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Petroleum Economics

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.

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Petroleum Economics

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  1. Petroleum Economics Istvan Csato Department of Geological Sciences University of South Carolina January 2002 Source: EIA

  2. World Oil Demand Oil Consumption Declines: • Oil embargo, 1973 • Revolution in Iran, 1979 • Economic crisis in Asia and FSU, • 1997-98

  3. World Oil Demand Increments in Oil Consumption by Region Largest increase: Asia

  4. World Oil Demand Oil Consumption per Capita by Region Declines: • Industrialized countries: • oil price crises • EE/FSU: collapse of communism • Developing countries: no decline

  5. World Oil Demand Oil Intensity by Region Continuous decline

  6. World Oil Demand Oil Consumption by Sector Main area of growth: • Industrialized countries: • Transportation • Developing countries: • Other uses

  7. World Oil Demand Oil Consumption in the Developing World Expected Increase from 1999 to 2020: China: 6.1 MBD South Korea: 1.2 MBD India: 3.9 MBD Middle East: 5.3 MBD Africa: 2.9 MBD Central and South America: 4.7 MBD

  8. World Oil Demand Oil Consumption in the Industrialized World Expected Increase from 1999 to 2020: USA: 6.3 MBD Mexico: 2.2 MBD Canada: 0.3 MBD Western Europe: 1.5 MBD Japan: 0.35 MBD

  9. World Oil Demand Oil Consumption in EE/FSU Expected Increase from 1999 to 2020: FSU: 4.1 MBD Eastern Europe: 0.2 MBD

  10. World Oil Supply

  11. World Oil Supply

  12. World Oil Supply

  13. World Oil Supply World Oil Production by Region More than 2/3 of increase in oil demand will be supplied by OPEC

  14. World Oil Supply OPEC Oil Production Projected growth rate: 3.4% per year

  15. World Oil Supply OPEC and Non-OPEC production

  16. World Oil Supply Non-OPEC production by Region, 2020

  17. 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 World Oil Supply Red: OPEC member Blue: Non-OPEC member

  18. Top World Oil Net Exporters, 2000 Country Net Exports (million bbl/d) 1) Saudi Arabia 7.84 2) Russia 4.31 3) Norway 3.11 4) Venezuela 2.66 5) Iran 2.59 6) United Arab Emirates 2.18 7) Iraq 2.09 8) Kuwait 2.05 9) Nigeria 1.86 10) Mexico 1.44 11) Libya 1.29 12) Algeria 1.22 13) United Kingdom 1.06 World Oil Supply Red: OPEC member Blue: Non-OPEC member

  19. World Oil Supply 814 B bbl Total: 1030 B bbl

  20. World Oil Trade

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