October 2014

CERI Commodity Report — Crude Oil

Relevant • Independent • Objective

CERI Commodity Report – Crude Oil Editor-in-Chief: Dinara Millington (dmillington@ceri.ca) 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. We strive to build bridges between scholarship and policy, combining the insights of scientific research, economic analysis, and practical experience. For more information about CERI, please visit our website at www.ceri.ca.

Figure 1: Exchange Rate and Crude Oil Prices

Source: StatsCan and NRCan

Since September 1, 2014, the price of WTI and Brent has decreased by 12 percent or CDN $12.06 and 13 percent or CDN $14.82, respectively. This is a continuation of the trend in prices before September, which has left oil prices at approximately a four year low. Similarly, the exchange rate has depreciated to roughly a 5 year low. During the time period of Figure 1, the exchange rate depreciated by 4 percent. The prices of other commodities have generally trended downwards as well. The price of grain, beef, base metals, and lumber have softened since the summer, while livestock prices have remained steady. On the world market, denominated in US dollars, commodity indices have declined approximately 14 percent over the past year.3 In this case, the depreciation of the Canadian dollar is therefore reflecting the decline of most commodity prices. In its October 2014 Monetary Policy Report, the Bank of Canada predicts an overall decline in non-energy prices until early 2015, as higher prices for lumber and base metals is more than offset by the decrease in price for grain, before recovering later in the year.4 In this scenario, the Canadian dollar will continue to trade around its current level for some time.

The Canadian Economy and Commodity Prices Martin Slagorsky Much has been written on the low price of oil and current state of global oil supply and demand. OPEC meets on November 27th in Vienna to discuss the cartel’s response to the falling oil price. OPEC’s decision to cut or not to cut their members’ crude production has the potential to impact world oil prices, so a detailed discussion of where prices are headed is perhaps premature. Instead, this article will focus on examining the effect of current commodity prices and the exchange rate on the Canadian economy. It is generally accepted that the value of the Canadian dollar depends on the value of exported commodities in the world market.1,2 Figure 1 shows this relationship, plotting the daily Canadian-US exchange rate with the prices in Canadian dollars of Brent and West Texas Intermediate (WTI) since September 1, 2014.

CERI Commodity Report - Crude Oil

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There are some benefits to a weakened dollar; as Canadian exports become cheaper through depreciation, Canadian exporters (in general, not only of commodities) are partially sheltered from low global prices. Since world commodity markets are traded in US dollars, Canadian exporters receive more Canadian dollars for every US dollar of commodity they export. The same mechanism holds for all exports to the US, as well as other currencies that have appreciated against the Canadian dollar. For example, the 14 percent decrease in commodity indices mentioned above is notably smaller when converted into Canadian dollars.5 Additionally, transportation fuel prices tend to decrease as oil prices fall. This benefits Canadians in two ways: drivers face lower gasoline prices at the pump, and other industries benefit from lower transport costs, some of which could be passed on to consumers.6 However, a weaker Canadian dollar is not universally welcomed; government budgets are impacted by decreased royalties and corporate tax revenues. This is especially true for Alberta, Saskatchewan, and Newfoundland and Labrador, who have based their budgets on the assumption of higher oil prices.7 The impact will also be felt by the Canadian government through reduced corporate income tax.8 Finally, imports become more expensive, raising the price of imported consumer goods and industrial inputs for Canadian industries, especially for the energy sector that relies heavily on importing materials and goods for energy extraction. The consensus appears to be that the net effect of lower commodity prices, headlined by dropping oil prices, will have only a minor role on Canada’s GDP growth in the short-term. Losses from lower commodity prices are mostly offset by the depreciation in the Canadian dollar and the boost in exports, especially to the US. The Bank of Canada’s forecasts of GDP growth remain around 2.5 percent for 2014, slowing gradually to 2 percent by 2016.9

Endnotes 1The Exchange Rate, Bank of Canada, May 2010. November 17, 2014. http://www.bankofcanada.ca/wp-content/uploads/2010/11/exchange_rate.pdf 2International Financial Crises and Flexible Exchange Rates: Some Policy Lessons from Canada, Bank of Canada Technical Report, April 2000. November 18, 2014. http://www.bankofcanada.ca/wp-content/uploads/2010/01/tr88.pdf 3Dollars & Sense, TD Economics, November 20, 2014. November 20, 2014. http://www.td.com/document/PDF/economics/finances/DollarsAndSense_20Nov2014.pdf 4Monetary Policy Report, October 2014, Bank of Canada. November 19, 2014. http://www.bankofcanada.ca/wp-content/uploads/2014/07/mpr-2014-10-22.pd f 5Dollars & Sense, TD Economics. 6Oil price at $85 costing provinces and economy billions, CBC, October 10, 2014. November 17, 2014. http://www.cbc.ca/news/business/oil-price-at-85-costing-provinces-and-economy-billions-1.2795062 7Alberta and Saskatchewan use WTI in their revenue projections and have used USD $97 and USD $100 per barrel, respectively, in their budget. Newfoundland and Labrador use the price of Brent in their budget, and have used an estimate of USD $105 per barrel. ibid 8Current Analysis, October 2014. RBC Economics. November 19, 2014. http://www.rbc.com/economics/economic-reports/pdf/other-reports/opi.pdf 9Monetary Policy Report, October 2014, Bank of Canada.

Relevant • Independent • Objective

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CERI Commodity Report - Crude Oil

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CERI Commodity Report - Crude Oil

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Relevant • Independent • Objective

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World Supply and Demand Balance (MMbpd)

OPEC Crude Oil Production (MMbpd)

WTI Price Projections ($US/barrel)

2012 2013 2014 2015 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

World Demand 90.5 91.8 92.4 93.6 90.5 91.2 92.5 92.8 91.6 91.5 93.1 93.5 92.6 92.7 94.2 94.7

OECD 45.9 46.1 45.6 45.5 45.9 45.5 46.3 46.5 45.7 44.7 45.8 46.3 45.7 44.7 45.7 46.1

non-OECD 44.6 45.7 46.8 48.0 44.7 45.7 46.2 46.3 45.9 46.8 47.3 47.2 47.0 48.0 48.5 48.6

World Supply 90.9 91.4 92.8 94.1 90.5 91.3 91.7 91.9 92.0 92.7 93.6 93.4 93.4 94.0 94.6 94.3

Non-OPEC 53.3 54.6 56.4 57.7 53.8 54.1 54.8 55.8 55.7 56.3 56.6 56.9 57.2 57.5 57.8 58.3

OPEC NGLs 6.2 6.3 6.4 6.7 6.2 6.3 6.3 6.3 6.3 6.3 6.5 6.5 6.7 6.7 6.7 6.7

OPEC Crude 28.4 27.4 26.9 26.5 30.5 30.9 30.6 29.8 30.0 30.1 30.5 30.0 29.5 29.8 30.1 29.3

Supply - Demand1 0.4 -0.4 0.4 0.5 0.0 0.1 -0.7 -0.9 0.4 1.3 0.5 -0.4 0.7 1.3 0.4 -0.4

OECD

Stocks (MMbbls) 2665 2657 2662 2697 2566 2582 2651 2722 2705 2739 2795 2813

Days Cover 58 58 57 58 56 58 58 59 59 61 61 61

Sustainable

Capacity Aug-14 Sep-14 Sep-14 Aug-14 Sep-14 Sep-14

Saudi Arabia 10.85 9.68 9.73 9.68 1.63 1.68 1.63

Iran 4.00 2.80 2.78 2.76 -0.54 -0.56 -0.58

UAE 2.85 2.82 2.78 2.74 0.60 0.56 0.52

Kuwait 2.65 2.86 2.87 2.82 0.64 0.65 0.60

Qatar 0.90 0.73 0.69 0.69 0.00 -0.04 -0.04

Nigeria 2.60 1.88 1.89 1.88 0.21 0.22 0.21

Libya 1.75 0.53 0.78 0.87 -0.94 -0.69 -0.60

Algeria 1.43 1.15 1.13 1.13 -0.05 -0.07 -0.07

Ecuador 0.49 0.56 0.56 0.54 0.13 0.13 0.11

OPEC-11 32.12 27.17 27.39 27.28 -2.83 -2.61 -2.72

Iraq1 2.50 3.14 3.36 3.32

Total OPEC 34.62 30.31 30.75 30.60

Production Over (+)/Under (-) Target

2012 2013 2014 2015 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

High Price Case 86.90 84.15 86.90 83.60 84.70 84.70 83.60

Reference Case 94.12 98.03 94.58 76.50 97.64 98.65 103.06 97.59 79.00 76.00 77.00 77.00 76.00

Low Price Case 67.15 65.03 67.15 64.60 65.45 65.45 64.60

Considerations: 1).Oil production is increasing at a higher rate than oil demand. 2). Strengthening of the US economy and the US dollar.

CERI Commodity Report - Crude Oil

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Data Appendix

Relevant • Independent • Objective

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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.)

2011 94.11 93.62 94.15 96.21 -0.69

2012 94.86 95.15 95.30 96.89 -0.35

2013 96.82 97.37 97.01 97.45 -0.12

3Q 2013 102.42 103.84 101.00 100.18 0.21

4Q 2013 98.60 99.63 101.59 101.06 0.16

1Q 2014 98.89 98.13 96.84 64.89 0.03

2Q 2014 101.33 101.93 101.28 99.77 0.69

3Q 2014 102.58 102.08 102.22 99.28 0.90

Yr-on-Yr Chg. 0.2% -1.7% 1.2% -0.9%

Nov-13 97.80 99.28 102.20 101.77 0.17

Dec-13 93.33 93.23 95.11 96.14 -0.37

Jan-14 98.77 97.93 96.19 96.99 -0.27

Feb-14 94.99 94.44 95.51 -0.14 -0.14

Mar-14 102.92 102.01 98.82 97.82 0.48

Apr-14 99.43 99.83 101.10 99.83 0.63

May-14 102.13 103.60 101.82 100.37 0.77

Jun-14 102.44 102.36 100.91 99.10 0.68

Jul-14 107.26 106.55 104.44 102.90 0.71

Aug-14 104.42 104.05 103.81 97.86 0.73

Sep-14 96.07 95.65 98.42 97.09 1.27

Oct-14 91.52 92.33 93.49 92.94 0.78

Nov-14 82.81 82.76 87.91 87.10 0.81

Yr-on-Yr Chg. -15.3% -16.6% -14.0% -14.4%

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.)

2011 286.8 284.4 280.2 268.9 2.1 296.5 294.6 292.1 298.6 -0.9

2012 296.8 295.4 291.2 274.6 5.0 301.8 301.7 301.9 307.0 -1.4

2013 284.3 285.6 284.5 274.2 0.5 298.2 299.0 298.9 304.9 -0.5

3Q 2013 293.8 294.2 292.8 268.8 6.2 302.1 302.5 299.2 305.3 -0.3

4Q 2013 262.1 265.8 266.5 258.2 1.4 299.6 300.2 299.5 304.5 0.1

1Q 2014 273.4 274.4 270.9 278.5 -6.6 314.8 314.0 304.5 303.4 4.6

2Q 2014 297.2 299.1 296.7 282.1 2.1 291.7 293.7 294.5 298.7 0.9

3Q 2014 289.7 289.9 289.6 264.6 6.6 290.5 291.5 290.1 297.6 -0.8

Yr-on-Yr Chg. -1.4% -1.5% -1.1% -1.6% -3.8% -3.6% -3.1% -2.5%

Nov-13 254.5 261.0 263.2 255.2 1.6 296.8 297.0 299.3 304.3 0.4

Dec-13 268.4 269.3 263.0 256.6 1.1 304.8 304.7 294.1 299.5 -0.1

Jan-14 278.6 279.7 272.2 279.9 -0.9 307.7 309.3 304.2 308.0 0.6

Feb-14 262.7 265.0 264.6 273.2 -1.1 327.9 322.6 303.1 298.5 7.3

Mar-14 279.0 278.4 275.9 282.4 -17.8 308.9 310.1 306.3 303.7 6.0

Apr-14 291.1 293.1 293.2 280.7 0.7 293.2 294.6 295.1 298.1 1.6

May-14 300.8 303.7 301.2 284.5 3.6 293.5 295.2 295.5 299.8 0.6

Jun-14 299.7 300.6 295.8 281.0 1.9 288.5 291.2 293.0 298.2 0.3

Jul-14 307.7 308.7 304.5 278.3 3.1 297.1 299.4 296.4 303.6 -0.7

Aug-14 283.1 284.8 291.0 265.7 2.9 288.7 289.5 288.7 296.9 -1.1

Sep-14 278.3 276.1 273.4 249.9 13.7 285.7 285.6 285.2 292.4 -0.6

Oct-14 258.7 264.8 259.0 240.4 8.2 264.7 268.4 274.5 281.7 -0.6

Nov-14 217.0 219.6 225.3 214.5 4.5 251.5 252.1 253.3 258.4 0.5

Yr-on-Yr Chg. -14.7% -15.9% -14.4% -15.9% -15.3% -15.1% -15.4% -15.1%

CERI Commodity Report - Crude Oil

Page 10

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

2011 107.94 106.21 106.63 111.11 112.67 108.85 105.01 105.65 100.89 105.40 113.53 114.59

2012 110.27 109.11 109.39 111.62 112.67 110.50 103.85 108.98 102.82 106.57 113.68 116.63

2013 106.60 105.51 105.57 108.69 109.89 108.05 96.71 105.10 97.77 105.16 111.41 107.32

3Q 2013 107.53 106.20 106.34 110.38 111.67 109.91 97.20 105.90 99.40 108.36 112.71 107.77

4Q 2013 106.68 106.82 106.85 109.27 110.34 108.82 96.08 106.05 93.81 97.35 112.34 105.88

1Q 2014 105.61 104.46 104.46 108.23 109.24 106.83 93.65 103.67 95.28 98.56 110.18 110.89

2Q 2014 106.43 106.09 106.23 109.67 110.73 108.06 96.25 104.63 96.32 103.45 112.26 110.16

3Q 2014 102.21 101.44 102.09 101.83 102.38 101.45 92.87 100.46 90.65 97.56 103.17 100.02

Yr-on-Yr Chg. -5.0% -4.5% -4.0% -7.7% -8.3% -7.7% -4.5% -5.1% -8.8% -10.0% -8.5% -7.2%

Oct-13 107.14 106.70 106.78 109.04 110.28 108.28 96.80 106.13 95.16 99.84 112.44 106.98

Nov-13 104.84 105.95 105.95 107.97 108.88 107.73 94.83 104.73 89.72 93.83 111.47 104.28

Dec-13 108.07 107.80 107.83 110.81 111.85 110.44 96.61 107.30 96.56 98.39 113.11 106.38

Jan-14 105.74 104.01 104.01 108.26 109.06 106.40 93.72 103.79 93.44 96.35 110.26 110.60

Feb-14 106.30 105.04 105.04 108.87 110.06 107.43 94.00 104.17 97.44 100.47 110.77 108.46

Mar-14 104.80 104.32 104.34 107.55 108.60 106.66 93.23 103.05 94.96 98.87 109.50 113.60

Apr-14 104.87 104.68 104.93 107.69 108.65 106.91 93.99 103.13 94.73 101.29 110.19 111.12

May-14 105.80 105.55 105.71 109.67 110.86 107.84 96.06 104.21 95.47 102.59 112.22 107.22

Jun-14 108.61 108.03 108.06 111.66 112.67 109.44 98.71 106.56 98.75 106.47 114.36 112.13

Jul-14 107.15 106.13 106.15 106.64 107.33 106.23 95.06 105.50 95.21 102.20 109.19 105.06

Aug-14 102.24 101.73 102.15 101.56 102.04 101.98 93.31 100.57 89.53 96.78 102.26 99.94

Sep-14 97.23 96.47 97.96 97.30 97.78 96.13 90.23 95.30 87.20 93.70 98.07 95.07

Oct-14 85.93 86.73 88.40 87.41 87.89 86.63 81.93 83.99 76.84 85.40 88.51 84.46

Yr-on-Yr Chg. -19.8% -18.7% -17.2% -19.8% -20.3% -20.0% -15.4% -20.9% -19.3% -14.5% -21.3% -21.1%

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

2011 102.36 112.50 103.21 92.00 87.38 85.42 92.42 91.69 84.42 87.64 95.04 83.74

2012 105.08 110.02 101.45 90.58 85.58 83.58 90.58 89.42 82.58 85.26 86.16 78.02

2013 100.20 106.62 99.05 94.46 89.46 87.65 94.46 93.48 86.46 90.27 92.93 78.90

3Q 2013 98.40 107.04 100.97 101.58 96.58 94.58 101.58 100.58 93.58 97.57 104.71 93.01

4Q 2013 99.73 102.34 94.70 93.42 88.42 87.17 93.42 92.42 85.42 88.80 86.28 69.75

1Q 2014 96.86 106.20 99.35 97.08 92.08 90.83 97.08 89.42 89.08 92.08 88.47 84.13

2Q 2014 98.82 107.32 100.53 100.00 95.00 93.75 100.00 99.00 92.00 95.06 104.18 90.77

3Q 2014 98.33 96.38 89.95 92.42 87.42 86.17 92.42 91.42 84.42 87.29 97.75 84.40

Yr-on-Yr Chg. -0.1% -10.0% -10.9% -9.0% -9.5% -8.9% -9.0% -9.1% -9.8% -10.5% -6.6% -9.3%

Oct-13 100.99 100.96 93.15 94.25 89.25 88.00 94.25 93.25 86.25 89.85 94.19 78.35

Nov-13 101.37 99.73 91.45 89.25 84.25 83.00 89.25 88.25 81.25 84.72 81.33 66.95

Dec-13 96.82 106.33 99.50 96.75 91.75 90.50 96.75 95.75 88.75 91.82 83.32 63.95

Jan-14 93.40 104.25 97.15 94.00 89.00 87.75 94.00 73.00 86.00 88.99 89.39 72.58

Feb-14 100.55 107.10 101.10 99.00 94.00 92.75 99.00 98.00 91.00 94.09 71.78 90.58

Mar-14 96.64 107.26 99.80 98.25 93.25 92.00 98.25 97.25 90.25 93.17 104.24 89.22

Apr-14 97.76 105.76 98.20 97.00 92.00 90.75 97.00 96.00 89.00 92.10 102.96 87.38

May-14 99.10 108.96 101.70 100.75 95.75 94.50 100.75 99.75 92.75 95.85 103.79 90.66

Jun-14 99.59 107.25 101.70 102.25 97.25 96.00 102.25 101.25 94.25 97.24 105.80 94.27

Jul-14 99.80 103.10 97.45 98.50 93.50 92.25 98.50 97.50 90.50 93.17 100.07 89.38

Aug-14 101.47 97.51 90.75 92.50 87.50 86.25 92.50 91.50 84.50 87.46 96.38 81.00

Sep-14 93.71 88.53 81.65 86.25 81.25 80.00 86.25 85.25 78.25 81.24 96.80 82.81

Oct-14 93.71 79.83 73.00 77.00 72.00 70.75 77.00 76.00 69.00 72.04 87.73 80.12

Yr-on-Yr Chg. -7.2% -20.9% -21.6% -18.3% -19.3% -19.6% -18.3% -18.5% -20.0% -19.8% -6.9% 2.3%

Relevant • Independent • Objective

Page 11

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.

2011 107.94 103.95 3.99 105.40 98.77 6.63 96.69 85.19 11.50 85.42 87.38 -1.96

2012 110.27 108.36 1.92 106.57 99.74 6.83 86.20 78.06 8.14 83.58 85.58 -2.00

2013 106.60 103.96 2.64 105.16 97.74 7.42 90.13 76.52 13.61 87.65 89.46 -1.81

3Q 2013 107.53 104.61 2.92 108.36 99.44 8.91 100.79 89.53 11.27 94.58 96.58 -2.00

4Q 2013 106.68 105.57 1.11 97.35 89.97 7.39 82.19 66.44 15.75 87.17 88.42 -1.25

1Q 2014 105.61 102.06 3.55 98.56 89.48 9.09 80.24 76.31 3.94 90.83 92.08 -1.25

2Q 2014 106.43 102.94 3.48 103.45 95.26 8.19 95.54 83.24 12.30 93.75 95.00 -1.25

3Q 2014 102.21 98.90 3.31 97.56 91.47 6.09 89.77 77.51 12.26 86.17 87.42 -1.25

Yr-on-Yr Chg. -5.0% -5.5% -10.0% -8.0% -10.9% -13.4% -8.9% -9.5%

Oct-13 107.14 105.04 2.10 99.84 93.23 6.61 90.89 75.60 15.29 88.00 89.25 -1.25

Nov-13 104.84 104.90 -0.06 93.83 87.56 6.27 77.51 63.81 13.70 83.00 84.25 -1.25

Dec-13 108.07 106.77 1.30 98.39 89.11 9.28 78.29 60.09 18.20 90.50 91.75 -1.25

Jan-14 105.74 102.21 3.53 96.35 88.29 8.06 81.87 66.48 15.39 87.75 89.00 -1.25

Feb-14 106.30 102.34 3.96 100.47 90.01 10.46 64.93 81.95 -17.01 92.75 94.00 -1.25

Mar-14 104.80 101.63 3.17 98.87 90.13 8.74 93.87 80.34 13.53 92.00 93.25 -1.25

Apr-14 104.87 101.61 3.26 101.29 93.03 8.26 93.67 79.50 14.17 90.75 92.00 -1.25

May-14 105.80 102.72 3.08 102.59 94.89 7.70 95.26 83.21 12.05 94.50 95.75 -1.25

Jun-14 108.61 104.50 4.11 106.47 97.86 8.61 97.72 87.07 10.65 96.00 97.25 -1.25

Jul-14 107.15 103.69 3.46 102.20 94.33 7.87 93.23 83.27 9.96 92.25 93.50 -1.25

Aug-14 102.24 99.14 3.10 96.78 91.21 5.57 88.21 74.13 14.08 86.25 87.50 -1.25

Sep-14 97.23 93.86 3.37 93.70 88.88 4.82 87.92 75.21 12.70 80.00 81.25 -1.25

Oct-14 85.93 82.33 3.60 85.40 78.52 6.88 78.24 71.44 6.79 70.75 72.00 -1.25

Yr-on-Yr Chg. -19.8% -21.6% -14.5% -15.8% -13.9% -5.5% -19.6% -19.3%

Spot Prices Differentials

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

2011 95.04 111.21 106.33 109.61 105.85 -17.10 -12.22 -15.50 -11.74

2012 94.12 111.68 109.02 110.85 109.19 -16.82 -14.16 -15.99 -14.33

2013 98.03 108.68 105.44 108.39 105.94 -11.87 -8.63 -11.58 -9.12

3Q 2013 105.81 110.30 106.15 110.68 106.90 -7.88 -3.73 -8.26 -4.48

4Q 2013 97.64 109.28 106.79 109.02 106.44 -10.68 -8.19 -10.42 -7.84

1Q 2014 98.65 108.17 104.43 107.41 104.75 -9.28 -5.54 -8.52 -5.85

2Q 2014 103.06 109.66 106.16 108.19 105.87 -8.33 -4.83 -6.86 -4.53

3Q 2014 97.59 101.91 101.47 100.92 100.78 0.67 1.11 1.66 1.80

Yr-on-Yr Chg. -7.8% -7.6% -4.4% -8.8% -5.7%

Oct-13 100.50 109.15 106.58 108.39 106.69 -11.35 -8.78 -10.59 -8.89

Nov-13 93.94 108.00 105.90 108.05 104.97 -14.67 -12.57 -14.72 -11.64

Dec-13 97.85 110.80 107.90 110.78 107.67 -12.03 -9.13 -12.01 -8.90

Jan-14 94.86 108.17 104.02 107.36 104.71 -13.18 -9.03 -12.37 -9.72

Feb-14 100.72 108.84 105.00 108.02 105.38 -5.92 -2.08 -5.10 -2.46

Mar-14 100.57 107.55 104.30 106.87 104.15 -8.12 -4.87 -7.44 -4.72

Apr-14 102.07 107.62 104.70 107.04 104.27 -5.49 -2.57 -4.91 -2.14

May-14 101.86 109.60 105.67 107.96 105.44 -7.16 -3.23 -5.52 -3.00

Jun-14 105.24 111.67 108.06 109.50 107.89 -4.41 -0.80 -2.24 -0.63

Jul-14 102.92 106.63 106.12 105.51 105.61 -2.21 -1.70 -1.09 -1.19

Aug-14 96.38 101.56 101.76 101.43 100.75 -5.49 -5.69 -5.36 -4.68

Sep-14 93.21 97.29 96.55 95.65 95.98 -5.77 -5.03 -4.13 -4.46

Oct-14 84.40 87.42 86.53 86.68 85.06 -4.61 -3.72 -3.87 -2.25

Yr-on-Yr Chg. -16.0% -19.9% -18.8% -20.0% -20.3%

CERI Commodity Report - Crude Oil

Page 12

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

2011 116.66 95.72 96.84 116.42 125.02 94.51 119.81 126.25 100.65

2012 120.03 99.32 114.82 122.89 128.03 97.65 123.44 128.08 103.94

2013 114.66 92.96 122.77 116.69 123.40 91.47 118.98 123.24 96.39

3Q 2013 118.88 92.91 123.63 119.40 124.43 92.21 118.82 123.58 94.80

4Q 2013 104.42 91.22 121.34 111.68 124.54 89.39 115.92 124.45 95.64

1Q 2014 111.36 89.30 122.70 112.48 122.36 87.53 118.97 122.25 94.97

2Q 2014 121.73 91.80 120.88 121.39 121.80 89.59 122.15 122.16 94.05

3Q 2014 115.08 87.61 0.00 114.96 115.68 86.31 114.70 115.88 92.22

Yr-on-Yr Chg. -3.2% -5.7% -100.0% -3.7% -7.0% -6.4% -3.5% -6.2% -2.7%

Oct-13 104.43 92.07 121.35 112.12 124.91 90.44 114.42 123.80 96.47

Nov-13 102.95 89.50 118.50 109.93 122.88 88.42 114.64 123.27 94.64

Dec-13 105.74 91.86 124.16 113.01 125.87 89.22 118.77 126.32 95.79

Jan-14 107.12 88.25 122.00 110.83 122.57 85.70 117.83 121.57 95.38

Feb-14 112.88 90.39 124.68 114.10 123.65 88.22 119.71 123.56 95.62

Mar-14 114.21 89.37 121.43 112.67 120.93 88.79 119.40 121.69 93.94

Apr-14 122.34 90.69 121.32 120.59 121.47 88.86 121.27 122.93 92.53

May-14 118.98 91.61 120.35 119.57 121.79 88.84 121.42 122.31 93.69

Jun-14 123.87 93.10 120.96 123.87 122.14 90.99 123.72 121.25 95.92

Jul-14 119.70 89.05 118.48 120.46 119.14 88.38 121.96 118.97 94.13

Aug-14 115.60 87.79 119.43 112.83 116.36 86.61 111.35 116.73 92.60

Sep-14 109.71 85.90 0.00 111.13 111.44 83.86 110.62 111.97 89.94

Oct-14 91.18 73.17 0.00 97.03 100.98 72.85 100.80 100.23 78.06

Yr-on-Yr Chg. -12.7% -20.5% -100.0% -13.5% -19.2% -19.4% -11.9% -19.0% -19.1%

NY Harbor US Gulf Los Angeles

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

2011 279.50 294.63 301.44 274.58 299.61 296.95 289.49 304.88

2012 293.97 302.38 311.33 281.37 305.65 305.29 303.06 310.61

2013 281.29 292.59 301.40 269.60 292.34 296.78 292.19 301.28

3Q 2013 288.47 293.47 304.47 277.27 294.37 301.17 292.63 306.93

4Q 2013 269.80 296.50 299.27 248.70 289.00 291.50 269.90 296.13

1Q 2014 274.00 301.20 311.23 265.23 292.53 293.43 279.70 294.93

2Q 2014 288.47 287.67 295.20 280.40 287.97 291.90 310.70 300.67

3Q 2014 274.27 272.07 282.30 264.97 279.50 279.07 281.17 289.33

Yr-on-Yr Chg. -4.9% -7.3% -7.3% -4.4% -5.1% -7.3% -3.9% -5.7%

Oct-13 268.50 294.00 299.50 249.00 288.50 293.50 276.10 297.20

Nov-13 267.30 292.30 293.80 245.10 283.00 285.70 265.10 291.00

Dec-13 273.60 303.20 304.50 252.00 295.50 295.30 268.50 300.20

Jan-14 267.20 306.30 311.70 254.80 292.10 291.30 262.80 292.70

Feb-14 279.50 306.10 322.70 269.50 296.50 297.30 286.90 302.20

Mar-14 275.30 291.20 299.30 271.40 289.00 291.70 289.40 289.90

Apr-14 289.60 288.80 295.80 280.10 288.80 293.20 316.90 299.80

May-14 286.20 286.00 293.60 276.20 286.80 290.40 303.60 301.60

Jun-14 289.60 288.20 296.20 284.90 288.30 292.10 311.60 300.60

Jul-14 280.20 277.60 287.90 271.30 281.70 284.20 290.80 293.50

Aug-14 270.50 275.30 285.00 263.10 283.90 282.10 280.80 294.90

Sep-14 272.10 263.30 274.00 260.50 272.90 270.90 271.90 279.60

Oct-14 239.80 242.40 253.20 217.90 246.00 250.00 233.80 257.70

Yr-on-Yr Chg. -10.7% -17.6% -15.5% -12.5% -14.7% -14.8% -15.3% -13.3%

Relevant • Independent • Objective

Page 13

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

N. A. Europe Asia-Pac Total1 Asia Non-Asia FSU Total1 P. Gulf Non-Gulf Total2 Total3

Demand

2009 23.7 14.7 8.0 46.3 17.0 10.8 4.0 31.8 4.5 2.7 7.3 85.5

2010 24.1 14.7 8.2 47.0 18.5 11.3 4.1 33.9 4.7 2.8 7.5 88.5

2011 24.0 14.3 8.2 46.4 19.3 11.4 4.5 35.2 4.9 2.9 7.9 89.5

2012 23.6 13.8 8.5 45.9 20.0 11.7 4.6 36.3 5.1 3.0 8.2 90.5

2013 24.1 13.6 8.3 46.1 20.6 11.8 4.7 37.1 5.3 3.1 8.5 91.8

3Q 2012 23.7 13.8 8.3 45.9 19.7 12.3 4.6 36.6 5.1 3.0 8.2 90.7

4Q 2012 23.8 13.7 8.8 46.3 20.5 11.8 4.6 36.9 5.1 3.0 8.2 91.3

1Q 2013 23.8 13.2 8.9 45.9 20.4 11.3 4.5 36.2 5.3 3.1 8.5 90.5

2Q 2013 23.9 13.8 7.8 45.5 20.6 11.9 4.6 37.1 5.3 3.1 8.5 91.2

3Q 2013 24.3 14.0 8.0 46.3 20.3 12.5 4.9 37.7 5.3 3.1 8.5 92.5

4Q 2013 24.3 13.6 8.6 46.5 20.9 11.9 4.9 37.7 5.3 3.1 8.5 92.8

1Q 2014 23.9 13.0 8.8 45.7 20.8 11.5 4.6 36.9 5.5 3.2 8.9 91.6

2Q 2014 23.6 13.4 7.7 44.7 21.0 12.3 4.8 38.1 5.5 3.2 8.9 91.5

3Q 2014 24.2 13.9 7.7 45.8 20.8 12.5 5.0 38.3 5.5 3.2 8.9 93.1

Supply

2009 13.6 4.5 0.6 20.0 7.4 8.3 13.3 29.8 23.0 10.5 34.1 85.7

2010 14.1 4.1 0.7 20.1 7.8 8.5 13.6 30.8 23.3 10.7 34.6 87.4

2011 14.6 3.8 0.6 20.1 7.8 8.5 13.6 30.8 25.7 9.6 35.8 88.6

2012 15.8 3.5 0.6 21.0 7.8 8.0 13.7 30.4 26.2 10.6 37.6 90.8

2013 17.1 3.3 0.5 22.1 7.7 8.0 13.9 30.6 26.2 9.8 36.7 91.3

3Q 2012 15.7 3.1 0.6 20.6 7.8 7.9 13.6 30.3 26.3 10.7 37.8 90.8

4Q 2012 16.6 3.3 0.5 21.7 8.0 8.0 13.7 30.6 26.0 10.4 37.2 91.2

1Q 2013 16.8 3.4 0.4 21.8 7.8 7.8 13.9 30.5 25.6 10.3 36.8 90.5

2Q 2013 16.6 3.4 0.5 21.7 7.7 7.9 13.8 30.4 26.1 10.3 37.3 91.3

3Q 2013 17.3 3.2 0.5 22.2 7.4 8.0 13.8 30.2 26.8 9.5 37.1 91.8

4Q 2013 17.8 3.4 0.4 22.8 7.7 8.0 14.0 30.7 26.4 9.0 36.1 91.9

1Q 2014 18.1 3.5 0.5 23.3 7.7 8.1 14.0 30.8 26.7 9.0 36.3 92.0

2Q 2014 18.6 3.3 0.5 23.6 7.6 8.0 13.8 30.4 26.8 8.9 36.4 92.8

3Q 2014 18.7 3.2 0.5 23.6 7.6 8.1 13.8 30.5 26.9 9.4 37.0 93.6

Balance

2009 -10.1 -10.2 -7.4 -26.3 -9.6 -2.5 9.3 -2.0 18.5 7.8 26.8 0.2

2010 -10.0 -10.6 -7.5 -26.9 -10.7 -2.8 9.5 -3.1 18.5 8.0 27.1 -1.1

2011 -9.4 -10.5 -7.6 -26.3 -11.5 -2.9 9.1 -4.4 20.8 6.7 28.0 -0.9

2012 -7.8 -10.3 -7.9 -24.9 -12.2 -3.7 9.1 -5.9 21.1 7.6 29.4 0.3

2013 -7.0 -10.3 -7.8 -24.0 -12.9 -3.8 9.2 -6.5 20.9 6.7 28.2 -0.5

3Q 2012 -8.0 -10.7 -7.7 -25.3 -11.9 -4.4 9.0 -6.3 21.2 7.7 29.6 0.1

4Q 2012 -7.2 -10.4 -8.3 -24.6 -12.5 -3.8 9.1 -6.3 20.9 7.4 29.0 -0.1

1Q 2013 -7.0 -9.8 -8.5 -24.1 -12.6 -3.5 9.4 -5.7 20.3 7.2 28.3 0.0

2Q 2013 -7.3 -10.4 -7.3 -23.8 -12.9 -4.0 9.2 -6.7 20.8 7.2 28.7 0.1

3Q 2013 -7.0 -10.8 -7.5 -24.1 -12.9 -4.5 8.9 -7.5 21.5 6.4 28.5 -0.7

4Q 2013 -6.5 -10.2 -8.2 -23.7 -13.2 -3.9 9.1 -7.0 21.1 5.8 27.6 -0.9

1Q 2014 -5.8 -9.5 -8.3 -22.4 -13.1 -3.4 9.4 -6.2 21.2 5.8 27.4 0.4

2Q 2014 -5.0 -10.1 -7.2 -21.1 -13.4 -4.3 9.0 -7.7 21.3 5.7 27.6 1.3

3Q 2014 -5.5 -10.7 -7.2 -22.2 -13.2 -4.4 8.8 -7.8 21.4 6.1 28.1 0.5

CERI Commodity Report - Crude Oil

Page 14

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.

OECD Non-OECD OPEC World

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

2011 14.61 3.77 0.58 18.96 7.69 8.63 13.57 29.88 25.66 9.58 35.82 84.66

2012 15.85 3.45 0.56 19.87 7.82 8.05 13.66 29.52 26.21 10.56 37.55 86.94

2013 17.11 3.35 0.48 20.93 7.67 7.96 13.88 29.52 26.18 9.80 36.72 87.17

3Q 2013 17.41 3.17 0.51 21.09 7.50 8.04 13.78 29.33 26.79 9.49 37.06 87.48

4Q 2013 17.88 3.30 0.47 21.65 7.69 8.13 14.05 29.87 26.43 8.97 36.13 87.65

1Q 2014 18.15 3.50 0.49 22.14 7.70 8.09 14.00 29.78 26.70 9.02 36.31 88.23

2Q 2014 18.61 3.25 0.49 22.36 7.66 8.05 13.84 29.56 26.79 8.95 36.42 88.34

3Q 2014 18.72 3.17 0.51 22.40 7.55 8.18 13.83 29.55 26.89 9.35 37.00 88.95

Yr-on-Yr Chg. 7.5% 0.0% 0.0% 6.2% 0.7% 1.7% 0.4% 0.8% 0.3% -1.5% -0.2% 1.7%

Oct-13 17.55 3.18 0.51 21.24 7.67 8.11 13.99 29.78 26.41 9.19 36.38 87.40

Nov-13 17.89 3.37 0.47 21.73 7.67 8.13 14.02 29.84 26.44 8.87 35.95 87.52

Dec-13 18.08 3.43 0.52 22.03 7.69 8.16 14.04 29.89 26.72 8.88 36.32 88.24

Jan-14 18.04 3.38 0.48 21.90 7.78 8.12 14.01 29.92 26.56 9.16 36.45 88.27

Feb-14 18.18 3.54 0.51 22.24 7.77 8.12 14.03 29.91 27.25 8.99 36.90 89.05

Mar-14 18.28 3.49 0.47 22.24 7.68 8.06 13.91 29.66 26.52 8.84 35.86 87.76

Apr-14 18.54 3.43 0.48 22.45 7.70 8.09 13.94 29.73 26.70 9.03 36.29 88.47

May-14 18.37 3.19 0.52 22.08 7.73 8.12 13.83 29.68 26.86 9.05 36.45 88.21

Jun-14 18.90 3.12 0.52 22.55 7.77 8.22 13.77 29.75 26.85 8.96 36.47 88.77

Jul-14 18.60 3.26 0.50 22.36 7.52 8.14 13.70 29.35 27.00 9.15 36.90 88.61

Aug-14 18.81 3.05 0.50 22.37 7.52 8.18 13.86 29.55 26.73 9.29 36.80 88.72

Sep-14 18.70 3.17 0.52 22.39 7.62 8.22 13.95 29.79 26.90 9.57 37.24 89.42

Oct-14 18.96 3.36 0.51 22.84 7.54 8.27 13.85 29.67 26.69 9.63 37.11 89.62

Yr-on-Yr Chg. 8.0% 5.7% 0.0% 7.5% -1.7% 2.0% -1.0% -0.4% 1.1% 4.8% 2.0% 2.5%

R/P Ratio2 31.4 11.4 21.5 28.2 12.1 22.2 25.1 21.0 80.4 113.0 87.2 50.5

North America Europe Asia-Pacific OECD

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

2011 464 698 1,313 286 546 898 156 164 390 906 1,408 2,601

2012 501 704 1,362 307 539 906 159 170 397 967 1,413 2,665

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

3Q 2013 521 714 1,402 314 505 881 157 183 413 991 1,401 2,697

4Q 2013 500 670 1,315 307 497 869 145 170 382 952 1,337 2,566

1Q 2014 523 638 1,311 311 493 873 170 161 399 1,003 1,292 2,582

2Q 2014 530 685 1,382 315 492 877 165 157 392 1,010 1,334 2,651

3Q 2014 512 720 1,408 308 511 889 167 184 424 987 1,414 2,722

Yr-on-Yr Chg. -1.7% 0.8% 0.4% -1.9% 1.3% 0.9% 6.2% 0.4% 2.7% -0.5% 0.9% 0.9%

Sep-13 521 714 1,402 314 505 881 157 183 413 991 1,401 2,697

Oct-13 536 679 1,380 324 496 884 152 181 404 1,012 1,356 2,668

Nov-13 526 669 1,354 314 486 865 150 174 396 989 1,328 2,615

Dec-13 500 670 1,315 307 497 869 145 170 382 952 1,337 2,566

Jan-14 502 652 1,296 305 517 891 144 172 385 951 1,341 2,572

Feb-14 514 646 1,306 307 512 885 152 165 385 973 1,322 2,576

Mar-14 523 638 1,311 311 493 873 170 161 399 1,003 1,292 2,582

Apr-14 533 654 1,346 310 495 870 157 157 381 1,000 1,306 2,598

May-14 539 674 1,377 319 503 890 161 164 396 1,018 1,341 2,662

Jun-14 530 685 1,382 315 492 877 165 157 392 1,010 1,334 2,651

Jul-14 519 703 1,395 308 495 870 163 165 399 990 1,364 2,664

Aug-14 512 713 1,402 300 519 890 167 179 417 979 1,412 2,709

Sep-14 512 720 1,408 308 511 889 167 184 424 987 1,414 2,722

Yr-on-Yr Chg. -1.7% 0.8% 0.4% -1.9% 1.3% 0.9% 6.2% 0.4% 2.7% -0.5% 0.9% 0.9%

Relevant • Independent • Objective

Page 15

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. 3. OPEC-10 production targets. 4. As

of latest month. 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-11 OPEC-11

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

2011 9.36 3.62 2.50 2.54 0.74 2.50 2.18 0.46 1.18 1.66 0.50 27.23 27.75 2.67

2012 9.78 3.00 2.65 2.73 0.74 2.50 2.10 1.39 1.17 1.78 0.50 28.35 30.00 2.95

2013 9.66 2.68 2.76 2.81 0.73 2.50 1.95 0.90 1.15 1.72 0.52 27.38 30.00 3.08

3Q 2013 10.10 2.64 2.80 2.82 0.73 2.52 1.97 0.62 1.15 1.71 0.52 27.57 30.00 3.04

4Q 2013 9.77 2.71 2.73 2.79 0.73 2.47 1.91 0.30 1.14 1.64 0.53 26.73 30.00 3.08

1Q 2014 9.72 2.81 2.73 2.79 0.72 2.45 1.93 0.37 1.07 1.57 0.55 26.70 30.00 3.29

2Q 2014 9.72 2.84 2.74 2.80 0.71 2.48 1.91 0.23 1.14 1.63 0.55 26.75 30.00 3.33

3Q 2014 9.81 2.78 2.81 2.84 0.72 2.48 1.89 0.57 1.15 1.71 0.56 27.30 30.00 3.21

Yr-on-Yr Chg. -2.9% 5.3% 0.4% 0.7% -1.4% -1.6% -4.1% -8.1% 0.0% 0.0% 7.7% -1.0% 5.6%

Oct-13 9.75 2.68 2.78 2.78 0.73 2.49 1.92 0.45 1.14 1.70 0.52 26.93 30.00 3.03

Nov-13 9.75 2.71 2.66 2.78 0.72 2.48 1.89 0.22 1.13 1.59 0.52 26.43 30.00 3.10

Dec-13 9.82 2.75 2.76 2.81 0.73 2.44 1.92 0.23 1.15 1.64 0.53 26.78 30.00 3.13

Jan-14 9.76 2.78 2.72 2.78 0.72 2.46 1.92 0.50 1.08 1.65 0.53 26.9 30.00 3.09

Feb-14 9.85 2.85 2.70 2.80 0.73 2.42 1.94 0.36 1.10 1.61 0.55 26.91 30.00 3.60

Mar-14 9.57 2.80 2.78 2.76 0.71 2.46 1.94 0.24 1.02 1.47 0.55 26.3 30.00 3.20

Apr-14 9.66 2.83 2.69 2.81 0.70 2.46 1.92 0.22 1.12 1.63 0.55 26.59 30.00 3.32

May-14 9.71 2.80 2.75 2.78 0.70 2.50 1.90 0.22 1.12 1.62 0.56 26.65 30.00 3.42

Jun-14 9.78 2.80 2.83 2.78 0.73 2.48 1.91 0.24 1.14 1.65 0.56 26.87 30.00 3.26

Jul-14 10.01 2.76 2.83 2.80 0.73 2.48 1.85 0.42 1.16 1.73 0.56 27.31 30.00 3.15

Aug-14 9.68 2.80 2.82 2.86 0.73 2.48 1.88 0.53 1.15 1.71 0.56 27.17 30.00 3.14

Sep-14 9.73 2.78 2.78 2.87 0.69 2.48 1.89 0.78 1.13 1.72 0.56 27.39 30.00 3.36

Oct-14 9.68 2.76 2.74 2.82 0.69 2.46 1.88 0.87 1.13 1.72 0.54 27.28 30.00 3.32

Yr-on-Yr Chg. -0.7% 3.0% -1.4% 1.4% -5.5% -1.2% -2.1% 93.3% -0.9% 1.2% 3.8% 1.3% 9.6%

Quotas3 8.05 3.34 2.22 2.22 0.73 1.99 1.67 1.47 1.20 1.52 0.43 30.00

Over/Under4 20.2% -17.4% 23.4% 27.0% -5.5% 23.6% 12.6% -40.8% -5.8% 13.2% 25.6% -9.1%

Persian Gulf

North America Europe Asia-Pacific OECD

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

2011 17.8 84.6 -4.17 12.1 79.7 0.62 6.5 73.0 -1.38 36.4 80.7

2012 18.1 86.3 1.72 12.1 79.5 5.80 6.8 75.8 -0.65 37.0 81.9

2013 18.4 87.7 1.40 11.5 75.2 3.48 6.7 75.1 -1.63 36.6 81.0

3Q 2013 19.0 90.5 0.48 11.7 76.7 3.25 6.7 74.6 -2.9 37.3 82.7

4Q 2013 18.6 88.5 3.54 10.8 71.1 1.53 6.7 75.2 -3.3 36.1 80.0

1Q 2014 18.3 87.1 0.43 11.1 73.1 1.24 6.9 77.0 -1.8 36.3 80.4

2Q 2014 18.9 90.0 4.28 11.1 72.9 2.65 6.1 68.2 -3.3 36.1 79.9

3Q 2014 19.3 92.2 3.03 11.7 76.5 4.79 6.6 73.4 -2.7 37.5 83.2

Yr-on-Yr Chg. 1.8% 526.9% -0.3% 47.2% -1.5% -5.1% 0.6%

Sep-13 18.7 89.0 -1.11 11.1 72.8 1.75 6.5 73.0 -4.3 36.3 80.4

Oct-13 17.8 85.0 1.95 10.3 67.5 1.62 6.3 70.8 -3.2 34.4 76.3

Nov-13 18.7 89.0 6.05 11.2 73.2 1.54 6.9 76.8 -3.7 36.7 81.2

Dec-13 19.2 91.4 2.63 11.1 72.8 1.42 7.0 78.1 -3.0 37.2 82.5

Jan-14 18.4 87.9 0.26 11.2 73.3 0.21 6.9 77.2 -1.3 36.5 80.9

Feb-14 18.3 87.0 -0.33 11.3 73.8 2.01 6.9 77.3 -1.8 36.4 80.6

Mar-14 18.1 86.4 1.37 11.0 72.0 1.51 6.9 76.7 -2.4 35.9 79.6

Apr-14 18.9 89.9 7.25 11.3 73.9 4.49 6.4 72.1 -2.4 36.6 81.0

May-14 18.8 89.6 5.08 11.3 73.8 1.72 6.0 67.4 -3.1 36.1 79.9

Jun-14 18.9 90.3 0.51 10.8 70.9 1.75 5.8 65.0 -4.3 35.6 78.8

Jul-14 19.6 93.5 0.51 11.5 75.4 3.96 6.5 72.2 -4.3 37.5 83.1

Aug-14 19.5 93.2 3.99 12.0 78.5 4.55 6.8 75.6 -3.1 38.3 84.7

Sep-14 18.8 89.8 4.59 11.5 75.7 5.86 6.5 72.5 -0.7 36.9 81.6

Yr-on-Yr Chg. 0.9% -513.5% 3.9% 235% -0.6% -83.3% 1.6%

CERI Commodity Report - Crude Oil

Page 16

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

2011 9.89 18.84 8.43 -0.12 0.14 5.40 -5.26 2.26 4.81 -2.56

2012 10.82 18.54 7.41 0.15 0.15 5.16 -5.02 2.57 4.79 -2.21

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

2Q 2013 11.86 18.61 6.57 0.27 0.18 5.19 -5.01 2.82 4.77 -1.94

3Q 2013 12.38 19.08 6.40 0.15 0.20 5.19 -4.99 2.97 4.89 -1.92

4Q 2013 12.68 19.26 5.33 -0.78 0.22 5.32 -5.10 3.12 5.06 -1.94

1Q 2014 12.84 18.81 5.39 -0.07 0.26 5.67 -5.41 3.06 4.76 -1.70

2Q 2014 13.51 18.71 5.18 0.66 0.28 5.26 -4.98 3.28 4.79 -1.51

Yr-on-Yr Chg. 14.0% 0.5% -21.1% 59.6% 1.4% 16.1% 0.5%

Aug-13 12.30 19.09 6.50 0.10 0.20 5.20 -4.99 2.97 4.90 -1.93

Sep-13 12.66 19.12 6.35 0.37 0.20 5.26 -5.07 3.03 4.89 -1.85

Oct-13 12.57 19.27 5.59 -0.62 0.18 5.31 -5.12 3.11 5.22 -2.12

Nov-13 12.72 19.41 5.33 -0.69 0.22 5.27 -5.05 3.17 5.09 -1.92

Dec-13 12.76 19.08 5.06 -1.02 0.24 5.38 -5.14 3.08 4.88 -1.80

Jan-14 12.70 18.92 5.24 -0.56 0.23 5.79 -5.56 3.04 4.73 -1.69

Feb-14 12.82 18.99 5.54 0.01 0.26 5.76 -5.50 3.06 4.83 -1.76

Mar-14 13.02 18.53 5.38 0.32 0.28 5.47 -5.19 3.09 4.72 -1.64

Apr-14 13.42 18.78 5.62 0.91 0.28 5.30 -5.02 3.18 4.68 -1.51

May-14 13.32 18.52 5.26 0.94 0.29 5.28 -4.99 3.24 4.82 -1.58

Jun-14 13.79 18.83 4.66 0.15 0.29 5.21 -4.91 3.41 4.87 -1.46

Jul-14 13.80 19.16 4.99 0.13 0.31 5.48 -5.17 3.46 4.98 -1.52

Aug-14 13.93 19.28 4.78 0.13 0.34 5.33 -4.99 3.46 4.94 -1.48

Yr-on-Yr Chg. 13.3% 1.0% -26.5% 67.5% 2.5% 16.5% 0.6%

% of Total2 100.0% 100.0% 2.4% 27.6% 24.8% 25.6%

South-Central North-West West Finished Petroleum Products

Supply Demand Balance Supply Demand Balance Supply Demand Balance

2011 5.29 5.12 0.17 0.79 0.67 0.12 1.42 2.83 -1.41

2012 5.88 5.16 0.73 0.85 0.69 0.16 1.36 2.75 -1.39

2013 6.77 5.28 1.49 0.87 0.71 0.16 1.37 2.79 -1.42

2Q 2013 6.65 5.17 1.48 0.85 0.68 0.17 1.36 2.80 -1.45

3Q 2013 6.98 5.33 1.65 0.89 0.75 0.14 1.34 2.92 -1.58

4Q 2013 7.03 5.41 1.62 0.91 0.70 0.21 1.41 2.76 -1.35

1Q 2014 7.21 5.01 2.20 0.91 0.68 0.23 1.40 2.69 -1.29

2Q 2014 7.59 5.07 2.51 0.97 0.72 0.26 1.39 2.87 -1.48

Yr-on-Yr Chg. 14.1% -1.9% 14.0% 4.7% 2.3% 2.4%

Aug-13 6.92 5.27 1.65 0.90 0.77 0.13 1.30 2.95 -1.65

Sep-13 7.16 5.34 1.82 0.91 0.72 0.19 1.37 2.91 -1.55

Oct-13 6.97 5.24 1.73 0.93 0.71 0.22 1.38 2.79 -1.41

Nov-13 6.99 5.64 1.34 0.93 0.68 0.25 1.41 2.73 -1.32

Dec-13 7.14 5.35 1.79 0.86 0.72 0.15 1.44 2.76 -1.32

Jan-14 7.09 5.04 2.05 0.91 0.71 0.20 1.42 2.65 -1.23

Feb-14 7.21 5.06 2.15 0.89 0.66 0.24 1.39 2.69 -1.30

Mar-14 7.34 4.93 2.41 0.94 0.69 0.25 1.38 2.72 -1.34

Apr-14 7.60 5.20 2.39 0.97 0.71 0.26 1.40 2.89 -1.49

May-14 7.46 4.95 2.51 0.94 0.67 0.26 1.40 2.80 -1.41

Jun-14 7.71 5.07 2.64 1.01 0.76 0.24 1.37 2.92 -1.55

Jul-14 7.74 5.09 2.65 1.00 0.70 0.30 1.29 2.92 -1.63

Aug-14 7.88 5.35 2.53 0.99 0.74 0.26 1.26 2.93 -1.67

Yr-on-Yr Chg. 13.9% 1.6% 10.0% -4.4% -3.0% -0.9%

% of Total2 56.6% 27.8% 7.1% 3.8% 9.0% 15.2%

Relevant • Independent • Objective

Page 17

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

2011 8.74 1.43 3.85 0.48 16.57 2.26 18.84

2012 8.70 1.40 3.73 0.35 16.15 2.32 18.54

2013 8.77 1.42 3.84 0.32 16.32 2.45 18.89

2Q 2013 8.90 1.42 3.77 0.27 16.37 2.17 18.61

3Q 2013 9.02 1.49 3.67 0.37 16.75 2.22 19.08

4Q 2013 8.75 1.44 3.97 0.28 16.28 2.72 19.26

1Q 2014 8.53 1.39 4.17 0.23 16.07 2.66 18.81

2Q 2014 9.01 1.47 3.93 0.26 16.63 2.06 18.71

Yr-on-Yr Chg. 1.2% 3.5% 4.2% -3.7% 1.6% -5.1% 0.5%

Aug-13 9.09 1.53 3.73 0.40 16.98 2.16 19.09

Sep-13 8.92 1.42 3.71 0.35 16.59 2.33 19.12

Oct-13 8.82 1.45 4.10 0.31 16.63 2.47 19.27

Nov-13 8.75 1.42 3.86 0.33 16.31 2.81 19.41

Dec-13 8.68 1.44 3.95 0.22 15.90 2.87 19.08

Jan-14 8.21 1.37 4.27 0.27 15.86 2.98 18.92

Feb-14 8.70 1.37 4.18 0.21 16.26 2.62 18.99

Mar-14 8.68 1.44 4.05 0.22 16.10 2.38 18.53

Apr-14 8.98 1.45 3.97 0.28 16.52 2.15 18.78

May-14 9.02 1.40 3.94 0.24 16.56 1.92 18.52

Jun-14 9.03 1.56 3.88 0.26 16.80 2.13 18.83

Jul-14 9.22 1.54 3.86 0.24 17.13 2.11 19.16

Aug-14 9.29 1.52 3.82 0.21 17.06 2.35 19.28

Yr-on-Yr Chg. 2.2% -0.6% 2.4% -47.1% 0.5% 8.6% 1.0%

Petroleum Stocks1 Crude Oil Finished Products

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

2011 171 268 1,134 35 143 1,751 1,027 61 42 150 34 333

2012 152 287 1,178 38 151 1,807 1,060 57 39 135 34 314

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

2Q 2013 158 281 1,199 38 142 1,818 1,072 50 40 122 37 305

3Q 2013 154 281 1,218 37 143 1,832 1,067 40 41 129 36 293

4Q 2013 151 269 1,162 39 139 1,760 1,054 40 37 127 38 291

1Q 2014 139 252 1,178 42 142 1,753 1,080 34 36 115 36 275

2Q 2014 156 265 1,213 39 139 1,814 1,075 29 36 122 37 274

Yr-on-Yr Chg. -0.8% -5.4% 1.2% 3.3% -2.0% -0.2% 0.3% -42.4% -10.3% -0.5% -2.1% -10.1%

Aug-13 158 275 1,209 37 142 1,821 1,059 49 39 129 35 302

Sep-13 154 281 1,218 37 143 1,832 1,067 40 41 129 36 293

Oct-13 146 274 1,211 38 144 1,812 1,080 39 39 117 36 276

Nov-13 146 272 1,192 39 143 1,792 1,072 38 37 121 36 278

Dec-13 151 269 1,162 39 139 1,760 1,054 40 37 127 38 291

Jan-14 141 266 1,155 39 141 1,743 1,060 40 38 115 37 280

Feb-14 136 259 1,166 40 142 1,743 1,069 38 38 113 37 279

Mar-14 139 252 1,178 42 142 1,753 1,080 34 36 115 36 275

Apr-14 142 254 1,200 41 143 1,780 1,086 31 38 117 36 275

May-14 154 258 1,210 41 145 1,809 1,085 31 39 122 38 282

Jun-14 156 265 1,213 39 139 1,814 1,075 29 36 122 37 274

Jul-14 154 263 1,223 39 139 1,818 1,060 28 35 126 36 275

Aug-14 154 268 1,224 40 136 1,822 1,052 28 36 128 38 276

Yr-on-Yr Chg. -2.4% -2.6% 1.3% 8.8% -4.5% 0.1% -0.7% -43.6% -9.8% -0.4% 6.4% -8.4%

CERI Commodity Report - Crude Oil

Page 18

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

2011 2.41 0.64 1.42 0.09 1.23 1.89 8.43 0.91 1.19 0.80 4.42 1.84

2012 2.55 0.47 1.12 0.03 0.74 2.15 7.41 0.87 1.36 0.42 4.10 2.14

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

2Q 2013 2.41 0.43 0.82 0.00 0.54 1.92 6.57 0.71 1.32 0.37 3.69 1.92

3Q 2013 2.57 0.40 0.79 -0.20 0.32 2.08 6.40 0.74 1.40 0.16 3.61 2.06

4Q 2013 2.56 0.37 0.64 -0.23 0.18 2.07 5.33 0.72 1.48 0.06 3.25 2.08

1Q 2014 2.58 0.39 0.54 -0.04 0.16 2.12 5.39 0.71 1.45 0.05 3.19 2.14

2Q 2014 2.47 0.29 0.52 -0.11 0.19 2.04 5.18 0.72 1.29 0.07 3.14 2.04

Yr-on-Yr Chg. 2.2% -32.0% -36.4% -4828.6% -64.4% 6.1% -21.1% 0.3% -2.8% -80.7% -15.0% 6.0%

Aug-13 2.61 0.46 0.65 -0.14 0.22 2.16 6.50 0.58 1.33 0.08 3.60 2.15

Sep-13 2.65 0.37 0.79 -0.40 0.42 2.12 6.35 0.78 1.54 0.24 3.68 2.12

Oct-13 2.53 0.36 0.67 -0.24 0.21 1.92 5.59 0.71 1.36 0.12 3.24 1.92

Nov-13 2.53 0.40 0.62 -0.26 0.17 2.12 5.33 0.71 1.56 0.02 3.27 2.12

Dec-13 2.60 0.34 0.63 -0.19 0.17 2.19 5.06 0.75 1.52 0.04 3.24 2.19

Jan-14 2.71 0.54 0.51 -0.15 0.13 2.15 5.24 0.64 1.46 0.07 3.09 2.16

Feb-14 2.50 0.27 0.66 0.03 0.14 2.11 5.54 0.78 1.45 0.01 3.27 2.15

Mar-14 2.53 0.35 0.45 0.00 0.21 2.10 5.38 0.73 1.44 0.09 3.22 2.10

Apr-14 2.43 0.30 0.70 -0.13 0.23 2.27 5.62 0.79 1.61 0.15 3.49 2.27

May-14 2.59 0.26 0.51 -0.04 0.13 1.92 5.26 0.69 1.24 0.01 2.95 1.92

Jun-14 2.38 0.32 0.36 -0.16 0.21 1.92 4.66 0.67 1.02 0.06 2.98 1.92

Jul-14 2.39 0.17 0.63 -0.28 0.16 2.14 4.99 0.82 1.23 0.02 3.34 2.14

Aug-14 2.55 0.33 0.62 -0.35 0.13 1.76 4.78 0.76 0.89 -0.03 2.93 1.76

Yr-on-Yr Chg. -2.4% -28.7% -4.5% 144.8% -38.4% -18.6% -26.5% 30.8% -32.9% -132.5% -18.6% -18.0%

% of Total3 53.3% 6.9% 12.9% -7.3% 2.8% 36.9% 100.0% 15.9% 18.7% -0.5% 61.4% 36.9%

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

2011 0.02 0.79 3.29 0.37 1.17 5.63 0.56 0.60 0.19 1.36 1.45

2012 0.02 1.06 3.60 0.42 1.12 6.22 0.54 0.58 0.19 1.83 1.25

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

2Q 2013 0.03 1.26 4.20 0.47 1.10 7.06 0.52 0.57 0.19 2.32 1.31

3Q 2013 0.03 1.37 4.34 0.51 1.09 7.34 0.50 0.59 0.21 2.58 1.17

4Q 2013 0.03 1.47 4.55 0.54 1.08 7.68 0.49 0.60 0.20 2.72 1.25

1Q 2014 0.03 1.52 4.78 0.54 1.17 8.05 0.55 0.62 0.20 2.91 1.27

2Q 2014 0.03 1.51 4.82 0.55 1.11 8.02 0.52 0.59 0.19 2.90 1.31

Yr-on-Yr Chg. 25.2% 19.9% 14.7% 16.7% 0.9% 13.7% -0.8% 2.5% 3.1% 25.0% -0.4%

Aug-13 0.03 1.31 4.09 0.50 1.04 6.97 0.47 0.57 0.20 2.49 1.04

Sep-13 0.04 1.45 4.59 0.53 1.13 7.74 0.51 0.62 0.22 2.71 1.27

Oct-13 0.03 1.45 4.45 0.53 1.03 7.51 0.43 0.60 0.20 2.68 1.19

Nov-13 0.03 1.47 4.65 0.54 1.10 7.79 0.51 0.59 0.20 2.73 1.33

Dec-13 0.04 1.50 4.56 0.54 1.11 7.75 0.52 0.59 0.19 2.75 1.23

Jan-14 0.03 1.47 4.41 0.51 1.09 7.52 0.52 0.57 0.19 2.71 1.14

Feb-14 0.04 1.60 5.21 0.57 1.28 8.71 0.60 0.68 0.22 3.16 1.40

Mar-14 0.03 1.49 4.73 0.54 1.14 7.94 0.54 0.60 0.19 2.87 1.26

Apr-14 0.03 1.40 4.50 0.52 1.05 7.50 0.48 0.57 0.19 2.73 1.20

May-14 0.04 1.54 4.92 0.56 1.13 8.19 0.53 0.60 0.20 2.97 1.33

Jun-14 0.04 1.59 5.04 0.58 1.14 8.38 0.54 0.60 0.19 3.01 1.40

Jul-14 0.04 1.64 4.97 0.58 1.13 8.36 0.52 0.60 0.19 3.02 1.33

Aug-14 0.04 1.61 4.95 0.60 1.05 8.26 0.47 0.58 0.19 2.97 1.38

Yr-on-Yr Chg. 42.4% 22.9% 21.1% 20.2% 1.1% 18.5% -0.3% 2.3% -4.4% 19.4% 33.2%

R/P Ratio3 9.4 9.6 10.0 12.7 17.3 11.1 19.6 15.5 8.6 10.2 9.8

Relevant • Independent • Objective

Page 19

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.

2011 1.20 77.2 3.43 92.6 7.81 90.8 0.56 89.0 2.67 86.9 15.66 89.2

2012 1.04 87.9 3.47 94.6 8.14 93.7 0.58 93.6 2.66 89.3 15.89 92.7

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

2Q 2013 1.15 89.3 3.27 86.8 8.37 92.0 0.56 89.5 2.47 81.5 15.83 88.8

3Q 2013 1.13 87.4 3.51 93.1 8.48 93.3 0.60 95.1 2.59 85.7 16.32 91.6

4Q 2013 1.10 85.1 3.60 95.8 8.51 93.5 0.59 93.9 2.77 92.8 16.56 93.3

1Q 2014 0.99 76.1 3.41 89.5 7.99 87.2 0.55 86.4 2.58 85.0 15.51 86.5

2Q 2014 1.13 87.1 3.58 93.8 8.35 91.2 0.57 89.3 2.54 85.0 16.17 90.4

Yr-on-Yr Chg. -2.2% 9.3% -0.2% 0.9% 2.9% 2.1%

Aug-13 1.12 86.7 3.54 93.9 8.42 92.5 0.62 98.7 2.61 86.1 16.31 91.5

Sep-13 1.13 87.1 3.42 90.7 8.38 92.2 0.59 93.5 2.64 87.3 16.16 90.7

Oct-13 0.90 69.7 3.47 92.0 7.92 87.1 0.58 91.6 2.62 86.4 15.48 86.9

Nov-13 1.30 102.2 3.77 100.9 9.09 100.0 0.63 100.0 3.03 104.6 17.82 101.1

Dec-13 1.09 83.8 3.56 94.4 8.51 93.6 0.57 90.2 2.66 87.9 16.39 92.0

Jan-14 0.96 73.7 3.49 91.3 8.05 87.9 0.57 89.9 2.58 85.1 15.64 87.2

Feb-14 0.99 76.3 3.54 92.8 7.92 86.5 0.51 80.8 2.57 84.6 15.52 86.6

Mar-14 1.01 78.2 3.22 84.4 7.99 87.3 0.56 88.4 2.59 85.4 15.38 85.8

Apr-14 1.07 82.8 3.48 91.2 8.52 93.0 0.56 87.8 2.63 86.7 16.25 90.6

May-14 1.15 88.5 3.59 94.1 8.32 90.9 0.59 92.8 2.53 83.4 16.18 90.2

Jun-14 1.17 89.9 3.66 96.1 8.22 89.8 0.56 87.4 2.47 84.8 16.07 90.3

Jul-14 1.14 87.5 3.72 97.6 8.79 96.0 0.57 88.1 2.64 90.9 16.86 94.6

Aug-14 1.09 84.3 3.58 93.9 8.78 95.9 0.64 98.9 2.59 89.2 16.68 93.7

Yr-on-Yr Chg. -2.5% 1.1% 4.3% 2.9% -0.7% 2.3%

% of Total1 6.6% 21.4% 52.6% 3.8% 15.5% 100.0%

NY Harbor Chicago US Gulf Los Angeles

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

2011 9.38 22.39 16.94 16.76

2012 11.87 26.89 14.78 11.65

2013 9.20 21.63 12.83 10.25

3Q 2013 8.77 15.25 12.20 6.66

4Q 2013 6.58 10.55 12.08 5.97

1Q 2014 6.47 16.53 11.68 6.33

2Q 2014 8.85 18.85 15.02 13.18

3Q 2014 9.30 17.07 13.06 10.22

Yr-on-Yr Chg. 6.1% 12.0% 7.1% 53.4%

Oct-13 5.53 9.99 10.58 8.05

Nov-13 7.21 12.50 13.27 7.34

Dec-13 7.00 9.17 12.39 2.53

Jan-14 6.48 14.25 11.46 4.64

Feb-14 7.94 16.28 11.37 9.06

Mar-14 4.98 19.05 12.20 5.28

Apr-14 10.80 19.02 17.00 16.18

May-14 8.04 18.41 14.55 12.15

Jun-14 7.70 19.13 13.50 11.20

Jul-14 6.78 12.98 11.20 7.23

Aug-14 10.08 18.41 13.87 11.56

Sep-14 11.05 19.82 14.10 11.86

Oct-14 7.67 17.99 9.74 8.42

Yr-on-Yr Chg. 38.7% 80.1% -7.9% 4.6%

CERI Commodity Report - Crude Oil

Page 20

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

2011 3.53 1.64 1.84 -0.05 0.32 1.02 -0.70 3.21 0.63 2.59

2012 3.77 1.72 2.06 0.01 0.26 1.05 -0.80 3.51 0.67 2.84

2013 4.04 1.65 2.40 0.01 0.28 0.98 -0.70 3.76 0.66 3.09

2Q 2013 3.90 1.50 2.40 0.00 0.34 0.90 -0.57 3.56 0.59 2.97

3Q 2013 4.07 1.73 2.43 0.10 0.35 1.04 -0.69 3.71 0.69 3.02

4Q 2013 4.21 1.64 2.54 -0.04 0.30 0.97 -0.67 3.91 0.66 3.25

1Q 2014 4.30 1.65 2.66 0.02 0.34 0.99 -0.64 3.96 0.67 3.29

2Q 2014 4.22 1.48 2.68 -0.06 0.32 0.89 -0.57 3.89 0.59 3.30

Yr-on-Yr Chg. 8.0% -1.0% 11.4% -4.7% -1.6% 9.2% -0.1%

Jun-13 3.91 1.51 2.38 -0.02 0.31 0.92 -0.60 3.60 0.60 3.00

Jul-13 4.07 1.67 2.47 0.07 0.36 0.99 -0.63 3.71 0.67 3.03

Aug-13 4.02 1.81 2.31 0.11 0.35 1.08 -0.73 3.67 0.73 2.94

Sep-13 4.11 1.71 2.51 0.11 0.34 1.04 -0.70 3.77 0.67 3.10

Oct-13 4.10 1.61 2.44 -0.05 0.28 0.95 -0.67 3.83 0.66 3.16

Nov-13 4.24 1.62 2.56 -0.06 0.29 0.97 -0.67 3.94 0.66 3.29

Dec-13 4.30 1.67 2.63 0.00 0.33 1.01 -0.67 3.97 0.66 3.30

Jan-14 4.25 1.63 2.62 0.00 0.33 0.96 -0.63 3.92 0.68 3.25

Feb-14 4.27 1.76 2.58 0.07 0.35 1.07 -0.72 3.92 0.69 3.23

Mar-14 4.38 1.56 2.79 -0.02 0.35 0.93 -0.58 4.03 0.64 3.39

Apr-14 4.26 1.42 2.82 -0.02 0.31 0.86 -0.55 3.96 0.57 3.39

May-14 4.16 1.55 2.53 -0.07 0.34 0.93 -0.59 3.82 0.62 3.20

Jun-14 4.23 1.47 2.68 -0.07 0.32 0.88 -0.56 3.90 0.59 3.31

Yr-on-Yr Chg. 8.0% -2.6% 12.7% 2.9% -3.8% 8.5% -0.7%

% of Total1 100.0% 100.0% 7.7% 59.8% 92.3% 40.2%

Finished Products NGLs Petrol.

Gasoline Distil. Resid. Total1 Total Total2

2011 0.76 0.58 0.08 1.82 0.55 2.37

2012 0.74 0.53 0.08 1.81 0.56 2.37

2013 0.77 0.56 0.05 1.84 0.66 2.50

2Q 2013 0.78 0.54 0.03 1.85 0.65 2.49

3Q 2013 0.81 0.56 0.06 1.91 0.65 2.55

4Q 2013 0.74 0.57 0.06 1.82 0.65 2.46

1Q 2014 0.75 0.59 0.08 1.86 0.65 2.51

2Q 2014 0.79 0.53 0.06 1.81 0.65 2.45

Yr-on-Yr Chg. 1.8% -1.9% 115.1% -2.1% 0.0% -1.5%

Jun-13 0.80 0.54 0.00 1.84 0.65 2.49

Jul-13 0.84 0.54 0.06 1.90 0.65 2.55

Aug-13 0.79 0.54 0.06 1.89 0.65 2.53

Sep-13 0.81 0.59 0.06 1.94 0.65 2.58

Oct-13 0.74 0.61 0.05 1.85 0.65 2.50

Nov-13 0.76 0.59 0.05 1.87 0.65 2.51

Dec-13 0.72 0.52 0.06 1.73 0.65 2.38

Jan-14 0.75 0.58 0.07 1.82 0.65 2.47

Feb-14 0.77 0.63 0.08 2.01 0.65 2.65

Mar-14 0.74 0.55 0.07 1.76 0.65 2.41

Apr-14 0.75 0.49 0.05 1.69 0.65 2.34

May-14 0.80 0.54 0.05 1.83 0.65 2.48

Jun-14 0.83 0.57 0.07 1.90 0.65 2.54

Yr-on-Yr Chg. 3.3% 5.7% #DIV/0! 2.9% 0.0% 2.1%

Finished Products Crude Oil Petrol.

Gasoline Distil. Resid. Total1 Total Total2

2011 19.0 18.0 2.9 56.1 100.1 156.2

2012 18.2 18.7 2.8 56.0 100.0 156.0

2013 16.5 13.8 2.4 52.4 98.9 151.3

2Q 2013 19.1 17.4 2.6 56.7 97.4 154.1

3Q 2013 17.4 17.2 2.3 56.4 103.2 159.6

4Q 2013 16.5 13.8 2.4 52.4 98.9 151.3

1Q 2014 19.3 16.9 2.6 57.8 101.8 159.6

2Q 2014 17.5 15.2 2.5 54.8 101.0 155.8

Yr-on-Yr Chg. -8.7% -12.7% -4.3% -3.2% 3.7% 1.1%

Jun-13 19.1 17.4 2.6 56.7 97.4 154.1

Jul-13 18.4 17.2 2.9 56.1 98.4 154.5

Aug-13 18.7 18.4 2.8 60.3 100.9 161.2

Sep-13 17.4 17.2 2.3 56.4 103.2 159.6

Oct-13 17.5 14.8 2.0 52.9 101.6 154.4

Nov-13 18.0 15.5 2.1 54.1 101.0 155.0

Dec-13 16.5 13.8 2.4 52.4 98.9 151.3

Jan-14 19.4 14.5 2.6 56.7 100.3 157.0

Feb-14 19.7 15.2 2.7 59.3 101.7 161.1

Mar-14 19.3 16.9 2.6 57.8 101.8 159.6

Apr-14 19.3 19.1 2.8 59.9 103.6 163.4

May-14 17.3 14.3 3.1 55.1 101.6 156.7

Jun-14 17.5 15.2 2.5 54.8 101.0 155.8

Yr-on-Yr Chg. -8.7% -12.7% -4.3% -3.2% 3.7% 1.1%

Relevant • Independent • Objective

Page 21

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.

Major Producers Canada Petroleum Type

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

2011 2.23 0.43 0.04 0.01 0.27 3.03 0.83 0.86 0.43 0.76 0.14

2012 2.47 0.47 0.04 0.01 0.20 3.25 0.86 0.90 0.45 0.89 0.14

2013 2.63 0.47 0.04 0.01 0.23 3.46 0.70 0.94 0.20 0.98 0.13

2Q 2013 2.45 0.47 0.04 0.01 0.23 3.26 0.66 0.82 0.15 0.93 0.13

3Q 2013 2.66 0.42 0.04 0.01 0.25 3.50 0.67 0.94 0.15 1.02 0.13

4Q 2013 2.75 0.50 0.04 0.01 0.20 3.57 0.63 1.00 0.15 1.03 0.14

1Q 2014 2.79 0.51 0.05 0.01 0.24 3.66 0.68 1.00 0.15 1.05 0.15

2Q 2014 2.73 0.51 0.04 0.01 0.22 3.58 0.66 0.88 0.15 1.11 0.15

Yr-on-Yr Chg. 11.3% 8.6% 10.6% -2.5% -4.3% 9.8% 0.0% 7.5% -1.2% 20.4% 15.9%

Jun-13 2.49 0.46 0.04 0.01 0.21 3.27 0.63 0.85 0.15 0.94 0.13

Jul-13 2.60 0.46 0.04 0.01 0.26 3.43 0.68 0.94 0.15 0.97 0.13

Aug-13 2.75 0.30 0.04 0.01 0.25 3.59 0.67 0.98 0.15 1.07 0.13

Sep-13 2.63 0.49 0.04 0.01 0.24 3.47 0.66 0.91 0.15 1.02 0.12

Oct-13 2.67 0.50 0.04 0.01 0.18 3.46 0.61 0.93 0.15 1.03 0.13

Nov-13 2.78 0.50 0.04 0.01 0.20 3.59 0.63 1.02 0.15 1.05 0.14

Dec-13 2.81 0.50 0.04 0.01 0.23 3.66 0.67 1.06 0.15 1.03 0.14

Jan-14 2.76 0.50 0.04 0.01 0.23 3.62 0.66 1.02 0.15 1.01 0.15

Feb-14 2.76 0.51 0.05 0.01 0.24 3.64 0.68 1.00 0.15 1.02 0.15

Mar-14 2.84 0.53 0.05 0.01 0.24 3.74 0.70 0.97 0.15 1.12 0.15

Apr-14 2.77 0.52 0.05 0.01 0.20 3.62 0.66 0.87 0.15 1.13 0.15

May-14 2.66 0.51 0.04 0.01 0.23 3.52 0.67 0.82 0.15 1.11 0.14

Jun-14 2.76 0.49 0.04 0.01 0.22 3.60 0.66 0.93 0.15 1.10 0.15

Yr-on-Yr Chg. 10.6% 7.6% 16.6% -5.6% 4.4% 10.0% 3.7% 9.3% -2.4% 16.6% 13.7%

Non-OPEC OPEC Imports

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

2011 20 8 40 76 379 129 54 73 15 300 102 679

2012 22 16 25 50 372 142 52 67 6 350 150 723

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

2Q 2013 31 5 21 58 524 29 27 0 0 76 20 600

3Q 2013 34 13 16 49 461 88 51 0 0 188 48 648

4Q 2013 16 0 58 0 492 47 31 0 0 106 27 598

1Q 2014 14 0 0 0 434 70 17 0 0 137 50 571

2Q 2014 2 0 11 12 450 12 25 0 0 79 42 528

Yr-on-Yr Chg. -95.0% -100.0% -47.5% -79.3% -14.1% -60.6% -8.2% #DIV/0! #DIV/0! 3.3% >100% -11.9%

Jun-13 51 0 0 0 481 70 51 0 0 179 59 660

Jul-13 28 40 0 0 322 130 48 0 0 235 57 557

Aug-13 33 0 0 147 489 32 90 0 0 210 87 699

Sep-13 41 0 47 0 571 103 15 0 0 118 0 689

Oct-13 26 0 79 0 454 54 60 0 0 114 0 567

Nov-13 14 0 97 0 520 35 32 0 0 67 0 587

Dec-13 9 0 0 0 502 54 0 0 0 136 82 638

Jan-14 13 0 0 0 480 66 0 0 0 66 0 546

Feb-14 10 0 0 0 451 111 0 0 0 199 88 650

Mar-14 18 0 0 0 372 33 51 0 0 145 61 517

Apr-14 4 0 33 6 344 35 30 0 0 125 60 470

May-14 1 0 0 0 476 0 14 0 0 80 66 556

Jun-14 0 0 0 30 529 0 31 0 0 31 0 560

Yr-on-Yr Chg. -100.0% #DIV/0! #DIV/0! #DIV/0! 9.9% -100.0% -39.3% #DIV/0! #DIV/0! -82.9% -100.0% -15.2%

% of Total3 0.0% 0.0% 0.0% 5.4% 94.5% 0.0% 5.5% 0.0% 0.0% 5.5% 0.0% 100.0%

CERI Commodity Report - Crude Oil

Page 22

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.

OECD Non-OECD OPEC World

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

2011 2,363 96 18 2,477 -42 666 624 172 161 333 3,433

2012 2,390 99 24 2,513 -33 661 628 230 145 376 3,517

2013 2,221 117 27 2,365 -18 682 663 260 146 406 3,435

3Q 2013 2,216 122 24 2,362 -11 644 632 265 141 407 3,401

4Q 2013 2,237 113 25 2,375 -15 683 668 267 146 413 3,456

1Q 2014 2,385 116 28 2,529 -17 685 668 281 149 430 3,626

2Q 2014 2,141 126 27 2,294 -9 691 681 296 128 424 3,399

3Q 2014 2,373 124 25 2,522 -9 697 688 286 140 427 3,636

Yr-on-Yr Chg. 7.1% 1.6% 4.1% 6.8% -20.6% 8.2% 8.8% 7.9% -0.7% 4.9% 6.9%

Oct-13 2,228 116 24 2,368 -12 672 660 260 149 409 3,437

Nov-13 2,241 116 24 2,381 -15 681 666 264 142 406 3,453

Dec-13 2,241 106 28 2,375 -17 696 679 277 147 424 3,478

Jan-14 2,372 108 29 2,509 -20 690 670 279 141 420 3,599

Feb-14 2,488 116 28 2,632 -14 679 665 279 160 439 3,736

Mar-14 2,294 125 26 2,445 -18 686 668 285 146 431 3,544

Apr-14 2,126 132 28 2,286 -7 691 684 288 130 418 3,388

May-14 2,107 129 25 2,261 -6 688 682 297 132 429 3,372

Jun-14 2,189 116 29 2,334 -15 693 678 303 122 425 3,437

Jul-14 2,312 130 25 2,467 -6 706 700 304 137 441 3,608

Aug-14 2,384 119 26 2,529 -6 692 686 284 143 427 3,642

Sep-14 2,423 122 25 2,570 -15 692 677 271 141 412 3,659

Oct-14 2,432 124 25 2,581 -15 684 669 270 137 407 3,657

Yr-on-Yr Chg. 9.2% 6.9% 4.2% 9.0% 25.0% 1.8% 1.4% 3.8% -8.1% -0.5% 6.4%

% of Total2 66.5% 3.4% 0.7% 70.6% -0.4% 18.7% 18.3% 7.4% 3.7% 11.1% 100.0%

United States Canada North America1

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

2011 133 399 1,132 156 55 1,875 1,843 32 431 1,419 888 2,307

2012 113 440 1,144 168 53 1,919 1,871 47 364 1,725 558 2,283

2013 89 420 1,049 153 50 1,761 1,705 56 351 1,728 384 2,112

3Q 2013 87 411 1,057 160 53 1,769 1,708 61 347 1,736 380 2,115

4Q 2013 92 414 1,040 161 49 1,757 1,697 60 378 1,764 371 2,135

1Q 2014 84 432 1,065 149 50 1,780 1,725 55 511 1,946 345 2,291

2Q 2014 85 445 1,118 148 55 1,852 1,796 56 202 1,736 318 2,054

3Q 2014 84 468 1,138 159 54 1,903 1,842 61 385 1,964 324 2,288

Yr-on-Yr Chg. -3.7% 13.9% 7.6% -0.5% 1.3% 7.6% 7.9% -0.1% 11.1% 13.1% -14.5% 8.2%

Oct-13 92 413 1,026 161 53 1,744 1,683 61 378 1,748 374 2,122

Nov-13 93 408 1,040 165 51 1,756 1,698 58 385 1,775 366 2,141

Dec-13 92 422 1,056 156 44 1,771 1,710 61 372 1,770 373 2,143

Jan-14 91 429 1,053 150 45 1,769 1,711 58 504 1,912 362 2,273

Feb-14 83 430 1,059 148 50 1,769 1,714 55 626 2,053 341 2,395

Mar-14 79 439 1,082 149 55 1,803 1,750 54 403 1,873 333 2,206

Apr-14 84 441 1,112 147 52 1,835 1,784 52 204 1,723 316 2,039

May-14 87 445 1,123 147 56 1,859 1,801 58 163 1,697 325 2,022

Jun-14 85 450 1,118 151 58 1,861 1,804 58 240 1,787 314 2,101

Jul-14 83 458 1,127 154 54 1,876 1,819 57 350 1,912 314 2,226

Aug-14 82 470 1,140 158 53 1,904 1,842 62 399 1,979 324 2,303

Sep-14 87 477 1,146 165 55 1,930 1,866 64 406 2,000 336 2,336

Oct-14 90 466 1,144 172 54 1,925 1,868 57 424 2,018 331 2,349

Yr-on-Yr Chg. -1.5% 12.9% 11.5% 6.7% 0.7% 10.4% 11.0% -6.5% 12.3% 15.5% -11.4% 10.7%

% of Total3 3.8% 19.8% 48.7% 7.3% 2.3% 81.9% 79.5% 2.4% 18.1% 85.9% 14.1% 100.0%

Relevant • Independent • Objective

Page 23

Geographical Specifications

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

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 dmillington@ceri.ca. Canadian Energy Research Institute 150, 3512 – 33 Street NW Calgary, AB T2L 2A6