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Sunday, April 22, 2018

MARKET INFORMATION

SEVEN LARGEST OIL PRODUCING OIL COMPANIES STANDS FOR 14% OF OIL PRODUCTION

In 2000 oil production according to PIW, was:

Exxon 2.553 mbd, increased by 1.4% in 2000, Shell 2.274 mbd +0.6%, Chevron 1.159 mbd +2.8%, and ENI 0.748 mbd +11.3%.

Other oil companies reduced production:

BP 1.928 mbd -6.5%, Total 1.430 mbd -2.7%, Chevron 1.159 mbd -2.8% and Texaco 0.800 mbd by 9.6%

Lowest U.S. crude oil stocks in 20 years

According to the U.S. Energy Information Administration, U.S. crude oil stocks as recorded at the end of week 7 (18 February 2001) were 227.1 million barrels. This is the lowest level in at least 20 years and 10% lower than average over the last 5 years.  (This figure excludes the stocks held in the strategic petroleum reserve).

India's crude oil imports likely to rise

India's crude oil imports are likely to rise by 4% to 75 million tonnes (or 1.51 mbd) in 2001, with petroleum product consumption growing at a steady rate of 2-3% to 108 million tonnes (2.36 mbd). Domestic crude production is likely to remain stagnant at 33 million tonnes (0.66 mbd) in 2001, mostly unchanged from 2000, meeting around 30% of the total crude oil requirements.

Source: Indian Petroleum Ministry – February 2001.

Asian oil demand to outpace the world average during the next 5 years

Asia's oil demand will outpace the world average over the next five years as the region's energy needs expand, according to the Australian government. Consumption of oil by China, Japan, Taiwan, China, Korea and their neighbours will rise an average of about 2.7% a year until 2006, compared with a 1.6% world average estimate.  Since the Asian financial crisis of 1997-98, growth in demand for minerals and energy in the region has resumed the strong growth path established in the 1980s. Asian economies have grown rapidly over the past two decades, fuelled by increasing exports and rising living standards. China's economic growth has averaged more than 10% annually since the mid-1980s, while Korean industrial output has grown more than 13% annually since 1991.

Source: Bloomberg Energy 27 February 2001.

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