October 2015 CERI Commodity Report — Crude Oil

October 2015

CERI Commodity Report — Crude Oil

Relevant • Independent • Objective

CERI Commodity Report – Crude Oil Editorial Committee: Paul Kralovic, Dinara Millington, Megan Murphy, Jon Rozhon, 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].

The projected growth of Western Canadian crude oil production is comprised of predominately heavy crude oil. This makes the USGC refineries, with their substantial heavy oil processing capabilities, a key target market for exports from Western Canada. Table 1 shows the volume of Canadian exports of heavy barrels to the US by destination and by type for the year 2014.3 Table1: Canadian Exports to the US by Destination and Type, 2014 (Volume - bbl/d)

Source: NEB

Canadian exports of heavy barrels enter the US via pipeline, rail and water. The total existing capacity of major existing crude oil pipelines exiting the Western Canada Sedimentary Basin (WCSB) is 3,792 thousand b/d, while the total proposed additional pipeline capacity is 3,645 thousand b/d. In 2014, crude by rail deliveries of Canadian crude to the US was 57,800 b/d. Total US receipts by rail from Canada of crude oil were 51,274 barrels, and USGC (PADD 3) receipts by rail from Canada of crude oil were 21,033 barrels. Due to existing US crude oil export restrictions, most US crude exports are sourced from domestic sources, which are exported only to Canada. However, since April 2014, US crude exports have included some Canadian barrels that were initially sent to the US, and then re-exported to Switzerland, Spain, Italy, and Singapore. These permitted re-exports of small volumes of Canadian crude oil are being assessed as an economically viable export strategy by some Canadian producers. United States Gulf Coast (USGC) Refining Sector The Gulf Coast region is home to more than 50 percent of US refining capacity with fifty-one refineries, holding a capacity of 9.7 million b/d.4 The USGC has a significant heavy oil processing capacity, with most refineries having

Heavy Barrel Competition in the Gulf of Mexico Karen Mascarenhas Introduction Competition for market share is increasing between Canadian and other heavy crude suppliers for access to the United States Gulf Coast (USGC)1 refinery market. This article explores how much of Canadian heavy crude oil is exported to the USGC, current Canadian export capacity, the USGC refining sector, and the competition among its various players. Current Canadian Exports to the US According to the US Energy Information Administration (EIA), Canada’s exports to the US increased by 306,000 barrels per day (b/d) (12 percent) in 2014, despite a 393,000 b/d (5 percent) decline in US total foreign imports. Canada exported 2.9 million b/d with nearly all of this volume being exported to the US. In 2014, Canadian oil made up nearly 30 percent of US crude oil imports, and that share is expected to grow over the years to come. Figure 1 shows the increase in Canadian crude oil and bitumen export dollars from 2000 to 2014.2 Figure 1: Canadian Crude Oil and Bitumen Exports (dollars x 1,000,000)

Source: Statistics Canada

Market Conventional Light

Conventional Medium

Conventional Heavy

Synthetic Bitumen and Blended Bitumen

Total

PADD I 130,689 4,298 52,903 16,090 39,188 243,168

PADD II 222,817 95,418 525,901 456,568 598,192 1,898,896

PADD III/USGC 2,847 1,619 53,338 42,679 83,765 184,248

PADD IV 25,624 5,288 143,460 48,584 18,023 240,979

PADD V 76,477 17,940 6,295 41,809 61,882 204,404

Total US 458,454 124,563 781,896 605,731 801,050 2,771,695

CERI Commodity Report - Crude Oil

the capacity to process heavy, high sulphur crude oil. This makes the USGC an ideal target market for growing supplies of Western Canadian heavy crude oil supplies outside of traditional markets for Canadian exports such as the US Midwest, which refines more than half of total Canadian exports to the US. In the past two years, refiners have taken advantage of the shale era boom in US domestic crude production. With new infrastructure including pipelines, Gulf Coast refineries have become a favoured destination for both new domestic and Canadian production. Figure 2 shows the growth in USGC refinery utilization and capacity over the past ten years.5 Figure 2: Gulf Coast (PADD III) Refinery Utilization and Capacity (Thousand Barrels Per Day)

Source: EIA

Table 2 provides a list of USGC refineries and their capacities. The Louisiana Gulf Coast Refining District has a capacity of 3,654,800 b/d, while the Texas Gulf Coast Refining District has a capacity of 4,550,476 b/d. The total USGC capacity is 8,205,276 b/d, which makes up around 46 percent of total US capacity.6

Table 2: US Gulf Coast Operable Refinery Capacity

Source: EIA

Some of these USGC refineries retain heavy crude supply arrangements or joint ventures with various companies or countries. For example, with a capacity of 610,000 b/d, the Port Arthur refinery in Texas, operated by Motiva, is partnered with Shell/Saudi Aramco in a joint venture agreement.7 Imports to United States Gulf Coast/PADD III Canadian heavy crude oil competes with oil from various countries such as Mexico, Brazil, Saudi Arabia and Venezuela. Saudi Arabia, Mexico and Venezuela are the top three suppliers of foreign-sourced crude oil to the USGC, accounting for 66 percent of total crude imports in 2014. Figure 3 shows the heavy crude oil (sweet and sour) major imports into the USGC. While imports of Canadian and Saudi Arabian oil have increased, imports from Colombia and Mexico have decreased in the past five years. Mexico sent 539,000 barrels of heavy crude a day to USGC refineries in August 2015, down from 725,000 for that month in 2014. Venezuelan shipments of heavy crude to USGC refineries fell to 699,000 b/d in 2014 from 823,000 b/d in 2012.8


Figure 3: Heavy (sweet and sour) major imports into the USGC (thousand barrels)

Source: EIA

The largest supplier of crude into the Houston Enbridge ECHO terminal is PEMEX, the Mexican national oil company that discounts its Maya crude to compete with Canadian producers. However, price and availability are not the only considerations. The quality of crude is also an important factor in determining access to the USGC refineries. Blending of crude streams from different sources complicates the analysis, as Canadian oil sands and Venezuelan crude can be mixed with lighter blends to create medium crude feedstocks. Crude supplies into Houston refineries used to be mostly waterborne imports, but rising US and Canadian production, along with new pipelines, have increasingly been replacing these overseas imports. In July 2015, crude delivered by pipelines (developed since 2012) accounted for approximately 55 percent of Houston supply, and waterborne imports decreased to 0.8 MMb/d.9 USGC refiners are currently faced with a logistical issue due to the fact that refineries were built decades ago when crude quality was expected to get heavier and sourer. However, new crude supplies from domestic shale basins are light or ultra-light and sweet. This begs the question to USGC refineries of how they will handle these new supplies, and what it might mean for Canadian and other heavy crude suppliers. For the most part, light crude imports into the USGC have decreased, as they have been replaced by domestic supplies from shale. Imports of light crude to the USGC fell from about 400 Mb/d in early 2010 down to a trickle by the end of 2013. According to Thomson Reuters trade flow data, USGC crude oil imports have fallen steadily since 2011 dropping to 3.2 million b/d in 2014. As shown in Figure 4, light crude imports account for most of the drop in import volumes, primarily grades from West

Africa, as these volumes are being offset by domestic US crudes.10 Figure 4: USGC Crude Imports by type

Source: Thomson Reuters trade flow data

Medium and heavy crude imports fell over the same period from an average of 1.4 MMb/d in 2010 and 2011 to 1.0 MMb/d in 2014 and 0.9 MMb/d through May 2015. Overall, imports of medium and heavy crude have been more resistant to displacement, because many USGC refineries are configured to process mostly medium and heavier crude. US refiners will continue to face changing supply and demand conditions in the upcoming year with changes to infrastructure, refinery capacity, crude oil price differentials based on quality, and policy decisions. The forthcoming CERI study will discuss the current suppliers of heavy barrels to the USGC market, while considering scenarios of the global heavy crude market. It will also forecast available crude exports out of Western Canada to the PADD regions and re-exports off the USGC, in addition to estimating netbacks for various modes of transport. Endnotes 1The USGC/PADD 3 region includes the six states of Alabama, Arkansas, Louisiana, Mississippi, New Mexico and Texas. 2Statistics Canada. Table 228-0059 - Merchandise imports and exports, customs and balance of payments basis for all countries, by seasonal adjustment and North American Product Classification System (NAPCS), annual (dollars) 3NEB: https://www.neb-one.gc.ca/nrg/sttstc/crdlndptrlmprdct/stt/stmtdcndncrdlxprttpdstn-eng.html 4http://www.eia.gov/todayinenergy/detail.cfm?id=19591 5EIA: http://www.eia.gov/dnav/pet/pet_pnp_unc_dcu_r30_a.htm 6Source: U.S. Energy Information Administration, Annual Refinery Report, Table 3 7IHS Energy 8EIA data 9RBN Energy: https://rbnenergy.com/stairway-to-houston-infrastructure-response-to-shale-era-crudeoil-supply-transformation 10Thomson Reuters trade flow data


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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 90.7 91.9 92.7 94.6 90.7 91.4 92.6 93.0 91.8 92.0 93.2 94.0 93.5 93.9 95.3 95.5

OECD 45.9 46.0 45.7 46.3 45.9 45.6 46.4 46.6 45.7 44.8 45.9 46.3 46.5 45.3 46.6 46.6

non-OECD 44.8 45.9 47.1 48.3 44.8 45.8 46.2 46.4 46.1 47.2 47.3 47.7 47.1 48.6 48.7 48.9

World Supply 90.9 91.4 93.7 96.1 90.4 91.3 91.8 91.9 92.2 93.0 94.1 95.3 95.0 96.2 96.8 96.2

Non-OPEC 53.2 54.6 57.0 58.3 53.7 54.1 54.9 55.8 55.9 56.6 57.2 58.3 58.1 58.2 58.6 58.4

OPEC NGLs 6.2 6.2 6.4 6.5 6.2 6.3 6.3 6.3 6.3 6.3 6.4 6.5 6.4 6.5 6.5 6.6

OPEC Crude 28.4 27.4 27.0 27.2 30.5 30.9 30.6 29.8 30.0 30.1 30.5 30.5 30.5 31.5 31.7 31.2

Supply - Demand1 0.2 -0.6 1.0 1.5 -0.3 -0.1 -0.8 -1.1 0.3 1.0 0.9 1.3 1.5 2.3 1.6 0.7

OECD

Stocks (MMbbls) 2665 2657 2662 2697 2566 2582 2652 2720 2712 2815 2905 2977

Days Cover 58 58 57 58 56 58 58 59 58 62 62 64

Sustainable

Capacity Aug-15 Sep-15 Oct-15 Aug-15 Sep-15 Oct-15

Saudi Arabia 10.85 10.28 10.20 10.25 2.23 2.15 2.20

Iran 4.00 2.87 2.88 2.88 -0.47 -0.46 -0.46

UAE 2.85 2.93 2.91 2.89 0.71 0.69 0.67

Kuwait 2.65 2.80 2.81 2.73 0.58 0.59 0.51

Qatar 0.90 0.65 0.65 0.67 -0.08 -0.08 -0.06

Nigeria 2.60 1.77 1.86 1.90 0.10 0.19 0.23

Libya 1.75 0.37 0.37 0.43 -1.10 -1.10 -1.04

Algeria 1.43 1.13 1.12 1.11 -0.07 -0.08 -0.09

Ecuador 0.49 0.53 0.53 0.53 0.10 0.10 0.10

OPEC-11 32.12 27.46 27.48 27.56 -2.54 -2.52 -2.44

Iraq1 2.50 4.17 4.30 4.20

Total OPEC 34.62 31.63 31.78 31.76

Production Over (+)/Under (-) Target

2013 2014 2015 2016 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16

High Price Case 48.40 52.25 48.40 50.60 51.70 52.80 53.90

Reference Case 98.03 93.28 49.20 47.50 73.62 48.49 57.85 46.47 44.00 46.00 47.00 48.00 49.00

Low Price Case 37.40 40.38 37.40 39.10 39.95 40.80 41.65


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.)

2012 94.86 95.15 95.30 96.89 -0.35

2013 96.82 97.37 97.01 97.45 -0.12

2014 96.53 96.37 96.73 87.56 0.54

3Q 2014 102.58 102.08 102.22 99.28 0.90

4Q 2014 83.30 83.34 86.59 86.30 0.56

1Q 2015 51.08 51.34 54.75 56.95 -0.47

2Q 2015 53.32 53.04 52.84 56.55 -1.51

3Q 2015 50.39 50.63 53.14 54.10 -0.42

Yr-on-Yr Chg. -50.9% -50.4% -48.0% -45.5%

Nov-14 82.81 82.76 87.91 87.10 0.81

Dec-14 75.58 74.92 78.37 78.87 0.10

Jan-15 56.52 55.70 64.33 65.55 -0.19

Feb-15 46.39 47.11 50.64 52.78 -0.45

Mar-15 50.34 51.21 49.29 52.53 -0.78

Apr-15 45.72 44.78 47.98 52.78 -1.84

May-15 55.26 55.79 51.65 55.42 -1.57

Jun-15 58.98 58.56 58.89 61.46 -1.12

Jul-15 59.68 59.91 59.63 61.11 -0.41

Aug-15 50.36 50.47 54.66 53.70 -0.36

Sep-15 41.14 41.52 45.12 47.50 -0.49

Oct-15 45.83 45.73 44.47 46.73 -0.57

Nov-15 45.55 46.23 46.32 48.55 -0.51

Yr-on-Yr Chg. -45.0% -44.1% -47.3% -44.3%

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.)

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

2014 270.6 272.8 271.8 260.8 1.7 285.9 287.7 286.4 290.2 1.4

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

4Q 2014 222.0 227.8 230.0 218.0 4.8 246.4 251.5 256.3 261.0 0.7

1Q 2015 153.9 151.7 152.1 165.9 -9.1 194.4 189.3 188.0 186.9 5.3

2Q 2015 197.2 194.1 191.8 181.2 0.5 188.3 185.6 186.1 192.9 0.3

3Q 2015 185.7 180.9 186.1 156.3 8.6 171.5 167.9 170.0 179.2 -1.1

Yr-on-Yr Chg. -35.9% -37.6% -35.7% -40.9% -41.0% -42.4% -41.4% -39.8%

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

Dec-14 190.4 199.0 205.8 199.0 1.8 223.1 234.1 241.3 242.9 2.3

Jan-15 143.5 144.7 161.8 173.3 -1.4 184.7 185.5 200.9 200.7 3.2

Feb-15 141.5 137.1 134.1 149.9 -3.5 168.6 164.5 167.1 168.8 2.5

Mar-15 176.8 173.2 160.5 174.6 -22.4 229.9 218.0 196.1 191.2 10.3

Apr-15 178.0 179.3 182.6 172.6 0.3 171.8 172.6 178.2 183.2 1.8

May-15 205.0 202.3 189.9 180.4 0.1 197.6 194.7 184.0 191.9 -0.5

Jun-15 208.6 200.5 202.8 190.6 1.2 195.5 189.4 196.3 203.6 -0.4

Jul-15 209.0 205.6 206.9 180.1 3.7 188.7 186.2 188.9 197.6 -0.7

Aug-15 184.1 183.0 191.1 157.2 6.0 158.4 159.3 168.2 177.8 -1.3

Sep-15 164.0 154.0 160.4 131.6 16.3 167.4 158.2 152.8 162.1 -1.4

Oct-15 138.9 136.7 138.2 127.7 1.8 151.3 149.6 153.9 164.3 -2.1

Nov-15 140.5 136.8 134.9 128.3 1.8 149.9 148.6 149.9 161.4 -2.6

Yr-on-Yr Chg. -35.3% -37.7% -40.1% -40.2% -40.4% -41.1% -40.8% -37.5%


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

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

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

3Q 2014 102.21 101.44 101.83 101.83 102.37 101.45 92.33 100.46 90.65 97.56 103.17 100.02

4Q 2014 74.04 74.44 75.25 76.28 76.76 75.69 65.25 72.09 66.74 74.73 77.47 73.44

1Q 2015 50.15 52.03 52.77 53.97 54.96 53.30 44.05 48.36 45.02 49.87 54.57 52.13

2Q 2015 60.43 61.28 61.34 61.84 62.53 62.18 52.11 58.72 55.83 62.12 62.72 60.54

3Q 2015 49.01 49.80 49.92 50.29 50.93 49.75 37.94 47.70 42.85 49.96 50.62 45.46

Yr-on-Yr Chg. -52.0% -50.9% -51.0% -50.6% -50.3% -51.0% -58.9% -52.5% -52.7% -48.8% -50.9% -54.6%

Oct-14 85.93 86.73 86.77 87.41 87.87 86.63 76.17 83.99 76.84 85.40 88.51 84.46

Nov-14 76.07 76.33 77.81 78.90 79.27 78.92 68.42 74.04 69.52 79.04 80.10 75.92

Dec-14 60.13 60.25 61.16 62.53 63.15 61.53 51.17 58.25 53.86 59.74 63.81 59.95

Jan-15 44.47 45.57 46.61 47.86 48.48 47.03 37.96 42.31 42.26 45.52 48.51 46.37

Feb-15 53.78 55.85 56.58 58.13 59.22 57.81 48.41 52.25 47.00 52.68 58.46 55.90

Mar-15 52.20 54.66 55.12 55.93 57.18 55.07 45.79 50.52 45.79 51.41 56.75 54.11

Apr-15 57.73 58.55 58.66 59.50 60.51 59.70 49.49 55.96 52.73 59.10 60.65 58.55

May-15 62.62 63.54 63.60 64.32 64.86 64.33 55.09 60.92 58.04 63.78 65.31 62.98

Jun-15 60.94 61.76 61.77 61.69 62.21 62.52 51.74 59.29 56.71 63.48 62.19 60.09

Jul-15 54.95 56.15 56.23 56.54 57.02 55.84 44.43 53.85 47.78 55.62 56.77 51.86

Aug-15 46.52 47.87 47.87 46.72 47.53 46.22 35.26 45.28 39.75 46.56 47.07 42.46

Sep-15 45.56 45.38 45.65 47.61 48.24 47.19 34.13 43.96 41.03 47.71 48.01 42.05

Oct-15 45.37 45.84 46.80 48.56 49.19 47.49 35.48 43.61 39.91 46.90 49.16 42.13

Yr-on-Yr Chg. -47.2% -47.1% -46.1% -44.4% -44.0% -45.2% -53.4% -48.1% -48.1% -45.1% -44.5% -50.1%

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

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

2014 94.79 94.13 87.39 88.44 83.44 82.19 88.44 85.77 80.44 83.52 91.36 81.69

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

4Q 2014 85.16 66.61 59.72 64.25 59.25 58.00 64.25 63.25 56.25 59.65 75.03 67.45

1Q 2015 60.55 52.27 41.63 46.33 41.33 40.08 46.33 44.42 38.33 42.56 53.33 43.37

2Q 2015 48.46 61.76 53.02 55.33 50.33 49.08 55.33 54.42 47.33 51.58 68.68 57.43

3Q 2015 57.69 47.85 40.37 42.58 37.58 36.33 42.58 41.50 34.58 39.26 54.71 44.31

Yr-on-Yr Chg. -41.3% -50.4% -55.1% -53.9% -57.0% -57.8% -53.9% -54.6% -59.0% -55.0% -44.0% -47.5%

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

Nov-14 85.02 64.19 57.10 62.75 57.75 56.50 62.75 61.75 54.75 57.65 75.39 71.77

Dec-14 76.76 55.81 49.05 53.00 48.00 46.75 53.00 52.00 45.00 49.27 61.98 50.47

Jan-15 85.02 48.28 40.40 44.75 39.75 38.50 44.75 43.75 36.75 40.99 48.48 37.55

Feb-15 53.97 54.05 41.55 46.25 41.25 40.00 46.25 45.25 38.25 42.51 55.75 46.28

Mar-15 42.65 54.47 42.95 48.00 43.00 41.75 48.00 44.25 40.00 44.18 55.75 46.28

Apr-15 46.82 61.44 51.15 53.75 48.75 47.50 53.75 52.75 45.75 49.90 62.72 49.82

May-15 46.61 62.72 54.05 56.25 51.25 50.00 56.25 55.25 48.25 52.47 70.64 58.42

Jun-15 51.94 61.13 53.85 56.00 51.00 49.75 56.00 55.25 48.00 52.38 72.68 64.04

Jul-15 57.76 49.87 41.75 43.50 38.50 37.25 43.50 42.50 35.50 39.87 59.45 56.69

Aug-15 57.55 47.72 40.65 42.00 37.00 35.75 42.00 40.75 34.00 37.97 48.41 34.09

Sep-15 57.76 45.95 38.70 42.25 37.25 36.00 42.25 41.25 34.25 39.95 56.26 42.17

Oct-15 41.44 47.09 38.85 43.00 38.00 36.75 43.00 42.00 35.00 40.84 57.34 41.03

Yr-on-Yr Chg. -55.8% -41.0% -46.8% -44.2% -47.2% -48.1% -44.2% -44.7% -49.3% -43.3% -34.6% -48.8%


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.

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

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

3Q 2014 102.21 98.85 3.35 97.56 91.19 6.37 89.77 77.51 12.26 86.17 87.42 -1.25

4Q 2014 74.04 70.43 3.62 74.73 67.60 7.13 65.56 58.93 6.62 58.00 59.25 -1.25

1Q 2015 50.15 46.89 3.26 49.87 44.36 5.51 43.14 35.08 8.06 40.08 41.33 -1.25

2Q 2015 60.43 57.23 3.20 62.12 53.77 8.35 55.84 46.69 9.15 49.08 50.33 -1.25

3Q 2015 49.01 47.25 1.76 49.96 44.53 5.43 41.85 33.90 7.95 36.33 37.58 -1.25

Yr-on-Yr Chg. -52.0% -52.2% -48.8% -51.2% -53.4% -56.3% -57.8% -57.0%

Oct-14 85.93 82.45 3.48 85.40 78.85 6.55 78.24 71.44 6.79 70.75 72.00 -1.25

Nov-14 76.07 72.18 3.89 79.04 71.43 7.61 66.57 63.37 3.20 56.50 57.75 -1.25

Dec-14 60.13 56.65 3.48 59.74 52.52 7.22 52.46 42.72 9.74 46.75 48.00 -1.25

Jan-15 44.47 40.25 4.22 45.52 40.11 5.41 40.11 31.06 9.04 38.50 39.75 -1.25

Feb-15 53.78 51.07 2.71 52.68 47.31 5.37 44.58 37.01 7.58 40.00 41.25 -1.25

Mar-15 52.20 49.34 2.86 51.41 45.67 5.74 44.58 37.01 7.58 41.75 43.00 -1.25

Apr-15 57.73 54.26 3.47 59.10 49.53 9.57 50.79 40.34 10.45 47.50 48.75 -1.25

May-15 62.62 59.42 3.20 63.78 55.16 8.62 57.96 47.93 10.03 50.00 51.25 -1.25

Jun-15 60.94 58.01 2.93 63.48 56.63 6.85 58.78 51.79 6.99 49.75 51.00 -1.25

Jul-15 54.95 53.55 1.40 55.62 50.53 5.09 46.29 44.14 2.15 37.25 38.50 -1.25

Aug-15 46.52 44.82 1.70 46.56 40.89 5.67 36.85 25.94 10.91 35.75 37.00 -1.25

Sep-15 45.56 43.37 2.19 47.71 42.17 5.54 42.49 31.85 10.64 36.00 37.25 -1.25

Oct-15 45.37 43.30 2.07 46.90 41.05 5.85 43.88 31.40 12.48 36.75 38.00 -1.25

Yr-on-Yr Chg. -47.2% -47.5% -45.1% -47.9% -43.9% -56.0% -48.1% -47.2%

Spot Prices Differentials

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

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

2014 93.28 98.94 96.52 97.97 96.19 -2.41 0.01 -1.44 0.34

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

4Q 2014 73.62 76.61 74.13 75.94 73.36 6.69 9.17 7.36 9.94

1Q 2015 48.49 53.96 51.72 52.93 50.30 -2.88 -0.64 -1.85 0.78

2Q 2015 57.85 61.87 61.23 61.53 59.89 -8.55 -7.91 -8.21 -6.57

3Q 2015 46.47 50.44 50.01 49.75 48.16 -0.05 0.38 0.64 2.23

Yr-on-Yr Chg. -52.4% -50.5% -50.7% -50.7% -52.2%

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

Nov-14 76.34 78.94 76.40 78.92 75.57 -3.36 -0.82 -3.34 0.01

Dec-14 59.47 62.57 60.22 61.34 59.46 -6.05 -3.70 -4.82 -2.94

Jan-15 47.27 47.84 45.62 46.48 44.38 -1.45 0.77 -0.09 2.01

Feb-15 50.61 58.09 55.42 57.61 54.06 -7.75 -5.08 -7.27 -3.72

Mar-15 47.79 56.05 54.53 54.82 52.46 -10.33 -8.81 -9.10 -6.74

Apr-15 54.46 59.79 58.37 59.44 57.30 -4.53 -3.11 -4.18 -2.04

May-15 59.27 64.35 63.58 63.67 62.16 -5.37 -4.60 -4.69 -3.18

Jun-15 59.80 61.63 61.84 61.57 60.21 -1.95 -2.16 -1.89 -0.53

Jul-15 50.90 56.48 56.20 55.87 54.19 -6.12 -5.84 -5.51 -3.83

Aug-15 42.86 46.60 47.64 45.76 45.46 -5.46 -6.50 -4.62 -4.32

Sep-15 45.45 47.61 45.45 46.98 44.83 -1.78 0.38 -1.15 1.00

Oct-15 46.20 48.51 45.92 47.31 45.02 -2.96 -0.37 -1.76 0.53

Yr-on-Yr Chg. -45.3% -44.5% -46.9% -45.4% -47.1%


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

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

2014 106.68 82.82 113.25 108.16 112.63 81.04 110.75 112.53 87.22

3Q 2014 115.08 87.61 117.49 114.96 115.68 86.31 114.70 115.88 92.22

4Q 2014 78.12 62.38 91.93 84.41 91.21 61.15 87.39 90.04 67.69

1Q 2015 63.89 44.30 68.11 63.79 69.16 40.74 67.08 68.08 48.30

2Q 2015 82.07 50.94 74.67 80.08 76.66 48.84 80.94 75.00 55.91

3Q 2015 69.59 38.07 62.13 70.31 63.48 35.94 69.27 60.75 41.10

Yr-on-Yr Chg. -39.5% -56.5% -47.1% -38.8% -45.1% -58.4% -39.6% -47.6% -55.4%

Oct-14 91.18 73.17 103.36 97.03 100.98 72.85 100.80 100.23 78.06

Nov-14 81.99 64.32 96.97 89.01 94.94 63.00 90.56 93.87 70.99

Dec-14 60.49 48.91 75.47 66.20 76.95 46.58 71.71 76.84 54.80

Jan-15 53.61 38.53 63.07 54.20 63.06 34.64 57.24 62.64 42.94

Feb-15 67.30 48.61 72.93 66.10 74.34 44.45 70.33 71.19 52.69

Mar-15 70.31 45.84 68.32 70.86 70.27 43.18 73.82 70.73 49.83

Apr-15 76.63 48.56 71.50 75.57 73.77 47.19 75.56 72.38 52.92

May-15 83.36 52.41 77.25 80.72 79.43 51.12 83.68 78.05 58.72

Jun-15 86.09 51.88 75.25 83.63 76.89 48.37 83.70 74.73 56.22

Jul-15 81.50 44.40 66.99 81.21 68.74 42.27 75.84 65.06 47.86

Aug-15 69.72 35.11 58.96 68.23 60.19 33.11 65.89 57.12 37.68

Sep-15 56.97 34.42 60.44 60.82 60.98 31.89 65.26 59.45 36.92

Oct-15 54.57 34.66 58.81 56.78 58.97 32.12 63.46 59.09 37.30

Yr-on-Yr Chg. -40.2% -52.6% -43.1% -41.5% -41.6% -55.9% -37.0% -41.0% -52.2%

NY Harbor US Gulf Los Angeles

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

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

2014 261.23 269.64 280.48 248.81 269.65 271.08 266.81 278.58

3Q 2014 274.27 272.07 282.30 264.97 279.50 279.07 281.17 289.33

4Q 2014 208.20 217.63 233.20 184.63 218.60 219.93 195.67 229.37

1Q 2015 153.83 170.70 184.17 151.73 163.03 168.87 175.33 174.50

2Q 2015 191.20 177.20 189.87 185.43 176.10 183.17 227.10 191.60

3Q 2015 164.67 145.57 157.20 159.57 144.43 151.03 215.10 157.90

Yr-on-Yr Chg. -40.0% -46.5% -44.3% -39.8% -48.3% -45.9% -23.5% -45.4%

Oct-14 239.80 242.40 253.20 217.90 246.00 250.00 233.80 257.70

Nov-14 216.50 224.90 243.00 193.70 229.70 231.40 202.40 240.80

Dec-14 168.30 185.60 203.40 142.30 180.10 178.40 150.80 189.60

Jan-15 136.40 161.60 167.80 127.10 149.60 153.10 130.10 155.90

Feb-15 160.70 187.30 199.10 160.30 176.60 182.40 194.20 195.10

Mar-15 164.40 163.20 185.60 167.80 162.90 171.10 201.70 172.50

Apr-15 179.30 172.20 184.30 173.40 170.20 177.60 215.40 181.20

May-15 193.80 183.20 196.50 188.40 184.90 191.70 247.20 204.00

Jun-15 200.50 176.20 188.80 194.50 173.20 180.20 218.70 189.60

Jul-15 186.00 155.70 168.40 186.00 154.90 162.40 266.30 171.60

Aug-15 162.00 138.70 151.60 157.40 138.90 146.30 207.50 151.90

Sep-15 146.00 142.30 151.60 135.30 139.50 144.40 171.50 150.20

Oct-15 139.70 140.40 147.20 130.70 139.10 141.80 166.90 155.30

Yr-on-Yr Chg. -41.7% -42.1% -41.9% -40.0% -43.5% -43.3% -28.6% -39.7%


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

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 4.6 35.3 4.9 2.9 7.9 89.5

2012 23.6 13.8 8.5 45.9 19.9 12.1 4.6 36.6 5.1 3.0 8.2 90.7

2013 24.1 13.6 8.4 46.0 20.7 12.1 4.7 37.5 5.3 3.1 8.5 91.9

2014 24.1 13.4 8.2 45.7 21.1 12.2 4.9 38.2 5.5 3.2 8.9 92.7

3Q 2013 24.3 14.0 8.0 46.4 20.4 12.5 4.9 37.8 5.3 3.1 8.5 92.6

4Q 2013 24.3 13.6 8.6 46.6 20.9 12.0 5.0 37.9 5.3 3.1 8.5 93.0

1Q 2014 23.9 13.0 8.9 45.7 20.9 11.7 4.6 37.2 5.5 3.2 8.9 91.8

2Q 2014 23.7 13.3 7.7 44.8 21.2 12.3 4.9 38.4 5.5 3.2 8.9 92.0

3Q 2014 24.4 13.8 7.7 45.9 20.7 12.6 5.1 38.4 5.5 3.2 8.9 93.2

4Q 2014 24.6 13.4 8.3 46.3 21.6 12.2 5.1 38.9 5.5 3.2 8.9 94.0

1Q 2015 24.2 13.4 8.8 46.5 21.9 11.5 4.6 38.0 5.8 3.4 9.2 93.5

2Q 2015 24.1 13.5 7.7 45.3 22.3 12.2 4.9 39.4 5.8 3.4 9.2 93.9

3Q 2015 24.7 14.1 7.8 46.6 22.1 12.3 5.1 39.5 5.8 3.4 9.2 95.3

Supply

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 7.7 8.5 13.6 30.7 25.7 9.6 35.8 88.6

2012 15.8 3.5 0.6 21.0 7.7 7.9 13.8 30.3 26.2 10.6 37.6 90.8

2013 17.2 3.3 0.5 22.2 7.7 7.9 13.8 30.4 26.2 9.8 36.7 91.2

2014 19.0 3.3 0.5 24.1 7.7 8.1 13.9 30.7 26.8 9.2 36.7 93.6

3Q 2013 17.4 3.2 0.5 22.3 7.5 8.0 13.7 30.2 26.8 9.5 37.1 91.8

4Q 2013 17.8 3.4 0.5 22.8 7.7 8.0 14.0 30.7 26.4 9.0 36.1 91.9

1Q 2014 18.2 3.5 0.5 23.4 7.7 7.9 13.9 30.5 26.7 9.0 36.3 92.1

2Q 2014 18.9 3.2 0.5 23.8 7.7 8.0 13.8 30.5 26.8 9.0 36.4 93.0

3Q 2014 19.2 3.1 0.5 24.1 7.6 8.2 13.8 30.6 26.9 9.3 37.0 94.1

4Q 2014 19.8 3.4 0.5 25.0 7.9 8.3 13.9 31.1 26.8 9.4 37.0 95.3

1Q 2015 19.9 3.4 0.4 24.9 7.9 8.3 14.0 31.2 27.3 8.8 36.9 95.0

2Q 2015 19.5 3.5 0.4 24.7 8.0 8.1 14.0 31.1 28.3 8.9 38.0 96.2

3Q 2015 19.8 3.4 0.5 24.9 7.9 8.1 13.9 30.9 28.6 8.8 38.3 96.9

Balance

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 -11.6 -2.9 9.0 -4.6 20.8 6.7 28.0 -0.9

2012 -7.8 -10.3 -7.9 -24.9 -12.2 -4.2 9.2 -6.3 21.1 7.6 29.4 0.1

2013 -6.9 -10.3 -7.9 -23.8 -13.0 -4.2 9.1 -7.1 20.9 6.7 28.2 -0.7

2014 -5.1 -10.1 -7.7 -21.6 -13.4 -4.1 9.0 -7.5 21.2 5.9 27.8 0.9

3Q 2013 -6.9 -10.8 -7.5 -24.1 -12.9 -4.5 8.8 -7.6 21.5 6.4 28.5 -0.8

4Q 2013 -6.5 -10.2 -8.1 -23.8 -13.2 -4.0 9.0 -7.2 21.1 5.8 27.6 -1.1

1Q 2014 -5.7 -9.5 -8.4 -22.3 -13.2 -3.8 9.3 -6.7 21.2 5.8 27.4 0.3

2Q 2014 -4.8 -10.1 -7.2 -21.0 -13.5 -4.3 8.9 -7.9 21.3 5.7 27.6 1.0

3Q 2014 -5.2 -10.7 -7.2 -21.8 -13.1 -4.4 8.7 -7.8 21.3 6.1 28.1 0.9

4Q 2014 -4.8 -10.0 -7.8 -21.3 -13.7 -3.9 8.8 -7.8 21.3 6.1 28.1 1.3

1Q 2015 -4.3 -10.0 -8.4 -21.6 -14.0 -3.2 9.4 -6.8 21.5 5.4 27.7 1.5

2Q 2015 -4.6 -10.0 -7.3 -20.6 -14.3 -4.1 9.1 -8.2 22.5 5.5 28.8 2.3

3Q 2015 -4.9 -10.7 -7.3 -21.7 -14.2 -4.2 8.8 -8.6 22.9 5.4 29.1 1.6


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.


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

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 17.14 3.32 0.48 20.94 7.73 7.97 13.80 29.50 26.18 9.80 36.72 87.16

2014 19.04 3.32 0.51 22.87 7.71 8.15 13.87 29.73 26.78 9.16 36.65 89.25

3Q 2014 18.99 3.13 0.52 22.64 7.54 8.18 13.81 29.53 26.88 9.34 36.98 89.15

4Q 2014 19.69 3.46 0.50 23.66 7.86 8.38 13.93 30.18 26.80 9.36 36.97 90.81

1Q 2015 19.88 3.41 0.43 23.72 7.90 8.39 14.05 30.33 27.26 8.81 36.94 90.99

2Q 2015 19.52 3.50 0.44 23.46 7.96 8.19 13.97 30.11 28.28 8.92 38.03 91.60

3Q 2015 19.82 3.39 0.51 23.72 7.96 8.17 13.91 30.03 28.63 8.83 38.28 92.03

Yr-on-Yr Chg. 4.4% 8.3% -1.9% 4.8% 5.6% -0.1% 0.7% 1.7% 6.5% -5.5% 3.5% 3.2%

Oct-14 19.20 3.41 0.51 23.12 7.51 8.27 13.90 29.69 26.68 9.62 37.13 89.94

Nov-14 19.09 3.41 0.49 23.00 7.64 8.23 13.86 29.73 26.67 9.40 36.84 89.57

Dec-14 19.65 3.46 0.51 23.63 7.52 8.20 14.02 29.75 27.18 9.02 37.01 90.39

Jan-15 19.37 3.50 0.47 23.33 7.72 8.29 13.99 30.01 27.04 8.88 36.80 90.14

Feb-15 19.83 3.37 0.47 23.68 7.95 8.42 14.06 30.44 26.98 8.72 36.61 90.73

Mar-15 20.11 3.48 0.37 23.96 8.01 8.41 14.06 30.48 27.82 8.89 37.55 91.99

Apr-15 20.12 3.54 0.45 24.12 7.98 8.22 14.01 30.22 28.09 9.10 37.96 92.30

May-15 19.54 3.53 0.39 23.46 7.89 8.23 14.01 30.13 28.22 8.98 38.00 91.59

Jun-15 19.58 3.45 0.49 23.52 8.03 8.22 13.97 30.21 28.66 8.80 38.35 92.08

Jul-15 20.01 3.44 0.49 23.94 7.90 8.16 13.93 30.00 28.67 8.81 38.36 92.30

Aug-15 20.03 3.36 0.51 23.91 7.94 8.21 13.88 30.03 28.60 8.80 38.17 92.11

Sep-15 19.42 3.35 0.50 23.27 8.04 8.12 13.92 30.09 28.64 8.87 38.32 91.68

Oct-15 19.68 3.39 0.51 23.57 8.00 8.21 14.00 30.22 28.56 9.03 38.40 92.19

Yr-on-Yr Chg. 2.5% -0.6% 0.0% 1.9% 6.5% -0.7% 0.7% 1.8% 7.0% -6.2% 3.4% 2.5%

R/P Ratio2 30.3 11.3 21.5 27.4 11.4 22.3 24.8 20.6 75.2 120.4 84.2 49.1

North America Europe Asia-Pacific OECD

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

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

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

3Q 2014 512 720 1,411 305 512 887 164 183 422 981 1,415 2,720

4Q 2014 553 727 1,443 311 505 880 157 169 389 1,020 1,401 2,712

1Q 2015 625 695 1,483 344 524 939 178 153 392 1,148 1,372 2,815

2Q 2015 626 735 1,537 342 523 938 201 165 430 1,169 1,423 2,905

3Q 2015 620 770 1,578 342 550 962 207 176 449 1,169 1,496 2,989

Yr-on-Yr Chg. 21.0% 7.0% 11.8% 12.2% 7.5% 8.4% 26.1% -4.1% 6.6% 19.1% 5.8% 9.9%

Sep-14 512 720 1,411 305 512 887 164 183 422 981 1,415 2,720

Oct-14 538 689 1,409 304 500 875 169 180 418 1,011 1,368 2,703

Nov-14 544 706 1,424 298 509 877 156 182 406 998 1,397 2,707

Dec-14 553 727 1,443 311 505 880 157 169 389 1,020 1,401 2,712

Jan-15 576 714 1,456 314 529 905 167 167 399 1,058 1,410 2,760

Feb-15 601 693 1,454 322 526 914 173 158 392 1,096 1,377 2,761

Mar-15 625 695 1,483 344 524 939 178 153 392 1,148 1,372 2,815

Apr-15 638 704 1,512 350 520 939 171 158 391 1,158 1,382 2,842

May-15 629 725 1,528 344 532 947 198 168 430 1,171 1,425 2,905

Jun-15 626 735 1,537 342 523 938 201 165 430 1,169 1,423 2,905

Jul-15 617 738 1,542 339 526 934 205 170 439 1,161 1,434 2,914

Aug-15 615 759 1,564 342 551 962 204 178 449 1,162 1,489 2,975

Sep-15 620 770 1,578 342 550 962 207 176 449 1,169 1,496 2,989

Yr-on-Yr Chg. 21.0% 7.0% 11.8% 12.2% 7.5% 8.4% 26.1% -4.1% 6.6% 19.1% 5.8% 9.9%


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. 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

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

2014 9.72 2.81 2.76 2.80 0.71 2.46 1.90 0.46 1.12 1.66 0.55 26.95 30.00 3.33

3Q 2014 9.81 2.79 2.81 2.84 0.72 2.48 1.89 0.57 1.15 1.71 0.56 27.31 30.00 3.22

4Q 2014 9.64 2.80 2.75 2.78 0.68 2.44 1.88 0.67 1.13 1.72 0.55 27.03 30.00 3.48

1Q 2015 9.87 2.82 2.84 2.80 0.67 2.39 1.81 0.37 1.11 1.77 0.55 26.99 30.00 3.50

2Q 2015 10.34 2.85 2.87 2.77 0.66 2.43 1.77 0.46 1.11 1.76 0.55 27.56 30.00 3.94

3Q 2015 10.29 2.87 2.92 2.78 0.64 2.40 1.80 0.38 1.12 1.77 0.53 27.50 30.00 4.24

Yr-on-Yr Chg. 4.9% 2.9% 3.9% -2.1% -11.1% -3.2% -4.8% -33.3% -2.6% 3.5% -5.4% 0.7% 31.7%

Oct-14 9.68 2.76 2.74 2.82 0.69 2.46 1.88 0.87 1.13 1.75 0.54 27.31 30.00 3.32

Nov-14 9.61 2.81 2.74 2.76 0.68 2.44 1.89 0.69 1.13 1.69 0.55 26.99 30.00 3.39

Dec-14 9.62 2.84 2.80 2.77 0.67 2.42 1.86 0.44 1.12 1.73 0.55 26.82 30.00 3.73

Jan-15 9.69 2.82 2.84 2.80 0.67 2.40 1.87 0.34 1.10 1.77 0.56 26.85 30.00 3.44

Feb-15 9.71 2.84 2.84 2.80 0.67 2.38 1.83 0.29 1.10 1.79 0.53 26.78 30.00 3.32

Mar-15 10.19 2.79 2.84 2.80 0.68 2.40 1.74 0.48 1.12 1.75 0.55 27.34 30.00 3.70

Apr-15 10.21 2.88 2.87 2.81 0.67 2.44 1.80 0.52 1.11 1.73 0.55 27.57 30.00 3.75

May-15 10.31 2.85 2.87 2.77 0.66 2.44 1.76 0.45 1.11 1.77 0.55 27.52 30.00 3.84

Jun-15 10.48 2.82 2.88 2.74 0.66 2.42 1.78 0.41 1.11 1.78 0.54 27.62 30.00 4.19

Jul-15 10.38 2.87 2.91 2.74 0.62 2.42 1.77 0.39 1.11 1.80 0.54 27.55 30.00 4.25

Aug-15 10.28 2.87 2.93 2.80 0.65 2.40 1.77 0.37 1.13 1.73 0.53 27.46 30.00 4.17

Sep-15 10.20 2.88 2.91 2.81 0.65 2.38 1.86 0.37 1.12 1.77 0.53 27.48 30.00 4.30

Oct-15 10.25 2.88 2.89 2.73 0.67 2.38 1.90 0.43 1.11 1.79 0.53 27.56 30.00 4.20

Yr-on-Yr Chg. 5.9% 4.3% 5.5% -3.2% -2.9% -3.3% 1.1% -50.6% -1.8% 2.3% -1.9% 0.9% 26.5%

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 27.3% -13.8% 30.2% 23.0% -8.2% 19.6% 13.8% -70.7% -7.5% 17.8% 23.3% -8.1%

Persian Gulf

North America Europe Asia-Pacific OECD

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

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

2014 18.9 90.0 1.67 11.4 75.0 3.35 6.5 73.2 -1.98 36.8 81.6

3Q 2014 19.4 92.4 2.99 11.7 76.6 4.79 6.6 73.6 -2.7 37.6 83.4

4Q 2014 18.9 90.0 -1.03 11.8 77.4 4.72 6.6 74.1 -0.1 37.3 82.6

1Q 2015 18.5 88.2 5.93 12.0 78.4 7.03 7.1 78.8 2.6 37.5 83.0

2Q 2015 19.4 92.3 5.89 11.8 77.4 8.10 6.4 71.8 0.5 37.6 83.2

3Q 2015 19.4 92.6 7.30 12.4 81.3 8.91 6.8 76.1 -1.1 38.6 85.6

Yr-on-Yr Chg. 0.2% 144.3% 6.1% 86.0% 3.6% -58.0% 2.7%

Sep-14 19.0 90.4 4.59 11.6 76.0 5.86 6.5 73.1 -0.7 37.1 82.1

Oct-14 18.2 86.6 0.19 11.8 77.6 4.56 6.3 69.9 -2.0 36.2 80.3

Nov-14 19.0 90.5 -0.87 11.9 77.9 5.93 6.7 74.7 1.0 37.5 83.1

Dec-14 19.5 92.8 -2.42 11.7 76.8 3.68 7.0 77.7 0.6 38.1 84.4

Jan-15 18.5 88.1 2.80 11.9 77.9 5.75 7.1 79.7 2.7 37.5 83.0

Feb-15 18.4 87.7 8.01 12.2 79.9 6.60 7.2 80.0 2.6 37.7 83.6

Mar-15 18.6 88.7 6.98 11.8 77.5 8.75 6.9 76.8 2.5 37.3 82.6

Apr-15 19.1 91.1 4.55 11.8 77.6 7.71 6.7 75.2 0.5 37.7 83.4

May-15 19.3 92.2 5.58 11.9 78.0 7.40 6.4 71.0 0.7 37.6 83.2

Jun-15 19.6 93.7 7.53 11.7 76.5 9.18 6.2 69.2 0.2 37.5 83.0

Jul-15 19.8 94.2 9.75 12.3 80.8 9.53 6.8 75.4 -2.3 38.8 86.0

Aug-15 19.6 93.7 8.54 12.4 81.4 10.05 7.0 78.0 -1.4 39.0 86.4

Sep-15 18.9 90.0 3.60 12.5 81.8 7.15 6.7 75.0 0.2 38.1 84.3

Yr-on-Yr Chg. -0.4% -21.6% 7.5% 22% 2.8% -129.2% 2.6%


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

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

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

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

3Q 2014 13.93 19.16 4.99 0.23 0.33 5.34 -5.00 3.48 4.98 -1.49

4Q 2014 14.38 19.45 4.62 0.24 0.37 5.55 -5.18 3.55 5.10 -1.55

1Q 2015 14.45 19.29 4.93 0.56 0.36 5.81 -5.45 3.56 4.99 -1.43

2Q 2015 14.91 19.25 4.61 0.69 0.43 5.49 -5.06 3.64 4.99 -1.36

Yr-on-Yr Chg. 10.3% 2.9% -10.9% 52.0% 4.4% 10.9% 4.2%

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

Sep-14 14.05 19.04 5.19 0.45 0.35 5.21 -4.85 3.53 5.02 -1.49

Oct-14 14.23 19.63 4.79 -0.16 0.37 5.64 -5.28 3.51 5.19 -1.68

Nov-14 14.33 19.21 4.60 0.39 0.36 5.44 -5.08 3.51 5.07 -1.56

Dec-14 14.59 19.52 4.48 0.47 0.38 5.56 -5.18 3.65 5.05 -1.40

Jan-15 14.24 19.25 4.83 0.57 0.36 5.64 -5.28 3.54 4.91 -1.37

Feb-15 14.34 19.40 4.54 0.13 0.33 5.99 -5.65 3.54 5.08 -1.54

Mar-15 14.76 19.24 5.43 0.99 0.39 5.79 -5.40 3.59 4.97 -1.38

Apr-15 15.12 19.04 4.36 0.90 0.42 5.49 -5.07 3.58 4.88 -1.30

May-15 14.91 19.12 4.60 0.73 0.43 5.52 -5.09 3.65 5.01 -1.37

Jun-15 14.69 19.59 4.88 0.44 0.44 5.47 -5.03 3.68 5.08 -1.40

Jul-15 14.82 19.98 4.54 -0.09 0.43 5.58 -5.15 3.65 5.18 -1.53

Aug-15 14.91 19.81 5.20 0.73 0.42 5.61 -5.20 3.60 5.07 -1.47

Yr-on-Yr Chg. 7.0% 2.8% 9.0% 22.6% 5.4% 4.1% 2.8%

% of Total2 100.0% 100.0% 2.8% 28.3% 24.2% 25.6%

South-Central North-West West Finished Petroleum Products

Supply Demand Balance Supply Demand Balance Supply Demand Balance

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

2014 7.65 5.16 2.50 0.98 0.71 0.27 1.38 2.81 -1.43

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

3Q 2014 7.80 5.24 2.56 1.00 0.72 0.28 1.31 2.89 -1.58

4Q 2014 8.01 5.31 2.70 1.03 0.71 0.32 1.42 2.78 -1.36

1Q 2015 8.08 5.02 3.06 1.08 0.70 0.38 1.37 2.78 -1.41

2Q 2015 8.38 5.15 3.24 1.12 0.69 0.43 1.34 2.93 -1.58

Yr-on-Yr Chg. 10.5% 1.4% 14.8% -3.7% -3.2% 2.1%

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

Sep-14 7.78 5.27 2.51 1.00 0.71 0.29 1.38 2.83 -1.45

Oct-14 7.93 5.19 2.74 1.02 0.73 0.29 1.41 2.88 -1.47

Nov-14 8.01 5.35 2.65 1.02 0.66 0.36 1.43 2.68 -1.25

Dec-14 8.11 5.39 2.72 1.04 0.74 0.30 1.42 2.78 -1.36

Jan-15 7.96 5.28 2.68 1.03 0.72 0.30 1.35 2.69 -1.33

Feb-15 8.03 4.78 3.24 1.08 0.73 0.35 1.36 2.82 -1.46

Mar-15 8.27 5.00 3.27 1.14 0.66 0.48 1.38 2.82 -1.44

Apr-15 8.59 5.05 3.54 1.14 0.69 0.46 1.39 2.93 -1.54

May-15 8.39 5.07 3.32 1.10 0.66 0.44 1.34 2.86 -1.51

Jun-15 8.17 5.32 2.85 1.10 0.72 0.38 1.30 3.00 -1.70

Jul-15 8.33 5.40 2.93 1.12 0.71 0.41 1.29 3.10 -1.82

Aug-15 8.54 5.33 3.21 1.12 0.74 0.38 1.23 3.06 -1.83

Yr-on-Yr Chg. 8.3% -0.4% 12.9% 0.5% -2.8% 4.5%

% of Total2 57.3% 26.9% 7.5% 3.7% 8.2% 15.4%


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

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

2014 8.92 1.47 4.01 0.26 16.64 2.40 19.03

2Q 2014 9.01 1.47 3.93 0.26 16.63 2.06 18.71

3Q 2014 9.09 1.51 3.86 0.24 16.96 2.26 19.16

4Q 2014 9.05 1.50 4.08 0.30 16.90 2.60 19.45

1Q 2015 8.81 1.45 4.27 0.24 16.62 2.72 19.29

2Q 2015 9.26 1.54 3.88 0.19 16.93 2.27 19.25

Yr-on-Yr Chg. 2.8% 4.9% -1.2% -27.8% 1.8% 10.1% 2.9%

Aug-14 9.29 1.52 3.82 0.21 17.06 2.35 19.28

Sep-14 8.78 1.48 3.91 0.27 16.67 2.32 19.04

Oct-14 9.20 1.46 4.24 0.29 17.22 2.42 19.63

Nov-14 8.93 1.49 3.88 0.31 16.60 2.61 19.21

Dec-14 9.02 1.56 4.14 0.30 16.87 2.76 19.52

Jan-15 8.72 1.37 4.24 0.27 16.50 2.83 19.25

Feb-15 8.65 1.44 4.54 0.20 16.56 2.84 19.40

Mar-15 9.06 1.54 4.05 0.26 16.80 2.50 19.24

Apr-15 9.14 1.48 4.00 0.15 16.74 2.34 19.04

May-15 9.25 1.51 3.79 0.23 16.84 2.17 19.12

Jun-15 9.39 1.64 3.85 0.17 17.20 2.30 19.59

Jul-15 9.44 1.64 3.88 0.33 17.52 2.40 19.98

Aug-15 9.47 1.60 3.89 0.32 17.53 2.34 19.81

Yr-on-Yr Chg. 1.9% 5.3% 1.9% 49.3% 2.8% -0.4% 2.8%

Petroleum Stocks1 Crude Oil Finished Products

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

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

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

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

3Q 2014 156 275 1,221 41 142 1,835 1,052 29 40 131 37 283

4Q 2014 158 289 1,227 42 140 1,856 1,085 31 38 136 34 287

1Q 2015 152 316 1,247 44 150 1,908 1,166 27 37 128 38 288

2Q 2015 171 322 1,290 43 145 1,971 1,163 26 44 139 42 305

Yr-on-Yr Chg. 9.5% 21.2% 6.4% 8.4% 4.1% 8.7% 8.2% -11.0% 20.4% 14.6% 13.9% 11.2%

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

Sep-14 156 275 1,221 41 142 1,835 1,052 29 40 131 37 283

Oct-14 149 269 1,232 40 141 1,830 1,073 27 36 120 37 265

Nov-14 148 274 1,237 42 141 1,842 1,078 30 36 126 36 274

Dec-14 158 289 1,227 42 140 1,856 1,085 31 38 136 34 287

Jan-15 164 297 1,227 42 145 1,874 1,112 30 38 132 34 287

Feb-15 152 302 1,235 42 146 1,878 1,139 31 39 123 37 284

Mar-15 152 316 1,247 44 150 1,908 1,166 27 37 128 38 288

Apr-15 157 323 1,267 45 144 1,935 1,174 26 38 129 39 289

May-15 164 320 1,285 44 145 1,958 1,172 27 42 134 41 301

Jun-15 171 322 1,290 43 145 1,971 1,163 26 44 139 42 305

Jul-15 173 323 1,289 43 141 1,969 1,151 24 44 142 40 302

Aug-15 179 329 1,299 42 142 1,991 1,153 26 43 152 39 310

Yr-on-Yr Chg. 16.2% 22.8% 6.1% 5.4% 4.9% 9.3% 9.6% -5.3% 21.0% 18.7% 3.2% 12.3%


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

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

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

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

3Q 2014 2.57 0.26 0.59 -0.26 0.18 1.84 4.99 0.78 1.04 0.01 3.08 1.84

4Q 2014 2.72 0.21 0.59 -0.07 0.15 1.41 4.62 0.64 0.88 0.03 2.50 1.41

1Q 2015 2.97 0.16 0.65 -0.12 0.13 1.39 4.93 0.68 0.93 0.04 2.49 1.40

2Q 2015 2.69 0.12 0.71 -0.14 0.15 1.61 4.61 0.74 1.16 0.02 2.67 1.61

Yr-on-Yr Chg. 9.2% -57.4% 35.2% 31.1% -21.5% -21.0% -10.9% 3.1% -9.6% -67.3% -15.1% -20.7%

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

Sep-14 2.78 0.29 0.53 -0.16 0.24 1.62 5.19 0.74 1.00 0.04 2.97 1.62

Oct-14 2.64 0.23 0.56 -0.01 0.13 1.36 4.79 0.61 0.82 -0.01 2.36 1.37

Nov-14 2.51 0.26 0.81 -0.11 0.08 1.58 4.60 0.71 1.01 -0.01 2.67 1.58

Dec-14 3.01 0.13 0.38 -0.11 0.24 1.29 4.48 0.59 0.81 0.10 2.45 1.29

Jan-15 2.95 0.04 0.63 -0.12 0.12 1.32 4.83 0.60 0.82 0.04 2.36 1.33

Feb-15 2.93 0.09 0.51 -0.10 0.11 1.41 4.54 0.71 0.94 -0.01 2.55 1.42

Mar-15 3.03 0.34 0.82 -0.14 0.17 1.44 5.43 0.74 1.04 0.09 2.56 1.45

Apr-15 2.84 0.15 0.78 -0.36 0.14 1.52 4.36 0.80 1.20 0.03 2.63 1.53

May-15 2.51 0.03 0.71 0.05 0.19 1.71 4.60 0.77 1.21 0.05 2.82 1.72

Jun-15 2.73 0.20 0.63 -0.12 0.12 1.60 4.88 0.64 1.08 -0.01 2.55 1.60

Jul-15 2.53 -0.05 0.81 -0.10 0.24 1.45 4.54 0.70 1.17 0.11 2.63 1.46

Aug-15 2.98 0.09 1.03 -0.01 0.18 1.25 5.21 0.85 1.01 0.05 2.50 1.25

Yr-on-Yr Chg. 16.9% -73.0% 66.3% -98.6% 38.3% -29.2% 9.0% 11.3% 12.5% -316.0% -14.7% -29.3%

% of Total3 57.2% 1.7% 19.7% -0.1% 3.5% 23.9% 100.0% 16.3% 19.3% 1.0% 48.0% 23.9%

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

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

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

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

3Q 2014 0.04 1.67 5.08 0.61 1.08 8.48 0.48 0.60 0.19 3.07 1.39

4Q 2014 0.04 1.77 5.32 0.63 1.08 8.85 0.47 0.61 0.19 3.26 1.43

1Q 2015 0.05 1.86 5.65 0.68 1.14 9.38 0.53 0.62 0.19 3.52 1.46

2Q 2015 0.05 1.77 5.65 0.73 1.09 9.28 0.49 0.59 0.17 3.54 1.43

Yr-on-Yr Chg. 50.1% 17.0% 17.2% 31.5% -1.5% 15.7% -4.3% 1.0% -11.6% 21.9% 9.1%

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

Sep-14 0.04 1.75 5.31 0.65 1.06 8.82 0.44 0.62 0.20 3.21 1.45

Oct-14 0.04 1.73 5.26 0.61 1.01 8.65 0.40 0.61 0.19 3.18 1.44

Nov-14 0.04 1.80 5.30 0.63 1.09 8.86 0.48 0.61 0.19 3.25 1.42

Dec-14 0.04 1.80 5.41 0.65 1.15 9.05 0.54 0.61 0.19 3.36 1.42

Jan-15 0.04 1.72 5.25 0.62 1.09 8.73 0.50 0.59 0.18 3.29 1.34

Feb-15 0.05 2.03 6.15 0.74 1.25 10.21 0.58 0.67 0.20 3.82 1.60

Mar-15 0.05 1.82 5.55 0.68 1.09 9.19 0.50 0.58 0.18 3.46 1.44

Apr-15 0.04 1.67 5.21 0.66 1.04 8.62 0.46 0.58 0.16 3.23 1.36

May-15 0.05 1.84 5.78 0.76 1.11 9.53 0.51 0.60 0.18 3.67 1.41

Jun-15 0.07 1.80 5.95 0.76 1.12 9.70 0.51 0.61 0.18 3.71 1.51

Jul-15 0.07 1.82 5.79 0.74 1.08 9.51 0.47 0.61 0.18 3.66 1.41

Aug-15 0.06 1.77 5.43 0.73 1.01 9.00 0.47 0.54 0.17 3.35 1.40

Yr-on-Yr Chg. 47.6% 9.5% 9.7% 21.9% -4.1% 9.0% -0.6% -6.8% -11.3% 12.6% 1.1%

R/P Ratio3 6.3 8.8 9.1 10.5 18.1 10.2 19.7 16.7 9.6 9.1 9.7


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.

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

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

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

3Q 2014 1.13 87.0 3.62 95.0 8.68 94.9 0.61 94.6 2.59 89.0 16.63 93.4

4Q 2014 1.11 86.6 3.48 91.5 8.49 92.6 0.59 91.5 2.59 89.0 16.25 91.3

1Q 2015 1.14 90.9 3.60 93.8 8.54 93.2 0.60 92.6 2.63 91.5 16.51 92.9

2Q 2015 1.15 91.0 3.70 96.2 8.77 94.4 0.60 93.4 2.46 84.0 16.69 92.8

Yr-on-Yr Chg. 2.2% 3.4% 5.1% 6.2% -3.1% 3.2%

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

Sep-14 1.16 89.1 3.57 93.6 8.48 92.6 0.63 96.8 2.53 87.0 16.36 91.8

Oct-14 1.13 87.2 3.28 86.1 8.13 88.7 0.56 86.4 2.54 87.4 15.64 87.7

Nov-14 1.11 87.5 3.47 91.4 8.60 93.8 0.61 94.4 2.58 88.6 16.37 92.0

Dec-14 1.08 85.1 3.69 97.1 8.74 95.2 0.61 93.7 2.64 90.8 16.75 94.2

Jan-15 1.09 85.5 3.43 88.8 8.20 89.1 0.58 90.0 2.51 86.1 15.81 88.4

Feb-15 1.27 102.6 3.84 101.1 9.20 101.1 0.65 100.6 2.92 104.5 17.87 101.7

Mar-15 1.08 85.0 3.52 91.5 8.24 89.6 0.56 87.2 2.46 84.4 15.86 88.7

Apr-15 1.13 89.1 3.70 96.4 8.66 93.5 0.60 92.9 2.43 82.7 16.52 92.0

May-15 1.16 91.1 3.68 95.7 8.75 94.3 0.60 92.6 2.44 83.0 16.61 92.5

Jun-15 1.18 92.7 3.71 96.6 8.91 95.5 0.61 94.7 2.53 86.2 16.94 94.0

Jul-15 1.19 93.6 3.82 99.3 8.89 95.0 0.62 95.4 2.66 90.6 17.18 95.1

Aug-15 1.20 94.0 3.64 94.7 8.83 94.3 0.62 94.6 2.68 91.4 16.96 93.9

Yr-on-Yr Chg. 9.3% 1.7% 0.6% -3.8% 3.4% 1.7%

% of Total1 7.1% 21.5% 52.1% 3.6% 15.8% 100.0%

NY Harbor Chicago US Gulf Los Angeles

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

2012 11.87 26.89 14.78 11.65

2013 9.20 21.63 12.83 10.25

2014 8.62 16.57 11.76 8.68

3Q 2014 9.30 17.07 13.06 10.22

4Q 2014 9.85 13.81 7.28 5.02

1Q 2015 12.42 15.57 14.05 15.73

2Q 2015 17.81 18.79 15.02 21.83

3Q 2015 12.47 24.84 13.79 23.75

Yr-on-Yr Chg. 34.0% 45.5% 5.6% 132.5%

Oct-14 7.62 17.35 9.48 6.81

Nov-14 11.10 17.47 8.36 6.10

Dec-14 10.82 6.61 4.01 2.14

Jan-15 10.14 6.45 10.11 3.71

Feb-15 13.35 17.85 15.52 21.14

Mar-15 13.76 22.41 16.51 22.35

Apr-15 12.22 16.73 14.22 20.81

May-15 19.58 19.79 14.96 28.22

Jun-15 21.63 19.84 15.87 16.46

Jul-15 12.74 23.51 16.50 33.40

Aug-15 14.54 30.64 15.80 22.98

Sep-15 10.13 20.37 9.07 14.88

Oct-15 11.21 20.74 8.89 13.83

Yr-on-Yr Chg. 47.1% 19.6% -6.2% 103.1%


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

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

2014 4.35 1.56 2.80 0.02 0.27 0.93 -0.67 4.08 0.63 3.45

1Q 2014 4.38 1.66 2.74 0.02 0.34 0.98 -0.64 4.04 0.67 3.36

2Q 2014 4.30 1.48 2.76 -0.06 0.31 0.89 -0.58 3.98 0.59 3.39

3Q 2014 4.36 1.53 2.85 0.02 0.28 0.90 -0.63 4.09 0.63 3.46

4Q 2014 4.54 1.58 3.05 0.08 0.31 0.95 -0.64 4.24 0.63 3.61

1Q 2015 4.65 1.69 2.92 -0.04 0.30 1.03 -0.73 4.35 0.66 3.69

Yr-on-Yr Chg. 6.3% 2.0% 6.7% -11.4% 5.0% 7.8% -2.5%

Mar-14 4.46 1.56 2.87 -0.02 0.35 0.93 -0.58 4.11 0.64 3.47

Apr-14 4.32 1.42 2.87 -0.02 0.30 0.85 -0.56 4.02 0.57 3.45

May-14 4.24 1.55 2.62 -0.07 0.33 0.93 -0.60 3.91 0.62 3.29

Jun-14 4.33 1.47 2.78 -0.08 0.31 0.88 -0.57 4.01 0.59 3.42

Jul-14 4.37 1.56 2.89 0.08 0.30 0.94 -0.64 4.07 0.62 3.45

Aug-14 4.34 1.51 2.82 -0.01 0.23 0.86 -0.62 4.11 0.65 3.45

Sep-14 4.38 1.53 2.84 -0.01 0.30 0.91 -0.61 4.08 0.62 3.46

Oct-14 4.53 1.42 3.23 0.12 0.27 0.85 -0.58 4.26 0.57 3.69

Nov-14 4.52 1.62 3.02 0.12 0.34 0.98 -0.63 4.17 0.64 3.53

Dec-14 4.58 1.68 2.89 0.00 0.31 1.02 -0.71 4.28 0.67 3.61

Jan-15 4.69 1.69 2.96 -0.04 0.33 1.01 -0.68 4.36 0.68 3.68

Feb-15 4.69 1.71 2.93 -0.05 0.31 1.06 -0.75 4.38 0.65 3.73

Mar-15 4.58 1.67 2.88 -0.03 0.27 1.03 -0.75 4.31 0.64 3.66

Yr-on-Yr Chg. 2.8% 6.9% 0.2% -21.9% 10.7% 4.9% 1.4%

% of Total1 100.0% 100.0% 6.0% 61.5% 94.0% 38.5%

Finished Products NGLs Petrol.

Gasoline Distil. Resid. Total1 Total Total2

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

2014 0.78 0.56 0.07 1.86 0.65 2.51

1Q 2014 0.74 0.58 0.08 1.83 0.65 2.48

2Q 2014 0.79 0.52 0.06 1.79 0.65 2.44

3Q 2014 0.82 0.58 0.07 1.97 0.65 2.61

4Q 2014 0.78 0.57 0.07 1.85 0.65 2.49

1Q 2015 0.74 0.57 0.07 1.79 0.65 2.44

Yr-on-Yr Chg. -0.3% -1.4% -12.6% -2.4% 0.0% -1.8%

Mar-14 0.74 0.55 0.07 1.73 0.65 2.38

Apr-14 0.75 0.49 0.05 1.67 0.65 2.31

May-14 0.80 0.54 0.05 1.80 0.65 2.45

Jun-14 0.83 0.54 0.07 1.90 0.65 2.54

Jul-14 0.85 0.55 0.08 2.01 0.65 2.66

Aug-14 0.81 0.56 0.07 1.93 0.65 2.57

Sep-14 0.79 0.63 0.06 1.96 0.65 2.61

Oct-14 0.79 0.62 0.06 1.91 0.65 2.56

Nov-14 0.78 0.56 0.06 1.81 0.65 2.46

Dec-14 0.78 0.54 0.09 1.82 0.65 2.47

Jan-15 0.75 0.56 0.05 1.76 0.65 2.40

Feb-15 0.75 0.62 0.08 1.87 0.65 2.52

Mar-15 0.72 0.54 0.07 1.74 0.65 2.39

Yr-on-Yr Chg. -1.5% -2.1% -92.8% 0.5% 0.0% 0.4%

Finished Products Crude Oil Petrol.

Gasoline Distil. Resid. Total1 Total Total2

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

2014 18.9 18.1 3.0 59.4 105.9 165.3

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

3Q 2014 17.9 13.5 1.9 54.1 103.1 157.2

4Q 2014 18.9 18.1 3.0 59.4 105.9 165.3

1Q 2015 17.0 15.7 2.9 54.1 104.0 158.1

Yr-on-Yr Chg. -11.9% -7.2% 11.1% -6.4% 2.1% -1.0%

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

Jul-14 19.4 14.6 3.1 58.3 103.2 161.5

Aug-14 18.3 15.0 2.7 58.4 103.1 161.6

Sep-14 17.9 13.5 1.9 54.1 103.1 157.2

Oct-14 16.8 14.9 2.4 53.4 106.7 160.1

Nov-14 18.3 13.7 2.9 56.1 104.7 160.8

Dec-14 18.9 18.1 3.0 59.4 105.9 165.3

Jan-15 19.6 19.1 2.6 62.1 104.0 166.1

Feb-15 18.2 16.3 2.7 54.6 103.2 157.8

Mar-15 17.0 15.7 2.9 54.1 104.0 158.1

Yr-on-Yr Chg. -11.9% -7.2% 11.1% -6.4% 2.1% -1.0%


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

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 0.91 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

1Q 2014 2.87 0.51 0.05 0.01 0.24 3.74 0.97 1.00 0.46 1.13 0.18

2Q 2014 2.81 0.51 0.05 0.01 0.22 3.66 0.94 0.88 0.46 1.20 0.20

3Q 2014 2.92 0.50 0.05 0.01 0.19 3.72 0.89 0.94 0.46 1.23 0.23

4Q 2014 3.04 0.53 0.05 0.01 0.22 3.90 0.95 1.00 0.46 1.28 0.27

1Q 2015 3.17 0.51 0.05 0.01 0.22 4.02 0.93 1.09 0.45 1.32 0.22

Yr-on-Yr Chg. 10.6% -1.2% 18.3% -5.4% -7.6% 7.3% -3.9% 9.5% -3.4% 17.3% 21.1%

Mar-14 2.92 0.53 0.05 0.01 0.24 3.82 0.99 0.97 0.47 1.19 0.19

Apr-14 2.83 0.52 0.05 0.01 0.20 3.68 0.95 0.87 0.47 1.20 0.20

May-14 2.75 0.51 0.05 0.01 0.23 3.60 0.94 0.82 0.46 1.20 0.20

Jun-14 2.86 0.49 0.05 0.01 0.22 3.69 0.92 0.93 0.45 1.20 0.21

Jul-14 2.91 0.49 0.05 0.01 0.21 3.73 0.90 0.95 0.45 1.23 0.22

Aug-14 2.93 0.50 0.05 0.01 0.15 3.70 0.86 0.90 0.46 1.28 0.24

Sep-14 2.90 0.51 0.05 0.01 0.21 3.74 0.91 0.98 0.46 1.19 0.23

Oct-14 3.06 0.52 0.05 0.01 0.18 3.89 0.91 0.97 0.47 1.33 0.26

Nov-14 2.98 0.52 0.05 0.01 0.25 3.87 0.98 1.04 0.46 1.19 0.26

Dec-14 3.07 0.53 0.06 0.01 0.22 3.94 0.96 0.99 0.46 1.30 0.28

Jan-15 3.16 0.53 0.05 0.01 0.24 4.04 0.97 1.10 0.46 1.31 0.20

Feb-15 3.21 0.50 0.05 0.01 0.22 4.07 0.93 1.11 0.44 1.34 0.22

Mar-15 3.13 0.50 0.06 0.01 0.19 3.94 0.89 1.07 0.44 1.32 0.23

Yr-on-Yr Chg. 7.1% -5.3% 20.6% -5.2% -20.8% 3.3% -10.2% 10.0% -7.4% 10.2% 22.5%

Non-OPEC OPEC Imports

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

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

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

1Q 2014 14 146 0 0 431 70 17 0 4 143 52 574

2Q 2014 2 189 11 19 450 12 25 0 0 79 42 528

3Q 2014 31 202 0 11 479 28 46 0 0 74 0 554

4Q 2014 21 118 2 19 451 43 21 0 0 64 0 515

1Q 2015 0 303 0 7 485 61 30 0 0 91 0 576

Yr-on-Yr Chg. -100.0% 107.3% - >100% 12.4% -13.0% 78.9% 0.0% -100.0% -36.1% -100.0% 0.3%

Mar-14 18 216 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 1 292 0 21 476 0 14 0 0 80 66 556

Jun-14 0 276 0 30 529 0 31 0 0 31 0 560

Jul-14 18 0 0 8 467 33 62 0 0 95 0 562

Aug-14 30 329 0 26 565 0 0 0 0 0 0 565

Sep-14 46 276 0 0 406 51 77 0 0 128 0 534

Oct-14 31 0 0 23 393 58 0 0 0 58 0 452

Nov-14 19 353 7 0 454 54 64 0 0 117 0 572

Dec-14 12 0 0 34 505 18 0 0 0 18 0 523

Jan-15 0 300 0 20 495 83 0 0 0 83 0 577

Feb-15 0 286 0 0 439 33 91 0 0 125 0 564

Mar-15 0 322 0 0 522 67 0 0 0 67 0 588

Yr-on-Yr Chg. -100.0% 49% 0.0% -100.0% 40.2% 102.8% -100.0% 0.0% 0.0% -54.0% -100.0% 13.8%

% of Total3 0.0% 54.7% 0.0% 0.0% 88.7% 11.3% 0.0% 0.0% 0.0% 11.3% 0.0% 100.0%


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

2012 2,390 99 24 2,513 217 368 585 254 165 419 3,517

2013 2,221 117 27 2,365 219 368 586 288 195 483 3,435

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

3Q 2014 2,373 124 25 2,522 231 374 605 321 188 510 3,636

4Q 2014 2,395 124 25 2,544 229 374 603 314 172 486 3,632

1Q 2015 1,755 109 21 1,886 214 357 571 322 172 494 2,950

2Q 2015 1,068 96 17 1,181 203 326 529 313 155 468 2,177

3Q 2015 1,098 91 16 1,205 201 193 394 436 153 589 2,187

Yr-on-Yr Chg. -53.7% -26.4% -38.2% -52.2% -12.9% -48.5% -34.9% 35.6% -18.6% 15.6% -39.8%

Oct-14 2,432 124 25 2,581 227 365 592 305 179 484 3,657

Nov-14 2,425 124 26 2,575 229 379 608 316 171 487 3,670

Dec-14 2,329 123 24 2,476 231 377 608 320 166 486 3,570

Jan-15 2,120 107 20 2,247 212 361 573 324 165 489 3,309

Feb-15 1,774 108 22 1,904 218 358 576 323 183 506 2,986

Mar-15 1,372 112 22 1,506 211 352 563 319 167 486 2,555

Apr-15 1,133 97 20 1,250 208 337 545 319 154 473 2,268

May-15 1,029 96 15 1,140 202 322 524 308 155 463 2,127

Jun-15 1,041 95 16 1,152 199 318 517 312 155 467 2,136

Jul-15 1,094 90 16 1,200 196 320 516 300 149 449 2,165

Aug-15 1,130 91 15 1,236 205 325 530 304 156 460 2,226

Sep-15 1,070 92 16 1,178 202 -67 135 703 155 858 2,171

Oct-15 1,013 90 16 1,119 197 311 508 311 148 459 2,086

Yr-on-Yr Chg. -58.3% -27.4% -36.0% -56.6% -13.2% -14.8% -14.2% 2.0% -17.3% -5.2% -43.0%

% of Total2 48.6% 4.3% 0.8% 53.6% 9.4% 14.9% 24.4% 14.9% 7.1% 22.0% 100.0%

United States Canada North America1

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

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

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

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

4Q 2014 89 467 1,135 166 53 1,911 1,854 56 407 1,976 341 2,317

1Q 2015 74 358 814 107 27 1,380 1,330 49 309 1,400 289 1,688

2Q 2015 69 233 516 69 24 909 878 31 100 785 223 1,008

3Q 2015 58 214 203 310 97 866 833 32 191 849 208 1,056

Yr-on-Yr Chg. -31.5% -54.2% -82.2% 95.2% 79.1% -54.5% -54.8% -47.0% -50.5% -56.8% -36.0% -53.8%

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

Nov-14 90 469 1,145 168 54 1,925 1,872 53 421 1,995 351 2,346

Dec-14 87 468 1,118 159 51 1,882 1,824 59 375 1,915 342 2,257

Jan-15 80 437 992 140 29 1,683 1,629 53 368 1,731 320 2,051

Feb-15 72 348 802 102 26 1,348 1,296 52 363 1,415 296 1,711

Mar-15 69 288 649 78 27 1,109 1,066 43 195 1,054 250 1,304

Apr-15 72 252 557 71 27 976 943 33 90 844 222 1,066

May-15 68 226 505 69 23 889 857 32 80 746 223 969

Jun-15 68 220 486 67 22 861 833 28 129 766 224 989

Jul-15 63 213 501 67 22 866 835 31 183 834 216 1,049

Aug-15 56 221 56 443 133 883 849 34 206 880 209 1,089

Sep-15 54 209 52 421 135 848 816 32 183 833 198 1,031

Oct-15 48 194 50 402 117 791 758 33 184 782 193 975

Yr-on-Yr Chg. -46.9% -58.4% -95.6% 134.3% 118.3% -58.9% -59.4% -42.6% -56.6% -61.3% -41.7% -58.5%

% of Total3 4.9% 19.9% 5.1% 41.2% 12.0% 81.1% 77.8% 3.3% 18.9% 80.2% 19.8% 100.0%


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 [email protected]. Canadian Energy Research Institute 150, 3512 – 33 Street NW Calgary, AB T2L 2A6

October 2015 CERI Commodity Report — Crude Oil

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