Petroleum Economics Istvan Csato Department of Geological Sciences University of South Carolina January 2002 Source: EIA
Petroleum Economics
Jan 22, 2016
Petroleum Economics. Istvan Csato Department of Geological Sciences University of South Carolina January 2002 Source: EIA. World Oil Demand. Oil Consumption. Declines:. Oil embargo, 1973 Revolution in Iran, 1979 Economic crisis in Asia and FSU, 1997-98 . World Oil Demand. - PowerPoint PPT Presentation
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Petroleum EconomicsPetroleum Economics
Istvan CsatoDepartment of Geological SciencesUniversity of South CarolinaJanuary 2002Source: EIA
World Oil DemandWorld Oil Demand
Declines:
• Oil embargo, 1973
• Revolution in Iran, 1979
• Economic crisis in Asia and FSU, 1997-98
Oil Consumption
World Oil DemandWorld Oil Demand
Increments in Oil Consumption by Region
Largest increase: Asia
World Oil DemandWorld Oil Demand
Oil Consumption per Capita by Region
Declines:
• Industrialized countries: oil price crises
• EE/FSU: collapse of communism
• Developing countries: no decline
World Oil DemandWorld Oil Demand
Oil Intensity by Region
Continuous decline
World Oil DemandWorld Oil Demand
Oil Consumption by Sector
• Industrialized countries: Transportation
• Developing countries: Other uses
Main area of growth:
World Oil DemandWorld Oil Demand
Oil Consumption in the Developing World
China: 6.1 MBD South Korea: 1.2 MBDIndia: 3.9 MBDMiddle East: 5.3 MBDAfrica: 2.9 MBDCentral and South America: 4.7 MBD
Expected Increase from 1999 to 2020:
World Oil DemandWorld Oil Demand
Oil Consumption in the Industrialized WorldExpected Increase from 1999 to 2020:
USA: 6.3 MBDMexico: 2.2 MBDCanada: 0.3 MBD
Western Europe: 1.5 MBD
Japan: 0.35 MBD
World Oil DemandWorld Oil Demand
Oil Consumption in EE/FSU
Expected Increase from 1999 to 2020:
FSU: 4.1 MBDEastern Europe: 0.2 MBD
World Oil SupplyWorld Oil Supply
World Oil SupplyWorld Oil Supply
World Oil SupplyWorld Oil Supply
World Oil SupplyWorld Oil Supply
More than 2/3 of increase in oil demand will be supplied by OPEC
World Oil Production by Region
World Oil SupplyWorld Oil Supply
Projected growth rate:3.4% per year
OPEC Oil Production
World Oil SupplyWorld Oil Supply
OPEC and Non-OPEC production
World Oil SupplyWorld Oil Supply
Non-OPEC production by Region, 2020
World Oil SupplyWorld Oil Supply
Top World Oil Producers, 2000
Country Production Estimates (million bbl/d)
1) Saudi Arabia 9.12
2) United States 9.08 (5.83 of which was crude oil)
3) Russia 6.71
4) Iran 3.81
5) Mexico 3.48
6) Norway 3.32
7) China 3.25
8) Venezuela 3.14
9) United Kingdom 2.75
10) Canada 2.74
11) Iraq 2.59
12) United Arab Emirates 2.51
13) Kuwait 2.25
14) Nigeria 2.15
15) Indonesia 1.56
16) Brazil 1.54
17) Libya 1.47
18) Algeria 1.43 Red: OPEC memberBlue: Non-OPEC member
World Oil SupplyWorld Oil Supply
Top World Oil Net Exporters, 2000
Country Net Exports (million bbl/d)
1) Saudi Arabia7.84
2) Russia4.31
3) Norway3.11
4) Venezuela2.66
5) Iran2.59
6) United Arab Emirates2.18
7) Iraq2.09
8) Kuwait2.05
9) Nigeria1.86
10) Mexico1.44
11) Libya1.29
12) Algeria1.22
13) United Kingdom 1.06
Red: OPEC memberBlue: Non-OPEC member
World Oil SupplyWorld Oil Supply
Oil Reserves
OPEC56%
Non-OPEC44%
814 B bbl
Total: 1030 B bbl
World Oil TradeWorld Oil Trade
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