november december 2016 ceri commodity report — crude oil · source: iea, oil market report...

Relevant • Independent • Objective

CERI Commodity Report – Crude Oil Editorial Committee: Paul Kralovic, Dinara Millington, Megan Murphy, Allan Fogwill About CERI The Canadian Energy Research Institute is an independent, not-for-profit research establishment created through a partnership of industry, academia, and government in 1975. Our mission is to provide relevant, independent, objective economic research in energy and related environmental issues. For more information about CERI, please visit our website at www.ceri.ca or contact us at [email protected].

Figure 1: Iran’s Crude Oil Supply and Disposition

Source: IEA, Oil Market Report

China, India, Japan and South Korea are among the major Asian oil consumers that have sharply boosted their imports of Iranian crude in 2016. Those extra barrels have slowed the oil price recovery in the US and Canada, where most fracking and oil sands production remains a comparatively high-cost gamble against cheap Iranian crude. With Asia looking to be the fastest-growing market for energy and consumer goods for the foreseeable future, Iran is looking to lock down $130 billion in foreign investment to modernize its upstream energy infrastructure after years of neglect under the US-led sanctions. To counterbalance continuous build of oil stocks and rising supply, in December, OPEC decided on its first proposed output cut since 2008 – and the first deal including non-OPEC producers since 2001 – which marks a major departure from the market share policy followed for the past two years. OPEC’s cut of 1.2 MMBPD almost matches its deliberate production increase of 1.3 MMBPD over the October 2015 – October 2016 timeframe (the month which OPEC cuts are based). If OPEC promptly and fully sticks to its production target, assessed at 32.7 MMBPD, and non-OPEC producers deliver the agreed cuts of 558 thousand barrels per day (MBPD) outlined on December 10, the market is likely to move into deficit in the first half of 2017 by 0.6 MBPD, as estimated by the IEA in their December Oil Market Report. The big question is if the price goes up in the short-term, will it sustain in the medium-term with more upstream producers tempted to resume production, specifically US tight oil producers? In the US, upstream activity has already picked up. Rig counts are up, increasing by 33 percent from May to October this year.1 The tight oil well

Oil Market – A Year in Review Dinara Millington Low crude oil prices had an ever lasting effect on not only the energy sector in Canada and worldwide, but on the Canadian national economy, especially in the provinces that rely on the oil and gas sector’s performance. The impact resulted in empty office towers, laid-off energy workers, and double-digit unemployment rates in the hardest hit province of Alberta. All the economic indicators at the beginning of 2016 were weak. In the midst of climate and energy policy – both federal and foreign – the picture was equally troubling for a Canadian energy sector already beaten since the summer of 2014, when the collapse in oil prices began. In short, it was not a promising start to the year. A barrel of West Texas Intermediate (WTI), which began the year selling for US$36 and by February was trading at a low of US$26, had by October nearly doubled its value from eight months prior and was fetching just over US$51. And while the market had come a long way from reaching bottom in February, the real test of its resiliency won’t be seen until well into 2017. This article highlights events that took place in the oil markets, globally and domestically, that shaped the year 2016. Global Trends The focus at the start of 2016 was on US$30/bbl oil and the imminent increase in Iranian oil production after sanctions were lifted. Since the sanctions fell on January 1, OPEC’s third-largest producer has far outpaced the projections of analysts, reaching a production level of 3.7 million barrels a day (MMBPD) in November, and gobbled up OPEC market share (Figure 1).

November-December 2016

CERI Commodity Report — Crude Oil

CERI Commodity Report - Crude Oil

economics are remarkably robust. New wells in parts of the Permian, Bakken and Eagleford areas are now profitable at $40 a barrel2 (see Figure 2). Figure 2: WTI Breakeven Prices for US Shale Oil Plays

Source: OPEC, “World Oil Outlook 2015”

Domestic Events Before the promise of a recovery, things in Alberta went from bad, to worse, to – quite literally – on fire. According to CBC, the Fort McMurray wildfire was the number one story of 2016 in Canada. In May a small brush fire, one of many burning across Alberta, suddenly whipped up into a full-force blaze that burned down entire neighborhoods of Fort McMurray, the centre of the country’s energy industry. The fire took weeks to extinguish, and is considered to be the most expensive natural disaster in Canadian history. Its impact on the oil sector, measured by production shutdown of almost 1 million barrels per day, work camp evacuations, upgrader shutdowns and absent personnel impacted provincial and Canadian economies before operations were restored. It will be years before the physical scars of the fire are fully erased from the face of Fort McMurray. Another disaster for the Canadian oil industry in 2016 was the July 21 leak near the town of Maidstone from the Husky Energy pipeline carrying oil and diluent through western Saskatchewan, spilling about 225,000 liters of fluid into the North Saskatchewan River, a crucial source of fresh water for communities along the waterway. The failure had cost the company $90 million in remediation by the end of September, including payouts to at least one Saskatchewan First Nation. Besides the obvious environmental damage and an inconvenience to area residents, the spill was also significant for its poor timing. It came amid a high season

for heated debate between industry and environmental groups over building new energy pipelines in Canada. Public mistrust of the National Energy Board’s credibility on regulating pipelines was at an all-time high and protesters in nearby North Dakota were gaining strength against the Dakota Access pipeline. All that happened while the Canadian government was only a few months away from deciding whether or not to approve new pipeline projects such as Enbridge’s Line 3 and Northern Gateway, and the expansion of Kinder Morgan’s Trans Mountain pipeline from Edmonton to Vancouver. In late November, the federal government did approve the expansion of the Trans Mountain pipeline and Line 3 restoration, and rejected the Northern Gateway pipeline. Both pipelines have to meet or exceed conditions that were outlined by the National Energy Board before becoming fully operational. But local communities and environmental groups are in strong opposition to this decision. Several protests across Canada were held, warning that Trudeau's announcement would spark the type of violent confrontations now underway in North Dakota, where the Standing Rock Sioux tribe have joined forces with environmental activists in an effort to block construction of the Dakota Access pipeline. Rising up from the ashes, a late-stage step towards recovery emerged in the latter part of 2016. The Canadian Association of Oil Drilling Contractors (CAODC) declared 2016 the worst year ever for Canadian oil drillers noting that drilling activity was at its lowest level in four decades since keeping track of statistics. By year’s end, however, a handful of Alberta companies were already looking to hire back a few thousand drilling workers as the oil price bounce was making fields in Alberta, British Columbia and Saskatchewan suddenly appealing again to producers. The drilling forecast by the Petroleum Services Association of Canada (PSAC) estimates that drilling activity will pick up in 2017, with the drilling profile highest in Saskatchewan. 2016 also marks some of the biggest deals in the Canadian energy industry. Suncor Energy Inc. reached a deal to acquire rival Canadian Oil Sands Ltd. for $4.2 billion making Suncor the largest stakeholder of Syncrude Canada’s mining and upgrading project at 51 percent. Calgary’s Inter Pipeline struck a deal in August to buy the Canadian gas assets of Tulsa-based Williams for $1.35 billion. The Williams Canada assets include two NGL extraction plants near Fort McMurray, a gas processing


plant near Redwater and a pipeline system connecting the two. But Inter Pipeline also acquired the option of gaining presence in an Alberta petrochemical manufacturing industry. This year, the NDP government announced up to $500 million in royalty credits for new value-added petroleum manufacturing projects, including a proposed $1.85 billion propane-to-propylene pellet manufacturing center that Inter Pipeline acquired from Williams in the deal. In May, Calgary-based TransCanada bought US midstream Columbia Pipeline for a reported US$13 billion. Columbia operates more than 25,000 kilometers of natural gas pipelines from the US Northeast to the Gulf of Mexico, including massive underground storage systems and significant access to the Marcellus and Utica shales. Then in November, TransCanada announced it would also acquire all outstanding units of the Columbia Pipeline Partners for US$17 per common share, for a total cash deal worth US$915 million. This deal diversifies TransCanada’s assets by commodity type and geographical location, in particular access to strategically important Marcellus production.

The largest-ever Canadian takeover deal was Enbridge’s acquisition of Houston-based Spectra Energy for $37 billion (US$28 billion) in an all-stock deal. The Calgary midstream company’s takeover of its southern counterpart will create North America’s largest energy infrastructure company with near-equal assets in oil and gas storage and transport, if approved by regulators. Endnotes 1Baker Hughes North American Rig Count 2http://www.bloomberg.com/news/articles/2016-10-18/oil-seen-stuck-in-50-to-60-range-as-shale-blunts-opec-action

http://www.bloomberg.com/news/articles/2016-10-18/oil-seen-stuck-in-50-to-60-range-as-shale-blunts-opec-action

http://www.bloomberg.com/news/articles/2016-10-18/oil-seen-stuck-in-50-to-60-range-as-shale-blunts-opec-action


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World Supply and Demand Balance (MMbpd)

OPEC Crude Oil Production (MMbpd)

WTI Price Projections ($US/barrel)

2014 2015 2016 2017 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17

World Demand 93.0 95.0 96.5 97.8 93.8 94.4 95.9 95.7 95.4 95.9 97.2 97.3 96.9 97.2 98.4 98.5

OECD 45.8 46.4 46.6 46.6 46.6 45.6 46.9 46.4 46.7 46.0 47.2 46.7 46.8 46.1 47.0 46.5

non-OECD 47.2 48.6 49.8 51.2 47.3 48.9 49.1 49.2 48.8 49.9 49.9 50.6 50.1 51.1 51.5 51.9

World Supply 93.7 96.6 96.9 98.0 95.3 96.5 97.3 97.4 96.7 96.1 97.1 97.9 97.1 97.5 98.8 98.8

Non-OPEC 57.0 58.4 57.6 58.0 58.1 58.2 58.6 58.8 58.0 57.0 57.5 57.9 57.4 57.6 58.4 58.4

OPEC NGLs 6.3 6.5 6.7 7.0 6.4 6.5 6.6 6.6 6.6 6.7 6.8 6.8 6.8 6.8 6.9 6.9

OPEC Crude 27.7 27.7 28.2 28.6 30.8 31.8 32.1 32.0 32.1 32.4 32.8 33.2 32.9 33.1 33.5 33.5

Supply - Demand1 0.7 1.6 0.4 0.2 1.5 2.1 1.3 1.7 1.3 0.1 -0.2 0.6 0.2 0.3 0.3 0.3

OECD

Stocks (MMbbls) 2712 2815 2905 2984 3015 3046 3052 3059 3085 3093 3106 3121

Days Cover 58 62 62 64 65 66 65 65 66 67 66 67

2014 2015 2016 2017 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18

High Price Case 0.00 61.05 58.30 61.60 61.60 62.70 62.70

Reference Case 93.28 48.71 43.26 55.50 33.41 45.52 44.88 49.23 53.00 56.00 56.00 57.00 57.00

Low Price Case 0.00 47.18 45.05 47.60 47.60 48.45 48.45

Sustainable

Capacity Oct-16 Nov-16 Dec-16 Oct-16 Nov-16 Dec-16

Saudi Arabia 12.20 10.56 10.64 10.48 1.64 1.56 1.72

Iran 3.75 3.82 3.75 3.72 -0.07 0.00 0.03

UAE 3.14 3.12 3.13 3.13 0.02 0.01 0.01

Kuwait 2.93 2.93 2.83 2.81 0.00 0.10 0.12

Qatar 0.67 0.63 0.65 0.63 0.04 0.02 0.04

Angola 1.78 1.51 1.69 1.65 0.27 0.09 0.13

Nigeria 1.70 1.43 1.50 1.39 0.27 0.20 0.31

Libya 0.65 0.51 0.58 0.62 0.14 0.07 0.03

Algeria 1.13 1.13 1.12 1.13 0.00 0.01 0.00

Ecuador 0.56 0.54 0.55 0.54 0.02 0.01 0.02

Venezuela 2.20 2.15 2.13 2.12 0.05 0.07 0.08

Gabon 0.23 0.22 0.23 0.23 0.01 0.00 0.00

OPEC. Excl. Iraq 30.94 28.55 28.80 28.45 2.39 2.14 2.49

Iraq1 4.66 4.59 4.61 4.64 0.07 0.05 0.02

Total OPEC 35.60 33.14 33.41 33.09 2.46 2.19 2.51

Production Spare Capacity vs Production


Data Appendix


A1: Historic Light Sweet Crude Futures Prices ($US per barrel)

A2: Historic Crude Product Futures Prices (¢US per gallon)

Notes (Tables A1 and A2): Prices are listed by contract month. Close: final contract close on the last day of trading. Last 3 Day Average Close: simple average con-

tract close on last three days of trading. Average When Near Month: simple average closing price on trading days when contract was near month. 12-Month Strip

Average: simple average of daily near 12-month contract closing prices in a given contract month. Spread: difference between one-month and two-month forward

prices in a given period. Source: New York Mercantile Exchange (NYMEX).

NYMEX Light Sweet Crude

Last 3 Day Avg. When 12-Month Spread

Close Average Near Mo. Strip Avg. (1-2 Mo.)

2014 96.53 96.37 96.73 87.56 0.54

2015 49.68 49.80 51.41 53.75 -0.78

2016 42.28 42.15 42.01 44.80 -0.98

4Q 2015 43.92 44.17 44.89 47.38 -0.70

1Q 2016 30.92 31.19 34.29 38.10 -1.44

2Q 2016 43.94 43.15 40.39 43.31 -1.24

3Q 2016 46.95 47.20 46.46 48.68 -0.65

4Q 2016 47.30 47.03 46.91 49.12 -0.58

Yr-on-Yr Chg. 7.7% 6.5% 4.5% 3.7%

Jan-16 34.74 34.81 38.61 42.22 -1.39

Feb-16 26.55 28.14 33.74 36.96 -1.10

Mar-16 31.48 30.63 30.52 35.13 -1.83

Apr-16 41.45 40.27 36.44 40.15 -1.69

May-16 42.63 41.16 39.32 42.33 -1.30

Jun-16 47.75 48.03 45.43 47.45 -0.72

Jul-16 48.85 48.73 49.03 50.88 -0.55

Aug-16 44.94 44.94 46.78 49.09 -0.71

Sep-16 47.05 47.93 43.57 46.05 -0.70

Oct-16 43.44 43.26 45.39 47.67 -0.62

Nov-16 50.43 50.77 48.64 50.65 -0.49

Dec-16 48.03 47.07 46.71 49.03 -0.63

Jan-17 52.23 52.08 50.63 53.49 -0.99

Yr-on-Yr Chg. 50.3% 49.6% 31.1% 26.7%

NYMEX Unleaded Gasoline NYMEX Heating Oil

Last 3 Day Avg. When 12-Month Spread Last 3 Day Avg. When 12-Month Spread

Close Average Near Mo. Strip Avg. (1-2 Mo.) Close Average Near Mo. Strip Avg. (1-2 Mo.)

2014 270.6 272.8 271.8 260.8 1.7 285.9 287.7 286.4 290.2 1.4

2015 168.8 166.0 166.4 157.8 0.5 174.8 171.9 173.2 179.6 0.5

2016 138.4 138.7 136.9 133.2 -1.9 133.8 133.8 132.1 141.7 -1.6

4Q 2015 138.4 137.2 135.5 127.8 1.9 145.0 144.9 148.7 159.5 -2.3

1Q 2016 114.0 112.5 111.5 125.9 -9.2 107.7 106.9 107.4 117.8 -2.0

2Q 2016 154.5 155.4 148.9 142.9 -2.1 135.4 135.1 128.8 137.4 -1.0

3Q 2016 141.1 142.3 145.0 130.1 2.1 139.0 141.1 143.3 153.3 -1.8

4Q 2016 143.8 144.7 142.1 133.9 1.6 153.2 152.0 148.9 158.2 -1.5

Yr-on-Yr Chg. 3.9% 5.4% 4.9% 4.9% 5.7% 5.0% 0.1% -0.8%

Jan-16 126.7 125.8 125.4 137.4 -1.0 110.1 110.3 117.9 129.9 -3.1

Feb-16 110.3 107.6 109.4 123.6 -2.6 105.5 103.7 100.1 109.8 -1.7

Mar-16 105.0 104.1 99.5 116.7 -24.1 107.6 106.6 104.3 113.9 -1.3

Apr-16 143.6 145.3 139.9 137.4 -4.3 118.5 116.7 119.3 128.5 -1.2

May-16 158.5 158.8 148.8 142.0 -1.5 137.8 138.8 124.9 133.7 -1.0

Jun-16 161.5 162.2 158.1 149.4 -0.7 149.8 149.8 142.1 150.1 -0.7

Jul-16 150.1 151.2 155.4 140.3 -0.9 148.5 149.7 150.1 158.6 -0.9

Aug-16 132.1 131.6 138.0 124.5 -0.6 127.6 128.0 138.5 149.8 -2.5

Sep-16 141.2 144.2 141.6 125.6 7.9 141.0 145.6 141.5 151.4 -1.9

Oct-16 148.7 147.7 139.2 127.5 2.7 152.8 151.0 143.3 152.6 -1.4

Nov-16 145.0 146.9 149.0 141.6 1.5 149.6 153.6 156.6 166.2 -1.6

Dec-16 137.7 139.5 138.2 132.7 0.7 157.1 151.6 146.9 155.7 -1.5

Jan-17 168.2 167.0 156.9 166.2 -1.2 170.4 170.2 166.2 174.2 -1.7

Yr-on-Yr Chg. 32.8% 32.8% 25.1% 20.9% 54.8% 54.3% 41.0% 34.2%


A3: World Crude Oil Contract Prices (FOB, $US per barrel)

A4: North American Posted Crude Prices (FOB, $US per barrel)

Notes: 1. ANS is Delivered price on US West Coast. 2. Edmonton Light Sweet prices are discontinued as of May 1, 2014 and replaced by the Canadian Light Crude

blend which is traded daily on the Net Energy Index. 3. Hardisty Heavy. Posted prices are based on price at the end of each month. Sources: Oil & Gas Journal;

Natural Resources Canada.

Notes: 1. Urals is Delivered price at Mediterranean. Contract prices are based on prices at the end of each month. Source: OPEC Monthly Oil Market Report.

Saudi U.A.E. Oman U.K. Norway Russia Venez. Kuwait Ecuador Mexico Nigeria Indon.

Arab Lgt Dubai Oman Brent Ekofisk Urals1 T.J. Light Blend Oriente Isthmus Bonny Lgt Minas

2014 97.07 96.61 96.94 99.00 99.78 98.01 86.87 95.21 87.25 93.58 100.77 98.63

2015 49.87 50.96 51.24 52.44 53.20 51.94 41.17 48.15 44.97 51.14 52.99 49.24

2016 40.89 41.32 41.93 43.69 43.95 42.09 33.96 39.22 38.36 42.31 43.95 41.05

4Q 2015 39.90 40.74 40.93 43.67 44.38 42.50 30.59 37.83 36.16 42.62 44.04 38.82

1Q 2016 29.95 30.47 31.44 33.91 34.39 32.30 22.67 27.89 26.73 31.39 33.72 31.64

2Q 2016 42.66 43.18 43.47 45.53 46.13 43.86 33.78 40.81 40.34 43.47 45.61 46.24

3Q 2016 43.10 43.30 43.83 45.85 45.96 44.10 36.85 41.49 40.93 44.61 46.47 41.13

4Q 2016 47.83 48.33 48.99 49.48 49.32 48.12 42.53 46.70 45.45 49.79 49.98 45.20

Yr-on-Yr Chg. 19.9% 18.6% 19.7% 13.3% 11.1% 13.2% 39.0% 23.5% 25.7% 16.8% 13.5% 16.4%

Dec-15 33.70 34.59 34.61 38.16 38.80 36.97 24.42 31.49 32.18 37.68 38.16 33.53

Jan-16 26.35 26.81 27.48 30.75 31.45 29.15 20.80 23.92 24.03 30.03 30.40 30.80

Feb-16 28.77 29.44 30.37 32.46 32.86 30.87 21.38 26.77 24.70 28.68 32.24 29.49

Mar-16 34.74 35.15 36.46 38.51 38.86 36.87 25.83 32.99 31.45 35.45 38.53 34.62

Apr-16 38.22 39.00 39.43 41.48 42.15 39.89 28.84 36.33 35.04 38.14 41.51 38.52

May-16 43.48 44.29 44.37 46.83 47.70 45.08 34.28 41.60 41.96 44.76 46.85 48.64

Jun-16 46.28 46.25 46.61 48.28 48.54 46.60 38.22 44.50 44.03 47.51 48.48 51.56

Jul-16 43.14 42.64 43.45 45.00 44.99 43.76 36.71 41.37 40.72 45.07 45.30 41.84

Aug-16 43.47 43.58 44.02 45.85 45.79 44.06 36.46 41.88 40.84 44.22 46.35 41.26

Sep-16 42.70 43.67 44.01 46.69 47.10 44.48 37.38 41.22 41.22 44.55 47.77 40.28

Oct-16 48.26 48.94 49.18 49.74 49.58 48.24 42.36 47.04 45.98 49.91 50.83 45.20

Nov-16 43.32 43.98 44.54 45.13 44.97 43.83 39.37 42.14 41.69 45.64 45.20 40.72

Dec-16 51.92 52.08 53.25 53.57 53.41 52.28 45.86 50.93 48.67 53.81 53.91 49.68

Yr-on-Yr Chg. 54.1% 50.6% 53.9% 40.4% 37.7% 41.4% 87.8% 61.7% 51.2% 42.8% 41.3% 48.2%

United States Canada Light vs. Heavy

ANS1 Lost Hills Kern R. WTI WTS GCS

Okla.

Sw.

Kans.

Sw.

Mich.

So.

Wyo.

Sw.

CDN

Sweet2 HH3

2014 94.79 94.13 87.39 88.44 83.44 82.19 88.44 85.77 80.44 83.52 82.59 73.85

2015 51.64 50.91 42.28 45.63 40.63 39.38 45.63 44.40 37.63 42.34 44.83 35.71

2016 33.46 43.80 35.82 41.08 36.08 34.83 41.08 40.08 33.08 40.50 39.44 28.85

4Q 2015 39.88 41.77 34.08 38.25 33.25 32.00 38.25 37.25 30.25 35.94 38.97 27.77

1Q 2016 34.14 33.54 27.08 31.67 26.67 25.42 31.67 30.75 23.67 30.20 28.28 18.11

2Q 2016 30.42 45.46 38.30 44.25 39.25 38.00 44.25 43.17 36.25 43.88 42.69 32.65

3Q 2016 30.15 46.40 36.65 42.33 37.33 36.08 42.33 41.33 34.33 42.08 41.64 30.77

4Q 2016 39.14 49.81 41.23 46.08 41.08 39.83 46.08 45.08 38.08 45.83 45.53 34.29

Yr-on-Yr Chg. -1.9% 19.2% 21.0% 20.5% 23.6% 24.5% 20.5% 21.0% 25.9% 27.5% 16.8% 23.5%

Dec-15 37.72 35.76 29.55 33.50 28.50 27.25 33.50 32.50 25.50 31.01 33.41 23.80

Jan-16 37.72 31.62 24.85 30.00 25.00 23.75 30.00 29.00 22.00 27.87 30.49 13.73

Feb-16 41.77 31.78 25.15 29.25 24.25 23.00 29.25 28.25 21.25 27.03 27.94 22.19

Mar-16 22.94 37.21 31.25 35.75 30.75 29.50 35.75 35.00 27.75 35.71 26.19 18.50

Apr-16 36.36 44.67 37.65 42.50 37.50 36.25 42.50 41.50 34.50 42.17 36.83 27.16

May-16 30.62 46.83 40.25 45.75 40.75 39.50 45.75 44.75 37.75 45.58 44.58 34.63

Jun-16 24.29 44.89 37.00 44.50 39.50 38.25 44.50 43.25 36.50 43.89 46.61 36.13

Jul-16 22.77 40.65 32.30 38.00 33.00 31.75 38.00 37.00 30.00 37.85 41.01 30.55

Aug-16 30.62 49.35 38.60 44.00 39.00 37.75 44.00 43.25 36.00 43.89 41.35 30.34

Sep-16 37.05 49.20 39.05 45.00 40.00 38.75 45.00 43.75 37.00 44.49 42.57 31.41

Oct-16 36.98 48.91 39.75 45.50 40.50 39.25 45.50 44.25 37.50 44.95 46.81 35.89

Nov-16 36.86 46.54 38.60 43.50 38.50 37.25 43.50 42.50 35.50 43.33 41.66 30.54

Dec-16 43.57 53.98 45.35 49.25 44.25 43.00 49.25 48.50 41.25 49.20 48.14 36.46

Yr-on-Yr Chg. 15.5% 51.0% 53.5% 47.0% 55.3% 57.8% 47.0% 49.2% 61.8% 58.7% 44.1% 53.2%


A5: Crude Oil Quality Differentials (FOB, $US per barrel)

A6: Crude Oil Spot Prices and Differentials (FOB, $US per barrel)

Notes: 1. OPEC-Reference Basket is average price of seven crude streams: Algeria Saharan Blend, Dubai Fateh, Indonesia Minas, Mexico Isthmus, Nigeria Bonny

Light, Saudi Arabia Light and Venezuela Tia Juana Light. Source: OPEC Monthly Oil Market Report.

Notes: 1. Edmonton Light Sweet prices are discontinued as of May 1, 2014 and replaced by the Canadian Light Crude blend which is traded daily on the Net Energy Index. 2. Hardisty Heavy. Based on contract prices at the end of each month. Sources: OPEC Monthly Oil Market Report: Oil & Gas Journal; Natural Resources Canada.

Light vs. Heavy Sweet vs. Sour

Arab Lt Arab Hv Diff. Isthmus Maya Diff.

CDN

Sweet2 HH2 Diff. GCS WTS Diff.

2014 97.07 93.57 3.50 93.58 85.88 7.69 82.59 73.85 8.74 82.19 83.44 -1.25

2015 49.87 47.02 2.85 51.14 44.02 7.12 44.83 35.71 9.13 39.38 40.63 -1.25

2016 40.89 38.38 2.50 42.31 36.34 5.98 39.44 28.85 10.59 34.83 36.08 -1.25

4Q 2015 39.90 36.72 3.18 42.62 34.41 8.21 38.97 27.77 11.21 32.00 33.25 -1.25

1Q 2016 29.95 27.14 2.82 31.39 26.09 5.30 28.28 18.11 10.17 25.42 26.67 -1.25

2Q 2016 42.66 40.10 2.56 43.47 37.49 5.98 42.69 32.65 10.04 38.00 39.25 -1.25

3Q 2016 43.10 40.58 2.52 44.61 39.21 5.41 41.64 30.77 10.88 36.08 37.33 -1.25

4Q 2016 47.83 45.72 2.11 49.79 42.56 7.23 45.53 34.29 11.24 39.83 41.08 -1.25

Yr-on-Yr Chg. 19.9% 24.5% 16.8% 23.7% 16.8% 23.5% 24.5% 23.6%

Dec-15 33.70 30.15 3.55 37.68 28.74 8.94 33.41 23.80 9.61 27.25 28.50 -1.25

Jan-16 26.35 22.50 3.85 30.03 24.21 5.82 30.49 13.73 16.76 23.75 25.00 -1.25

Feb-16 28.77 26.15 2.62 28.68 24.84 3.84 27.94 22.19 5.75 23.00 24.25 -1.25

Mar-16 34.74 32.76 1.98 35.45 29.22 6.23 26.19 18.50 7.69 29.50 30.75 -1.25

Apr-16 38.22 35.92 2.30 38.14 30.95 7.19 36.83 27.16 9.67 36.25 37.50 -1.25

May-16 43.48 40.69 2.79 44.76 39.08 5.68 44.58 34.63 9.95 39.50 40.75 -1.25

Jun-16 46.28 43.68 2.60 47.51 42.43 5.08 46.61 36.13 10.48 38.25 39.50 -1.25

Jul-16 43.14 40.40 2.74 45.07 40.25 4.82 41.01 30.55 10.47 31.75 33.00 -1.25

Aug-16 43.47 41.00 2.47 44.22 38.76 5.46 41.35 30.34 11.01 37.75 39.00 -1.25

Sep-16 42.70 40.34 2.36 44.55 38.61 5.94 42.57 31.41 11.16 38.75 40.00 -1.25

Oct-16 48.26 46.26 2.00 49.91 43.09 6.82 46.81 35.89 10.92 39.25 40.50 -1.25

Nov-16 43.32 40.96 2.36 45.64 38.80 6.84 41.66 30.54 11.13 37.25 38.50 -1.25

Dec-16 51.92 49.95 1.97 53.81 45.78 8.03 48.14 36.46 11.68 43.00 44.25 -1.25

Yr-on-Yr Chg. 54.1% 65.7% 42.8% 59.3% 44.1% 53.2% 57.8% 55.3%

Spot Prices Differentials

WTI Brent Dubai Urals Basket1 WTI-Brent WTI-Dubai WTI-Urals WTI-Basket

2013 98.03 108.68 105.44 108.39 105.94 -12.15 -8.91 -11.86 -9.41

2014 93.28 98.94 96.52 97.97 96.19 -49.26 -46.84 -48.29 -46.51

2015 48.71 52.37 50.84 51.50 49.52 -10.09 -8.56 -9.22 -7.24

4Q 2015 42.03 43.71 40.71 42.30 39.72 0.21 3.21 1.62 4.20

1Q 2016 33.41 33.95 30.59 32.34 29.96 -3.03 0.33 -1.42 0.97

2Q 2016 45.52 45.54 43.23 43.86 42.30 -1.60 0.71 0.08 1.64

3Q 2016 44.88 45.80 43.28 44.05 42.89 1.15 3.67 2.90 4.06

4Q 2016 49.23 49.35 48.27 47.99 47.59 -2.05 -0.97 -0.69 -0.29

Yr-on-Yr Chg. 17.1% 12.9% 18.6% 13.5% 19.8%

Dec-15 37.24 38.13 34.55 36.98 33.64 -3.39 0.19 -2.24 1.10

Jan-16 31.57 30.75 26.81 29.15 26.50 -4.20 -0.26 -2.60 0.05

Feb-16 30.38 32.46 29.33 30.87 28.72 -0.98 2.15 0.61 2.76

Mar-16 37.76 38.49 35.12 36.85 34.65 2.96 6.33 4.60 6.80

Apr-16 40.95 41.48 39.00 39.89 37.86 1.15 3.63 2.74 4.77

May-16 46.72 46.79 44.30 45.01 43.21 0.96 3.45 2.74 4.54

Jun-16 48.74 48.28 46.25 46.60 45.84 0.57 2.60 2.25 3.01

Jul-16 44.69 45.00 42.54 43.76 42.68 -0.06 2.40 1.18 2.26

Aug-16 44.75 45.68 43.67 43.90 43.10 1.37 3.38 3.15 3.95

Sep-16 45.20 46.69 43.58 44.48 42.89 -3.25 -0.14 -1.04 0.55

Oct-16 49.89 49.74 48.94 48.24 47.87 0.69 1.49 2.19 2.56

Nov-16 45.62 45.13 43.98 43.83 43.22 2.90 4.05 4.20 4.81

Dec-16 52.02 53.57 52.08 52.29 51.67 -1.34 0.15 -0.06 0.56

Yr-on-Yr Chg. 39.7% 40.5% 50.7% 41.4% 53.6%


A7: World Petroleum Product Spot Prices ($US per barrel)

A8: Product Spot Prices in Selected American Cities (¢US per gallon)

Notes: 1. Reformulated regular unleaded gasoline. Spot prices are based on average daily prices over a specific timeframe. Source: EIA Weekly Petroleum Status

Report.

Notes: 1. Regular unleaded gasoline. 2. Waterborne 3. High Sulfur (3.5-4.0%) Residual Fuel Oil. Spot prices are based on average daily prices over a specific timeframe. Source: IEA Oil Market Report.

US Gulf Coast, Pipeline Rotterdam, Barges Singapore, Cargoes

Gasoline1 No. 6 3%2 Jet/Ker. Gasoline1 Gasoil Resid.3 Gasoline1 Gasoil Resid.3

2013 114.66 92.96 122.67 116.69 123.40 91.47 118.98 123.24 96.39

2014 106.68 82.82 113.30 108.16 112.63 81.04 110.75 112.53 87.22

2015 66.94 40.73 63.86 67.02 65.48 37.85 69.09 64.47 44.55

4Q 2015 52.06 29.74 53.13 54.42 53.23 26.49 59.34 54.36 33.25

1Q 2016 44.62 21.14 41.66 43.78 40.63 18.71 49.31 40.27 24.87

2Q 2016 61.70 31.03 53.43 58.37 54.51 29.31 57.58 53.76 33.89

3Q 2016 59.62 34.88 54.44 54.76 54.10 34.39 54.72 54.11 37.88

4Q 2016 60.99 41.20 59.92 58.98 60.01 39.77 62.83 60.27 45.42

Yr-on-Yr Chg. 17.2% 38.5% 12.8% 8.4% 12.7% 50.1% 5.9% 10.9% 36.6%

Dec-15 49.54 23.08 45.61 49.73 44.98 19.33 55.60 46.86 27.38

Jan-16 42.89 19.09 38.96 44.86 37.05 15.54 50.33 36.16 23.14

Feb-16 39.22 20.41 40.67 40.93 39.12 18.46 44.33 38.51 23.65

Mar-16 51.03 23.58 44.88 45.60 45.55 21.97 52.68 45.52 27.51

Apr-16 58.77 25.95 47.55 55.51 48.79 24.39 54.49 48.08 29.65

May-16 62.10 31.85 54.36 58.93 55.91 30.18 59.14 54.86 34.58

Jun-16 64.11 35.11 58.16 60.60 58.69 33.23 59.05 58.14 37.27

Jul-16 58.66 33.87 52.82 52.73 53.17 33.19 51.87 54.27 37.06

Aug-16 61.25 34.40 54.80 54.45 53.88 33.88 54.18 53.47 37.21

Sep-16 58.73 36.36 55.58 57.00 55.21 36.04 58.00 54.62 39.35

Oct-16 62.21 40.08 60.68 60.51 60.91 39.26 62.99 61.23 43.76

Nov-16 54.80 38.15 56.11 55.00 55.98 36.80 58.99 56.84 42.36

Dec-16 65.66 45.22 62.80 61.75 63.51 43.58 66.68 62.91 50.27

Yr-on-Yr Chg. 32.5% 95.9% 37.7% 24.2% 41.2% 125.5% 19.9% 34.3% 83.6%

NY Harbor US Gulf Los Angeles

Gasoline1 No. 2 H.O. Distill. Gasoline1 Jet Fuel Distill. Gasoline1 Distill.

2014 261.23 269.64 280.48 248.81 269.65 271.08 266.81 278.58

2015 161.18 154.68 166.33 155.30 152.55 157.92 194.58 166.03

2016 139.08 128.35 135.14 133.18 124.92 131.75 145.38 138.67

4Q 2015 135.00 125.23 134.10 124.47 126.63 128.60 160.77 140.13

1Q 2016 112.67 101.43 106.83 105.70 99.07 102.80 127.27 108.63

2Q 2016 150.67 132.00 138.70 141.93 127.60 134.57 157.43 143.37

3Q 2016 139.03 132.27 139.57 139.33 129.53 137.40 145.07 141.83

4Q 2016 153.93 147.70 155.47 145.73 143.47 152.23 151.77 160.83

Yr-on-Yr Chg. 14.0% 17.9% 15.9% 17.1% 13.3% 18.4% -5.6% 14.8%

Dec-15 127.60 103.70 113.80 118.10 108.20 108.90 164.70 121.30

Jan-16 112.10 93.90 97.90 102.10 93.00 95.80 132.00 103.60

Feb-16 105.80 97.20 103.60 93.60 97.30 99.90 97.00 103.30

Mar-16 120.10 113.20 119.00 121.40 106.90 112.70 152.80 119.00

Apr-16 144.80 118.80 124.70 133.70 114.70 119.90 155.10 129.60

May-16 156.60 135.60 142.30 143.40 129.90 137.80 153.00 145.80

Jun-16 150.60 141.60 149.10 148.70 138.20 146.00 164.20 154.70

Jul-16 135.40 129.20 137.00 135.80 127.20 134.30 141.20 140.00

Aug-16 137.90 132.50 139.90 142.90 129.50 137.90 138.80 140.00

Sep-16 143.80 135.10 141.80 139.30 131.90 140.00 155.20 145.50

Oct-16 152.20 148.80 155.90 148.90 145.70 154.40 161.90 163.00

Nov-16 146.20 139.00 146.30 131.70 135.60 142.70 143.40 153.90

Dec-16 163.40 155.30 164.20 156.60 149.10 159.60 150.00 165.60

Yr-on-Yr Chg. 28.1% 49.8% 44.3% 32.6% 37.8% 46.6% -8.9% 36.5%


B1: World Petroleum Supply and Demand Balance (million barrels per day)

Notes: 1. Totals for OECD and non-OECD supply include net refining gains; specific regions/groupings within each do not. 2. OPEC demand is an estimate based on

historical annual data. 3. Balance for World equals global stockbuilds (+) and stockdraws (-) for crude oil and petroleum products and miscellaneous gains and loss-

es. Regional surpluses (+) and deficits (-) are balanced through net-imports and stock changes in the short-term, and net-imports in the longer term. Supply includes

crude oil, condensates, NGLs, oil from non-conventional sources and processing gains. Demand is for petroleum products.

Source: IEA Oil Market Report.

OECD Non-OECD OPEC World

Americas Europe Asia Ocean. Total1 Asia Non-Asia FSU Total1 P. Gulf Non-Gulf Total2 Total3

Demand

2012 23.6 13.8 8.5 45.9 19.8 12.0 4.6 36.4 5.1 3.0 8.2 90.7

2013 24.2 13.6 8.3 46.1 20.7 12.0 4.5 37.2 5.3 3.1 8.5 91.7

2014 24.2 13.5 8.1 45.8 21.3 12.2 4.7 38.2 5.5 3.2 8.9 93.0

2015 24.6 13.7 8.0 46.4 22.5 12.3 4.6 39.4 5.8 3.4 9.2 95.0

2016 24.6 14.0 8.1 46.6 23.4 12.0 4.8 40.2 6.0 3.5 9.6 96.5

4Q 2014 24.6 13.5 8.3 46.4 21.8 12.0 5.0 38.8 5.5 3.2 8.9 94.1

1Q 2015 24.5 13.4 8.7 46.6 22.1 11.6 4.4 38.1 5.8 3.4 9.2 93.8

2Q 2015 24.4 13.6 7.6 45.6 22.7 12.5 4.6 39.8 5.8 3.4 9.2 94.4

3Q 2015 25.0 14.2 7.7 46.9 22.4 12.8 4.8 40.0 5.8 3.4 9.2 95.9

4Q 2015 24.5 13.7 8.2 46.4 23.0 12.3 4.7 40.0 5.8 3.4 9.2 95.7

1Q 2016 24.5 13.6 8.5 46.7 23.2 11.4 4.7 39.3 6.0 3.5 9.6 95.4

2Q 2016 24.4 13.9 7.6 46.0 23.6 12.1 4.6 40.3 6.0 3.5 9.6 95.9

3Q 2016 25.0 14.4 7.8 47.2 22.9 12.5 5.0 40.4 6.0 3.5 9.6 97.2

4Q 2016 24.4 13.9 8.3 46.7 24.0 12.0 5.0 41.0 6.0 3.5 9.6 97.3

Supply

2012 15.8 3.5 0.6 21.0 6.9 8.0 13.8 29.6 26.2 10.6 37.6 90.9

2013 17.2 3.3 0.5 22.2 7.7 7.7 13.8 30.2 26.2 9.8 36.7 91.3

2014 19.1 3.3 0.5 24.1 7.7 7.9 13.9 30.5 26.8 9.0 37.5 93.7

2015 20.0 3.5 0.5 25.1 7.9 8.1 14.0 31.0 28.2 8.7 38.2 96.6

2016 19.4 3.5 0.4 24.6 7.6 7.9 14.2 30.8 30.1 7.2 39.3 96.9

4Q 2014 19.9 3.4 0.5 25.0 7.1 8.3 13.9 30.3 26.8 9.4 37.0 95.5

1Q 2015 20.1 3.4 0.4 25.1 7.9 8.1 14.1 31.1 27.3 8.8 36.9 95.3

2Q 2015 19.7 3.5 0.4 24.8 8.0 8.1 14.0 31.1 28.3 8.9 38.0 96.5

3Q 2015 20.1 3.4 0.5 25.2 7.8 8.0 13.9 30.7 28.7 8.6 39.1 97.2

4Q 2015 20.1 3.6 0.5 25.4 7.9 7.9 14.1 30.9 28.6 8.7 39.2 97.4

1Q 2016 19.9 3.6 0.4 25.2 7.8 7.8 14.3 31.0 28.9 8.5 39.6 96.7

2Q 2016 19.0 3.4 0.4 24.0 7.7 7.7 14.0 30.5 29.8 8.0 39.9 96.0

3Q 2016 19.3 3.3 0.4 24.3 7.4 8.0 14.0 30.5 30.7 7.7 39.6 97.0

4Q 2016 19.4 3.6 0.4 24.7 7.4 8.0 14.5 31.0 30.8 7.3 40.0 97.9

Balance

2012 -7.8 -10.3 -7.9 -24.9 -12.9 -4.0 9.2 -6.8 21.1 7.6 29.4 0.2

2013 -7.0 -10.3 -7.8 -23.9 -13.0 -4.3 9.3 -7.0 20.9 6.7 28.2 -0.4

2014 -5.1 -10.2 -7.6 -21.7 -13.6 -4.3 9.2 -7.7 21.2 5.7 28.6 0.7

2015 -4.6 -10.2 -7.5 -21.3 -14.6 -4.2 9.4 -8.4 22.4 5.3 28.9 1.6

2016 -5.2 -10.5 -7.7 -22.0 -15.8 -4.1 9.4 -9.4 24.1 3.7 29.7 0.4

4Q 2014 -4.7 -10.1 -7.8 -21.4 -14.7 -3.7 8.9 -8.5 21.3 6.1 28.1 1.4

1Q 2015 -4.4 -10.0 -8.3 -21.5 -14.2 -3.5 9.7 -7.0 21.5 5.4 27.7 1.5

2Q 2015 -4.7 -10.1 -7.2 -20.8 -14.7 -4.4 9.4 -8.6 22.5 5.5 28.8 2.1

3Q 2015 -4.9 -10.8 -7.2 -21.7 -14.6 -4.8 9.1 -9.3 22.9 5.2 29.9 1.3

4Q 2015 -4.4 -10.1 -7.7 -21.0 -15.1 -4.4 9.4 -9.1 22.9 5.3 29.9 1.7

1Q 2016 -4.6 -10.0 -8.1 -21.5 -15.4 -3.6 9.6 -8.3 22.9 5.0 30.0 1.3

2Q 2016 -5.4 -10.5 -7.2 -22.0 -15.9 -4.4 9.4 -9.8 23.8 4.5 30.3 0.1

3Q 2016 -5.7 -11.1 -7.4 -22.9 -15.5 -4.5 9.0 -9.9 24.7 4.2 30.0 -0.2

4Q 2016 -5.0 -10.3 -7.9 -22.0 -16.6 -4.0 9.5 -10.0 24.8 3.8 30.4 0.6


B2: World Petroleum Production (million barrels per day)

B3: OECD Commercial Petroleum Stocks (million barrels)

Notes: 1. Production includes crude oil, condensates and NGLs. 2. Reserve-Production ratio is based on latest month production and British Petroleum reserve

estimates. Sources: IEA Oil Market Report and BP Statistical Review of World Energy.

Notes: 1. Product includes only finished petroleum products. 2. Total stocks include NGLs, refinery feedstocks, additives/oxygenates and other hydrocarbons. All

stocks are closing levels for respective reporting period. Source: IEA Oil Market Report.


Americas Europe Asia Oc. Total Asia Non-Asia FSU Total P. Gulf Non-Gulf Total Total1

2014 19.08 3.32 0.51 22.91 6.88 8.16 13.87 28.90 26.77 8.96 37.48 89.29

2015 19.98 3.48 0.46 23.92 7.91 8.06 14.03 30.00 28.18 8.68 38.16 92.08

2016 19.40 3.51 0.43 23.35 7.59 7.84 14.20 29.63 30.06 7.21 39.33 92.31

4Q 2015 20.08 3.60 0.47 24.15 7.08 8.16 14.06 29.30 28.62 8.67 39.15 92.60

1Q 2016 19.89 3.63 0.43 23.96 6.96 7.75 14.21 28.92 28.94 8.50 39.60 92.48

2Q 2016 18.96 3.44 0.41 22.82 6.77 7.76 14.01 28.54 29.80 8.03 39.92 91.28

3Q 2016 19.33 3.34 0.45 23.12 7.49 7.92 13.99 29.40 30.65 7.73 39.56 92.08

4Q 2016 19.44 3.63 0.44 23.51 7.41 7.96 14.51 29.90 30.79 7.28 40.01 93.42

Yr-on-Yr Chg. -3.2% 0.8% -6.4% -2.7% 4.7% -2.5% 3.2% 2.0% 7.6% -16.0% 2.2% 0.9%

Dec-15 20.01 3.65 0.47 24.13 7.09 8.33 14.08 29.48 28.69 8.62 39.15 92.76

Jan-16 19.83 3.55 0.44 23.83 6.96 8.00 14.19 29.15 29.02 8.59 39.47 92.45

Feb-16 19.85 3.62 0.44 23.90 6.95 7.97 14.21 29.13 28.90 8.53 39.31 92.34

Mar-16 19.86 3.59 0.43 23.88 6.86 7.78 14.20 28.84 28.85 8.44 39.20 91.92

Apr-16 19.25 3.57 0.42 23.24 6.78 7.57 14.05 28.41 29.40 8.27 39.77 91.42

May-16 18.56 3.48 0.42 22.46 6.73 7.81 14.02 28.56 29.66 7.90 39.63 90.65

Jun-16 18.73 3.27 0.43 22.43 6.80 7.92 14.09 28.80 30.05 7.96 40.11 91.34

Jul-16 19.26 3.64 0.46 23.36 6.69 7.94 14.11 28.73 30.45 7.80 40.37 92.46

Aug-16 19.35 3.35 0.45 23.15 6.57 7.98 13.60 28.14 30.56 7.74 40.43 91.72

Sep-16 19.21 2.98 0.43 22.62 6.61 8.09 14.17 28.86 30.64 7.85 40.54 92.02

Oct-16 19.53 3.49 0.44 23.46 7.37 7.96 14.51 29.84 30.91 8.10 39.94 93.24

Nov-16 19.36 3.74 0.44 23.55 7.47 7.94 14.46 29.89 30.82 7.35 40.21 93.65

Dec-16 19.42 3.66 0.44 23.52 7.41 8.01 14.55 29.96 30.63 7.27 39.89 93.37

Yr-on-Yr Chg. -2.9% 0.3% -6.4% -2.5% 4.5% -3.8% 3.3% 1.6% 6.8% -15.7% 1.9% 0.7%

R/P Ratio2 33.6 10.4 25.7 29.8 12.9 21.9 26.5 21.9 70.9 151.6 82.0 49.8

Americas Europe Asia Oceania OECD

Crude Product Total Crude Product Total Crude Product Total Crude Product1 Total2

2013 500 670 1,315 307 497 869 145 170 382 952 1,337 2,566

2014 553 727 1,443 311 505 880 157 169 389 1,020 1,401 2,712

2015 641 773 1,590 361 563 990 206 166 435 1,208 1,502 3,015

3Q 2015 617 763 1,572 339 559 967 202 176 445 1,158 1,498 2,984

4Q 2015 641 773 1,590 361 563 990 206 166 435 1,208 1,502 3,015

1Q 2016 689 758 1,620 349 586 1,004 196 166 421 1,235 1,509 3,046

2Q 2016 650 773 1,609 357 581 1,005 202 175 438 1,208 1,529 3,052

3Q 2016 621 801 1,617 353 567 991 202 187 450 1,176 1,555 3,059

Yr-on-Yr Chg. 0.8% 4.9% 2.9% 4.0% 1.5% 2.5% -0.3% 6.3% 1.2% 1.5% 3.8% 2.5%

Oct-15 642 745 1,576 347 556 972 205 169 439 1,194 1,469 2,987

Nov-15 647 762 1,593 346 568 980 191 170 428 1,183 1,500 3,001

Dec-15 641 773 1,590 361 563 990 206 166 435 1,208 1,502 3,015

Jan-16 661 780 1,614 358 589 1,015 192 167 425 1,210 1,536 3,054

Feb-16 676 765 1,611 354 593 1,020 196 163 422 1,225 1,522 3,052

Mar-16 689 758 1,620 349 586 1,004 196 166 421 1,235 1,509 3,046

Apr-16 661 762 1,599 352 584 1,006 194 164 420 1,207 1,510 3,025

May-16 656 764 1,602 357 589 1,014 203 171 434 1,215 1,525 3,050

Jun-16 650 773 1,609 357 581 1,005 202 175 438 1,208 1,529 3,052

Jul-16 646 795 1,636 363 593 1,024 196 184 442 1,205 1,572 3,101

Aug-16 639 801 1,635 355 585 1,009 188 193 442 1,181 1,578 3,086

Sep-16 621 801 1,617 353 567 991 202 187 450 1,176 1,555 3,059

Oct-16 646 782 1,623 345 558 974 203 181 448 1,194 1,521 3,044

Yr-on-Yr Chg. 0.7% 5.0% 3.0% -0.5% 0.3% 0.1% -1.1% 7.7% 1.9% 0.0% 3.6% 1.9%


B4: OPEC Crude Oil Production and Targets (million barrels per day)

Notes: 1. Does not include NGLs; OPEC production targets apply to crude oil only. 2. Iraq does not have an official OPEC target. Source: IEA Oil Market Report.

B5: OECD Refinery Activity Crude Input (MMbpd) - Utilization (percent) - Refining Margins ($US/barrel)

Notes: 1. Based on dated Brent being processed in average US Gulf cracking refinery. 2. Based on dated Brent in average Rotterdam cracking refinery. 3. Based on

spot Dubai in average Singapore hydroskimming refinery. Source: IEA Oil Market Report.

Non-Persian Gulf OPEC-12

Arabia Iran UAE Kuwait Qatar Angola Nigeria Libya Algeria Venez. Ecuador Indonesia Total1 Iraq2

2014 9.72 2.81 2.76 2.80 0.71 1.66 1.90 0.46 1.12 2.46 0.55 0.70 27.65 3.33

2015 10.16 2.85 2.93 2.79 0.65 1.76 1.77 0.40 1.11 2.46 0.54 0.69 27.65 4.00

2016 10.42 3.54 3.03 2.88 0.65 1.71 1.46 0.39 1.11 2.24 0.55 0.00 28.21 4.41

4Q 2015 10.18 2.89 2.89 2.78 0.66 1.76 1.84 0.40 1.11 2.38 0.54 0.69 28.11 4.28

1Q 2016 10.21 3.15 2.81 2.83 0.66 1.77 1.76 0.36 1.10 2.34 0.54 0.71 28.48 4.28

2Q 2016 10.33 3.59 2.98 2.82 0.66 1.74 1.50 0.32 1.09 2.23 0.55 0.74 28.76 4.31

3Q 2016 10.61 3.67 3.12 2.92 0.64 1.72 1.25 0.31 1.13 2.19 0.55 0.74 28.34 4.43

4Q 2016 10.56 3.76 3.13 2.86 0.64 1.62 1.44 0.57 1.13 2.13 0.54 0.00 28.60 4.61

Yr-on-Yr Chg. 3.7% 30.1% 8.3% 2.9% -3.0% -8.0% -21.7% 42.5% 1.8% -10.5% 0.0% -100.0% 1.7% 7.7%

Dec-15 10.14 2.91 2.89 2.81 0.64 1.75 1.80 0.38 1.11 2.37 0.54 0.70 28.04 4.35

Jan-16 10.21 3.00 2.93 2.83 0.64 1.75 1.85 0.38 1.10 2.35 0.53 0.70 28.27 4.43

Feb-16 10.22 3.20 2.78 2.83 0.67 1.76 1.76 0.37 1.10 2.37 0.55 0.71 28.32 4.22

Mar-16 10.19 3.26 2.73 2.83 0.67 1.80 1.68 0.34 1.11 2.35 0.55 0.73 28.24 4.19

Apr-16 10.22 3.56 2.82 2.73 0.66 1.75 1.62 0.35 1.09 2.30 0.54 0.73 28.59 4.36

May-16 10.25 3.61 2.91 2.85 0.66 1.72 1.44 0.28 1.09 2.22 0.55 0.74 28.54 4.27

Jun-16 10.50 3.62 3.01 2.87 0.66 1.74 1.51 0.32 1.10 2.16 0.55 0.74 29.00 4.25

Jul-16 10.65 3.63 3.08 2.87 0.66 1.76 1.39 0.30 1.11 2.15 0.55 0.74 29.11 4.32

Aug-16 10.60 3.67 3.09 2.91 0.65 1.76 1.37 0.28 1.12 2.14 0.55 0.74 29.09 4.40

Sep-16 10.61 3.68 3.10 2.90 0.62 1.69 1.39 0.36 1.12 2.13 0.56 0.74 29.11 4.49

Oct-16 10.56 3.82 3.12 2.93 0.63 1.51 1.43 0.51 1.13 2.15 0.54 0.74 28.55 4.59

Nov-16 10.64 3.75 3.13 2.83 0.65 1.69 1.50 0.58 1.12 2.13 0.55 0.00 28.80 4.61

Dec-16 10.48 3.72 3.13 2.81 0.63 1.65 1.39 0.62 1.13 2.12 0.54 0.00 28.45 4.64

Yr-on-Yr Chg. 3.4% 27.8% 8.3% 0.0% -1.6% -5.7% -22.8% 63.2% 1.8% -10.5% 0.0% -100.0% 1.5% 6.7%

Persian Gulf

Americas Europe Asia Oceania OECD

Input Util. Margin1 Input Util. Margin2 Input Util. Margin3 Input Util.

2013 18.4 85.6 1.38 11.5 79.1 3.48 6.7 128.5 -1.63 36.6 82.5

2014 18.9 88.0 1.93 11.4 79.6 3.35 6.5 138.6 -1.98 36.8 83.9

2015 19.1 87.3 5.65 12.1 84.8 7.28 6.7 146.0 0.62 37.9 85.9

3Q 2015 19.5 89.1 7.30 12.4 86.8 8.91 6.7 146.4 -1.1 38.6 87.5

4Q 2015 19.1 87.2 3.49 12.3 85.9 5.09 6.7 144.8 0.6 38.0 86.1

1Q 2016 19.0 86.7 3.73 11.8 82.4 3.99 7.1 154.8 1.2 37.8 85.8

2Q 2016 18.9 86.5 4.70 11.4 79.9 4.42 6.7 146.6 -1.5 37.1 84.0

3Q 2016 19.2 87.7 5.33 12.3 86.1 3.55 6.7 146.1 0.01 38.2 86.6

Yr-on-Yr Chg. -1.5% -27.0% -0.9% -60.2% -0.2% -100.9% -1.1%

Nov-15 19.3 88.1 3.60 12.2 85.2 6.65 6.6 143.5 1.8 38.0 86.2

Dec-15 19.7 90.1 2.76 12.3 86.0 4.38 7.0 152.6 0.7 39.0 88.4

Jan-16 19.0 87.0 4.27 12.0 84.2 5.50 7.1 154.8 2.8 38.2 86.5

Feb-16 18.8 85.8 3.13 11.7 82.3 3.66 7.3 157.8 0.9 37.8 85.6

Mar-16 19.1 87.3 3.78 11.5 80.6 2.80 7.0 151.7 -0.2 37.6 85.2

Apr-16 18.8 85.9 5.41 11.4 80.0 4.37 7.0 151.1 -1.5 37.2 84.2

May-16 18.8 85.7 4.30 11.3 79.0 4.05 6.8 146.9 -1.8 36.8 83.4

Jun-16 19.2 87.8 4.39 11.5 80.6 4.85 6.5 141.9 -1.3 37.2 84.4

Jul-16 19.4 88.7 4.58 12.3 86.3 3.02 6.8 147.4 0.1 38.5 87.3

Aug-16 19.4 88.5 6.00 12.5 87.3 3.43 6.8 148.0 -1.1 38.6 87.5

Sep-16 18.8 86.0 5.40 12.1 84.6 4.19 6.6 142.8 1.0 37.5 84.9

Oct-16 17.8 81.4 4.98 12.1 84.8 5.76 6.4 138.7 0.1 36.3 82.3

Nov-16 18.7 85.6 4.51 12.4 86.8 5.65 6.9 149.1 2.4 38.0 86.1

Yr-on-Yr Chg. -2.8% 25.3% 1.9% -15% 3.9% 30.6% -0.1%


C1: US Petroleum Supply and Demand Balance (million barrels per day)

Notes: 1. Does not balance because of unaccounted for crude oil. Regional surpluses (+) and deficits (-) are balanced through net-imports/transfers and stock chang-

es in the short-term, and net-imports/transfers in the longer term. 2. As of most recent month. Supply includes crude oil, condensates, NGLs, oil from non-

conventional sources and processing gains. Demand is for petroleum products. Source: EIA Petroleum Supply Monthly.

United States1 East Mid-West

Supply Demand Net-Imp. Stk. Chg. Supply Demand Balance Supply Demand Balance

2013 12.11 18.89 6.20 -0.13 0.19 5.23 -5.04 2.90 4.88 -1.97

2014 13.67 19.03 5.04 0.26 0.31 5.45 -5.14 3.35 4.91 -1.56

2015 14.78 19.39 4.65 0.43 0.41 5.58 -5.17 3.63 5.01 -1.38

3Q 2015 14.85 19.67 4.73 0.33 0.42 5.54 -5.12 3.60 5.11 -1.50

4Q 2015 14.89 19.36 4.31 0.15 0.42 5.46 -5.05 3.74 4.97 -1.24

1Q 2016 14.72 19.45 4.98 0.41 0.44 5.52 -5.08 3.69 5.03 -1.35

2Q 2016 14.65 19.43 4.69 0.27 0.46 5.38 -4.92 3.67 5.09 -1.42

3Q 2016 14.45 19.90 5.15 0.00 0.50 5.35 -4.86 3.58 5.23 -1.65

Yr-on-Yr Chg. -2.7% 1.2% 8.7% 18.0% -3.4% -0.5% 2.5%

Oct-15 14.90 19.35 4.17 0.26 0.41 5.50 -5.10 3.70 5.15 -1.44

Nov-15 14.92 19.19 4.31 0.42 0.41 5.27 -4.86 3.74 4.80 -1.06

Dec-15 14.86 19.54 4.45 -0.22 0.43 5.62 -5.18 3.76 4.97 -1.21

Jan-16 14.69 19.06 4.86 0.83 0.44 5.31 -4.86 3.66 5.04 -1.38

Feb-16 14.64 19.68 5.07 0.14 0.44 5.74 -5.30 3.69 5.03 -1.33

Mar-16 14.82 19.62 5.00 0.26 0.44 5.52 -5.08 3.71 5.04 -1.33

Apr-16 14.59 19.26 4.68 0.36 0.46 5.38 -4.92 3.62 5.02 -1.40

May-16 14.77 19.20 4.53 0.51 0.46 5.29 -4.82 3.68 4.97 -1.29

Jun-16 14.60 19.83 4.87 -0.06 0.45 5.47 -5.02 3.70 5.27 -1.57

Jul-16 14.62 19.71 5.30 0.50 0.50 5.25 -4.75 3.65 5.16 -1.51

Aug-16 14.47 20.13 5.20 0.01 0.51 5.55 -5.04 3.58 5.30 -1.72

Sep-16 14.28 19.86 4.94 -0.51 0.48 5.26 -4.78 3.51 5.24 -1.72

Oct-16 14.57 19.62 4.78 0.09 0.49 5.33 -4.84 3.59 5.26 -1.67

Yr-on-Yr Chg. -2.2% 1.4% 14.6% 22.0% -3.1% -3.0% 2.2%

% of Total2 100.0% 100.0% 3.4% 27.2% 24.7% 26.8%

South-Central North-West West Finished Petroleum Products

Supply Demand Balance Supply Demand Balance Supply Demand Balance

2013 6.77 5.28 1.49 0.87 0.71 0.16 1.37 2.79 -1.42

2014 7.65 5.16 2.50 0.98 0.71 0.27 1.38 2.81 -1.43

2015 8.31 5.20 3.11 1.10 0.69 0.41 1.33 2.91 -1.59

3Q 2015 8.44 5.29 3.15 1.12 0.70 0.41 1.27 3.04 -1.77

4Q 2015 8.32 5.33 2.99 1.10 0.67 0.42 1.32 2.92 -1.60

1Q 2016 8.16 5.35 2.81 1.08 0.70 0.38 1.34 2.85 -1.50

2Q 2016 8.16 5.25 2.91 1.08 0.69 0.39 1.29 3.03 -1.74

3Q 2016 8.06 5.41 2.65 1.04 0.75 0.29 1.27 3.15 -1.88

Yr-on-Yr Chg. -4.5% 2.4% -6.7% 7.1% 0.0% 3.7%

Oct-15 8.39 5.05 3.34 1.10 0.69 0.42 1.31 2.96 -1.66

Nov-15 8.33 5.62 2.71 1.11 0.66 0.44 1.33 2.83 -1.50

Dec-15 8.25 5.33 2.92 1.08 0.67 0.41 1.33 2.96 -1.63

Jan-16 8.16 5.36 2.80 1.07 0.66 0.41 1.36 2.69 -1.33

Feb-16 8.09 5.27 2.82 1.08 0.73 0.35 1.34 2.91 -1.57

Mar-16 8.23 5.42 2.81 1.11 0.71 0.40 1.33 2.93 -1.61

Apr-16 8.15 5.25 2.90 1.08 0.63 0.45 1.29 2.99 -1.70

May-16 8.23 5.25 2.98 1.08 0.71 0.37 1.31 2.99 -1.67

Jun-16 8.11 5.26 2.85 1.07 0.73 0.34 1.26 3.11 -1.85

Jul-16 8.14 5.43 2.71 1.05 0.73 0.33 1.27 3.15 -1.88

Aug-16 8.08 5.28 2.80 1.03 0.78 0.25 1.28 3.23 -1.95

Sep-16 7.97 5.54 2.44 1.04 0.76 0.28 1.27 3.08 -1.81

Oct-16 8.11 5.33 2.78 1.08 0.74 0.34 1.30 2.96 -1.66

Yr-on-Yr Chg. -3.3% 5.5% -2.2% 8.3% -0.2% -0.2%

% of Total2 55.6% 27.2% 7.4% 3.8% 8.9% 15.1%


C2: US Petroleum Demand by Product (million barrels per day)

Notes: 1. Total includes other finished petroleum products. 2. Total petroleum demand includes refinery feedstocks, additives/oxygenates and other hydrocarbons.

Source: EIA Petroleum Supply Monthly.

C3: US Petroleum Stocks (million barrels)

Notes: 1. Petroleum stocks include crude oil, finished products, NGLs, refinery feedstocks, additives/oxygenates and other hydrocarbons. 2. Includes Strategic

Petroleum Reserves. 3. Total includes other finished petroleum products. All stocks are closing levels for respective reporting period. Source: EIA Petroleum Supply

Monthly.

Finished Petroleum Products NGLs Petroleum

Gasoline Jet Fuel Distil. Resid. Total1 Total Total2

2013 8.77 1.42 3.84 0.32 16.32 2.45 18.89

2014 8.92 1.47 4.01 0.26 16.64 2.40 19.03

2015 9.16 1.54 3.98 0.26 16.94 2.47 19.39

3Q 2015 9.39 1.59 3.93 0.31 17.41 2.29 19.67

4Q 2015 9.17 1.57 3.83 0.30 16.79 2.58 19.36

1Q 2016 9.09 1.50 3.91 0.31 16.70 2.73 19.45

2Q 2016 9.44 1.61 3.81 0.41 17.24 2.25 19.43

3Q 2016 9.56 1.68 3.79 0.36 17.55 2.40 19.90

Yr-on-Yr Chg. 1.8% 5.9% -3.5% 18.3% 0.8% 4.8% 1.2%

Oct-15 9.25 1.58 3.99 0.21 17.06 2.43 19.35

Nov-15 9.11 1.55 3.70 0.36 16.60 2.55 19.19

Dec-15 9.14 1.58 3.80 0.33 16.71 2.77 19.54

Jan-16 8.67 1.45 3.82 0.34 16.12 2.96 19.06

Feb-16 9.21 1.53 3.96 0.20 16.77 2.72 19.68

Mar-16 9.40 1.54 3.94 0.40 17.22 2.51 19.62

Apr-16 9.21 1.56 3.82 0.48 16.98 2.30 19.26

May-16 9.44 1.56 3.75 0.33 17.06 2.26 19.20

Jun-16 9.66 1.71 3.86 0.41 17.70 2.19 19.83

Jul-16 9.60 1.72 3.58 0.45 17.48 2.38 19.71

Aug-16 9.60 1.71 3.89 0.34 17.82 2.30 20.13

Sep-16 9.49 1.62 3.91 0.29 17.35 2.52 19.86

Oct-16 9.10 1.61 4.02 0.35 17.04 2.54 19.62

Yr-on-Yr Chg. -1.7% 1.3% 0.8% 62.7% -0.1% 4.6% 1.4%

Petroleum Stocks1 Crude Oil Finished Products

East Mid-West S-Cent N-West West U.S. Total2 Gasoline Jet Fuel Distil. Resid. Total3

2013 151 269 1,162 39 139 1,760 1,054 40 37 127 38 291

2014 158 289 1,227 42 140 1,856 1,085 31 38 136 34 287

2015 193 335 1,298 46 144 2,015 1,176 28 40 161 42 325

3Q 2015 184 318 1,311 43 145 2,001 1,156 29 40 149 41 308

4Q 2015 193 335 1,298 46 144 2,015 1,176 28 40 161 42 325

1Q 2016 190 336 1,331 47 148 2,052 1,228 26 44 161 45 334

2Q 2016 199 335 1,350 46 148 2,077 1,224 25 40 149 40 310

3Q 2016 195 335 1,333 42 142 2,048 1,164 25 45 160 39 319

Yr-on-Yr Chg. 5.7% 5.6% 1.7% -0.1% -2.4% 2.3% 0.7% -13.6% 10.8% 7.7% -6.1% 3.8%

Oct-15 185 314 1,319 43 148 2,009 1,182 28 38 143 43 299

Nov-15 188 331 1,306 44 151 2,022 1,183 28 38 157 44 316

Dec-15 193 335 1,298 46 144 2,015 1,176 28 40 161 42 325

Jan-16 200 338 1,302 46 154 2,041 1,195 27 42 161 44 330

Feb-16 202 338 1,307 46 152 2,045 1,215 27 42 163 46 335

Mar-16 190 336 1,331 47 148 2,052 1,228 26 44 161 45 334

Apr-16 197 334 1,340 47 145 2,063 1,233 25 43 155 43 325

May-16 197 338 1,345 46 153 2,079 1,236 24 45 154 40 321

Jun-16 199 335 1,350 46 148 2,077 1,224 25 40 149 40 310

Jul-16 204 339 1,328 42 149 2,062 1,185 25 42 156 38 316

Aug-16 202 341 1,336 42 143 2,063 1,179 26 43 160 40 320

Sep-16 195 335 1,333 42 142 2,048 1,164 25 45 160 39 319

Oct-16 199 326 1,340 45 140 2,050 1,184 26 45 154 39 311

Yr-on-Yr Chg. 7.9% 3.9% 1.6% 3.8% -5.5% 2.0% 0.2% -6.3% 17.1% 7.4% -9.0% 3.8%


C4: US Petroleum Net Imports by Source (million barrels per day)

Notes: 1. Total includes net-imports from Russia and Asia-Pacific region. 2. Total OPEC includes the other eight cartel members. 3. As of latest month. Source EIA

Petroleum Supply Monthly.

C5: US Regional Crude Oil Production (million barrels per day)

Notes: 1. California includes Federal Offshore crude oil production. 2. Gulf of Mexico includes Federal Offshore production adjacent to Texas and Louisiana. 3. Crude

oil Reserve-Production ratio as of latest production month. Crude oil production does not include NGLs. Source: EIA Petroleum Supply Monthly.

OPEC

Canada Mexico Lat. Am. Europe Africa M.E. Total1 Venez. S. Arabia Nigeria Total2 P. Gulf

2013 2.59 0.39 0.74 -0.08 0.37 1.99 6.20 0.71 1.32 0.24 3.47 1.99

2014 2.58 0.29 0.56 -0.12 0.17 1.85 5.04 0.71 1.16 0.04 2.98 1.86

2015 2.81 0.07 0.73 -0.18 0.17 1.49 4.65 0.75 1.05 0.06 2.65 1.50

3Q 2015 2.80 0.01 0.88 -0.15 0.22 1.32 4.73 0.79 1.01 0.08 2.58 1.33

4Q 2015 2.77 -0.01 0.70 -0.31 0.19 1.64 4.31 0.79 1.11 0.08 2.87 1.64

1Q 2016 3.21 -0.12 0.77 -0.18 0.36 1.62 4.98 0.72 1.12 0.22 3.06 1.62

2Q 2016 2.65 -0.06 0.69 -0.32 0.40 1.84 4.69 0.71 1.14 0.26 3.25 1.78

3Q 2016 2.80 -0.25 0.85 -0.27 0.39 1.88 5.15 0.77 1.13 0.21 3.39 1.83

Yr-on-Yr Chg. 0.0% -2053% -3.1% 81.5% 74.5% 41.6% 8.7% -2.0% 12.0% 169.6% 31.3% 38.0%

Oct-15 2.43 0.03 0.67 -0.27 0.14 1.54 4.17 0.73 0.98 0.04 2.68 1.54

Nov-15 2.73 0.03 0.61 -0.33 0.20 1.65 4.31 0.77 1.23 0.08 2.91 1.65

Dec-15 3.14 -0.09 0.81 -0.32 0.22 1.72 4.45 0.86 1.12 0.13 3.02 1.73

Jan-16 3.19 -0.02 0.62 -0.17 0.23 1.51 4.86 0.65 1.05 0.12 2.82 1.51

Feb-16 3.32 -0.10 0.72 -0.18 0.41 1.55 5.07 0.73 1.01 0.25 2.94 1.55

Mar-16 3.12 -0.23 0.96 -0.18 0.44 1.80 5.00 0.80 1.31 0.29 3.42 1.81

Apr-16 2.71 0.03 0.61 -0.37 0.36 1.77 4.67 0.72 1.15 0.23 3.18 1.71

May-16 2.70 -0.08 0.65 -0.41 0.39 1.98 4.53 0.69 1.17 0.30 3.42 1.92

Jun-16 2.53 -0.14 0.82 -0.18 0.43 1.76 4.87 0.71 1.10 0.25 3.15 1.71

Jul-16 2.44 -0.11 0.82 -0.18 0.49 1.81 5.30 0.84 1.05 0.30 3.56 1.75

Aug-16 2.95 -0.27 0.85 -0.41 0.35 1.82 5.20 0.70 1.14 0.17 3.22 1.81

Sep-16 3.00 -0.37 0.87 -0.23 0.33 2.00 4.94 0.77 1.21 0.17 3.38 1.94

Oct-16 2.76 -0.34 0.66 -0.05 0.51 1.66 4.78 0.68 1.01 0.23 3.11 1.66

Yr-on-Yr Chg. 13.3% -1400% -2.2% -82.7% 254.9% 8.2% 14.6% -7.8% 2.3% 505% 16.1% 8.2%

% of Total3 57.6% -7.1% 13.7% -1.0% 10.7% 34.7% 100.0% 14.1% 21.0% 4.8% 65.1% 34.8%

Region of Origin

PAD District U.S. Major Producers

East Mid-West S-Cent N-West West Total Alaska Calif.1 Louis. Texas G. of Mex.2

2013 0.03 1.34 4.33 0.50 1.11 7.31 0.52 0.59 0.20 2.47 1.28

2014 0.04 1.62 5.00 0.58 1.11 8.35 0.50 0.60 0.19 3.04 1.35

2015 0.05 1.81 5.69 0.73 1.08 9.35 0.49 0.59 0.17 3.50 1.50

3Q 2015 0.06 1.82 5.71 0.76 1.05 9.39 0.47 0.58 0.17 3.52 1.48

4Q 2015 0.05 1.78 5.75 0.75 1.02 9.35 0.46 0.56 0.17 3.41 1.65

1Q 2016 0.05 1.82 5.68 0.72 1.10 9.37 0.53 0.57 0.16 3.41 1.62

2Q 2016 0.05 1.72 5.48 0.67 1.04 8.96 0.50 0.54 0.16 3.24 1.58

3Q 2016 0.05 1.67 5.40 0.65 1.00 8.76 0.47 0.53 0.16 3.18 1.57

Yr-on-Yr Chg. -26.2% -7.9% -5.5% -14.2% -4.7% -6.7% 0.7% -9.0% -8.5% -9.9% 6.2%

Oct-15 0.05 1.77 5.77 0.77 0.97 9.32 0.41 0.56 0.17 3.42 1.65

Nov-15 0.05 1.74 5.81 0.76 1.04 9.39 0.47 0.56 0.17 3.42 1.69

Dec-15 0.04 1.84 5.68 0.73 1.05 9.35 0.50 0.55 0.17 3.39 1.61

Jan-16 0.04 1.77 5.45 0.71 1.05 9.02 0.51 0.55 0.16 3.29 1.50

Feb-16 0.05 1.93 5.99 0.76 1.17 9.90 0.56 0.61 0.17 3.57 1.75

Mar-16 0.05 1.75 5.61 0.70 1.07 9.18 0.52 0.55 0.16 3.36 1.61

Apr-16 0.05 1.70 5.38 0.66 1.04 8.82 0.49 0.55 0.16 3.21 1.52

May-16 0.05 1.76 5.58 0.68 1.06 9.13 0.51 0.55 0.16 3.28 1.64

Jun-16 0.05 1.70 5.49 0.67 1.03 8.93 0.49 0.54 0.16 3.23 1.59

Jul-16 0.04 1.70 5.46 0.65 1.04 8.89 0.51 0.53 0.16 3.20 1.62

Aug-16 0.04 1.62 5.18 0.62 0.95 8.42 0.45 0.50 0.15 3.07 1.49

Sep-16 0.05 1.71 5.54 0.67 1.00 8.97 0.45 0.55 0.16 3.27 1.61

Oct-16 0.04 1.61 5.45 0.65 0.99 8.74 0.46 0.53 0.15 3.16 1.65

Yr-on-Yr Chg. -8.1% -9.1% -5.5% -14.8% 1.8% -6.2% 12.5% -5.9% -10.9% -7.8% 0.2%

R/P Ratio3 11.2 12.9 9.9 12.7 13.0 11.0 12.6 13.4 9.6 11.3 7.1


C6: US Refinery Activity Crude Input (MMbpd) - Utilization (percent)

Notes: 1) As of most recent month. Source: EIA Petroleum Supply Monthly.

C7: US Refinery Margins ($US per barrel)

Note: Based on specific crude being processed in average cracking refinery in a given area. As of February 2010, NY Harbor Arab Med. is now East Coast Composite.

Source: Oil and Gas Journal.

East Mid-West South-Central North-West West U.S.

Input Util. Input Util. Input Util. Input Util. Input Util. Input Util.

2013 1.10 85.1 3.42 90.7 8.22 90.4 0.58 92.7 2.56 84.8 15.88 89.2

2014 1.09 84.2 3.52 92.5 8.38 91.5 0.58 90.5 2.57 87.0 16.14 90.4

2015 1.15 90.7 3.59 93.1 8.70 93.4 0.60 93.2 2.58 88.2 16.61 92.3

3Q 2015 1.15 90.4 3.65 94.6 8.77 93.5 0.61 94.2 2.67 91.0 16.85 93.2

4Q 2015 1.15 90.6 3.41 87.7 8.71 92.4 0.60 92.5 2.54 86.5 16.40 90.3

1Q 2016 1.09 85.2 3.58 91.3 8.52 89.5 0.58 85.1 2.50 85.6 16.26 88.8

2Q 2016 1.16 90.7 3.54 90.2 8.70 91.1 0.58 83.9 2.53 86.4 16.50 89.9

3Q 2016 1.09 85.4 3.70 93.9 8.79 91.5 0.63 90.2 2.67 91.4 16.88 91.5

Yr-on-Yr Chg. -5.1% 1.5% 0.3% 2.4% 0.1% 0.2%

Oct-15 1.13 89.0 3.01 77.5 8.39 89.4 0.61 92.9 2.55 87.1 15.69 86.6

Nov-15 1.19 93.5 3.55 91.6 8.76 92.8 0.60 92.5 2.57 87.5 16.67 91.8

Dec-15 1.14 89.2 3.66 94.0 8.96 95.0 0.60 92.0 2.49 85.0 16.85 92.6

Jan-16 1.14 88.9 3.72 94.9 8.39 88.2 0.57 84.1 2.55 87.1 16.37 89.4

Feb-16 1.08 84.5 3.63 92.6 8.44 88.7 0.58 84.7 2.44 83.4 16.17 88.3

Mar-16 1.05 82.3 3.39 86.5 8.72 91.6 0.58 86.4 2.52 86.1 16.26 88.8

Apr-16 1.15 89.8 3.34 85.0 8.63 90.7 0.51 75.0 2.60 88.9 16.22 88.5

May-16 1.17 91.9 3.61 92.0 8.69 91.4 0.57 83.4 2.44 83.3 16.48 89.9

Jun-16 1.16 90.4 3.69 93.7 8.77 91.3 0.65 93.1 2.55 87.1 16.80 91.1

Jul-16 1.10 85.7 3.73 94.7 8.88 92.4 0.63 90.7 2.67 91.2 16.99 92.2

Aug-16 1.09 85.4 3.75 95.3 8.80 91.7 0.61 87.8 2.72 93.0 16.98 92.1

Sep-16 1.09 85.1 3.63 91.7 8.70 90.5 0.64 92.2 2.63 89.9 16.68 90.4

Oct-16 1.08 84.5 3.58 90.4 8.28 86.1 0.58 83.6 2.26 77.4 15.78 85.4

Yr-on-Yr Chg. -4.7% 19.0% -1.3% -3.8% -11.4% 0.6%

% of Total1 6.8% 22.7% 52.5% 3.7% 14.3% 100.0%

NY Harbor Chicago US Gulf Los Angeles

(East Coast Comp.) (WTI) (WTS) (ANS)

2014 8.62 16.57 11.76 8.68

2015 12.86 18.05 12.96 19.50

2016 9.34 11.42 10.14 11.72

4Q 2015 8.74 12.99 8.98 16.67

1Q 2016 8.14 7.55 8.65 11.05

2Q 2016 10.38 15.87 11.29 13.47

3Q 2016 8.90 13.86 10.81 10.94

4Q 2016 9.95 8.38 9.82 11.41

Yr-on-Yr Chg. 13.9% -35.5% 9.3% -31.6%

Dec-15 9.35 9.35 8.62 22.57

Jan-16 9.37 5.65 8.70 13.01

Feb-16 7.20 5.28 7.38 3.38

Mar-16 7.84 11.71 9.88 16.76

Apr-16 10.04 14.59 11.48 14.59

May-16 11.03 15.89 11.11 10.81

Jun-16 10.06 17.13 11.27 15.02

Jul-16 8.21 11.41 9.83 8.87

Aug-16 9.36 15.92 12.25 8.76

Sep-16 9.12 14.26 10.34 15.18

Oct-16 10.76 10.15 11.13 13.22

Nov-16 10.54 7.73 9.01 10.33

Dec-16 8.56 7.26 9.31 10.68

Yr-on-Yr Chg. -8.4% -22.4% 8.0% -52.7%


D1: Canada Petroleum Supply and Demand Balances (million barrels per day)

D2: Canada Demand by Product (million barrels per day)

Notes: 1. As of most recent month. See notes for Table C1 for additional comments. Source: Statistics Canada’s Energy Statistics Handbook.

D3: Canada Petroleum Stocks (million barrels)

Notes: 1. Total includes other finished petroleum products. 2. Total petroleum demand includes refinery feedstocks, additives/oxygenates and other hydrocarbons. Source: Statistics Canada’s Energy Statistics Handbook.

Notes: 1. Total includes other finished petroleum products. 2. Total petroleum stocks include NGLs, refinery feedstocks, additives/oxygenates and other hydrocarbons. All stocks are closing levels. Source: Statistics Canada’s Energy Statistics Handbook.

Canada East West

Supply Demand Net-Exp Stk. Chg. Supply Demand Balance Supply Demand Balance

2013 3.79 1.65 2.16 0.01 0.28 0.92 -0.64 3.51 0.73 2.78

2014 4.09 1.56 2.54 0.02 0.27 0.87 -0.60 3.82 0.70 3.12

2015 4.24 1.58 2.69 0.03 0.22 0.90 -0.68 4.02 0.68 3.34

3Q 2015 4.59 1.60 3.09 0.10 0.22 0.96 -0.74 4.37 0.64 3.73

4Q 2015 4.65 1.49 3.27 0.12 0.25 0.92 -0.67 4.40 0.58 3.82

1Q 2016 4.61 1.41 3.19 -0.01 0.29 0.84 -0.55 4.33 0.57 3.75

2Q 2016 3.86 1.50 2.23 -0.12 0.26 0.86 -0.60 3.60 0.64 2.96

3Q 2016 4.58 1.67 2.94 0.03 0.29 0.92 -0.63 4.29 0.75 3.54

Yr-on-Yr Chg. -0.3% 4.2% -4.9% 32.1% -4.3% -1.9% 17.0%

Oct-15 4.47 1.36 3.26 0.15 0.17 0.83 -0.66 4.30 0.53 3.78

Nov-15 4.69 1.59 3.26 0.15 0.28 0.96 -0.68 4.41 0.63 3.79

Dec-15 4.78 1.53 3.30 0.05 0.30 0.95 -0.65 4.48 0.58 3.90

Jan-16 4.69 1.34 3.27 -0.07 0.29 0.84 -0.55 4.40 0.51 3.89

Feb-16 4.61 1.23 3.39 0.00 0.29 0.74 -0.44 4.32 0.49 3.83

Mar-16 4.54 1.66 2.92 0.04 0.28 0.94 -0.66 4.26 0.72 3.54

Apr-16 4.17 1.65 2.56 0.04 0.28 0.95 -0.67 3.90 0.70 3.20

May-16 3.56 1.30 2.06 -0.20 0.29 0.75 -0.45 3.27 0.55 2.72

Jun-16 3.84 1.56 2.07 -0.21 0.22 0.89 -0.67 3.62 0.68 2.95

Jul-16 4.49 1.74 2.86 0.11 0.23 0.97 -0.75 4.26 0.77 3.49

Aug-16 4.63 1.72 2.89 -0.01 0.32 0.95 -0.63 4.31 0.77 3.54

Sep-16 4.61 1.53 3.06 -0.01 0.32 0.83 -0.52 4.29 0.70 3.59

Oct-16 4.69 1.36 3.52 0.19 0.32 0.76 -0.44 4.38 0.60 3.78

Yr-on-Yr Chg. 5.0% 0.2% 8.1% 90.1% -8.4% 1.7% 13.8%

% of Total1 100.0% 100.0% 6.7% 56.0% 93.3% 44.0%

Finished Products Crude Oil Petrol.

Gasoline Distil. Resid. Total1 Total Total2

2013 16.5 16.2 2.4 52.4 98.9 151.3

2014 18.9 18.1 3.0 59.4 105.9 165.3

2015 16.7 15.3 3.2 52.1 110.4 162.4

3Q 2015 15.7 12.6 1.8 46.5 103.9 150.4

4Q 2015 16.7 15.3 3.2 52.1 110.4 162.4

1Q 2016 16.0 16.7 2.0 51.0 76.7 127.7

2Q 2016 14.1 11.9 2.3 43.8 71.8 115.6

3Q 2016 15.7 12.9 2.5 48.1 73.8 121.9

Yr-on-Yr Chg. 0.0% 2.5% 38.1% 3.3% -28.9% -19.0%

Oct-15 14.9 12.3 2.5 45.5 109.3 154.8

Nov-15 15.0 13.8 2.5 47.1 110.5 157.6

Dec-15 16.7 15.3 3.2 52.1 110.4 162.4

Jan-16 16.5 16.4 2.8 52.2 107.9 160.1

Feb-16 15.8 16.2 2.2 50.5 107.4 157.9

Mar-16 16.0 16.7 2.0 51.0 76.7 127.7

Apr-16 14.5 16.2 2.3 48.9 74.8 123.6

May-16 12.8 12.1 2.4 42.2 69.9 112.1

Jun-16 14.1 11.9 2.3 43.8 71.8 115.6

Jul-16 15.4 13.8 2.2 48.0 75.6 123.6

Aug-16 15.4 14.0 2.8 49.0 73.2 122.2

Sep-16 15.7 12.9 2.5 48.1 73.8 121.9

Oct-16 16.0 13.1 2.3 47.2 76.5 123.7

Yr-on-Yr Chg. 7.2% 6.7% -8.3% 3.7% -30.0% -20.1%

Finished Products

Gasoline Distil. Resid. Total1

2013 0.77 0.56 0.05 1.84

2014 0.78 0.56 0.07 1.86

2015 0.77 0.55 0.05 1.80

3Q 2015 0.80 0.56 0.03 1.86

4Q 2015 0.76 0.53 0.04 1.77

1Q 2016 0.78 0.50 0.06 1.73

2Q 2016 0.81 0.54 0.04 1.80

3Q 2016 0.85 0.56 0.04 1.91

Yr-on-Yr Chg. 5.1% 0.2% 28.3% 3.1%

Oct-15 0.77 0.56 0.05 1.85

Nov-15 0.76 0.51 0.04 1.75

Dec-15 0.74 0.52 0.05 1.72

Jan-16 0.80 0.50 0.06 1.75

Feb-16 0.76 0.53 0.06 1.74

Mar-16 0.78 0.48 0.05 1.71

Apr-16 0.78 0.53 0.05 1.74

May-16 0.81 0.57 0.04 1.81

Jun-16 0.85 0.53 0.03 1.87

Jul-16 0.86 0.51 0.03 1.90

Aug-16 0.85 0.57 0.05 1.94

Sep-16 0.82 0.60 0.05 1.91

Oct-16 0.79 0.53 0.04 1.78

Yr-on-Yr Chg. 1.9% -5.1% -96.3% -3.6%


D4: Canada Crude Oil Production (million barrels per day)

Note: Total includes small amounts of production from Manitoba and Ontario. Source: Statistics Canada’s Energy Statistics Handbook.

D5: Canada Petroleum Imports by Source (thousand barrels per day)

Notes: 1. Includes all non-OPEC production. 2. Includes production by the other seven OPEC members. 3. As of most recent month. Sources: Statistics Canada’s

Energy Statistics Handbook.

Non-OPEC OPEC Imports

Mexico U.S. U.K. Norway Total1 Algeria Nigeria S. Arabia Venez. Total2 P. Gulf Total

2013 24 15 36 55 466 71 47 16 2 177 57 643

2014 17 164 3 12 453 38 27 0 1 90 23 543

2015 0 256 4 8 496 45 26 0 0 71 0 567

3Q 2015 0 191 0 3 461 74 42 0 0 116 0 577

4Q 2015 0 187 1 11 446 33 10 0 0 43 0 489

1Q 2016 0 137 12 7 494 34 0 0 0 34 0 528

2Q 2016 0 258 2 19 521 120 0 0 0 120 0 642

3Q 2016 0 183 11 0 516 98 0 0 0 98 0 614

Yr-on-Yr Chg. 0.0% -4.4% 10757% -100.0% 12.0% 32.2% -100.0% 0.0% 0.0% -15.4% 0.0% 6.5%

Oct-15 0 332 0 10 388 33 30 0 0 63 0 451

Nov-15 0 229 3 23 507 67 0 0 0 67 0 574

Dec-15 0 0 0 0 443 0 0 0 0 0 0 443

Jan-16 0 0 0 0 452 65 0 0 0 65 0 518

Feb-16 0 207 22 22 377 36 0 0 0 36 0 413

Mar-16 0 203 14 0 653 0 0 0 0 0 0 653

Apr-16 0 257 6 30 504 133 0 0 0 133 0 637

May-16 0 236 0 0 555 125 0 0 0 125 0 681

Jun-16 0 280 0 25 505 103 0 0 0 103 0 608

Jul-16 0 286 0 0 550 164 0 0 0 164 0 714

Aug-16 0 263 33 0 526 129 0 0 0 129 0 655

Sep-16 0 0 0 0 473 0 0 0 0 0 0 473

Oct-16 0 237 0 39 433 0 0 0 0 0 0 433

Yr-on-Yr Chg. 0.0% -28.6% 0.0% 0.0% 11.7% -100.0% 0.0% 0.0% 0.0% -100.0% 0.0% -3.9%

% of Total3 0.0% 54.7% 0.0% 9.0% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 100.0%

Major Producers Canada Petroleum Type

Alta. Sask. B.C. N.W.T. Atlantic Total1 Light SCO Heavy Bitumen NGLs

2013 2.63 0.47 0.04 0.01 0.23 3.46 0.91 0.94 0.45 0.98 0.15

2014 2.91 0.51 0.05 0.01 0.22 3.76 0.94 0.95 0.46 1.21 0.22

2015 3.09 0.53 0.05 0.01 0.17 3.91 0.85 0.98 0.45 1.39 0.22

3Q 2015 3.17 0.52 0.05 0.01 0.14 3.95 0.79 1.02 0.45 1.46 0.22

4Q 2015 3.19 0.52 0.06 0.01 0.17 4.00 0.82 0.98 0.44 1.51 0.25

1Q 2016 3.21 0.47 0.07 0.01 0.21 4.02 0.83 1.04 0.40 1.48 0.26

2Q 2016 2.55 0.45 0.06 0.01 0.18 3.30 0.75 0.52 0.39 1.37 0.26

3Q 2016 3.20 0.45 0.06 0.01 0.21 3.97 0.76 1.01 0.40 1.53 0.27

Yr-on-Yr Chg. 0.9% -13.9% 11.8% 17.1% 47.8% 0.5% -4.9% -1.1% -11.3% 5.3% 23.0%

Oct-15 3.08 0.53 0.06 0.01 0.09 3.83 0.75 0.87 0.45 1.51 0.24

Nov-15 3.22 0.51 0.06 0.01 0.20 4.05 0.85 1.04 0.44 1.47 0.25

Dec-15 3.28 0.53 0.05 0.01 0.21 4.13 0.87 1.02 0.44 1.54 0.26

Jan-16 3.28 0.47 0.07 0.01 0.21 4.09 0.84 1.05 0.41 1.52 0.26

Feb-16 3.20 0.47 0.07 0.01 0.21 4.02 0.84 1.08 0.40 1.43 0.26

Mar-16 3.15 0.47 0.07 0.01 0.20 3.95 0.82 0.99 0.40 1.49 0.26

Apr-16 2.84 0.46 0.06 0.01 0.19 3.61 0.79 0.61 0.39 1.55 0.26

May-16 2.22 0.45 0.06 0.01 0.20 2.99 0.77 0.35 0.39 1.22 0.25

Jun-16 2.58 0.45 0.06 0.01 0.15 3.29 0.70 0.59 0.40 1.34 0.26

Jul-16 3.13 0.45 0.06 0.01 0.16 3.85 0.71 0.90 0.40 1.56 0.27

Aug-16 3.24 0.45 0.06 0.01 0.24 4.04 0.78 1.06 0.40 1.53 0.26

Sep-16 3.23 0.46 0.05 0.01 0.24 4.03 0.78 1.06 0.40 1.51 0.27

Oct-16 3.26 0.46 0.06 0.01 0.24 4.06 0.78 1.11 0.40 1.53 0.24

Yr-on-Yr Chg. 5.7% -13.7% 0.5% -8.9% 149.2% 5.9% 3.4% 27.1% -10.6% 0.9% 2.1%


E1: World Drilling Activity (active oil and gas rigs)

Notes: 1. Does not include active rigs in the Former Soviet Union and onshore rigs in China. 2. As of latest month. Source: Baker Hughes, Inc.

E2: North American Drilling Activity (active oil and gas rigs)

Notes: 1. Excluding Mexico. 2. Includes drilling on inland waterways. 3. As of latest month. Source: Baker Hughes, Inc.


N. A. Europe Asia-Pac Total Asia Non-Asia Total1 P. Gulf Non-Gulf Total Total1

2014 2,323 122 26 2,472 228 371 598 318 185 503 3,573

2015 1,222 96 17 1,336 202 296 498 348 156 503 2,337

2016 663 82 7 751 180 233 413 299 129 428 1,592

4Q 2015 967 90 15 1,072 191 307 498 320 143 463 2,033

1Q 2016 749 87 10 847 176 256 432 309 141 451 1,729

2Q 2016 491 81 6 578 178 229 407 293 134 427 1,412

3Q 2016 626 80 5 711 185 224 410 296 121 417 1,538

4Q 2016 784 78 6 869 181 224 405 299 117 416 1,690

Yr-on-Yr Chg. -18.9% -13.0% -58.7% -19.0% -5.2% -26.8% -18.6% -6.8% -17.8% -10.2% -16.9%

Dec-15 913 92 16 1,021 182 299 481 325 139 464 1,966

Jan-16 887 88 14 989 179 268 447 314 139 453 1,889

Feb-16 769 90 9 868 173 256 429 311 140 451 1,748

Mar-16 592 83 8 683 175 244 419 303 145 448 1,550

Apr-16 501 79 6 586 173 229 402 293 143 436 1,424

May-16 471 84 7 562 183 232 415 294 133 427 1,404

Jun-16 500 81 4 585 178 226 404 292 126 418 1,407

Jul-16 567 84 4 655 182 230 412 295 120 415 1,482

Aug-16 636 81 6 723 188 220 408 292 124 416 1,547

Sep-16 675 76 4 755 186 223 409 300 120 420 1,584

Oct-16 721 71 4 796 178 227 405 305 114 419 1,620

Nov-16 770 81 5 856 183 224 407 297 118 415 1,678

Dec-16 862 82 10 954 182 222 404 294 120 414 1,772

Yr-on-Yr Chg. -5.6% -10.9% -37.5% -6.6% 0.0% -25.8% -16.0% -9.5% -13.7% -10.8% -9.9%

% of Total2 48.6% 4.6% 0.6% 53.8% 10.3% 12.5% 22.8% 16.6% 6.8% 23.4% 100.0%

United States Canada North America1

East Mid-West S-Cent N-West West Total Land2 Offshore Total Oil Gas Total

2014 86 453 1,114 156 53 1,861 1,804 57 376 1,905 332 2,238

2015 64 248 395 216 65 977 941 35 193 944 226 1,170

2016 39 117 30 260 84 508 485 23 128 536 100 636

4Q 2015 54 187 45 378 111 754 724 29 174 741 187 928

1Q 2016 37 132 32 279 98 546 520 27 163 600 109 709

2Q 2016 32 104 27 206 72 420 397 24 49 382 87 469

3Q 2016 40 104 27 251 73 480 461 18 122 514 87 601

4Q 2016 46 128 36 302 91 585 563 23 179 649 116 765

Yr-on-Yr Chg. -14.8% -31.5% -20.1% -20.3% -17.8% -22.3% -22.3% -23.3% 3.1% -12.4% -37.9% -17.6%

Dec-15 56 174 37 355 108 711 686 24 160 697 174 871

Jan-16 48 155 34 332 107 643 615 28 190 700 133 833

Feb-16 35 123 29 266 98 519 493 26 211 628 102 730

Mar-16 28 119 32 240 88 477 451 27 88 472 93 565

Apr-16 31 109 29 215 75 437 411 26 41 390 88 478

May-16 31 103 27 201 70 407 384 24 42 363 86 449

Jun-16 35 100 25 203 72 417 396 21 63 394 86 480

Jul-16 37 102 27 229 72 449 429 20 95 456 88 544

Aug-16 40 104 27 256 71 481 464 17 129 528 82 610

Sep-16 43 107 28 267 76 509 491 18 141 559 91 650

Oct-16 47 120 35 272 87 543 521 23 157 595 105 700

Nov-16 46 132 36 294 91 580 558 22 172 635 117 752

Dec-16 45 133 36 339 95 634 611 23 209 717 126 843

Yr-on-Yr Chg. -19.6% -23.6% -2.7% -4.5% -12.0% -10.8% -11.0% -5.8% 30.6% 2.8% -27.4% -3.2%

% of Total3 5.3% 15.8% 4.3% 40.2% 11.3% 75.2% 72.5% 2.7% 24.8% 85.0% 15.0% 100.0%


Geographical Specifications

1. The World: OECD is comprised of countries from three regions: North America (Canada, Mexico, US); Europe (Austria, Belgium, Czech Republic,

Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Luxembourg, the Netherlands, Norway, Poland, Portugal, the Slovak

Republic, Spain, Sweden, Switzerland, Turkey, UK); and Asia-Pacific (Australia, Japan, New Zealand, South Korea). OPEC is comprised of Persian Gulf (Iran,

Iraq, Kuwait, Qatar, Saudi Arabia, United Arab Emirates) and non-Persian Gulf countries (Algeria, Indonesia, Libya, Nigeria, Venezuela). Non-OECD is

comprised of countries from three regions: Former Soviet Union (Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kirghizstan, Moldova, Russia,

Tajikistan, Turkmenistan, Ukraine, Uzbekistan); Asia (including non-OECD

Oceania); and non-Asia (Africa, Middle East, Latin America, and non-

OECD Europe). 2. United States: East (PADD I) – New England

(Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island,

Vermont); Central Atlantic (Delaware, Maryland, New Jersey, New York,

Pennsylvania, and the District of Columbia) and Lower Atlantic (Florida,

Georgia, North Carolina, South Carolina, Virginia, and West Virginia). Mid

-West (PADD II) – Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan,

Minnesota, Missouri, Nebraska, North Dakota, Ohio, Oklahoma, South

Dakota, Tennessee, and Wisconsin. South-Central (PADD III) – Alabama,

Arkansas, Louisiana, Mississippi, New Mexico and Texas. North-West

(PADD IV) – Colorado, Idaho, Montana, Idaho, Montana, Wyoming. West

(PADD V) – Alaska, Arizona, California, Hawaii, Nevada, Oregon,

Washington.

3. Canada: East is comprised of Ontario, Manitoba, Quebec and the

Maritime provinces (New Brunswick, Newfoundland and Labrador, Nova

Scotia, and Prince Edward Island). West is comprised of Alberta, British

Columbia, Saskatchewan and the northern territories (NorthWest

Territories, Nunavuut, and Yukon).

Additional Notes

1. Petroleum and oil refer to crude oil and natural gas liquids (NGLs),

whereas crude oil refers to its namesake and field condensates.

Condensates derived from natural gas processing plants are classified as

NGLs. 2. The spot price is for immediate delivery of crude oil or refined

products at a specific location. Spot transactions are generally on a cargo

by cargo basis. In contrast, a futures price is for delivery of a specified

quantity of a commodity at a specified time and place in the future. 3.

Crude oil sold Free-On-Board (FOB) is made available to the buyer at the

loading port at a particular time, with transportation and insurance the

responsibility of the buyer. Crude oil sold Cost-Insurance-Freight (CIF) is

priced at a major destination point, with the seller responsible for the

transportation and insurance to that point. A “Delivered” transaction is

similar to a CIF transaction, except the buyer in the former pays based on the quantity and quality ascertained at the unloading port, whereas in a CIF

transaction, the buyer accepts the quantity and quality as determined at the loading port. 4. Processing gain is the volume of which refinery output is

greater than crude oil inputs. The difference is due to the processing of crude oil products, which in total have a lower specific gravity than crude oil. 5.

Unaccounted for crude oil reconciles the difference between crude input to refineries and the sum of domestic production, net imports/exports, stock

changes and documented losses (in the U.S.). 6. Totals may not equal the sum of their parts in the statistical tables due to rounding.

Crude Stream

Producing

Country or

Region

API

Gravity

(@60° F)

Sulfur

Content

(%)

BBLs/Metric

Tonne

Tapis Blend Malaysia 44 0.1 7.910

Ekofisk Blend Norway 43 0.2 7.773

WTI Texas 40 0.3 7.640

GCS Gulf of Mexico 40 0.3 7.640

Oklahoma Sweet Oklahoma 40 0.3 7.640

Kansas Sweet Kansas 40 0.4 7.640

Wyoming Sweet Wyoming 40 0.2 7.640

ELS Alberta 40 0.5 7.640

Brent Blend United kingdom 38 0.8 7.551

Bonny Light Nigeria 37 0.1 7.506

Oman Blend Oman 36 0.8 7.462

Arabian Light Saudi Arabia 34 1.8 7.373

Minas Indonesia 34 0.1 7.373

Isthmus Mexico 34 1.5 7.373

Michigan Sour Michigan 34 1.7 7.373

WTS Texas 33 1.7 7.328

Urals Russia 32 1.7 7.284

Tia Juana Light Venezuela 32 1.2 7.284

Dubai U.A.E. 31 1.7 7.239

Lost Hills California 30 0.6 7.194

Cano Limon Colombia 28 0.6 7.105

Arabian Heavy Saudi Arabia 27 2.8 7.061

ANS Alaska 27 1.1 7.061

Oriente Ecuador 25 1.4 6.971

Hardisty Heavy Alberta 25 2.1 6.971

Maya Mexico 22 3.3 6.838

Kern River California 13 1.0 6.436

Crude Oil Qualities

For more information, please contact Dinara Millington at [email protected]. Canadian Energy Research Institute 150, 3512 – 33 Street NW Calgary, AB T2L 2A6

november december 2016 ceri commodity report — crude oil · source: iea, oil market report...

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