IEA Regions 3
5 Oil demand growth China, India, & Middle East Oil demand decline North America, Europe, & Japan 120 World Oil Demand Millions of Barrels Per Day Bunkers Latin America Africa Middle East India China Non-OECD Asia FSU and Eastern Europe OECD Pacific OECD Europe OECD North America SOURCE: IEA and Baker & O Brien estimates 4
6 OECD North America OECD Europe OECD Pacific FSU and Eastern Europe Non-OECD Asia China India Middle East 0 Barrels Per Capita Per Year Oil Intensity U.S., Europe, Japan - high but declining India, China, Latin America low but growing Middle East high and growing rapidly Africa Latin America SOURCE: IEA and Baker & O Brien estimates 5
7 A Changing World - Key Trends Developed Regions Developing Regions Population Small growth Strong to moderate growth GDP Growth but declining share Strong growth and increasing share GDP/Capita High and growing Low with some growth (China, India, ME) Oil Intensity (Bbl. Per Capita Per Year) High and declining Low with strong growth Oil Demand Flat at best Strong growth (China, India, ME) 6
8 The Changing Face of Global Refining A Changing World A Global Shift in Refining Threats to U.S. and European Refineries A Potential Tsunami of Product Imports into the Atlantic Basin 7
9 Worldwide Refinery Capacity Additions Roughly 5 MMB/D new capacity to be built over New capacity in Asia/Pacific & ME many government-owned ~600 MB/D new N. America capacity focus on USEC deliveries 1,800 Thousands of Barrels Per Day 1,600 1,400 1,200 1, Asia Pacific Africa Middle East Europe & Eurasia Latin America North America SOURCE: Baker & O Brien estimates 8
10 New Export Refineries: Large and Complex Typical New Export Refineries Saudi Arabia and India Saudi Arabia Owner/Location: Saudi Aramco / Yanbu (Red Sea) Start-Up Year: 2015 Crude Capacity: 400 MB/D Crude Feed: Arab Medium/Heavy Configuration: Full Conversion Coking with Hydrocracking India Owner/Location: Reliance Industries/Jamnagar (West Coast) Start-Up Year: Late 2009 (currently on-stream) Crude Capacity: 580 MB/D Crude Feed: Flexible/Heavy Configuration: Full Conversion Coking with Cat Cracking and Hydrocracking 9
11 Large Product Export Volumes Available New capacity from both India and Middle East Primarily distillates to Europe, gasoline to USEC India Middle East Refinery Capacity, M B/D 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 Available for Export For Domestic Consumption Available for Export For Domestic Consumption
12 Refinery utilization expected to remain low Cash margins expected to be relatively flat World Refinery Utilization and Margins 88% Actual Forecast 14 World Refinery Utilization 87% 86% 85% 84% 83% 82% 81% EBITDA Margin, $/Bbl. (2009 dollars) 80% Utilization USGC LLS Cracking USGC Maya Coking SOURCE: Baker & O Brien Analysis 11
13 Worldwide Refinery Capacity Reductions Over next five years ~ 2 MMB/D announced reductions Possible additional reductions ~ 2 MMB/D Most refinery capacity closures: light, sweet, low conversion Coking capacity concerns if extended periods of low light-heavy crude oil differentials 12
14 The Changing Face of Global Refining A Changing World A Global Shift in Refining Threats to U.S. and European Refineries A Potential Tsunami of Product Imports into the Atlantic Basin 13
15 PADD 1 Light Product Supply History Renewable fuels and declining oil demand Declining Imports Flat USGC transfers Thousands of Barrels Per Day 6,000 5,000 4,000 3,000 2,000 Imports Transfers from USGC Ethanol Declining Refinery Production 1,000 PADD 1 Production SOURCE: EIA 14
16 PADD 1 Light Product Import Sources 2,000 India/Asia: Growing Imports Europe: Declining Imports Caribbean/SA: Declining Imports Eastern Canada: Steady Volumes Thousand Barrels per Day 1,800 1,600 India / Asia-Pacific 1,400 1,200 1,000 Europe Caribbean + South America 200 Eastern Canada 0 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 15
17 Current PADD 1 Light Product Imports Canadian, Caribbean, South American imports are structural European imports tend to be steady from several sources India/Other Asian imports from new export refineries Note: Flows in MB/D in 2009 / 1 st Half 2010 PADD 1 Eastern Canada 250 / 288 MB/D 504 / 447 MB/D Europe 287 / 230 MB/D Caribbean & South America 16 / 61 MB/D India-Other Asia 16
18 The Changing Face of Global Refining A Changing World A Global Shift in Refining Threats to U.S. and European Refineries A Potential Tsunami of Product Imports into the Atlantic Basin 17
19 Analysis of Competitive Import Threats Used an in-house computer model (PRISM TM ) to quantify the competitive position of various Atlantic Basin refiners vs. imports. Compared the gasoline and distillate light oil product ( LOP ) unit cost of refineries in U.S. PADDs 1, 2, and 3, Eastern Canada, and Europe to landed cost of product from India and ME. Considered refinery capacity, conversion, logistics, and operating costs, and included credits for non-lop products sold. Delivered LOP Unit Cost - Calculated as the crude cost + fixed and variable costs + transportation costs non-lop product credits divided by the total gasoline and distillates produced. PRISM TM is a trademark of Baker & O Brien, Inc. All rights reserved. 18
20 Size and Complexity of Key East Coast Refineries Complexity and size not sole metrics of vulnerability Coking vulnerability from depressed light-heavy spreads 13.5 Regional Refinery Complexity vs. Light Product Capacity Refinery Complexity Factor Coking Cracking Shut Shut Shut ,125 1,500 Cumulative Production of Light Products (Gasoline, Diesel, Jet Fuel), MB/CD SOURCE: Baker & O Brien estimates using PRISM 19
21 East Coast Light Products Cost Curves in 2008 and 2009 Regional Light Products Cost Curve, : Steep cost curve with wide light-heavy spreads Light Product Costs, US$/Bbl ,125 1, : Cost curve flatter and lower with low light-heavy spreads Light Product Costs, US$/Bbl. Regional Light Products Cost Curve, ,125 1,500 Cumulative Production of Light Products (Gasoline, Diesel, Jet Fuel), MB/CD SOURCE: Baker & O Brien estimates using PRISM 20 Coking Cracking
22 NY Harbor Delivered Cost Analysis: Wide Light-Heavy Crude Oil Spreads (2008) Wide light-heavy spreads: advantage for coking refineries Most vulnerable: light, sweet cracking refineries Delivered Light Oil Product Costs, $/Bbl. LOP USEC FCC W Afr Sweet USGC FCC LLS USGC Coker Arab Hvy ME Coker Arab Hvy India Coker Arab Hvy Product Transport Variable Operating Costs Fixed Operating Costs Crude Oil Transport Crude Oil Less Product Credits NOTE: Scale from (increments of 10) SOURCE: Baker & O Brien estimates using PRISM TM 21
23 NY Harbor Delivered Cost Analysis: Narrow Light-Heavy Crude Oil Spreads (2009) Coking refineries lost their advantage PADD 1 cracking refineries became more competitive Delivered Light Oil Product Costs, $/Bbl. LOP USEC FCC W Afr Sweet USGC FCC LLS USGC Coker Arab Hvy ME Coker Arab Hvy India Coker Arab Hvy Product Transport Variable Operating Costs Fixed Operating Costs Crude Oil Transport Crude Oil Less Product Credits NOTE: Scale from (increments of 10) SOURCE: Baker & O Brien estimates using PRISM TM 22
24 NY Harbor Delivered Cost Analysis: (2 nd Q 2010) 2 nd Q 2010 Situation: Middle East/India exports very competitive USEC/USGC light, sweet cracking refineries remain vulnerable Delivered Light Oil Product Costs, $/Bbl. LOP USEC FCC W Afr Sweet USGC FCC LLS USGC Coker Arab Hvy ME Coker Arab Hvy India Coker Arab Hvy Product Transport Variable Operating Costs Fixed Operating Costs Crude Oil Transport Crude Oil Less Product Credits NOTE: Scale from (increments of 10) SOURCE: Baker & O Brien estimates using PRISM TM 23
25 Atlantic Basin Refinery Cost Curve (2009) European refineries - higher LOP costs than PADDs 1, 2, 3 USEC refineries - generally higher LOP costs than PADDs 2 and 3 85 Consolidated Cost Curve of Atlantic Basin Refineries (151 total refineries) U.S. PADD Region Western Europe North South/Central Light Product Costs, US$/Bbl ,500 3,000 4,500 6,000 7,500 9,000 10,500 12,000 13,500 15,000 17,500 Cumulative Production of Light Products (Gasoline, Diesel, Jet Fuel), MB/CD SOURCE: Baker & O Brien estimates using PRISM TM 24
26 Conclusions A Changing World Most oil demand growth will be in the developing world as growth in the developed world remains moderate and oil intensity declines. A Global Shift in Refining Large new high-conversion refineries are being built in the developing world (e.g., Middle East and India) and significant capacity is targeted for export. Tepid demand is causing shutdowns in the developed world (e.g., U.S. and Europe). Threats to U.S. / Europe Refiners Some additional U.S. / Europe refiners are threatened by new export supplies as traditional domestic and import suppliers fight to maintain their historical market shares. A Tsunami in the Atlantic Basin Cost competitiveness of new product imports into the Atlantic Basin will be influenced by light-heavy crude oil spreads. Even with moderate spreads, some U.S. and European conversion refineries may be at risk. 25
27 Baker & O Brien Independent Energy Consultants Dallas Headquarters Merit Drive Suite 1150 Dallas, TX Phone: Fax: Houston Office 1333 West Loop South Suite 1350 Houston, TX Phone: Fax: London 131a Gloucester Road London SW7 4TH Phone:
Turmoil in Refining The Shakeout Continues
Turmoil in Refining The Shakeout Continues OPIS National Supply Summit Las Vegas, Nevada October 22 24, 2012 John B. O Brien Executive Chairman Baker & O Brien, Inc. All rights reserved. Conclusions from
More informationCrude Export and the New Dynamics
27 April 2016 Crude Export and the New Dynamics Mel Larson, Principal Consultant SUPERIOR RESULTS. SUSTAINED. Topics of Interest Crude Export Impact The Great Divide Export to everywhere The US Advantage
More informationB A K E R & O B R I E N
B A K E R & O B R I E N I N C O R P O R A T E D Q3 : U. S. Refining Margins Remain Robust Special Topic: Domestic Light Oil Processing in the U.S. Gulf Coast Have We Hit the Limit? Houston, October 30,
More informationASPHALT SUPPLY IN A VOLATILE OIL WORLD
ASPHALT SUPPLY IN A VOLATILE OIL WORLD Bill Haverland ConocoPhillips Baxter Burns Ergon CRUDE OIL SUPPLY A WORLD LOOK Crude Oil Supply (2006) World Crude Oil Production Millions of Barrels Per Day FSU/E.
More informationRegional Refining Outlook
Regional Refining Outlook Implications for Crude Demand Platts Crude Summit 15 May 213 David Wech JBC Energy GmbH 13 th May 213 Research - Energy Studies - Consulting - Training Disclaimer All statements
More informationASPHALT SUPPLY IN A VOLATILE OIL WORLD. Bill Haverland ConocoPhillips Company
ASPHALT SUPPLY IN A VOLATILE OIL WORLD Bill Haverland ConocoPhillips Company Issues to be Discussed Crude Oil Supply Crude Oil Pricing Refining Capacity Products Supply Products Pricing Future of the Industry
More informationPRISM TM Refining and Marketing Industry Analysis
PRISM TM Refining and Marketing Industry Analysis PRISM is a trademark of Baker & O Brien, Inc. All rights reserved. Baker & O Brien, Inc. All rights reserved. Baker & O Brien Overview History Founded
More informationASPHALT SUPPLY IN A VOLATILE OIL WORLD. Bill Haverland ConocoPhillips Company
ASPHALT SUPPLY IN A VOLATILE OIL WORLD Bill Haverland ConocoPhillips Company Issues to be Discussed Crude Oil Supply Crude Oil Pricing Refining Capacity Products Supply Products Pricing Future of the Industry
More informationIssues to be Discussed ASPHALT SUPPLY IN A VOLATILE OIL WORLD. Crude Oil Supply (2006) CRUDE OIL SUPPLY. Crude Oil Demand CRUDE OIL PRICING
6 SEAUPG CONFERENCE - WILMINGN, NORTH CAROLINA Issues to be Discussed ASPHALT SUPPLY IN A VOLATILE OIL WORLD Bill Haverland ConocoPhillips Company Crude Oil Supply Crude Oil Pricing Refining Capacity Products
More informationGlobal Downstream Petroleum Outlook
Global Downstream Petroleum Outlook Claude Mandil Executive Director International Energy Agency 3 rd OPEC International Seminar Vienna, 12 September 26 Spare Refinery Capacity Has Tightened 9 1% 85 95%
More informationOperating Refineries in a High Cost Environment. Options for RFS Compliance. March 20, Baker & O Brien, Inc. All rights reserved.
Operating Refineries in a High Cost Environment Options for RFS Compliance March 2, 217 Baker & O Brien, Inc. All rights reserved. Discussion Points Introduction Renewable Fuels Standard (RFS) Overview
More informationLight-Heavy Crude Oil Outlook: Implications for Coker Margins
Light-Heavy Crude Oil Outlook: Implications for Coker Margins Argus U.S./Canada Asphalt 2009 April 1, 2009 Ben Schrader ben.schrader@bakerobrien.com BAKER & O BRIEN Incorporated, All Rights Reserved Disclaimer
More informationAbstract Process Economics Program Report 222 PETROLEUM INDUSTRY OUTLOOK (July 1999)
Abstract Process Economics Program Report 222 PETROLEUM INDUSTRY OUTLOOK (July 1999) Global energy demand is rising, with fossil fuels oil, natural gas, and coal continuing to provide more than 90% of
More informationDownstream & Chemicals
Downstream & Chemicals Mark Nelson Executive Vice President Downstream & chemicals portfolio Fuels refining & marketing Focused, regional optimization Petrochemicals Advantaged feed, scale and technology
More informationB A K E R & O B R I E N
B A K E R & O B R I E N I N C O R P O R A T E D Q1 2018: Refining Margin Improvement Dominated by West Coast Refiners Special Topic: IMO 2020 Part 1 Y2K for U.S. Refiners? Houston, May 8, 2018 Baker &
More informationGlobal Refining: Fueling Profitability in the Turbulent Times Ahead. Sponsored by:
Global Refining: Fueling Profitability in the Turbulent Times Ahead Sponsored by: The Outlook for Energy: A View to 24 Roland L. Moreau ExxonMobil Upstream Research Company Hart Energy Breakfast Club February
More informationGrowing U.S. Oil and Gas Production Set to Reshape Competitive Position of U.S. Refineries
Growing U.S. Oil and Gas Production Set to Reshape Competitive Position of U.S. Refineries Prepared by: Charles G. Kemp March 2013 Baker & O Brien, Inc. 12001 N. Central Expressway, Suite 1200 Dallas,
More informationChanges to America s Gasoline Pool. Charles Kemp. May 17, Baker & O Brien, Inc. All rights reserved.
Changes to America s Gasoline Pool Charles Kemp May 17, 2016 Baker & O Brien, Inc. All rights reserved. Discussion Points Light Naphtha Definitions Sources and Uses of Light Naphtha Octane Challenges Tier
More informationImplications Across the Supply Chain. Prepared for Sustainableshipping Conference San Francisco 30 September 2009
Implications Across the Supply Chain Prepared for Sustainableshipping Conference San Francisco 30 September 2009 Agenda Residual Markets & Quality Refinery Bunker Production Supply & Pricing 2 World marine
More informationFuel Focus. Understanding Gasoline Markets in Canada and Economic Drivers Influencing Prices. Issue 20, Volume 8
Fuel Focus Understanding Gasoline Markets in Canada and Economic Drivers Influencing Prices Issue 20, Volume 8 October 18, 2013 Copies of this publication may be obtained free of charge from: Natural Resources
More informationStrategic Factors Impacting The California Crude Oil Market. About Purvin & Gertz, Inc. California Independent Petroleum Association
Strategic Factors Impacting The California Crude Oil Market Hyatt Regency Huntington Beach Mike Sarna Eric Wei Long Beach Office 1 About Purvin & Gertz, Inc. Privately-Owned, Independent International
More informationSTATUS OF THE U.S. REFINING INDUSTRY
STATUS OF THE U.S. REFINING INDUSTRY October 2005 BAKER & O BRIEN Incorporated, All Rights Reserved REFINING VITAL LINK IN THE OIL SUPPLY CHAIN Crude Oil Supply & Logistics Products Distribution & Marketing
More informationDOWNSTREAM PETROLEUM 2017 DOWNSTREAM PETROLEUM
DOWNSTREAM PETROLEUM International and Asian Refining The global refining industry is fundamentally changing as emerging and maturing trends re-shape the global supply and demand patterns for crude oil
More informationRecent Developments in EU Refining and in the Supply and Trade of Petroleum Products
Recent Developments in EU Refining and in the Supply and Trade of Petroleum Products Third Meeting of the EU Refining Forum Brussels, 22 May 2014 Toril Bosoni, International Energy Agency OECD/IEA 2014
More informationRecent Developments in EU Refining and in the Supply and Trade of Petroleum Products
Recent Developments in EU Refining and in the Supply and Trade of Petroleum Products Second Meeting of the EU Refining Forum Brussels, 27 November 2013 Toril Bosoni, International Energy Agency OECD/IEA
More informationFundamental Oil Market Outlook
Fundamental Oil Market Outlook ICE Forum David Wech JBC Energy GmbH 13 November 2012 Research - Energy Studies - Consulting - Training 21 November 2012 Slide 1 Disclaimer All statements other than statements
More informationFocus on Refinery Product Flows
December 14, 2016 Focus on Refinery Product Flows Stratas Advisors Gasoline Imports in 2014 CIS and the Middle East are the largest gasoline exporters to Asia. While China and India do not import gasoline
More informationOCTANE THE NEW ECONOMICS OF. What Drives the Cost of Octane and Why Octane Costs Have Risen Since 2012 T. J. HIGGINS. A Report By:
THE NEW ECONOMICS OF OCTANE What Drives the Cost of Octane and Why Octane Costs Have Risen Since 2012 A Report By: T. J. HIGGINS Contents Foreword... 1 1. Executive Summary... 2 2. Tracking the Changing
More informationEvolving Global Oil Trade Flows. IEA-IEF-OPEC Joint Meeting Vienna, March 2018
Evolving Global Oil Trade Flows IEA-IEF-OPEC Joint Meeting Vienna, March 2018 SHIFTING FLOWS: WHAT HAS THIS MEANT IN PRACTICE? US/Europe crude imports & exports Saudi crude to Poland Chinese teapots importing
More informationEmerging Trends in Petroleum Markets
Emerging Trends in Petroleum Markets For Defense Logistics Agency, Worldwide Energy Conference Washington, D.C. By T. Mason Hamilton, Petroleum Markets Analyst U.S. Energy Information Administration Independent
More informationThe Changing composition of bunker fuels: Implications for refiners, traders, and shipping
Platts 4 th European Refining Markets Conference The Changing composition of bunker fuels: Implications for refiners, traders, and shipping Wade DeClaris, EVP Marine World Fuel Services Corp. Agenda: Role
More informationEuropean Energy Union Impact on the Refining & Petrochemical Business. John Cooper, Director General Budapest, 13th October 2015
European Energy Union Impact on the Refining & Petrochemical Business John Cooper, Director General Budapest, 13th October 2015 FuelsEurope represents 42 Member Companies 100% of EU Refining Page 2 AGENDA
More informationThe Global Downstream Market
The Global Downstream Market ANIMP Add. 2 1 The global picture The market is a challenging one for many refiners, but the picture is varied, region by region Significant capacity expansion is expected
More informationINTERTANKO Istanbul Tanker Event. Demand Developments. David Martin Oil Industry & Markets Division OECD/IEA
INTERTANKO Istanbul Tanker Event Demand Developments David Martin Industry & s Division david.martin@iea.org - Istanbul, April 20-23, 2008 Medium-Term Outlook What is driving oil prices? Fundamentals or
More informationNorth American Storage and Transportation Trends
North American Storage and Transportation Trends Brian Busch Director, Oil Markets and Business Development www.genscape.com 2016 Genscape Incorporated. All rights reserved. What we do 2 Current State
More informationGlobal Overview of Middle Distillates Supply and Demand ICE Market Forum Rotterdam, November 2012
Global Overview of Middle Distillates Supply and Demand ICE Market Forum Rotterdam, November 2012 About Petromatrix Based in Switzerland (city of Zug) Publishes a daily newsletter on oil markets Mix of
More informationPerforming In A Volatile Oil Market
Performing In A Volatile Oil Market Matti Lehmus Executive Vice President, Oil Products Capital Markets Day Key Trends Impacting Refining Margins Demand growth to resume after steep drop Supply growth
More informationImplications for Security of Supply. Clingendael International Energy Programme The Hague 4 April Toril Bosoni, International Energy Agency
IEA Refinery Rationalisation Implications for Security of Supply Clingendael International Energy Programme The Hague 4 April 20122 Toril Bosoni, International Energy Agency Background Since the economic
More informationNew York Energy Forum
Presentation at the New York Energy Forum 30 June 2014 Antoine Halff The oil market at a junction Balances loosen up on paper but must be seen in perspective The unconventional supply revolution enters
More informationA summary of national and global energy indicators. FEDERAL RESERVE BANK of KANSAS CITY
THE U.S. Energy DATABOOK A summary of national and global energy indicators JULY 1, 17 FEDERAL RESERVE BANK of KANSAS CITY SUMMARY OF CURRENT ENERGY CONDITIONS The number of total active drilling rigs
More informationIEA Refinery Outlook European Recovery in Sight?
IEA Refinery Outlook European Recovery in Sight? Platts 6 th Annual European Refining Markets Conference Brussels, 24-25 September 2012 Toril Bosoni, International Energy Agency Subdued Global Oil Demand
More information15 th Grace EMEA FCC Technology Conference
15 th Grace EMEA FCC Technology Conference Agenda Grace Company Overview Comments on the Future FCC Catalyst Market Supply/Demand Grace s Investments 2 Grace: #1 or #2 in markets for over 70% of 2014 sales
More informationProduct Tanker Market Outlook IMSF Geneva - May 2017
Product Tanker ket Outlook IMSF Geneva - 217 Global Presence 16 staff in strategic locations LONDON HOUSTON BEIJING SEOUL HONG KONG SINGAPORE Product Tanker ket Outlook 217 2 Where are we now? Product
More informationThe Outlook for Energy:
The Outlook for Energy: A View to 2040 Paul L. Tanaka November 9, 2015 This presentation includes forward-looking statements. Actual future conditions (including economic conditions, energy demand, and
More informationTanker Market Outlook
Tanker Market Outlook 4 th Maritime Indonesia Simon Chattrabhuti, Director, Head of Tanker Market Analysis Jakarta, 22 March 212 Disclaimer THIS PRESENTATION IS CONFIDENTIAL AND IS SOLELY FOR THE USE OF
More informationThe Outlook for Energy: A View to 2040
The Outlook for Energy: A View to 24 Todd Onderdonk June 213 This presentation includes forward-looking statements. Actual future conditions (including economic conditions, energy demand, and energy supply)
More informationOperating Expenses and Margin Analysis of the European Union (EU) Refineries vs Regional Peers
Operating Expenses and Margin Analysis of the European Union (EU) Refineries vs Regional Peers Tracy Ellerington Third Meeting of the EU Refining Forum 22 May 214 Solomon Benchmarking Global Standard We
More informationENERGY PRICES How High and How Long???
ENERGY PRICES How High and How Long??? ISM Chemicals Group February 28 Presented By Ron Gist What a difference a year makes Jan. 27 Jan. 28 Jan. 2 WTI Crude Oil ($/bbl) $54.14 $92.98 $27.26 USGC Reg. Gasoline
More informationThe Outlook for Energy: A View to 2040
The Outlook for Energy: A View to 24 Dr. David Khemakhem Riyadh, Kingdom of Saudi Arabia March 25, 213 This presentation includes forward-looking statements. Actual future conditions (including economic
More informationA perspective on the refining industry. Platts European Refining Summit Brussels, 29 September2016 Kristine Petrosyan, International Energy Agency
A perspective on the refining industry Platts European Refining Summit Brussels, 29 September2016 Kristine Petrosyan, International Energy Agency OECD/IEA 2016 mb/d European refiners: busy 2015 OECD Europe
More informationEnergy Challenges and Costs for Transport & Mobility. 13th EU Hitachi Science and Technology Forum: Transport and Mobility towards 2050
Energy Challenges and Costs for Transport & Mobility 13th EU Hitachi Science and Technology Forum: Transport and Mobility towards 25 Dr. Lewis Fulton Head, Energy Policy and Technology, IEA www.iea.org
More informationHEAVY FUEL THE NARROWING LIGHT-HEAVY CRUDE OIL SPREAD
Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 $/B HEAVY FUEL THE NARROWING LIGHT-HEAVY
More informationDefining the Debate: Crude Oil Exports
Defining the Debate: Crude Oil Exports Trisha Curtis, Director of Research Upstream and Midstream Energy Policy Research Foundation, Inc. (EPRINC) Brookings Task Force February 28th, 214 About EPRINC www.eprinc.org
More informationQ Analyst Teleconference. 9 August 2018
9 August 218 Disclaimer This presentation contains forward-looking statements that reflect the Company management s current views with respect to certain future events. Although it is believed that the
More informationThe Case for Mexico to Improve Vehicle Fuel Efficiency
The Case for Mexico to Improve Vehicle Fuel Efficiency Feng An Energy and Transportation Technologies LLC Katherine Blumberg International Council on Clean Transportation Workshop on Sustainable Transport
More informationDownstream. Mike Wirth. Executive Vice President Downstream Chevron Corporation
Downstream Mike Wirth Executive Vice President Downstream What We Delivered in 2006 Base Business Record safety Record utilization Record energy efficiency Record earnings - $4 Billion Selective Growth
More informationTrends for Refining Residual Fuel Oil. Prepared for Bunker Asia Forum 2011 Singapore 7 September 2011
Trends for Refining Residual Fuel Oil Prepared for Bunker Asia Forum 2011 Singapore 7 September 2011 Agenda Introduction Refiner View of Bunker Fuel Product Quality Crude Oil Influences Likely Refining
More informationSulphur Market Outlook
Sulphur Market Outlook The Outlook for the future Supply and Balance of the Global Sulphur Market Joanne Peacock, CRU International/BSC Creon Moscow December 2009 LONDON RALEIGH WASHINGTON MINNEAPOLIS
More informationWhere Are Oil Prices Headed? Graham Loveland Senior Consultant, Oil
Resource Scramble or Market Rebalance: Where Are Oil Prices Headed? Graham Loveland Senior Consultant, Oil Presentation Outline & Approach Outline Key messages Demand Supply Costs & Prices Refining & Products
More informationAlgae is a superior renewable feedstock
Tim Zenk VP of Corporate Affairs, Sapphire Energy Inc. October 11, 2012 Cost of production ($ per barrel) Algae is a superior renewable feedstock Superior attributes of algae Scalable to millions of barrels
More informationRefinery / Petrochemical. Integration. Gildas Rolland
Refinery / Petrochemical Integration Gildas Rolland 1 Global Middle Eastern Market 2 nd ~30% 10ppm Growing market for global Refined Product Demand +1.6% AAGR 2014-2035 of worldwide refining capacity expansion
More informationGrowing Latin America: Feedstocks and Competitiveness
MIDSTREAM DOWNSTREAM CHEMICAL Presentation Growing Latin America: Feedstocks and Competitiveness November 216 ihsmarkit.com Dr. Nick Rados, Global Business Director, Feedstocks +1 832 619 8593, nick.rados@ihsmarkit.com
More informationWelcome Welcome... 1
Welcome Welcome... 1 Presentation Structure Our presentation is split into three sections going through the market, operations and financials 2 3 As it has been indicated previously, it is now much clear
More informationPrecios del Petróleo, la OPEP y los Mercados
Precios del Petróleo, la OPEP y los Mercados Javier Díaz Manager, Energy Analysis & Consulting S&P Global Platts August 23, 2017 X Feria y Congreso International BOLIVIA GAS & ENERGIA 2017 Key Themes in
More informationDownstream & Chemicals
Downstream & Chemicals Pierre Breber Executive Vice President 017 Chevron Corporation Downstream portfolio Fuels refining & marketing Integrated value chains Lubricants & additives Globally positioned
More informationANNUAL STATISTICAL SUPPLEMENT
ANNUAL STATISTICAL SUPPLEMENT with 2008 data 2009 Edition This Statistical Supplement has been prepared to provide a longer historical perspective for the oil demand, supply, trade, stocks, prices and
More informationTHE CONUNDRUM OF NEW COMPLEX REFINING INVESTMENTS
THE CONUNDRUM OF NEW COMPLEX REFINING INVESTMENTS September 15 Tom Janssens and Tim Fitzgibbon Refiners continue to invest in complex refining capacity despite highly volatile margins and generally lowlight
More informationRecent Developments in EU Refining and Product Supply. EU Refining Forum, 12 April 2013
Recent Developments in EU Refining and Product Supply EU Refining Forum, 12 April 2013 OECD/IEA 2012 EU refinery closures to date mb/d Refinery Closure 500 400 300 200 100 0 2 008 2009 2010 2011 2012 2013
More informationThe Transition to Low Sulfur Bunker Fuel
2016: 5th Opportunity Crudes Conference The Transition to Low Sulfur Bunker Fuel NA Crude Oil Summit April 10-11, 2017 Houston, Texas John Mayes Director of Special Studies Turner, Mason & Company 2020
More informationWorld Oil Outlook A Perspective from OPEC
World Oil Outlook A Perspective from OPEC Dr. Fuad Siala OPEC Secretariat Transport, Energy & Fuels Working Together for a Sustainable Future Brussels, Belgium May 8-1, 27 Energy demand by fuel type 18
More informationGlobal Refining : Delivering Long-Term Value
Taking on the world s toughest energy challenges. Global Refining : Delivering Long-Term Value J. Steve Simon Sr. Vice President, Exxon Mobil Corporation Goldman Sachs Global Energy Conference January
More informationCalifornia s Petroleum Infrastructure Overview and Import Projections
California s Petroleum Infrastructure Overview and Import Projections Port of Los Angeles Harbor Commission Meeting San Pedro, CA February 1, 2007 Gordon Schremp Fuels and Transportation Division California
More informationJapan s refining environment
Japan s refining environment Platts Asian Refining Summit 3 March 2016, Singapore Yoshi Kobayashi The Institute of Energy Economics, Japan (IEEJ) Oil in Japan 2 Oil is the largest energy source for Japan
More informationGlobal Olefins Review
Presented to: Asia Petrochemical Industry Conference Raw Materials Committee Meeting May 2, 24 Kuala Lumpur, Malaysia Mark Eramo Vice President Olefins & Elastomers meramo@cmaiglobal.com Agenda! Ethylene
More informationFuel Focus. Understanding Gasoline Markets in Canada and Economic Drivers Influencing Prices. Volume 10, Issue 4
Fuel Focus Understanding Gasoline Markets in Canada and Economic Drivers Influencing Prices Volume 1, Issue 4 March, Copies of this publication may be obtained free of charge from: Natural Resources Canada
More informationThe Changing U.S. Refining Landscape Past, Present and Future
The Changing U.S. Refining Landscape Past, Present and Future John R. Auers, P.E. Executive Vice President Energy and the Economy Federal Reserve Bank of Dallas Dallas, TX September 7, 2018 U.S. Refining
More informationOil Industry Trends. Rob Arnott. 26 th January /29/2004 1
Oil Industry Trends Rob Arnott 26 th January 2004 3/29/2004 1 Oil Industry Trends Overview of global industry trends Regional costs and capital migration Industry costs and implications Why is further
More informationGlobal Coal and Coke Flows, 2008
Global Coal and Coke Flows, 2008 Phil Fisher Pet Coke Consulting Argus Petroleum Coke Summit September 17-18, 2009 Houston, TX Global Coal and Coke Flows What we will see: 1 How much steam coal is produced/
More informationTechnical Session: Crude Oil Supply High Quality Competitive Distillate Fuels from Coal-to-Liquids Processing
Technical Session: Crude Oil Supply High Quality Competitive Distillate Fuels from Coal-to-Liquids Processing NPRA Annual Meeting March 20, 2007 Mark Landrum / Jon Warzel BAKER & O BRIEN Incorporated,
More informationRussia's downstream: Old Problems and New Reality
Russia's downstream: Old Problems and New Reality The CIS Downstream Summit Yakov Ruderman Director General Baku, Azerbaijan December 3, 215 Table of Contents Effects of low crude prices and tax reforms
More informationBunkers - pricing outlook
Bunkers - pricing outlook Robin Meech Marine and Energy Consulting Limited London Rmeech@RobinMeech.com 1 Marine and Energy Consulting Limited (MECL) was established 12 years ago Consulting Services Ship
More informationAN ECONOMIC ASSESSMENT OF THE INTERNATIONAL MARITIME ORGANIZATION SULPHUR REGULATIONS
Study No. 175 CANADIAN ENERGY RESEARCH INSTITUTE AN ECONOMIC ASSESSMENT OF THE INTERNATIONAL MARITIME ORGANIZATION SULPHUR REGULATIONS ON MARKETS FOR CANADIAN CRUDE OIL Canadian Energy Research Institute
More informationSHALE-ADVANTAGED CHEMICAL INDUSTRY INVESTMENT
9 April 2013 SHALE-ADVANTAGED CHEMICAL INDUSTRY INVESTMENT Martha Gilchrist Moore Sr. Director, Policy Analysis and Economics Shale Gas Shale gas is possibly the most important energy development in the
More informationOil Refining in a CO 2 Constrained World Implications for Gasoline & Diesel Fuels
Oil Refining in a CO 2 Constrained World Implications for Gasoline & Diesel Fuels Amir F.N. Abdul-Manan & Hassan Babiker Strategic Transport Analysis Team (STAT), Saudi Aramco Agenda 1. Global Mobility
More informationMarc Laughlin Associate Director, Methanol & Acetone for the Americas June 5, 2013
Methanol Marc Laughlin Associate Director, Methanol & Acetone for the Americas June 5, 2013 Value Chain - Methanol Feedstocks Product Derivatives Products / End Uses Sectors Natural Gas Coal Methanol Formaldehyde
More informationBusiness Opportunities downstream. Hellenic Petroleum s perspective
Business Opportunities downstream Hellenic Petroleum s perspective 9 th SE Europe Energy Dialogue Thessaloniki, Greece 29-30 June 2016 Daniil Antonopoulos Thessaloniki Refinery Operations Manager Hellenic
More informationCurrent Oil Market Issues. Energy Training Week Paris, April 2013
Current Oil Market Issues Energy Training Week Paris, April 2013 Short and Medium-Term Analysis & Forecasting: Current Oil Market Issues Antoine Halff Crude oil prices retreat from recent highs $/bbl 130
More informationFAPRI Food and Agricultural Policy Research Institute
26 WORLD OUTLOOK Presentation Food and Agricultural Policy Research Institute Global Macroeconomic Overview Sustained and widespread real economic growth for the decade averaging 3.1%. Industrialized countries
More informationAbstract Process Economics Program Report No. 158A OCTANE IMPROVERS FOR GASOLINE (February 1992)
Abstract Process Economics Program Report No. 158A OCTANE IMPROVERS FOR GASOLINE (February 1992) Lead phaseout in the United States has brought about a strong interest in oxygenated octane improvers for
More informationThe Sulphur Market Outlook
The Sulphur Market Outlook Mike Kitto Principal Consultant Sulphur CRU China International Sulphur&Sulphuric Acid Conference(211) The sulphur market outlook Mike Kitto CRU, UK. Part 1: Recent market trends
More informationMarket Report Series: Oil 2018 Analysis & Forecasts to Energy Community 10 th Oil Forum, Belgrade, 25 September 2018
Market Report Series: Oil 218 Analysis & Forecasts to 223 Energy Community 1 th Oil Forum, Belgrade, 25 September 218 Short term update: crude prices (excl. WTI) up strongly Aug/Sep $/bbl 8 Benchmark Crude
More informationRefinery Update. John C. Felmy Chief Economist American Petroleum Institute October 2006
Refinery Update John C. Felmy Chief Economist American Petroleum Institute Felmyj@api.org www.api.org October 2006 1 2 Diesel, gasoline & crude oil prices $3.87 $3.22 10/16/2006 Diesel (EIA) $2.50 Retail
More informationEnergy Security of APEC Economies in a Changing Downstream Oil Environment
IEEJ Feb. 2018 4th APEC OGSN Forum on 7 March 2018 Session2-2 Energy Security of APEC Economies in a Changing Downstream Oil Environment Takashi MATSUMOTO and Ichiro KUTANI Manager, Global Energy Group
More informationFuel Focus. Understanding Gasoline Markets in Canada and Economic Drivers Influencing Prices. Issue 24, Volume 8
Fuel Focus Understanding Gasoline Markets in Canada and Economic Drivers Influencing Prices Issue 24, Volume 8 December, Copies of this publication may be obtained free of charge from: Natural Resources
More informationWorld Geographic Shares
World Geographic Shares North America South America Europe Africa Asia Australia/ Oceania 18% 13% 7% 22% 33% 6% World Population Shares North America South America Europe Africa Asia Australia/ Oceania
More informationRefining Outlook: elements for a modern industrial culture in Italy
Refining Outlook: elements for a modern industrial culture in Italy Stefano Donzelli Foster Wheeler 24/10/12 Le strategie di mercato e di procurement per la filiera dell impiantistica italiana 1 Foreword
More informationJapanese Energy Supply Strategy in the context of Growing Regional Demand
Japanese Energy Supply Strategy in the context of Growing Regional Demand Shigeya Kato Senior Managing Director Showa Shell Sekiyu K.K. 1 Contents 2 1. Transition of Japanese Oil Industry 2. Japanese Primary
More informationStudy of the Marketability of Oil Sands Products in Asian Countries
Study of the Marketability of Oil Sands Products in Asian Countries Prepared For: Alberta Economic Development Prepared By: The Institute of Energy Economics, Japan IEEJ March 2007 List of Contents Executive
More informationJet Demand Takeoff - Strong Prospects for U.S. Refiners Bunker fuel changes to boost prices in a growing market.
? Jet Demand Takeoff - Strong Prospects for U.S. Refiners Bunker fuel changes to boost prices in a growing market. Morningstar Commodities Research March 26, 2018 Sandy Fielden Director, Oil and Products
More informationRESULTS FOR Q ANALYST TELECONFERENCE
RESULTS FOR Q4 216 ANALYST TELECONFERENCE Market 1 2 Operation Financials 3 Market 1 216 Fourth Quarter Market Conditions Product Market Crude Oil Postponed Maintenances Started to take place High Agricultural
More information