Petroleum Developments in the World Market and Member Countries ...
Petroleum developments in the world markets and member countries
The Economic Department
Key Indicators ¾ In March 2009, the OPEC Reference basket increased by 10.6% or $4.4/bbl to stand at $45.8/bbl. ¾ World Oil Demand increased in March 2009 by 1.8% or 1.5 million b/d to 84.2 million b/d. ¾ World oil supplies in March 2009 increased by 200 tb/d to 84.7 million b/d. ¾ USA crude oil imports went down in February 2009 by 821 tb/d to 9.02 mb/d, and USA product imports decreased by 279 tb/d to average 3.05 mb/d. ¾ OECD commercial inventories were down in February 2009 by 30 mn bbls to 2688 mn bbls. Total Commercial inventories were down by 47 mn bbls to 5110mn bbls – a level that covered 70.3 days of forward consumption. ¾ The average spot price of natural gas at the Henry Hub went down in March 2009 by 13% to stand at $4.0/m BTU. ¾ The Price of Japanese LNG imports was down in February 2009 to $10.5/m BTU, and Korean Price also decreased by $2.3/m to $12.8/m BTU. ¾ Arab LNG exports to Japan and Korea were down by 38.8% in February 2009 to 2.008 million tons (a share of 24.8% of total imports).
Petroleum developments in the world markets and member countries
The Economic Department
Petroleum Developments in the World Market and Member Countries* I. Oil Market 1. Prices 1.1 Crude Oil Prices The Weekly average price of OPEC basket continued to strengthen in March 2009 to record its highest level ($50.4/bbl) in the last week of the month. As indicated in Figure (1). Figure 1 Weekly Average Spot Prices of the OPEC Basket of Crudes,2008-2009 ($\bb1)
140 130 120 110 100 90 80 70 60 50 40 30 20
Mar. 2008
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan. 2009
Feb.
Mar.
On monthly basis, the average price of OPEC basket in March 2009 increased by 10.6% or $4.4/bbl from the previous month level to $45.8/bbl. This level was 53.7% or $53.2/bbl lower than a year ago. The oil market was dominated by developments in equities and other economic indicators. Prices continued to rise as
economic sentiment
showed improvement following the G-20 efforts to boost global growth. 1
Petroleum developments in the world markets and member countries
The Economic Department
Table (1) and figure (2) show the change in the price of the OPEC basket versus last month and the corresponding month of last year : Table 1 Change in the Price of the OPEC Basket of Crudes, 2008-2009 ($/bbl) Mar. 2008
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Jan2009
Feb.
Mar.
Monthly Change
8.4
6.2
14.2
8.9
2.9
-18.8
15.6
-27.7
-19.4
-11.2
2.9
- 0.1
4.4
Month-onMonth Change from the Previous Year
40.4
41.6
54.9
61.4
59.3
43.7
22.7
-10.2
- 39.1
- 48.6
- 46.9
- 49.2
- 53.2
* Effective June 16,2005 OPEC replaced its seven-crude basket with one comprised of eleven crudes, one from each member country (weighted according to production and exports to major markets). Effective 1 January and mid of December 2007, Angola’s Girassol and Ecuadorian Oriente crudes have been incorporated to become the 12th and 13th crudes comprising the new Opec Basket. As of Jan.2009, the basket excludes the Indonesian crude. Figure 2 Change in the Price of the OPEC Basket of Crudes, 2008-2009 ($/bbl)
70 60 50 40 30 20 10 0 -10 -20 -30 -40 -50 -60
Monthly Change Month-on-Month Change from the Previous Year March 2008
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan. 2009
Feb.
March
Tables (1) to (3) in the annex show spot prices for OPEC basket and other crudes for the period 2008-2009.
2
Petroleum developments in the world markets and member countries
The Economic Department
1.2 Spot Prices of Petroleum Products - US Gulf The spot prices of Premium gasoline, in February 2009 were up from their previous month levels, by 0.9% ($0.5/bbl) to $53.7/bbl, where the spot prices of gas oil, and fuel oil were down by 17.4% ($10.4/bbl) to $49.2/bbl for gas oil, and by 11.0% ($5.0/bbl) to $40.3/bbl for fuel oil. Gas and fuel oil Prices declined due to decrease in seasonal demand and Gas low prices. - Rotterdam ِThe spot prices of Premium gasoline, in February 2009 increased from their previous month levels, by 8.0% ($3.7/bbl) to $50.0/bbl, where the spot prices of gas oil and fuel oil decreased by 17.0% ($11.3/bbl) to $55.3/bbl for gas oil, and by 1.4% ($0.5/bbl) to $35.8/bbl for fuel oil. Gasoline prices improved due to increased export opportunities to the US and Asia, where gas oil and fuel oil decreased due to over supply and a relatively low demand in the European product market. - Mediterranean The spot prices of Premium gasoline, gas oil in February 2009 went up from their previous month levels by 1.6% ($0.8/bbl), and 1.2% ($0.9/bbl), to $51.1/bbl for the Premium gasoline, $75.6/bbl for gas oil , where the spot prices of fuel oil decreased by 0.8% ($0.3/bbl) to $38.3/bbl.
3
Petroleum developments in the world markets and member countries
The Economic Department
- Singapore The spot prices of Premium gasoline in February 2009 continued their increase from the previous month by 11.1% ($5.8/bbl), to $58.0/bbl. By contrast, the spot prices for gas oil declined during February 2009, by 10.9% ($6.7/bbl) to $54.6/bbl, where the spot prices for fuel oil remained at their same level of previous month. Figure (3) shows the price of Premium gasoline in all four markets from February 2008 to February 2009. Figure 3 Monthly Average Spot Prices of Premium Gasoline, 2008-2009 ($/bbl) 150 130 110 90 70 50
Singapore US Gulf
30 Feb. March April May 2008
Rotterdam Mediterranean June
July
Aug. Sept.
Oct.
Nov.
Dec.
Jan. 2009
Feb.
Table (4) in the annex shows the average monthly spot prices of petroleum products, 2008-2009. 1.3 Crude Freight Rates In general, Freight rates for crude oil experienced decline during the month of February 2009. Freight rates for crude oil for tanker (230-280 thousand deadweight tons dwt ), leaving Middle Eastern ports to the East 4
Petroleum developments in the world markets and member countries
The Economic Department
went down by 19.0% (11points) to 47 points on the World Scale* (WS). Freight rates for crude oil for tanker size 270-285 thousand (dwt), leaving Middle Eastern ports to the West, also went down by 4.9% (2 points) to 39 points on the World Scale* (WS). Freight rates for inter- Mediterranean for small to medium sized tankers (80-85 thousand dwt) decreased by 17.0% (18 points) to 88 points on the WS. Figure (4) shows the freight rates for crude oil to all three destinations from February 2008 to February 2009. Figure 4 Monthly Spot Crude Oil Tanker Freight Rates, 2008-2009 (World Scale)* 300 250 200 150 100 50 0
Middle East/East Feb. 2008
March
April
May
Middle East/West June
July
Aug.
Mediterranean/Mediterranean Sept.
O ct.
Nov.
De c.
Jan. 2009
Feb
*World Scale is a method for calculating freight prices. One point for the WS means 1% of the standard price of freight in the direction in the WS book, which is published annually by the World Scale Association. The book contains a list of prices in the form of US dollar per ton, called “World Scale 100,” for all the major routes in the world.
5
Petroleum developments in the world markets and member countries
The Economic Department
1.4 Products Freight Rates Monthly spot freight rates for petroleum products for oil products for tanker size 30-35 thousand dwt, leaving Middle Eastern ports to the East went up during the month of February 2009 by 33.3% (31 points) to 124 points on WS. By contrast, freight rates across Mediterranean and Med/North-West Europe for tanker size 30-35 thousand dwt, declined by 6 points each (4.8% and 4.4%) to 120 points and 130 points on WS respectively. Figure (5) shows the freight rates for oil products to all three destinations from February 2008 to February 2009. Figure 5 Monthly Spot Product Tanker Freight Rates, 2008-2009 (World Scale)
400 350 300 250 200 150 100 50
Middle East/East
Mediterranean/Mediterranean
Med/North-West Europe
0 Fe b. 2008
March
April
May
June
July
Aug.
Se pt.
O ct.
Nov.
De c.
Jan. 2009
Fe b
Table (5) and (6) in the annex show crude and products Tankers Freight Rates, 2008-2009.
6
Petroleum developments in the world markets and member countries
The Economic Department
2. Supply and Demand Preliminary estimates of the world oil demand in March 2009 show decrease by 1.8% or 1.5 million b/d from the previous month to 84.2 Million b/d - a decline by 2.0% or 1.7 million b/d from a year ago. Demand in OECD countries declined by 2.9% or 1.4 million b/d, from the previous month to 46.4 million b/d – a level that is 2.1 million b/d lower than a year ago. Non-OECD countries demand for the month also went down by 0.3% or 100 thousand b/d from the previous month to 37.8 million b/d – a level that is 400 thousand b/d lower than a year ago. On the supply side, estimates show that world oil supplies for March 2009 were slightly up by 0.2% or 200 thousand b/d from their previous month level to (84.7 million b/d ), a level that is 2.8 million b/d (3.2%) lower than a year ago. OPEC Crude Oil supplies for the month of March 2009, increased by 0.4% or 100 thousand b/d from previous level, making OPEC total Crude Oil and NGLs/condensates supplies stands at 32.9 million b/d. By contrast, Preliminary estimates show that Non-OPEC supplies for the month were slightly up by 0.2% or 100 thousand b/d to 51.8 million b/d. Preliminary estimates of the supply and demand balance for March 2009 reveal a surplus of 0.5 mn b/d compared to a deficit of 1.2 mn b/d and
surplus
of
1.6 mn b/d in February 2009 and March 2008
respectively, as shown in table (2) and figure (6) : 7
Petroleum developments in the world markets and member countries
The Economic Department
Table (2) World Supply and Demand (Million b/d) February Change from 2009 February 2009 47.8 -1.4 37.9 -0.1 85.7 -1.5 32.8 0.1 0.1 27.6
March 2009 OECD Demand Rest of the World World Demand OPEC Supply : Crude Oil NGLs & Cond.
46.4 37.8 84.2
32.9 27.7
Non-OPEC Supply Processing Gain World Supply Balance
5.2
5.2
0.0
49.5 2.3 84.7 0.5
49.4 2.3 84.5
0.1 0.0 0.2
March 2008 48.5 37.4 85.9 36.7 31.7
Change from March 2008 -2.1 0.4 -1.7 -3.8 -4.0 0.2
5 48.7 2.1 87.5 1.6
(1.2)
0.8 0.2 -2.8
Source: Energy Intelligence Briefing April 3, 2009.
Figure 6 World Supply and Demand ( million b/d) 90 Stockdraw 88
86 84 Stockbuild 82 Demand
80 Mar. 2008
Apr.
May
June
Supply July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan. 2009
Feb.
Mar.
Tables (7) and (8) in the annex show World Oil Demand and Supply for the period 2008-2009.
8
Petroleum developments in the world markets and member countries
The Economic Department
3. Oil Trade USA US crude oil imports declined in February 2009, by 8.3% or 821 thousand b/d, averaging 9.02 mb/d, similarly US product imports decreased by 8.4% or 279 thousand b/d to 3.05 mb/d. By contrast, US product exports went up in February by 74 thousand b/d or 5.0% compared to the previous month averaging 1.56 mb/d. As a result, US net oil imports decreased by 1.175 million b/d or 10% in February compared with the previous month to reach about 10.49 mb/d. This is mainly due to the 822 thousand b/d decrease in net crude oil and the 353 thousand b/d decrease in net product imports. Canada was the top US crude oil supplier with a share of 19.8%, followed by Saudi Arabia with 13.6%, Mexico and Venezuela came next with 13.2% and 11.9% respectively. Altogether, OPEC Member Countries supplied 51.1% of total US crude oil imports. For product imports, Canada was the top product supplier to the US with share of 17.8%, the Virgin Islands came next with a share of 10.5%, followed by Algeria with 10.3%. Altogether, OPEC Member Countries supplied 18.8% of US product imports. Japan Japan’s crude oil imports in February 2009 went up by 4.5% or 170 thousand b/d to average 4.0 mb/d, similarly Japan’s Petroleum product 9
Petroleum developments in the world markets and member countries
The Economic Department
imports increased by 17.5% or 145 thousand b/d averaging 0.97 million b/d. On the export side, Japan’s Petroleum products exports in February 2009 were stable at the same level of the previous month, to average 591 thousand b/d. As a result, Japan net oil imports increased by 310 thousand b/d in February, to reach about 4.35 mb/d. This is mainly due to the 171 thousand b/d increase in net crude oil imports and the 138 thousand b/d increase in net product imports. Saudi Arabia was Japan’s top crude oil supplier in February 2009 with a share of 28.7%, followed by UAE with share of 20.9%, Iran and Qatar came next with share of 13.2% and 10.2% respectively. Altogether, OPEC Member Countries supplied 87% of Japan’s crude oil imports. . For product imports, Saudi Arabia was the top product supplier to Japan in February 2009 with share of 13%, UAE came next with a share of 12.1%, and Kuwait with 11.2%. Altogether, OPEC Member Countries supplied 48% of Japan product imports in February 2009.
China China’s crude oil imports in February 2009 increased by 1% or 38 thousand b/d to average 3.07 mb/d, and China’s Petroleum product imports jumped by 46% or 350 thousand b/d, to average 1.1 mb/d . On the export side, China’s crude oil exports in February 2009 were up by 51% or 54 thousand b/d to average 160 thousand b/d. As a result, 10
Petroleum developments in the world markets and member countries
The Economic Department
China’s net oil imports increased by 293 thousand b/d in February 2009, to reach about 3.546 mb/d. This is mainly due to the 16 thousand b/d decrease in net crude oil and the 309 thousand b/d increase in net product imports. Saudi Arabia was China’s top crude oil supplier in February 2009 with a share of 27.2%, followed by Iran with share of 16.3%; Angola came next with share of 10.8%. Altogether, OPEC Member Countries supplied 66.2% of China’s crude oil imports. Table (3) shows change in crude and products net imports/(exports) in February 2009 versus the previous month: Table 3 USA, Japan, and China Crude and Product Net Imports/(Exports) ( million bbl/d)
Crude Oil
OECD of which : USA Japan China
Total Products
February 2009
January 2009
Change from Jan. 2009
8.994 3.967 2.909
9.816 3.796 2.926
- 0.822 0.171 - 0.016
February 2009
January 2009
Change from Jan. 2009
1.498 0.382 0.637
1.851 0.243 0.328
- 0.353 0.138 0.309
Source: OPEC Monthly Oil Market Report 2009, various Issues.
4. Oil Inventories OECD commercial inventories in February 2009 went down by 30 million barrels from the previous month to 2688 million barrels- a level higher by 130 million bbls than a year ago- from which were 997 million bbls crude and 1691 million bbls products. It worth mentioning that during
11
Petroleum developments in the world markets and member countries
The Economic Department
the month crude inventories increased by one million bbls, where products inventories decreased by 31 million bbls. Inventories in North America decreased by 15 million bbls, to 1314 million barrels, from which 498 million bbls crude and 816 million bbls products. Inventories in Europe remained at the same previous month levels. By contrast, Pacific inventories went down by 15 million bbl to 385 million barrels of which 158 million bbls crude, and 227 million barrels petroleum products. In the rest of the world, February inventories were up by 10 million bbls, to 1423 million barrels - a level that is 13 million bbls higher than a year ago. Inventories at sea declined by 27 million bbls from the previous month to 927 million barrels, and Caribbean inventories remained at the same previous month levels of 72 million barrels. Commercial inventories in February 2009 were down by 47 million bbls to 5110 million barrels – a level that is 155 million barrels higher than a year ago. Inventories covered 70.3 days of forward consumption. Strategic inventories in OECD-30, South Africa and China went up by 5 million bbls from the previous month to 1693 million barrels – a level that is 41 million bbls higher than a year ago. Total World inventories, at the end of February 2009 were at 6803 million barrels, representing decrease of 42 million bbls from the previous month, and 196 million bbls higher than a year ago.
12
Petroleum developments in the world markets and member countries
The Economic Department
Usable commercial inventories were down by 48 million bbls to 1258 million barrels - covering 17.4 days of forward consumption. Table (9) in the annex and figure (7) show the changes in global inventories prevailing at the end of February 2009. Figure 7 Change in Global Inventories at the End of February 2009 (Million bbl)
200 180 160 140 120 100 80 60 40 20 0 -20 -40 -60
Change from January 2009
OECD
Rest of the World
Change from February 2008
Oil at Sea
Caribbean Storage
Total Commercial
Total Strategic
Total
II. The Natural Gas Market 1. Spot and future Prices of Natural Gas in US market The average spot price of natural gas at the Henry Hub in March 2009 was down by 13% or $0.6/million British Thermal Units (BTU) compared with the previous month, to stand at $4.0/million BTU. The comparison, shown in table (4), between natural gas prices and those for the WTI crude and low sulfur fuel oil reveals differential of $3.6/ million BTU in favor of WTI crude and $ 3.3/ million BTU in favor of low sulfur fuel oil, as indicated in table (4) Table (4) 13
Petroleum developments in the world markets and member countries
The Economic Department
Henry Hub Natural Gas, WTI Crude Average, and Low Sulfur Fuel Oil Spot Prices, 2008-2009 ($/Million BTU1)
Natural Gas2 3
WTI Crude
Low Sulfur Fuel Oil (0.3%)
Mar. 2008
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Jan2009
Feb.
Mar.
9.4
10.3
11.2
12.6
11.4
8.3
7.6
6.7
6.6
5.8
5.3
4.6
4.0
18.2
19.4
21.6
23.1
23.0
20.1
16.7
13.2
8.4
7.1
7.2
6.7
7.6
13.5
14.4
15.5
18.7
19.6
17.5
15.5
11.0
7.8
6.5
7.1
7.1
7.3
1. British Thermal Unit. 2. Henry Hub spot price. 3. WTI – West Texas Intermediate Crude oil price, in dollars per barrel, is converted to dollar per million BTU using a conversion factor of 5.80 million BTU/bbl. Source: World Gas Intelligence April 8,2009 .
Prices of gas futures at the London's ICE on April 6, 2009 were higher than those quoted at the NYMEX for the period May 2009 to February 2010, with maximum differential of $3.28/ million BTU in January 2010. These developments are shown in figure (8). Figure 8 Gas Future s April 6, 2009
10
($/Million BTU)
8
6
4
2
ICE
NYMEX
0 May 2009
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan. 2010
Feb.
Source: World Gas Intelligence April 8 , 2009.
2. Asian LNG Markets In February 2009, the price of Japanese LNG imports went down by $2.2/MMBtu from the previous month to settle at $10.5/ MMBtu. The price 14
Petroleum developments in the world markets and member countries
The Economic Department
of Korean LNG imports was also down by $2.3/ MMBtu, from the previous month to $12.8/ MMBtu, the price of Chinese LNG imports also decreased by $0.4/ MMBtu, from the previous month to $3.5/ MMBtu. Total Japanese, Korean and Chinese LNG imports from various sources in February 2009 were down by 15.7% or 1.569 Million tons from the previous month to 8.439 million tons, this decline was mainly due to the decline in Japanese imports by 0.646 Million Tons and South Korea imports by 1.054 Million Tons from the previous month levels. The Arab countries (Qatar, Egypt, and Oman) exports to Japan and Korea were down in February 2009 by 38.8% or 1.272 Million tons to 2.008 million tons - a share of 24.8% of total Japanese and Korean LNG imports. Table (5) shows the prices and quantities of LNG imported by Japan South Korea and China in 2007-2009. Table (5) LNG Prices and Imports: Korea, Japan and China, 2007-2009 Imports Average Import Price (thousand tons)
($/million BTU)
Japan
Korea
China
2007
66816
25577
2913
95306
7.7
9.5
4.0
2008
69628
26257
3336
99221
12.5
13.8
5.4
5869
1810
258
7937
15.0
16.6
3.1
November
5240
1810
270
7320
15.1
16.6
3.7
December
6206
2442
195
8843
13.8
16.5
3.1
5896
3909
203
10008
12.7
15.1
3.9
5250
2855
334
8439
10.5
12.8
3.5
October 2008
January 2009 February
Total
Source: World Gas Intelligence April.15, 2009. 15
Japan
Korea
China
Petroleum developments in the world markets and member countries
The Economic Department
III. News of OAPEC Member and Other Countries Algeria Sonatrach said on 11 March that the company and its partner Anadarko Petroleum Corporation, acting on behalf of all the participants in the El Merk project (ConocoPhillips, Eni, Maersk and Talisman Energy), signed engineering, procurement and construction (EPC) contracts covering the construction of the various facilities required for the processing of crude oil and wet gas, for the recovery and dispatch of oil to Haoud El Hamra via the PKO, and for the evacuation of liquefied petroleum gas (LPG) and condensate to Gassi Touil through the NH2 and LR1 pipelines respectively. First oil production is expected in March 2012. Once on stream, the El Merk facilities will have the capacity to process 135,000 b/d of crude, 55,000 b/d of condensate and 30,000 b/d of LPG, making a total of 220,000 b/d of liquids. Bahrain The U.S. company Occidental Petroleum Corporation (Oxy) and Mubadala Development Company of Abu Dhabi have announced the signing of an interim agreement with the National Oil and Gas Authority (NOGA) for the further development of the Bahrain oil field. The agreement provides for Occidental, Mubadala and the NOGA to create a joint operating company (JOC) that will implement a development plan for increasing the field's production of both oil and natural gas. The three partners plan to invest around $1.5 billion in this project over the first five years of the development and production sharing agreement (DPSA), while significant further investments could be made thereafter. The development plan is aimed at stepping up crude oil production from 16
Petroleum developments in the world markets and member countries
The Economic Department
the field to more than 100,000 b/d. In addition, natural gas production capacity is due to be stepped up to a considerably higher level than the current rate of around 1.5 billion cu ft/day.
Iraq Iraq's South Oil Company has awarded a contract to Foster Wheeler Energy Limited for the basic engineering of new facilities to be installed at the Basrah export terminal with the aim of increasing its oil handling capacity to 4.5 million b/d. The value of the contract was not disclosed, but the scope of Foster Wheeler's work includes the development of technical specifications, project planning, and the drawing up of a work schedule for the implementation of the project. It is also to prepare the documents for a tender for the supply and construction of the facilities required, which include a mooring buoy, pumping and metering systems, and pipelines. Qatar Qatar Petroleum (QP) delivered the first LNG cargo to the South Hook LNG terminal at Mildford Haven, UK on 20 March. The LNG will be used to begin commissioning of the terminal that is intended to handle 7.8mn tons/year of LNG from Qatargas 2 Train 4 when the export plant becomes operational at the end of the summer, with capacity rising to 15.6mn t/y in 2009 when Train 5 is brought on –stream. The first cargo was delivered by LNG carrier Tembek, one of 14 Q-Flex design 210,000 cu ms capacity tankers built to deliver Qatari LNG to Europe. The South Hook terminal is operated by a joint venture company formed by the Qatargas 2 partners, QP (67.5%), ExxonMobile (24.15%) and Total (8.35%). Nigeria Total announced on 9 March that it had brought the Akpo field on 17
Petroleum developments in the world markets and member countries
The Economic Department
deepwater tract OML 130 into production. The French company added that the field had started up a few weeks ahead of schedule. There is much at stake at several levels, especially as regards the size of the field. Its proven and probable reserves are estimated at 620 million barrels of condensate – an impressive figure in itself- and more than 1 trillion cubic feet of natural gas, or about 800 million barrels of oil equivalent. Total, which is the operator of OML 130, says the field will produce around 175,000 b/d of condensate and 320 million cubic feet per day of natural gas – or about 225,000 boe/d – at its plateau rate of output.
Oman Oman's first independent bulk liquid storage terminal was opened on 24 March at the Sohar Industrial Port. The terminal is owned 70% by Oiltanking Odfjell Terminals, 25% by Oman Oil Company (OOC) and 5% by Seven Seas Company of Oman. It aims to provide independent logistic services for the oil and oil derivatives industry at the Sohar Industrial Port, including the handling of liquid cargoes, operation of a multi-purpose terminal and managing the infrastructure related to export and storage facilities. The potential total capacity of the terminal project, which is expected to be completed by the middle of this year, is estimated at 848,500 cu ms of clean oil and petrochemical products, for storage and processing.
US The US refining industry told a Senate panel that ethanol should not be blended into gasoline at concentrations greater than 10% until 18
Petroleum developments in the world markets and member countries
The Economic Department
comprehensive scientific testing shows that so –called " midlevel ethanol blends" are safe for consumers and their vehicles. The president of the National Petrochemical and Refiners Association told a subcommittee of the Senate Environmental and Public Works panel that midlevel ethanol blends could harm gasoline-powered engines and may lead to increases in emissions from these engines that could harm the environment and public health.
19
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Statistical Tables Appendix
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اﻟﺘﻄﻮرات اﻟﺒﺘﺮوﻟﻴﺔ ﻓﻲ اﻷﺳﻮاق اﻟﻌﺎﻟﻤﻴﺔ واﻷﻗﻄﺎر اﻷﻋﻀﺎء
اﻹدارة اﻻﻗﺘﺼﺎدﻳﺔ
اﻟﺘﻄﻮرات اﻟﺒﺘﺮوﻟﻴﺔ ﻓﻲ اﻷﺳﻮاق اﻟﻌﺎﻟﻤﻴﺔ واﻷﻗﻄﺎر اﻷﻋﻀﺎء
اﻹدارة اﻻﻗﺘﺼﺎدﻳﺔ
اﻟﺘﻄﻮرات اﻟﺒﺘﺮوﻟﻴﺔ ﻓﻲ اﻷﺳﻮاق اﻟﻌﺎﻟﻤﻴﺔ واﻷﻗﻄﺎر اﻷﻋﻀﺎء
اﻹدارة اﻻﻗﺘﺼﺎدﻳﺔ
اﻟﺘﻄﻮرات اﻟﺒﺘﺮوﻟﻴﺔ ﻓﻲ اﻷﺳﻮاق اﻟﻌﺎﻟﻤﻴﺔ واﻷﻗﻄﺎر اﻷﻋﻀﺎء
اﻹدارة اﻻﻗﺘﺼﺎدﻳﺔ
اﻟﺘﻄﻮرات اﻟﺒﺘﺮوﻟﻴﺔ ﻓﻲ اﻷﺳﻮاق اﻟﻌﺎﻟﻤﻴﺔ واﻷﻗﻄﺎر اﻷﻋﻀﺎء
اﻹدارة اﻻﻗﺘﺼﺎدﻳﺔ
اﻟﺘﻄﻮرات اﻟﺒﺘﺮوﻟﻴﺔ ﻓﻲ اﻷﺳﻮاق اﻟﻌﺎﻟﻤﻴﺔ واﻷﻗﻄﺎر اﻷﻋﻀﺎء
اﻹدارة اﻻﻗﺘﺼﺎدﻳﺔ
The Economic Department
Key Indicators ¾ In March 2009, the OPEC Reference basket increased by 10.6% or $4.4/bbl to stand at $45.8/bbl. ¾ World Oil Demand increased in March 2009 by 1.8% or 1.5 million b/d to 84.2 million b/d. ¾ World oil supplies in March 2009 increased by 200 tb/d to 84.7 million b/d. ¾ USA crude oil imports went down in February 2009 by 821 tb/d to 9.02 mb/d, and USA product imports decreased by 279 tb/d to average 3.05 mb/d. ¾ OECD commercial inventories were down in February 2009 by 30 mn bbls to 2688 mn bbls. Total Commercial inventories were down by 47 mn bbls to 5110mn bbls – a level that covered 70.3 days of forward consumption. ¾ The average spot price of natural gas at the Henry Hub went down in March 2009 by 13% to stand at $4.0/m BTU. ¾ The Price of Japanese LNG imports was down in February 2009 to $10.5/m BTU, and Korean Price also decreased by $2.3/m to $12.8/m BTU. ¾ Arab LNG exports to Japan and Korea were down by 38.8% in February 2009 to 2.008 million tons (a share of 24.8% of total imports).
Petroleum developments in the world markets and member countries
The Economic Department
Petroleum Developments in the World Market and Member Countries* I. Oil Market 1. Prices 1.1 Crude Oil Prices The Weekly average price of OPEC basket continued to strengthen in March 2009 to record its highest level ($50.4/bbl) in the last week of the month. As indicated in Figure (1). Figure 1 Weekly Average Spot Prices of the OPEC Basket of Crudes,2008-2009 ($\bb1)
140 130 120 110 100 90 80 70 60 50 40 30 20
Mar. 2008
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan. 2009
Feb.
Mar.
On monthly basis, the average price of OPEC basket in March 2009 increased by 10.6% or $4.4/bbl from the previous month level to $45.8/bbl. This level was 53.7% or $53.2/bbl lower than a year ago. The oil market was dominated by developments in equities and other economic indicators. Prices continued to rise as
economic sentiment
showed improvement following the G-20 efforts to boost global growth. 1
Petroleum developments in the world markets and member countries
The Economic Department
Table (1) and figure (2) show the change in the price of the OPEC basket versus last month and the corresponding month of last year : Table 1 Change in the Price of the OPEC Basket of Crudes, 2008-2009 ($/bbl) Mar. 2008
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Jan2009
Feb.
Mar.
Monthly Change
8.4
6.2
14.2
8.9
2.9
-18.8
15.6
-27.7
-19.4
-11.2
2.9
- 0.1
4.4
Month-onMonth Change from the Previous Year
40.4
41.6
54.9
61.4
59.3
43.7
22.7
-10.2
- 39.1
- 48.6
- 46.9
- 49.2
- 53.2
* Effective June 16,2005 OPEC replaced its seven-crude basket with one comprised of eleven crudes, one from each member country (weighted according to production and exports to major markets). Effective 1 January and mid of December 2007, Angola’s Girassol and Ecuadorian Oriente crudes have been incorporated to become the 12th and 13th crudes comprising the new Opec Basket. As of Jan.2009, the basket excludes the Indonesian crude. Figure 2 Change in the Price of the OPEC Basket of Crudes, 2008-2009 ($/bbl)
70 60 50 40 30 20 10 0 -10 -20 -30 -40 -50 -60
Monthly Change Month-on-Month Change from the Previous Year March 2008
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan. 2009
Feb.
March
Tables (1) to (3) in the annex show spot prices for OPEC basket and other crudes for the period 2008-2009.
2
Petroleum developments in the world markets and member countries
The Economic Department
1.2 Spot Prices of Petroleum Products - US Gulf The spot prices of Premium gasoline, in February 2009 were up from their previous month levels, by 0.9% ($0.5/bbl) to $53.7/bbl, where the spot prices of gas oil, and fuel oil were down by 17.4% ($10.4/bbl) to $49.2/bbl for gas oil, and by 11.0% ($5.0/bbl) to $40.3/bbl for fuel oil. Gas and fuel oil Prices declined due to decrease in seasonal demand and Gas low prices. - Rotterdam ِThe spot prices of Premium gasoline, in February 2009 increased from their previous month levels, by 8.0% ($3.7/bbl) to $50.0/bbl, where the spot prices of gas oil and fuel oil decreased by 17.0% ($11.3/bbl) to $55.3/bbl for gas oil, and by 1.4% ($0.5/bbl) to $35.8/bbl for fuel oil. Gasoline prices improved due to increased export opportunities to the US and Asia, where gas oil and fuel oil decreased due to over supply and a relatively low demand in the European product market. - Mediterranean The spot prices of Premium gasoline, gas oil in February 2009 went up from their previous month levels by 1.6% ($0.8/bbl), and 1.2% ($0.9/bbl), to $51.1/bbl for the Premium gasoline, $75.6/bbl for gas oil , where the spot prices of fuel oil decreased by 0.8% ($0.3/bbl) to $38.3/bbl.
3
Petroleum developments in the world markets and member countries
The Economic Department
- Singapore The spot prices of Premium gasoline in February 2009 continued their increase from the previous month by 11.1% ($5.8/bbl), to $58.0/bbl. By contrast, the spot prices for gas oil declined during February 2009, by 10.9% ($6.7/bbl) to $54.6/bbl, where the spot prices for fuel oil remained at their same level of previous month. Figure (3) shows the price of Premium gasoline in all four markets from February 2008 to February 2009. Figure 3 Monthly Average Spot Prices of Premium Gasoline, 2008-2009 ($/bbl) 150 130 110 90 70 50
Singapore US Gulf
30 Feb. March April May 2008
Rotterdam Mediterranean June
July
Aug. Sept.
Oct.
Nov.
Dec.
Jan. 2009
Feb.
Table (4) in the annex shows the average monthly spot prices of petroleum products, 2008-2009. 1.3 Crude Freight Rates In general, Freight rates for crude oil experienced decline during the month of February 2009. Freight rates for crude oil for tanker (230-280 thousand deadweight tons dwt ), leaving Middle Eastern ports to the East 4
Petroleum developments in the world markets and member countries
The Economic Department
went down by 19.0% (11points) to 47 points on the World Scale* (WS). Freight rates for crude oil for tanker size 270-285 thousand (dwt), leaving Middle Eastern ports to the West, also went down by 4.9% (2 points) to 39 points on the World Scale* (WS). Freight rates for inter- Mediterranean for small to medium sized tankers (80-85 thousand dwt) decreased by 17.0% (18 points) to 88 points on the WS. Figure (4) shows the freight rates for crude oil to all three destinations from February 2008 to February 2009. Figure 4 Monthly Spot Crude Oil Tanker Freight Rates, 2008-2009 (World Scale)* 300 250 200 150 100 50 0
Middle East/East Feb. 2008
March
April
May
Middle East/West June
July
Aug.
Mediterranean/Mediterranean Sept.
O ct.
Nov.
De c.
Jan. 2009
Feb
*World Scale is a method for calculating freight prices. One point for the WS means 1% of the standard price of freight in the direction in the WS book, which is published annually by the World Scale Association. The book contains a list of prices in the form of US dollar per ton, called “World Scale 100,” for all the major routes in the world.
5
Petroleum developments in the world markets and member countries
The Economic Department
1.4 Products Freight Rates Monthly spot freight rates for petroleum products for oil products for tanker size 30-35 thousand dwt, leaving Middle Eastern ports to the East went up during the month of February 2009 by 33.3% (31 points) to 124 points on WS. By contrast, freight rates across Mediterranean and Med/North-West Europe for tanker size 30-35 thousand dwt, declined by 6 points each (4.8% and 4.4%) to 120 points and 130 points on WS respectively. Figure (5) shows the freight rates for oil products to all three destinations from February 2008 to February 2009. Figure 5 Monthly Spot Product Tanker Freight Rates, 2008-2009 (World Scale)
400 350 300 250 200 150 100 50
Middle East/East
Mediterranean/Mediterranean
Med/North-West Europe
0 Fe b. 2008
March
April
May
June
July
Aug.
Se pt.
O ct.
Nov.
De c.
Jan. 2009
Fe b
Table (5) and (6) in the annex show crude and products Tankers Freight Rates, 2008-2009.
6
Petroleum developments in the world markets and member countries
The Economic Department
2. Supply and Demand Preliminary estimates of the world oil demand in March 2009 show decrease by 1.8% or 1.5 million b/d from the previous month to 84.2 Million b/d - a decline by 2.0% or 1.7 million b/d from a year ago. Demand in OECD countries declined by 2.9% or 1.4 million b/d, from the previous month to 46.4 million b/d – a level that is 2.1 million b/d lower than a year ago. Non-OECD countries demand for the month also went down by 0.3% or 100 thousand b/d from the previous month to 37.8 million b/d – a level that is 400 thousand b/d lower than a year ago. On the supply side, estimates show that world oil supplies for March 2009 were slightly up by 0.2% or 200 thousand b/d from their previous month level to (84.7 million b/d ), a level that is 2.8 million b/d (3.2%) lower than a year ago. OPEC Crude Oil supplies for the month of March 2009, increased by 0.4% or 100 thousand b/d from previous level, making OPEC total Crude Oil and NGLs/condensates supplies stands at 32.9 million b/d. By contrast, Preliminary estimates show that Non-OPEC supplies for the month were slightly up by 0.2% or 100 thousand b/d to 51.8 million b/d. Preliminary estimates of the supply and demand balance for March 2009 reveal a surplus of 0.5 mn b/d compared to a deficit of 1.2 mn b/d and
surplus
of
1.6 mn b/d in February 2009 and March 2008
respectively, as shown in table (2) and figure (6) : 7
Petroleum developments in the world markets and member countries
The Economic Department
Table (2) World Supply and Demand (Million b/d) February Change from 2009 February 2009 47.8 -1.4 37.9 -0.1 85.7 -1.5 32.8 0.1 0.1 27.6
March 2009 OECD Demand Rest of the World World Demand OPEC Supply : Crude Oil NGLs & Cond.
46.4 37.8 84.2
32.9 27.7
Non-OPEC Supply Processing Gain World Supply Balance
5.2
5.2
0.0
49.5 2.3 84.7 0.5
49.4 2.3 84.5
0.1 0.0 0.2
March 2008 48.5 37.4 85.9 36.7 31.7
Change from March 2008 -2.1 0.4 -1.7 -3.8 -4.0 0.2
5 48.7 2.1 87.5 1.6
(1.2)
0.8 0.2 -2.8
Source: Energy Intelligence Briefing April 3, 2009.
Figure 6 World Supply and Demand ( million b/d) 90 Stockdraw 88
86 84 Stockbuild 82 Demand
80 Mar. 2008
Apr.
May
June
Supply July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan. 2009
Feb.
Mar.
Tables (7) and (8) in the annex show World Oil Demand and Supply for the period 2008-2009.
8
Petroleum developments in the world markets and member countries
The Economic Department
3. Oil Trade USA US crude oil imports declined in February 2009, by 8.3% or 821 thousand b/d, averaging 9.02 mb/d, similarly US product imports decreased by 8.4% or 279 thousand b/d to 3.05 mb/d. By contrast, US product exports went up in February by 74 thousand b/d or 5.0% compared to the previous month averaging 1.56 mb/d. As a result, US net oil imports decreased by 1.175 million b/d or 10% in February compared with the previous month to reach about 10.49 mb/d. This is mainly due to the 822 thousand b/d decrease in net crude oil and the 353 thousand b/d decrease in net product imports. Canada was the top US crude oil supplier with a share of 19.8%, followed by Saudi Arabia with 13.6%, Mexico and Venezuela came next with 13.2% and 11.9% respectively. Altogether, OPEC Member Countries supplied 51.1% of total US crude oil imports. For product imports, Canada was the top product supplier to the US with share of 17.8%, the Virgin Islands came next with a share of 10.5%, followed by Algeria with 10.3%. Altogether, OPEC Member Countries supplied 18.8% of US product imports. Japan Japan’s crude oil imports in February 2009 went up by 4.5% or 170 thousand b/d to average 4.0 mb/d, similarly Japan’s Petroleum product 9
Petroleum developments in the world markets and member countries
The Economic Department
imports increased by 17.5% or 145 thousand b/d averaging 0.97 million b/d. On the export side, Japan’s Petroleum products exports in February 2009 were stable at the same level of the previous month, to average 591 thousand b/d. As a result, Japan net oil imports increased by 310 thousand b/d in February, to reach about 4.35 mb/d. This is mainly due to the 171 thousand b/d increase in net crude oil imports and the 138 thousand b/d increase in net product imports. Saudi Arabia was Japan’s top crude oil supplier in February 2009 with a share of 28.7%, followed by UAE with share of 20.9%, Iran and Qatar came next with share of 13.2% and 10.2% respectively. Altogether, OPEC Member Countries supplied 87% of Japan’s crude oil imports. . For product imports, Saudi Arabia was the top product supplier to Japan in February 2009 with share of 13%, UAE came next with a share of 12.1%, and Kuwait with 11.2%. Altogether, OPEC Member Countries supplied 48% of Japan product imports in February 2009.
China China’s crude oil imports in February 2009 increased by 1% or 38 thousand b/d to average 3.07 mb/d, and China’s Petroleum product imports jumped by 46% or 350 thousand b/d, to average 1.1 mb/d . On the export side, China’s crude oil exports in February 2009 were up by 51% or 54 thousand b/d to average 160 thousand b/d. As a result, 10
Petroleum developments in the world markets and member countries
The Economic Department
China’s net oil imports increased by 293 thousand b/d in February 2009, to reach about 3.546 mb/d. This is mainly due to the 16 thousand b/d decrease in net crude oil and the 309 thousand b/d increase in net product imports. Saudi Arabia was China’s top crude oil supplier in February 2009 with a share of 27.2%, followed by Iran with share of 16.3%; Angola came next with share of 10.8%. Altogether, OPEC Member Countries supplied 66.2% of China’s crude oil imports. Table (3) shows change in crude and products net imports/(exports) in February 2009 versus the previous month: Table 3 USA, Japan, and China Crude and Product Net Imports/(Exports) ( million bbl/d)
Crude Oil
OECD of which : USA Japan China
Total Products
February 2009
January 2009
Change from Jan. 2009
8.994 3.967 2.909
9.816 3.796 2.926
- 0.822 0.171 - 0.016
February 2009
January 2009
Change from Jan. 2009
1.498 0.382 0.637
1.851 0.243 0.328
- 0.353 0.138 0.309
Source: OPEC Monthly Oil Market Report 2009, various Issues.
4. Oil Inventories OECD commercial inventories in February 2009 went down by 30 million barrels from the previous month to 2688 million barrels- a level higher by 130 million bbls than a year ago- from which were 997 million bbls crude and 1691 million bbls products. It worth mentioning that during
11
Petroleum developments in the world markets and member countries
The Economic Department
the month crude inventories increased by one million bbls, where products inventories decreased by 31 million bbls. Inventories in North America decreased by 15 million bbls, to 1314 million barrels, from which 498 million bbls crude and 816 million bbls products. Inventories in Europe remained at the same previous month levels. By contrast, Pacific inventories went down by 15 million bbl to 385 million barrels of which 158 million bbls crude, and 227 million barrels petroleum products. In the rest of the world, February inventories were up by 10 million bbls, to 1423 million barrels - a level that is 13 million bbls higher than a year ago. Inventories at sea declined by 27 million bbls from the previous month to 927 million barrels, and Caribbean inventories remained at the same previous month levels of 72 million barrels. Commercial inventories in February 2009 were down by 47 million bbls to 5110 million barrels – a level that is 155 million barrels higher than a year ago. Inventories covered 70.3 days of forward consumption. Strategic inventories in OECD-30, South Africa and China went up by 5 million bbls from the previous month to 1693 million barrels – a level that is 41 million bbls higher than a year ago. Total World inventories, at the end of February 2009 were at 6803 million barrels, representing decrease of 42 million bbls from the previous month, and 196 million bbls higher than a year ago.
12
Petroleum developments in the world markets and member countries
The Economic Department
Usable commercial inventories were down by 48 million bbls to 1258 million barrels - covering 17.4 days of forward consumption. Table (9) in the annex and figure (7) show the changes in global inventories prevailing at the end of February 2009. Figure 7 Change in Global Inventories at the End of February 2009 (Million bbl)
200 180 160 140 120 100 80 60 40 20 0 -20 -40 -60
Change from January 2009
OECD
Rest of the World
Change from February 2008
Oil at Sea
Caribbean Storage
Total Commercial
Total Strategic
Total
II. The Natural Gas Market 1. Spot and future Prices of Natural Gas in US market The average spot price of natural gas at the Henry Hub in March 2009 was down by 13% or $0.6/million British Thermal Units (BTU) compared with the previous month, to stand at $4.0/million BTU. The comparison, shown in table (4), between natural gas prices and those for the WTI crude and low sulfur fuel oil reveals differential of $3.6/ million BTU in favor of WTI crude and $ 3.3/ million BTU in favor of low sulfur fuel oil, as indicated in table (4) Table (4) 13
Petroleum developments in the world markets and member countries
The Economic Department
Henry Hub Natural Gas, WTI Crude Average, and Low Sulfur Fuel Oil Spot Prices, 2008-2009 ($/Million BTU1)
Natural Gas2 3
WTI Crude
Low Sulfur Fuel Oil (0.3%)
Mar. 2008
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Jan2009
Feb.
Mar.
9.4
10.3
11.2
12.6
11.4
8.3
7.6
6.7
6.6
5.8
5.3
4.6
4.0
18.2
19.4
21.6
23.1
23.0
20.1
16.7
13.2
8.4
7.1
7.2
6.7
7.6
13.5
14.4
15.5
18.7
19.6
17.5
15.5
11.0
7.8
6.5
7.1
7.1
7.3
1. British Thermal Unit. 2. Henry Hub spot price. 3. WTI – West Texas Intermediate Crude oil price, in dollars per barrel, is converted to dollar per million BTU using a conversion factor of 5.80 million BTU/bbl. Source: World Gas Intelligence April 8,2009 .
Prices of gas futures at the London's ICE on April 6, 2009 were higher than those quoted at the NYMEX for the period May 2009 to February 2010, with maximum differential of $3.28/ million BTU in January 2010. These developments are shown in figure (8). Figure 8 Gas Future s April 6, 2009
10
($/Million BTU)
8
6
4
2
ICE
NYMEX
0 May 2009
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan. 2010
Feb.
Source: World Gas Intelligence April 8 , 2009.
2. Asian LNG Markets In February 2009, the price of Japanese LNG imports went down by $2.2/MMBtu from the previous month to settle at $10.5/ MMBtu. The price 14
Petroleum developments in the world markets and member countries
The Economic Department
of Korean LNG imports was also down by $2.3/ MMBtu, from the previous month to $12.8/ MMBtu, the price of Chinese LNG imports also decreased by $0.4/ MMBtu, from the previous month to $3.5/ MMBtu. Total Japanese, Korean and Chinese LNG imports from various sources in February 2009 were down by 15.7% or 1.569 Million tons from the previous month to 8.439 million tons, this decline was mainly due to the decline in Japanese imports by 0.646 Million Tons and South Korea imports by 1.054 Million Tons from the previous month levels. The Arab countries (Qatar, Egypt, and Oman) exports to Japan and Korea were down in February 2009 by 38.8% or 1.272 Million tons to 2.008 million tons - a share of 24.8% of total Japanese and Korean LNG imports. Table (5) shows the prices and quantities of LNG imported by Japan South Korea and China in 2007-2009. Table (5) LNG Prices and Imports: Korea, Japan and China, 2007-2009 Imports Average Import Price (thousand tons)
($/million BTU)
Japan
Korea
China
2007
66816
25577
2913
95306
7.7
9.5
4.0
2008
69628
26257
3336
99221
12.5
13.8
5.4
5869
1810
258
7937
15.0
16.6
3.1
November
5240
1810
270
7320
15.1
16.6
3.7
December
6206
2442
195
8843
13.8
16.5
3.1
5896
3909
203
10008
12.7
15.1
3.9
5250
2855
334
8439
10.5
12.8
3.5
October 2008
January 2009 February
Total
Source: World Gas Intelligence April.15, 2009. 15
Japan
Korea
China
Petroleum developments in the world markets and member countries
The Economic Department
III. News of OAPEC Member and Other Countries Algeria Sonatrach said on 11 March that the company and its partner Anadarko Petroleum Corporation, acting on behalf of all the participants in the El Merk project (ConocoPhillips, Eni, Maersk and Talisman Energy), signed engineering, procurement and construction (EPC) contracts covering the construction of the various facilities required for the processing of crude oil and wet gas, for the recovery and dispatch of oil to Haoud El Hamra via the PKO, and for the evacuation of liquefied petroleum gas (LPG) and condensate to Gassi Touil through the NH2 and LR1 pipelines respectively. First oil production is expected in March 2012. Once on stream, the El Merk facilities will have the capacity to process 135,000 b/d of crude, 55,000 b/d of condensate and 30,000 b/d of LPG, making a total of 220,000 b/d of liquids. Bahrain The U.S. company Occidental Petroleum Corporation (Oxy) and Mubadala Development Company of Abu Dhabi have announced the signing of an interim agreement with the National Oil and Gas Authority (NOGA) for the further development of the Bahrain oil field. The agreement provides for Occidental, Mubadala and the NOGA to create a joint operating company (JOC) that will implement a development plan for increasing the field's production of both oil and natural gas. The three partners plan to invest around $1.5 billion in this project over the first five years of the development and production sharing agreement (DPSA), while significant further investments could be made thereafter. The development plan is aimed at stepping up crude oil production from 16
Petroleum developments in the world markets and member countries
The Economic Department
the field to more than 100,000 b/d. In addition, natural gas production capacity is due to be stepped up to a considerably higher level than the current rate of around 1.5 billion cu ft/day.
Iraq Iraq's South Oil Company has awarded a contract to Foster Wheeler Energy Limited for the basic engineering of new facilities to be installed at the Basrah export terminal with the aim of increasing its oil handling capacity to 4.5 million b/d. The value of the contract was not disclosed, but the scope of Foster Wheeler's work includes the development of technical specifications, project planning, and the drawing up of a work schedule for the implementation of the project. It is also to prepare the documents for a tender for the supply and construction of the facilities required, which include a mooring buoy, pumping and metering systems, and pipelines. Qatar Qatar Petroleum (QP) delivered the first LNG cargo to the South Hook LNG terminal at Mildford Haven, UK on 20 March. The LNG will be used to begin commissioning of the terminal that is intended to handle 7.8mn tons/year of LNG from Qatargas 2 Train 4 when the export plant becomes operational at the end of the summer, with capacity rising to 15.6mn t/y in 2009 when Train 5 is brought on –stream. The first cargo was delivered by LNG carrier Tembek, one of 14 Q-Flex design 210,000 cu ms capacity tankers built to deliver Qatari LNG to Europe. The South Hook terminal is operated by a joint venture company formed by the Qatargas 2 partners, QP (67.5%), ExxonMobile (24.15%) and Total (8.35%). Nigeria Total announced on 9 March that it had brought the Akpo field on 17
Petroleum developments in the world markets and member countries
The Economic Department
deepwater tract OML 130 into production. The French company added that the field had started up a few weeks ahead of schedule. There is much at stake at several levels, especially as regards the size of the field. Its proven and probable reserves are estimated at 620 million barrels of condensate – an impressive figure in itself- and more than 1 trillion cubic feet of natural gas, or about 800 million barrels of oil equivalent. Total, which is the operator of OML 130, says the field will produce around 175,000 b/d of condensate and 320 million cubic feet per day of natural gas – or about 225,000 boe/d – at its plateau rate of output.
Oman Oman's first independent bulk liquid storage terminal was opened on 24 March at the Sohar Industrial Port. The terminal is owned 70% by Oiltanking Odfjell Terminals, 25% by Oman Oil Company (OOC) and 5% by Seven Seas Company of Oman. It aims to provide independent logistic services for the oil and oil derivatives industry at the Sohar Industrial Port, including the handling of liquid cargoes, operation of a multi-purpose terminal and managing the infrastructure related to export and storage facilities. The potential total capacity of the terminal project, which is expected to be completed by the middle of this year, is estimated at 848,500 cu ms of clean oil and petrochemical products, for storage and processing.
US The US refining industry told a Senate panel that ethanol should not be blended into gasoline at concentrations greater than 10% until 18
Petroleum developments in the world markets and member countries
The Economic Department
comprehensive scientific testing shows that so –called " midlevel ethanol blends" are safe for consumers and their vehicles. The president of the National Petrochemical and Refiners Association told a subcommittee of the Senate Environmental and Public Works panel that midlevel ethanol blends could harm gasoline-powered engines and may lead to increases in emissions from these engines that could harm the environment and public health.
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اﻟﺘﻄﻮرات اﻟﺒﺘﺮوﻟﻴﺔ ﻓﻲ اﻷﺳﻮاق اﻟﻌﺎﻟﻤﻴﺔ واﻷﻗﻄﺎر اﻷﻋﻀﺎء
اﻹدارة اﻻﻗﺘﺼﺎدﻳﺔ
Statistical Tables Appendix
اﻟﺘﻄﻮرات اﻟﺒﺘﺮوﻟﻴﺔ ﻓﻲ اﻷﺳﻮاق اﻟﻌﺎﻟﻤﻴﺔ واﻷﻗﻄﺎر اﻷﻋﻀﺎء
اﻹدارة اﻻﻗﺘﺼﺎدﻳﺔ
اﻟﺘﻄﻮرات اﻟﺒﺘﺮوﻟﻴﺔ ﻓﻲ اﻷﺳﻮاق اﻟﻌﺎﻟﻤﻴﺔ واﻷﻗﻄﺎر اﻷﻋﻀﺎء
اﻹدارة اﻻﻗﺘﺼﺎدﻳﺔ
اﻟﺘﻄﻮرات اﻟﺒﺘﺮوﻟﻴﺔ ﻓﻲ اﻷﺳﻮاق اﻟﻌﺎﻟﻤﻴﺔ واﻷﻗﻄﺎر اﻷﻋﻀﺎء
اﻹدارة اﻻﻗﺘﺼﺎدﻳﺔ
اﻟﺘﻄﻮرات اﻟﺒﺘﺮوﻟﻴﺔ ﻓﻲ اﻷﺳﻮاق اﻟﻌﺎﻟﻤﻴﺔ واﻷﻗﻄﺎر اﻷﻋﻀﺎء
اﻹدارة اﻻﻗﺘﺼﺎدﻳﺔ
اﻟﺘﻄﻮرات اﻟﺒﺘﺮوﻟﻴﺔ ﻓﻲ اﻷﺳﻮاق اﻟﻌﺎﻟﻤﻴﺔ واﻷﻗﻄﺎر اﻷﻋﻀﺎء
اﻹدارة اﻻﻗﺘﺼﺎدﻳﺔ
اﻟﺘﻄﻮرات اﻟﺒﺘﺮوﻟﻴﺔ ﻓﻲ اﻷﺳﻮاق اﻟﻌﺎﻟﻤﻴﺔ واﻷﻗﻄﺎر اﻷﻋﻀﺎء
اﻹدارة اﻻﻗﺘﺼﺎدﻳﺔ
اﻟﺘﻄﻮرات اﻟﺒﺘﺮوﻟﻴﺔ ﻓﻲ اﻷﺳﻮاق اﻟﻌﺎﻟﻤﻴﺔ واﻷﻗﻄﺎر اﻷﻋﻀﺎء
اﻹدارة اﻻﻗﺘﺼﺎدﻳﺔ
اﻟﺘﻄﻮرات اﻟﺒﺘﺮوﻟﻴﺔ ﻓﻲ اﻷﺳﻮاق اﻟﻌﺎﻟﻤﻴﺔ واﻷﻗﻄﺎر اﻷﻋﻀﺎء
اﻹدارة اﻻﻗﺘﺼﺎدﻳﺔ
اﻟﺘﻄﻮرات اﻟﺒﺘﺮوﻟﻴﺔ ﻓﻲ اﻷﺳﻮاق اﻟﻌﺎﻟﻤﻴﺔ واﻷﻗﻄﺎر اﻷﻋﻀﺎء
اﻹدارة اﻻﻗﺘﺼﺎدﻳﺔ
