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World Oil

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World Oil

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  1. World Oil R&W pp. 46-57 Adelman, Ross, Krane, Downs Link to syllabus Link to WDI

  2. World Production of Oil U.S. Oil Production, Consumption, Imports Source: U.S. DoE

  3. Sources of U.S. Oil, 1973-99: (DOE)

  4. Oil Production and Exports, 2005 Source: US DoE

  5. Petroleum Net Exporters Net Importers Increase Russia 3,077 Brazil 573 Saudi A. 717 Japan 473 Iraq 861 Algeria 458 Mexico 285 Qatar 271 Decrease Indonesia -707 USA -2,925 U.K. -676 China -2,592 Venezuela -466 India -707 Changes in Net Exports of Oil 1997-2004 (1,000 b/d) Source: Calculated using BP data.

  6. Net Exporters Net Importers Increase Norway 740 Qatar 454 Trinidad 433 Canada 243 Decrease Mexico -221 S. Korea -323 Change in Net Exports of Natural Gas, 1997-2004 converted to oil equivalent, in thousand barrels/day Source: Calculated from BP Statistical Review, 2005

  7. Shale oil and shale gas resources are globally abundant June 10, 2013

  8. World Reserves

  9. Proved oil reserves at end 2003 Source: BP. Data is obviously out of date.

  10. Canadian Oil Sands And the Country with the Second Greatest Proved Oil Reserves Worldwide Is . . . Six months ago, “Iraq” was the correct completion of the above phrase. Its 112.5 billion barrels of proved oil reserves was second only to Saudi Arabia’s imposing 259.3 billion barrels. However, in the December 23, 2002, issue of the Oil & Gas Journal, proved oil reserves in Canada catapulted from an estimated 4.9 billion barrels in 2002 to an amazing 180 billion barrels in 2003. How was this possible? A methodology change by the Oil & Gas Journal now includes western Canada’s oil sands in its definition of proved oil reserves. Heretofore, oil sands were considered “nonconventional” and were not counted as proved oil reserves; however, dramatic reductions in development and production costs have brought oil sands into the realm of economic viability. With today’s technologies and oil prices, it is entirely appropriate to consider western Canada’s vast oil potential as being commensurate with “conventional” crude oils.a Source: US DoE http://www.eia.doe.gov/oiaf/ieo/oiltext_box.html

  11. PRICES Real and nominal prices Lots of the U.S. price goes to taxes; about half goes to production Cost of production in MENA is quite low Dramatic differences in output/well

  12. Fig. 3.3 p. 52 (R&W). Crude Oil Real Prices, 2004 US$ Iran-Iraq War Fall of Shah Iraq-Kuwait New Supplies, World Recession Embargo AsianCrisis

  13. Nominal and Real Oil Prices, 1860-2010 Source: BP: Statistical Review of World Energy, 2011

  14. U.S. Breakdown of the price of gasoline at the pump

  15. Price of Gasoline/World Price 2000-08 Source: WDI. The world price averaged about US$ 0.90/liter

  16. Costs of Production, (US$/barrel) 1960 “Unit costs of maintaining and expanding crude petroleum production in Middle East and other areas.” Middle East 0.15 United States 1.63 Venezuela 0.24 Canada 2.53 Far East 0.62 Posted prices in the Middle East were about $1.80; in US it was $3.28 Source: Issawi (1963) Economics of Middle Eastern Oil (p. 54) citing Chase Manhattan Bank

  17. Exploration and Development Costs Source: OECD/IEA: WEIO Time period is early 2000s

  18. Output/Well (barrels/day). 2003 Source: World Oil Sept 2004. Output and #wells in thousands.

  19. Surplus Capacity - OPEC

  20. OPEC Spare Production Capacity, 2011, 2003 Source: Energy Economist.com

  21. Opec Capacity Utilization Rates Source: Shihad-Eldin (2004) Oil Output and Investment Prospects

  22. U.S. Strategic Petroleum Reserve (in days) Source: U.S. D.o.E.

  23. OPEC Members (formed 1960)

  24. OPEC Secretary General Abdalla Salem El-Badri Libyan, born 1940. Bus Ad. Degree from Florida Southern U. First professional job was with Esso (Exxon/Mobil) c.v.

  25. OPEC Countries: Crude Oil Saudi Arabia Iran Iraq

  26. Saudi oil minister rules out output hike Friday, April 11, 2008 Compiled by Daily Star staff Saudi Oil Minister Ali Naimi said on Thursday that there were not enough buyers of oil to justify an increase in oil production, despite high prices, and he added that fossil fuels should supply the bulk of global energy needs for at least the next 50 years. Naimi also slammed biofuels, saying they did not protect the environment or help supply security, but added that solar power had to be considered one of the best clean-energy sources. Speaking outside an international oil conference in Paris as the price of oil hovers at near-record levels, he said there were not enough buyers of oil in the market to absorb extra output. Asking where the buyers were, he said that if more buyers emerged, then "we" would sell. But there were no such buyers, he argued.

  27. Refiner Acquisition Cost, 1996-2002 It used to be said that OPEC has a target price range. mt prefers a description that Saudis are price setters, and other OPEC countries accept that price, without significant production Changes..

  28. Non-OPEC Production

  29. Soviet Oil Production

  30. Russian Oil Production, 1994-

  31. Oil Corridor

  32. Gulf Oil Source: Longrigg (1967) Oil in the Middle East p. 493

  33. Mediterranean Gas Finds Syrian Claim Lebanon’s Claim Disputed between Lebanon & Israel Israeli Claim Egyptian Claim Palestinian Claim Source: AntreasyanJournal of Palestine Studies Spring, 2013

  34. Green is Oil, Red is Gas Europe & Russia: Petroleum Economist

  35. New Energy Pipelines for Europe Source: Der Spiegel online, March 14, 2010

  36. Oil & Gas: MENA & North Africa. Petroleum Economist Green is Oil, Red is Gas

  37. Africa Oil. Source: World Oil 2002

  38. North Sea Oil Source: World Oil 2002

  39. Oil and Gas in South-East Asia Source: World Oil 1984

  40. Mexican Oil Source: World Oil, 1984

  41. Colombia and Venezuela Oil Source: World Oil, 2002

  42. Brazil: Off-shore oil. Campos Basin Source: World Oil One mile to the ocean floor, then another mile or two.

  43. Off-shore Petroleum Drilling, Brazil Source: Gail Tverberg (2008) Peak Oil Science Curriculum

  44. Demand

  45. Consumption: Barrels/day/1000 population Highest levels in Gulf countries, (not US and western Europe) Source: US DoE consumption; population from IFS

  46. United States: Petroleum Supply Annual 2003 Others: International Energy Agency, Monthly Data Service, February 10, 2005