September 2017 CERI Crude Oil Report · (13.4%), Russia (12.2%) and Iran (5.0%) [1]. anada’s...

Relevant • Independent • Objective

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

poor environmental standards, or do not have a carbon emissions policy. In fact, if such substitution were to happen, what are the associated costs and benefits for refineries and the Canadian economy? The Canadian Energy Research Institute (CERI) is currently completing a study titled “An Economic and Environmental Cost-Benefit Analysis of Eastern Canadian Crude Oil Imports”. The study is aimed at answering many questions about substitution and will provide a cost and emissions comparison of domestic vs. foreign crude in the eastern Canadian refinery market as well as highlight other implications. The study will model several scenarios and compare the effects with base year 2016. This article presents a snapshot in time. Gathering data from various sources and synthesizing it to present the 2016 snapshot was conducted by CERI. It explores the refineries themselves, their technologies, Canadian and imported feedstock supply, as well as existing and potential transportation routes for western and eastern Canadian oil to the eastern refinery market. In order to discuss any substitution, it is critical to grasp and realize the sheer complexity of the eastern refinery market. Eastern Refineries Crude Intake Canada is a net exporter of refined products – refinery capacity exceeds domestic demand, notably in Quebec and Atlantic Canada. On the national level, Canada exports 28 million liters of refined products, while it imports 14 billion liters [3]. There are 15 refineries in Canada, seven of which are located in western Canada and eight located in eastern Canada [3]. The total refining capacity in the East (Ontario, Quebec, and Atlantic Provinces) is 1.23 million barrels per day [4]. Four refineries reside in Ontario, two in Quebec, and one each in New Brunswick and Newfoundland and Labrador. All eight refineries, their capacities, utilization rates, crude intakes, and intake by oil type are illustrated in Table 1.

The Eastern Refinery Market: Canadian and Imported Oil Supply and Transportation Options Andrei Romaniuk Canada is the fifth largest oil producer in the world, accounting for 4.8 percent of world production in 2016, ranking behind the United States (13.4%), Saudi Arabia (13.4%), Russia (12.2%) and Iran (5.0%) [1]. Canada’s proved reserves, totaling 171.5 billion barrels or 10 percent of the world’s share of proved reserves, are behind only Venezuela (300.9 billion barrels) and Saudi Arabia (266.6 billion barrels) [1]. Despite this, Canada still imports oil. In 2016, imports in four provinces – Ontario, Quebec, New Brunswick and Newfoundland and Labrador – comprised 607 thousand barrels per day (Mbpd) [2]. Major suppliers were the United States (259.4 Mbpd), Saudi Arabia (86.7 Mbpd), Algeria (84.8 Mbpd) and Nigeria (73.7 Mbpd) [2]. The total cost of imported crude for 2016 was C$12.7 billion; C$5.6 billion from the United States and C$7.1 billion from other countries (Statistics Canada Trade Data, FOB base, does not include transportation costs from foreign oil offloading points to a Canadian refinery gate) [2]. As Canadian oil production capacity and reserves are high, there is an argument being made which suggests complete or partial substitution of imported oil in the Eastern refinery market. The motives vary and are generally driven by economic and social rationale. On the economic side, benefits are expected to come from using domestic production and, hence, leaving money to work inside the economy rather than leaving the national border. On the social side, the push aimed at substitution of crude oil coming from authoritarian states, which score low on democratic or human rights indices, have

September 2017

CERI Crude Oil Report


The data for this article (and the forthcoming CERI study) was obtained from several sources including Statistics Canada, Natural Resources Canada (NRCan), the Canadian Fuel Association (CFA), the Canadian Association of Petroleum Producers (CAPP), various refinery websites, midstream companies’ websites (Enbridge and others), Clipper Data (transportation of oil by tankers), as well as calculations and estimates by CERI where needed. If the data was suppressed, missing or conflicted with one another, CERI reconciled using multiple sources in order to infer quality and certainty in data. In 2016, Quebec refinery utilization rates did not seem to be representative across the refining industry in Canada (an average 78% for two refineries) [5]. For the purposes of modelling, an adjusted utilization rate of 88% was assumed for Valero, and 92% for the Suncor Energy refinery. For reference, the factual 2016 import in Quebec was 214.1 thousand barrels (Mbpd) [2]; the modelled 2016 import is 9.8% more than factual – 235 Mbpd. All import volumes were increased proportionally by the same rate – 9.8%.

All of Ontario’s refineries are located in the southern part of the province, with three refineries located in the greater Sarnia area (Suncor Energy and Imperial Oil operate refineries in Sarnia while Shell Canada operates the Corunna Refinery in nearby St. Clair). Imperial Oil operates a refinery in Nanticoke. Québec has two refineries, Suncor Energy’s Montreal Refinery and Valero’s Jean-Gaulin Refinery, located in Lévis, near Québec City. Atlantic Canada also has two refineries, Irving Oil Refinery in Saint John, New Brunswick and the North Atlantic Refinery in Come By Chance, Newfoundland and Labrador. Light oil prevails in the supply slate for the four provinces comprising 71 percent, followed by synthetic crude oil (SCO) with 15 percent in the crude slate; heavy and bitumen both comprise 12 percent of the crude intake [4]. Even though the intake is largely light and SCO, process-wise refineries are equipped with technologies to process heavy oil and high sulphur crude. These include:

Table 1: Eastern Refineries Crude Intake

Province Refinery Location Capacity Utilization

Rate (%)

Crude Intake (Mbpd)

Total Light SCO Heavy Bitumen

Ontario Imperial Sarnia 121 86% 104.1 51.4 21.5 6.0 25.2

Ontario Shell Canada Corunna 75 88% 65.9 37.5 13.6 14.8 -

Ontario Suncor Energy

Sarnia 85 92% 77.8 47.0 16.1 14.8 -

Ontario Imperial Nanticoke 112 86% 96.3 61.7 19.9 14.8 -

197.5 71.0 50.3 25.2

Quebec Valero Levis 265 88% 232.8 131.9 81.2 8.1 11.6

Quebec Suncor Energy

Montreal 137 92% 125.4 109.0 - - 16.4

240.8 81.2 8.1 28.0

New Brunswick

Irving Oil Saint John 318 87% 277.8 250.6 11.9 15.3 -

Newfoundland North Atlantic Refining

Come by Chance

115 81% 93.1 93.1 - - -

Total 1228 1073 782 164 74 53


Coking (25.5 Mbpd in Ontario) Visbreaking (5 Mbpd in Ontario and 40 Mbpd in the

Atlantic provinces) Hydrocracker (around 60 Mbpd in Ontario, 22 Mbpd

in Quebec, and 72 Mbpd in the Atlantic provinces) Catalytic cracker (98 Mbpd in Ontario, 67.5 Mbpd in

Quebec, and 95 Mbpd in the Atlantic provinces), and Hydrotreating (290 Mbpd in Ontario, 320 Mbpd in

Quebec, and 255 Mbpd in the Atlantic provinces) [6]. Sources of Supply and Transportation Modes Fifty-six percent of oil into the eastern region is imported, while thirty-nine percent comes from western Canada and five percent is supplied from Canadian eastern offshore assets (offshore Newfoundland & Labrador) (unless otherwise sourced, this and further information is cited from CERI’s Crude Flow Model [4]). Among eastern Canadian refineries, Ontario receives the highest amount of western Canadian crude (almost 83%), followed by Québec (33%) and New Brunswick (4%). Newfoundland & Labrador does not receive oil from western provinces (Table 2). Table 2: Eastern Refineries, Crude Intake by Source of Supply

The single exporter to Ontario’s four refineries was the United States (58 Mbpd). Light oil comes from North Dakota and is modelled in the study to be transported through Enbridge Line 81 to Clearbrook, MN and further through the Enbridge Mainline (Line 5 entering Sarnia). Canadian light, heavy, and bitumen crude from three provinces – Alberta, Saskatchewan and Manitoba – flows through various lines of the Enbridge Mainline and enters Ontario via Line 5 and 78. Volume-wise, Alberta

supplies 206 Mbpd, followed by Saskatchewan at 72.6 Mbpd, and Manitoba at 6.4 Mbpd. Suncor’s Montreal refinery imports light oil from four countries – the US (92.7 Mbpd), Azerbaijan (4.5), UK (4.1) and Norway (1.9). Of the total crude that comes from the US, 62.1 Mbpd comes from North Dakota and Michigan through Enbridge Mainline and Line 9 (from Sarnia to Montreal). All other crude, including 30.6 Mbpd from Texas, is transported by tankers from loading ports to Portland, Maine and then transported via the Portland-Montreal pipeline to the refinery. Canadian supplies include 16.4 Mbpd of bitumen and 5.8 Mbpd of light crude that comes from eastern offshore assets. Bitumen comes through Enbridge Mainline and Line 9, while the eastern crude follows the path of international oil via Portland. With the Line 9 reversal and purchase of two Panamax tankers by Valero with the goal to move 130-160 Mbpd from Montreal to Lévis [7], the crude intake slate in the Valero refinery has changed dramatically. In 2016, it used 101 Mbpd of western Canadian crude, which includes synthetic, bitumen and heavy. The imported light oil came from four countries: Algeria (92.1 Mbpd), Kazakhstan (21.1), Nigeria (11.5), and the US (Texas,7.2). All foreign oil comes to Valero by tankers. The Irving Oil refinery in New Brunswick relies more heavily on imported oil and Eastern offshore supply. Western Canada supplied synthetic crude oil (11.9 Mbpd) via rail, 47.7 Mbpd of light crude came by tankers from Hibernia and other eastern offshore projects, and 218.2 Mbpd came by tankers from four above-mentioned countries. Except for 15.3 Mbpd of heavy oil coming from Colombia and the Ivory Coast, the rest of the imported oil was light. The largest supplier of imported feedstock is Saudi Arabia (86.7 Mbpd), followed by Nigeria (45 Mbpd), the United States (34 Mbpd), Norway (24 Mbpd), the Ivory Coast (12.6 Mbpd), Colombia (5.3 Mbpd), Azerbaijan (2.8 Mbpd) and Congo (2.7 Mbpd). Lastly, Newfoundland and Labrador’s North Atlantic Refining was supplied almost entirely by foreign crude. Eastern offshore light oil accounted for 3.3 Mbpd out of a modeled 93.7 Mbpd intake for the refinery. Imported oil comes from the US (49 Mbpd), Nigeria (18.3 Mbpd), Norway (13.7 Mbpd), the UK (6.2 Mbpd) and Denmark (1.7 Mbpd).

Refinery Total

Intake

Western Canada Supply

(Mbpd)

Eastern Canada Supply

(Mbpd)

Imported (Mbpd)

Imperial, ON 104.1 86.5 - 17.6

Shell Canada, ON

65.9 54.8 - 11.1

Suncor Energy, ON

77.8 64.6 - 13.1

Imperial, ON 96.3 79.4 0.6 16.3

344 285.3 0.6 58.1

Valero, QC 232.8 100.9 - 131.9

Suncor Energy, QC

125.4 16.4 5.8 103.2

358 117.3 5.8 235.0

Irving Oil, NB 277.8 11.9 47.7 218.2

North Atlantic Refining, NL

93.1 - 3.3 89.8

371 11.9 51.0 307.9

Total 1,073 414 57 601.0

% of total 39% 5% 56%


Possible Transportation Options for Canadian Crude Western Canadian crude could reach as far as Valero’s refinery in Lévis, Quebec by pipeline and tanker, and as far as St. John by rail. Eastern Canadian offshore oil could reach as far as Montreal. The Eastern refining market can be generally accessed through pipelines, sea and rail (see Figure 1). Figure 1: Possible Routes of Canadian Oil Supply to Eastern Refineries and Capacities per Refinery and Pipeline

The major artery for western Canadian crude to the market is the Enbridge Mainline which can bring Western crude from Alberta, Saskatchewan and Manitoba. Specifically, the Mainline enters Sarnia via two entry lines – Line 5 and Line 78 – with a total capacity of 1,040 Mbpd. As Ontario refineries consume 344 Mbpd (total refining capacity 393 Mbpd), the incoming pipeline capacity is sufficient to carry more Canadian oil beyond the Ontario demand. The only refinery in Ontario with railway offloading capability is the Imperial refinery in the Nanticoke (20 Mbpd). Eastern offshore oil does not seem to have a straightforward and easy way to access Ontario refineries. In Quebec, two refineries in Montreal and Lévis can be accessed by western and eastern Canadian oil producers. Montreal’s refinery, with oil intake of 125.4 Mbpd (total capacity 137), can be fully supplied from the west through the 300 Mbpd Enbridge Line 9, which is connected to Sarnia, and can also receive up to 30 Mbpd by rail. Montreal can also accept Panamax (60,000-80,000 DTW) size tankers directly from the eastern offshore projects. Finally, it can receive more Eastern oil through the Portland-Montreal pipeline which has a capacity of 285 Mbpd and is heavily underutilized. Valero’s refinery can receive around 130-160 Mbpd of western Canadian crude oil from Montreal (recall, 2016 consumption of this refinery was 232.8 Mbpd). If

Montreal were to use 100% of western Canadian crude, Line 9 would only allow an additional 160 Mbpd to Valero, which existing tankers could handle. Valero can also receive oil from the west by rail (up to 60 Mbpd) as well as eastern oil directly by water to its offloading facilities. Irving Oil in New Brunswick, with crude consumption of 277 Mbpd in 2016, is located on the coastline and has direct access to eastern offshore oil (47,000 barrels of eastern crude were used in 2016). The refinery also has large rail offloading capacity of 145 Mbpd. Usage of rail has decreased substantially in recent years, as Irving Oil used to import approximately one-third of its intake by rail; that number dropped to 10% in 2015, and to an estimated 4% in 2016. The refinery can be accessed by tankers loaded at Montreal which could traverse along the St. Lawrence river and further to St. John, provided there is spare capacity in Line 9 (however, this route has not been used in 2016). Lastly, North Atlantic Refining can have access to eastern oil and potentially western oil from Montreal by tanker. To sum up, existing transportation infrastructure allows to push more Canadian crude from the west and east to eastern Canadian refinery markets, however it is not sufficient to substitute all foreign oil. The major infrastructural bottleneck for western crude becomes Line 9 capacity to supply any refinery to the east of Montreal. If Suncor Energy and Valero were to consume all Line 9 throughput capacity – 285 Mbpd (125 Mbpd for Suncor Energy and 160 Mbpd for Valero), the remaining 40% of Valero capacity, 100% of Irving Oil and 100% of North Atlantic Refining would be left to use a combination of rail from the west (up to 225 Mbpd) and tanker supply from the east for oil substitution purposes. Transportation capacity is not the only constraint and consideration in foreign oil substitution. Other constraints in refinery decision-making are economics of supply and crude availability in the west and east. The former means that refineries modus operandi is to optimize the cost of feedstock while gaining desired yields demanded by the refined petroleum markets. Thus, if Canadian oil is more expensive at the gate of a particular refinery compared to foreign oil, in market-driven, non-policy constrained decision-making, a refinery will prefer cheaper feedstock (if it can get the same desired yields). Prices of particular brands of

foreign and domestic oil as well as transportation costs play a role in the selection of intake slate. On the latter note, tankers are generally a cheaper option than pipelines and far cheaper than rail. As western production is relatively far from eastern refinery market, transportation costs by pipeline and rail will almost always be at a cost disadvantage to foreign tanker costs. Finally, to substitute foreign oil, enough domestic light oil should be available for a minimum combined volume of 585 Mbpd. As there is some refinery capacity to handle bitumen and heavy oil, this capacity is limited. Conclusion The mix of the above-mentioned constraints for each refinery defines the viability for oil substitution in each circumstance and will be reviewed in detail in the upcoming study. The research looks at four key questions. First, how much additional oil can be economically pushed through existing infrastructure to eastern refineries (from west and from east) substituting foreign oil and how much more (or less) emissions will this substitution bring? In this case, only more expensive foreign oil volumes are substituted. Second, how would the cost of feedstock and emissions levels differ if only oil from authoritarian states was substituted? Third, if there was additional transportation pipeline infrastructure like an Energy East project, how much more “economic” oil could be brought to Eastern refineries and at what emissions levels? Fourth, what would the cost of feedstock and emissions levels be if all foreign crude was substituted with Canadian crude using expanded transport infrastructure? As substitution of foreign oil using more Canadian crude could be macro-economically attractive and socially-pushed, the market economy profit-seeking decision-making process at each refinery may come at odds with a “social” push if Canadian oil is more expensive at the gate of a refinery compared to foreign oil. The forthcoming CERI study will show market and socially-pushed scenario outcomes which could serve as a good indication for Canadians on how beneficial or costly such substitution could be.

References 1. Natural Resource Canada, Energy Factbook 2016 2. Natural Resource Canada, Statistics Canada Trade

Statistics 3. CFA, 2016 Sector Performance Report, http://

canadianfuels.ca/website/media/Images/Resources/Sector-Performance-Report-2016_Canadian-Fuels-Association.pdf

4. CERI Crude Flows Model, based on number of sources: Statistics Canada, Natural Resources Canada, CFA, CAPP, various refinery websites, COLC, midstream companies’ websites (Enbridge Mainline and others), Clipper Data (transportation of oil by tankers), Oil and Gas Journal.

5. Statistics Canada, CANSIM Refineries Receipts table 6. Oil and Gas Journal, 2106, Refineries survey 7. http://business.financialpost.com/commodities/

energy/valero-strikes-deal-to-ship-line-9-crude-from-montreal-to-quebec-city-by-tanker


http://canadianfuels.ca/website/media/Images/Resources/Sector-Performance-Report-2016_Canadian-Fuels-Association.pdf




http://business.financialpost.com/commodities/energy/valero-strikes-deal-to-ship-line-9-crude-from-montreal-to-quebec-city-by-tanker




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World Supply and Demand Balance (MMbpd)

OPEC Crude Oil Production (MMbpd)

WTI Price Projections ($US/barrel)

2015 2016 2017 2018 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18

World Demand 94.8 96.1 97.7 99.1 95.4 95.6 96.7 96.8 96.6 97.8 97.9 98.5 97.9 99.1 99.5 99.9

OECD 46.4 46.9 47.3 47.3 46.8 46.1 47.3 47.4 46.9 47.0 47.4 47.7 46.9 46.9 47.7 47.7

non-OECD 48.4 49.2 50.4 51.8 48.6 49.5 49.4 49.4 49.7 50.8 50.5 50.8 51.0 52.2 51.8 52.2

World Supply 96.6 97.0 97.4 99.6 96.7 96.1 97.0 98.2 96.7 97.0 97.8 98.2 98.8 99.4 100.0 100.3

Non-OPEC 58.1 57.4 58.1 59.6 57.7 56.7 57.2 57.9 57.7 57.8 58.1 58.6 59.0 59.4 59.8 60.2

OPEC NGLs 6.6 6.8 6.9 7.0 6.7 6.8 6.9 6.9 6.9 6.9 6.9 6.9 7.0 7.1 7.0 7.0

OPEC Crude 27.7 28.4 28.0 -4.5 32.3 32.5 32.9 33.4 32.1 32.3 32.7 32.7 32.8 32.9 33.2 33.1

Supply - Demand1 1.8 0.9 -0.3 0.5 1.3 0.5 0.3 1.4 0.1 -0.8 -0.1

OECD

Stocks (MMbbls) 3015 3046 3052 3060 2985 3030 3015 3009 2997 3035 3049 3069

Days Cover 64 66 65 65 64 64 64 63 64 65 64 64

2016 2017 2018 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18

High Price Case 58.85 56.10 58.30 58.30 59.40 59.40

Reference Case 43.33 49.74 53.50 44.88 49.23 51.70 48.11 48.16 51.00 53.00 53.00 54.00 54.00

Low Price Case 45.48 43.35 45.05 45.05 45.90 45.90

Sustainable

Capacity Jul-17 Aug-17 Sep-17 Jul-17 Aug-17 Sep-17

Saudi Arabia 12.20 10.03 9.96 9.94 2.17 2.24 2.26

Iran 3.75 3.81 3.84 3.84 -0.06 -0.09 -0.09

UAE 3.14 2.94 2.93 2.93 0.20 0.21 0.21

Kuwait 2.93 2.70 2.70 2.71 0.23 0.23 0.22

Qatar 0.67 0.61 0.61 0.61 0.06 0.06 0.06

Angola 1.78 1.67 1.68 1.66 0.11 0.10 0.12

Nigeria 1.70 1.64 1.66 1.66 0.06 0.04 0.04

Libya 0.65 1.01 0.88 0.92 -0.36 -0.23 -0.27

Algeria 1.13 1.07 1.06 1.06 0.06 0.07 0.07

Equatorial Guinea 0.14 0.13 0.12 0.13 0.01 0.02 0.01

Ecuador 0.56 0.54 0.54 0.54 0.02 0.02 0.02

Venezuela 2.20 2.03 1.99 1.94 0.17 0.21 0.26

Gabon 0.23 0.22 0.18 0.19 0.01 0.05 0.04

OPEC. Excl. Iraq 31.08 28.40 28.15 28.13 2.68 2.93 2.95

Iraq1 4.66 4.50 4.49 4.52 0.16 0.17 0.14

Total OPEC 35.60 32.90 32.64 32.65 2.70 2.96 2.95

Production Spare Capacity vs Production


Data Appendix


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

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

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

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

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

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

NYMEX Light Sweet Crude

Last 3 Day Avg. When 12-Month Spread

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

2014 96.53 96.37 96.73 87.56 0.54

2015 49.68 49.80 51.41 53.75 -0.78

2016 42.28 42.15 42.01 44.80 -0.98

3Q 2016 46.95 47.20 46.46 48.68 -0.65

4Q 2016 47.30 47.03 46.91 49.12 -0.58

1Q 2017 52.90 52.44 52.19 54.65 -0.80

2Q 2017 49.45 49.76 50.08 51.66 -0.44

3Q 2017 45.89 46.22 46.87 48.05 -0.20

Yr-on-Yr Chg. -2.3% -2.1% 0.9% -1.3%

Oct-16 43.44 43.26 45.39 47.67 -0.62

Nov-16 50.43 50.77 48.64 50.65 -0.49

Dec-16 48.03 47.07 46.71 49.03 -0.63

Jan-17 52.23 52.08 50.63 53.49 -0.99

Feb-17 52.42 51.62 52.75 55.39 -0.87

Mar-17 54.06 53.61 53.18 55.08 -0.55

Apr-17 47.34 48.11 51.12 52.81 -0.50

May-17 50.27 51.04 50.72 52.33 -0.46

Jun-17 50.73 50.14 48.40 49.84 -0.35

Jul-17 43.23 44.06 47.11 48.32 -0.23

Aug-17 46.79 46.77 45.12 46.35 -0.21

Sep-17 47.64 47.84 48.40 49.46 -0.15

Oct-17 50.41 49.93 48.34 49.99 -0.46

Yr-on-Yr Chg. 16.0% 15.4% 6.5% 4.9%

NYMEX Unleaded Gasoline NYMEX Heating Oil

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

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

2014 270.6 272.8 271.8 260.8 1.7 285.9 287.7 286.4 290.2 1.4

2015 168.8 166.0 166.4 157.8 0.5 174.8 171.9 173.2 179.6 0.5

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

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

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

1Q 2017 157.3 157.0 155.9 168.2 -8.6 164.6 165.0 164.9 172.9 -1.4

2Q 2017 162.0 162.6 163.0 155.5 -0.5 153.1 153.9 154.7 162.1 -0.6

3Q 2017 178.7 170.2 157.2 137.2 5.1 162.9 159.4 152.8 159.6 -0.5

Yr-on-Yr Chg. 26.6% 19.6% 8.4% 5.4% 17.1% 13.0% 6.6% 4.1%

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

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

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

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

Feb-17 152.6 152.0 157.5 169.9 -2.5 161.2 161.3 164.4 172.4 -1.5

Mar-17 151.2 152.0 153.4 168.5 -22.0 162.1 163.4 164.1 171.9 -1.0

Apr-17 170.0 168.4 162.9 157.3 -1.6 157.4 155.8 153.6 161.1 -0.7

May-17 154.8 156.3 168.1 160.0 -0.1 150.4 151.6 159.0 166.4 -0.7

Jun-17 161.2 163.1 158.1 149.2 0.3 151.5 154.2 151.4 158.8 -0.6

Jul-17 151.5 149.5 148.2 132.1 0.8 147.6 145.2 142.6 150.4 -0.8

Aug-17 170.6 167.6 157.1 137.2 2.4 165.2 163.2 152.6 159.6 -0.5

Sep-17 214.0 193.6 166.3 142.2 12.0 175.8 169.9 163.1 168.9 -0.1

Oct-17 160.7 163.1 166.3 150.5 5.5 181.2 183.0 179.1 182.5 0.9

Yr-on-Yr Chg. 8.1% 10.4% 19.5% 18.0% 18.6% 21.2% 25.0% 19.6%


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. As of August 2016, Edmonton Light Sweet is referred to as Canadian Sweet. 3. As of August 2016, Western

Canadian Select is referred to as Canadian Heavy. Posted prices are based on price at the end of each month. Sources: Oil & Gas Journal; Natural Resources Canada.

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

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

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

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

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

2016 40.89 41.32 41.89 43.69 43.97 42.09 33.96 39.22 38.36 42.31 43.95 41.05

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

4Q 2016 47.83 48.33 48.81 49.48 49.41 48.12 42.53 46.70 45.45 49.79 49.98 45.20

1Q 2017 52.20 53.11 53.61 53.75 53.74 52.34 45.99 51.40 48.52 54.44 54.04 50.06

2Q 2017 48.72 49.89 49.96 49.82 49.80 48.70 44.60 47.94 46.24 51.29 50.24 45.52

3Q 2017 50.01 50.45 51.08 52.08 52.55 51.34 45.97 49.04 47.99 52.96 52.30 46.36

Yr-on-Yr Chg. 16.0% 16.5% 16.5% 13.6% 14.3% 16.4% 24.8% 18.2% 17.3% 18.7% 12.5% 12.7%

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

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

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

Dec-16 51.92 52.08 52.72 53.57 53.67 52.28 45.86 50.93 48.67 53.81 53.91 49.68

Jan-17 52.29 53.71 54.01 54.58 54.62 53.42 46.81 51.48 48.64 54.98 54.98 50.63

Feb-17 53.63 54.41 55.12 55.06 55.10 53.67 47.03 52.85 50.08 56.09 55.24 51.19

Mar-17 50.68 51.21 51.71 51.60 51.50 49.94 44.14 49.87 46.83 52.26 51.91 48.35

Apr-17 51.64 52.31 52.82 52.59 52.57 51.55 46.15 50.81 48.70 53.81 53.02 47.95

May-17 49.30 50.97 50.57 50.45 50.43 49.04 45.16 48.65 46.91 51.85 50.77 45.96

Jun-17 45.21 46.38 46.50 46.42 46.40 45.52 42.49 44.37 43.11 48.21 46.92 42.65

Jul-17 47.12 47.59 47.63 48.51 48.63 47.82 43.41 46.19 45.21 50.75 48.66 43.96

Aug-17 49.63 50.24 50.37 51.66 52.30 51.30 45.38 48.70 47.45 52.92 51.69 45.91

Sep-17 53.29 53.51 55.23 56.07 56.71 54.89 49.13 52.23 51.30 55.20 56.55 49.20

Yr-on-Yr Chg. 24.8% 22.5% 25.5% 20.1% 20.4% 23.4% 31.4% 26.7% 24.5% 23.9% 18.4% 22.1%

United States Canada Light vs. Heavy

ANS1 Lost Hills Kern R. WTI WTS GCS

Okla.

Sw.

Kans.

Sw.

Mich.

So.

Wyo.

Sw.

CDN

Sweet2CDN

Heavy3

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

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

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

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

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

1Q 2017 43.48 53.40 45.50 48.67 43.67 42.42 48.67 47.67 40.67 48.44 48.95 38.22

2Q 2017 44.34 49.43 42.43 44.50 39.50 38.25 44.50 43.83 36.50 44.64 45.78 42.43

3Q 2017 41.90 54.02 45.38 46.17 41.17 41.33 46.17 45.08 38.17 45.81 45.57 37.70

Yr-on-Yr Chg. 39.0% 16.4% 23.8% 9.1% 10.3% 14.5% 9.1% 9.1% 11.2% 8.9% 9.4% 22.5%

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

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

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

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

Jan-17 38.14 53.59 45.45 49.00 44.00 42.75 49.00 48.25 41.00 48.88 49.53 38.81

Feb-17 46.15 54.54 46.70 50.00 45.00 43.75 50.00 48.75 42.00 49.58 50.33 39.53

Mar-17 46.15 52.06 44.35 47.00 42.00 40.75 47.00 46.00 39.00 46.85 47.03 36.34

Apr-17 45.79 49.79 43.15 45.75 40.75 39.50 45.75 44.75 37.75 45.58 46.61 40.81

May-17 43.22 51.01 43.80 46.25 41.25 40.00 46.25 45.25 38.25 46.05 48.43 51.35

Jun-17 44.02 47.50 40.35 41.50 36.50 35.25 41.50 41.50 33.50 42.29 42.20 34.91

Jul-17 42.79 51.92 44.00 46.25 41.25 44.00 46.25 45.25 38.25 45.96 44.10 36.96

Aug-17 41.46 52.25 43.25 44.00 39.00 37.75 44.00 42.75 36.00 43.54 45.01 37.95

Sep-17 41.46 57.88 48.90 48.25 43.25 42.25 48.25 47.25 40.25 47.92 47.63 38.18

Yr-on-Yr Chg. 11.9% 17.6% 25.2% 7.2% 8.1% 9.0% 7.2% 8.0% 8.8% 7.7% 11.9% 21.6%


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. As of August 2016, Edmonton Light Sweet is referred to as Canadian Sweet. 2. As of August 2016, Western Canadian Select is referred to as Canadian Heavy. 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

Sweet1CDN

Heavy2 Diff. GCS WTS Diff.

2014 97.07 93.57 3.50 93.58 86.53 7.04 82.59 73.85 8.74 82.19 83.44 -1.25

2015 49.87 47.02 2.85 51.14 44.77 6.37 44.83 35.71 9.13 39.38 40.63 -1.25

2016 40.89 38.36 2.52 42.31 36.98 5.34 39.44 28.85 10.59 34.83 36.08 -1.25

3Q 2016 43.10 40.58 2.52 44.61 39.64 4.97 41.64 30.77 10.88 36.08 37.33 -1.25

4Q 2016 47.83 45.64 2.19 49.79 43.36 6.43 45.53 34.29 11.24 39.83 41.08 -1.25

1Q 2017 52.20 50.46 1.74 54.44 45.42 9.03 48.95 38.22 10.74 42.42 43.67 -1.25

2Q 2017 48.72 47.18 1.54 51.29 44.33 6.96 45.78 42.43 3.35 38.25 39.50 -1.25

3Q 2017 50.01 48.81 1.20 52.96 47.68 5.28 45.57 37.70 7.87 41.33 41.17 0.17

Yr-on-Yr Chg. 16.0% 20.3% 18.7% 20.3% 9.4% 22.5% 14.5% 10.3%

Sep-16 42.70 40.34 2.36 44.55 39.05 5.50 42.57 31.41 11.16 38.75 40.00 -1.25

Oct-16 48.26 46.26 2.00 49.91 43.76 6.15 46.81 35.89 10.92 39.25 40.50 -1.25

Nov-16 43.32 40.96 2.36 45.64 40.32 5.32 41.66 30.54 11.13 37.25 38.50 -1.25

Dec-16 51.92 49.70 2.22 53.81 45.99 7.82 48.14 36.46 11.68 43.00 44.25 -1.25

Jan-17 52.29 50.56 1.73 54.98 46.58 8.40 49.53 38.81 10.73 42.75 44.00 -1.25

Feb-17 53.63 51.97 1.66 56.09 46.55 9.54 50.33 39.53 10.79 43.75 45.00 -1.25

Mar-17 50.68 48.86 1.82 52.26 43.12 9.14 47.03 36.34 10.69 40.75 42.00 -1.25

Apr-17 51.64 49.97 1.67 53.81 44.90 8.91 46.61 40.81 5.80 39.50 40.75 -1.25

May-17 49.30 47.92 1.38 51.85 45.60 6.25 48.43 51.35 -2.92 40.00 41.25 -1.25

Jun-17 45.21 43.64 1.57 48.21 42.49 5.72 42.20 34.91 7.29 35.25 36.50 -1.25

Jul-17 47.12 45.76 1.36 50.75 44.90 5.85 44.10 36.96 7.14 44.00 41.25 2.75

Aug-17 49.63 48.55 1.08 52.92 47.14 5.78 45.01 37.95 7.06 37.75 39.00 -1.25

Sep-17 53.29 52.12 1.17 55.20 50.99 4.21 47.63 38.18 9.45 42.25 43.25 -1.00

Yr-on-Yr Chg. 24.8% 29.2% 23.9% 30.6% 11.9% 21.6% 9.0% 8.1%

Spot Prices Differentials

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

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

2015 48.71 52.37 50.84 51.50 49.52 -2.69 -1.16 -1.82 0.16

2016 43.33 43.72 41.46 42.11 40.68 -1.44 0.82 0.17 1.59

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

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

1Q 2017 51.70 53.66 53.01 52.25 52.03 -0.76 -0.11 0.65 0.87

2Q 2017 48.11 49.58 49.71 48.46 48.59 -0.13 -0.26 0.99 0.85

3Q 2017 48.16 52.06 50.46 51.34 49.99 -6.17 -4.57 -5.45 -4.10

Yr-on-Yr Chg. 7.3% 13.7% 16.6% 16.5% 16.6%

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

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

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

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

Jan-17 52.51 54.58 53.68 53.42 52.40 -2.16 -1.26 -1.00 0.02

Feb-17 53.40 55.06 54.41 53.67 53.37 -1.00 -0.35 0.39 0.69

Mar-17 49.58 51.60 51.21 49.94 50.32 -4.26 -3.87 -2.60 -2.98

Apr-17 51.06 52.46 52.31 51.41 51.37 -2.19 -2.04 -1.14 -1.10

May-17 48.50 50.42 50.58 49.01 49.20 0.31 0.15 1.72 1.53

Jun-17 45.17 46.42 46.48 45.52 45.21 -3.19 -3.25 -2.29 -1.98

Jul-17 46.65 48.51 47.59 47.82 46.93 -1.72 -0.80 -1.03 -0.14

Aug-17 48.03 51.64 50.24 51.29 49.60 -4.00 -2.60 -3.65 -1.96

Sep-17 49.83 56.07 53.71 54.89 53.44 -5.66 -3.30 -4.48 -3.03

Yr-on-Yr Chg. 10.2% 20.1% 23.2% 23.4% 24.6%


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

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

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

Report.

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

US Gulf Coast, Pipeline Rotterdam, Barges Singapore, Cargoes

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

2014 106.68 82.82 113.30 108.16 112.63 81.04 110.75 112.53 87.22

2015 66.94 40.73 63.86 67.02 65.48 37.85 69.09 64.47 44.55

2016 56.84 32.12 52.43 54.02 52.37 30.62 56.20 52.24 35.63

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

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

1Q 2017 65.10 44.58 63.18 63.48 63.31 43.24 67.71 64.85 49.04

2Q 2017 65.69 42.50 58.71 62.74 59.21 41.85 63.82 61.02 46.69

3Q 2017 69.74 45.40 66.61 65.49 63.39 45.78 66.52 64.27 48.45

Yr-on-Yr Chg. 17.0% 30.2% 22.4% 19.6% 17.2% 33.1% 21.6% 18.8% 27.9%

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

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

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

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

Jan-17 66.52 45.76 63.70 64.20 63.94 44.35 69.47 65.15 51.28

Feb-17 65.04 45.94 65.58 66.04 65.20 44.45 69.90 66.76 49.87

Mar-17 63.91 42.42 60.75 60.60 61.09 41.16 64.28 62.94 46.38

Apr-17 69.66 43.68 63.27 65.91 62.88 42.99 67.66 64.68 48.11

May-17 66.12 42.98 59.04 62.86 59.80 41.88 64.40 61.19 46.76

Jun-17 61.83 41.01 54.46 60.04 55.65 40.90 59.78 57.54 45.33

Jul-17 65.79 43.89 60.07 60.78 59.09 43.52 61.76 61.05 46.32

Aug-17 70.77 44.85 66.44 65.64 62.25 45.40 67.51 63.51 47.84

Sep-17 72.51 47.56 73.33 70.04 68.89 48.44 70.43 68.49 51.37

Yr-on-Yr Chg. 23.5% 30.8% 31.9% 22.9% 24.8% 34.4% 21.4% 25.4% 30.5%

NY Harbor US Gulf Los Angeles

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

2014 261.23 269.64 280.48 248.81 269.65 271.08 266.81 278.58

2015 161.18 154.68 166.33 155.30 152.55 157.92 194.58 166.03

2016 139.08 128.35 135.14 133.18 124.92 131.75 145.38 138.67

3Q 2016 139.03 132.27 139.57 139.33 129.53 137.40 145.07 141.83

4Q 2016 153.93 147.70 155.47 145.73 143.47 152.23 151.77 160.83

1Q 2017 155.30 153.50 159.17 155.30 150.20 156.77 169.60 163.47

2Q 2017 153.20 143.63 150.57 152.40 140.57 147.53 171.40 154.87

3Q 2017 170.57 155.00 164.77 163.63 159.27 162.13 176.63 172.73

Yr-on-Yr Chg. 22.7% 17.2% 18.1% 17.4% 23.0% 18.0% 21.8% 21.8%

Sep-16 143.80 135.10 141.80 139.30 131.90 140.00 155.20 145.50

Oct-16 152.20 148.80 155.90 148.90 145.70 154.40 161.90 163.00

Nov-16 146.20 139.00 146.30 131.70 135.60 142.70 143.40 153.90

Dec-16 163.40 155.30 164.20 156.60 149.10 159.60 150.00 165.60

Jan-17 162.00 155.10 162.30 159.30 151.40 159.30 161.20 167.10

Feb-17 154.70 156.20 162.40 154.30 154.70 160.80 175.60 167.00

Mar-17 149.20 149.20 152.80 152.30 144.50 150.20 172.00 156.30

Apr-17 161.10 152.30 158.60 162.10 151.00 155.80 177.70 163.90

May-17 154.00 145.40 151.40 151.90 141.20 148.20 174.60 154.70

Jun-17 144.50 133.20 141.70 143.20 129.50 138.60 161.90 146.00

Jul-17 156.20 142.30 152.10 151.80 141.70 148.60 166.90 157.00

Aug-17 168.80 151.90 163.10 163.80 156.10 160.10 180.70 169.70

Sep-17 186.70 170.80 179.10 175.30 180.00 177.70 182.30 191.50

Yr-on-Yr Chg. 29.8% 26.4% 26.3% 25.8% 36.5% 26.9% 17.5% 31.6%


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

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

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

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

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

Source: IEA Oil Market Report.

OECD Non-OECD OPEC World

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

Demand

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

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

2014 24.2 13.5 8.1 45.8 21.1 12.5 4.6 38.2 5.5 3.2 8.9 92.9

2015 24.6 13.8 8.1 46.4 22.5 12.2 4.5 39.2 5.8 3.4 9.2 94.8

2016 24.7 14.0 8.1 46.9 23.2 11.7 4.8 39.7 6.0 3.5 9.6 96.1

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

4Q 2015 24.5 13.7 8.2 46.5 23.0 12.3 4.7 40.0 5.8 3.4 9.2 95.7

1Q 2016 24.6 13.6 8.6 46.8 23.2 11.3 4.6 39.1 6.0 3.5 9.6 95.4

2Q 2016 24.5 13.9 7.7 46.1 23.5 11.9 4.6 40.0 6.0 3.5 9.6 95.6

3Q 2016 25.1 14.4 7.8 47.3 22.7 12.1 4.9 39.7 6.0 3.5 9.6 96.7

4Q 2016 24.8 14.2 8.4 47.4 23.3 11.4 4.9 39.6 6.0 3.5 9.6 96.8

1Q 2017 24.5 13.9 8.6 46.9 24.0 11.0 4.6 39.7 6.2 3.7 10.0 96.6

2Q 2017 25.0 14.2 7.8 47.0 24.4 11.5 4.8 40.8 6.2 3.7 10.0 97.8

3Q 2017 25.0 14.6 7.8 47.4 23.4 11.9 5.0 40.4 6.2 3.7 10.0 97.9

Supply

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

2013 17.2 3.3 0.5 22.2 7.7 7.7 13.8 30.2 26.2 9.8 36.7 91.2

2014 19.1 3.3 0.5 24.1 7.7 7.6 13.9 30.2 26.8 9.0 37.5 93.7

2015 20.0 3.5 0.5 25.1 7.9 7.8 14.1 30.8 28.2 8.7 38.1 96.6

2016 19.5 3.5 0.4 24.6 7.6 7.6 14.2 30.5 30.2 7.2 39.6 97.0

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

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

1Q 2016 19.9 3.6 0.4 25.3 7.8 7.4 14.3 30.5 28.9 8.5 39.6 96.7

2Q 2016 19.0 3.4 0.4 24.1 7.6 7.4 14.1 30.2 29.8 8.0 39.9 96.1

3Q 2016 19.3 3.3 0.4 24.4 7.4 7.7 14.0 30.1 30.6 7.7 39.5 97.0

4Q 2016 19.7 3.6 0.4 25.0 7.4 7.7 14.6 30.7 30.8 7.3 40.0 98.2

1Q 2017 20.0 3.7 0.4 25.2 7.4 7.6 14.5 30.6 29.6 7.2 38.9 96.7

2Q 2017 19.8 3.5 0.4 24.9 7.4 7.5 14.4 30.4 29.7 7.3 39.2 97.0

3Q 2017 19.9 3.4 0.4 25.0 7.3 7.7 14.3 30.4 29.8 7.7 39.7 97.8

Balance

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

2013 -7.0 -10.3 -7.8 -23.9 -13.0 -4.3 9.3 -7.0 20.9 6.7 28.2 -0.5

2014 -5.1 -10.2 -7.6 -21.7 -13.4 -4.9 9.3 -8.0 21.2 5.7 28.6 0.8

2015 -4.6 -10.3 -7.6 -21.3 -14.6 -4.4 9.6 -8.4 22.4 5.3 28.9 1.8

2016 -5.2 -10.5 -7.7 -22.3 -15.6 -4.1 9.4 -9.2 24.2 3.7 30.0 0.9

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

4Q 2015 -4.4 -10.1 -7.7 -21.1 -15.1 -4.4 9.4 -9.1 22.9 5.3 29.9 1.7

1Q 2016 -4.7 -10.0 -8.2 -21.5 -15.4 -3.9 9.7 -8.5 22.9 5.0 30.0 1.3

2Q 2016 -5.5 -10.5 -7.3 -22.0 -15.9 -4.5 9.5 -9.8 23.8 4.5 30.3 0.5

3Q 2016 -5.8 -11.1 -7.4 -22.9 -15.3 -4.4 9.1 -9.5 24.6 4.2 29.9 0.3

4Q 2016 -5.1 -10.6 -8.0 -22.4 -15.9 -3.7 9.7 -8.8 24.8 3.7 30.4 1.4

1Q 2017 -4.5 -10.2 -8.2 -21.7 -16.6 -3.4 9.9 -9.1 23.4 3.5 28.9 0.1

2Q 2017 -5.2 -10.7 -7.4 -22.1 -17.0 -4.0 9.6 -10.4 23.5 3.7 29.2 -0.8

3Q 2017 -5.1 -11.2 -7.4 -22.4 -16.1 -4.2 9.3 -10.0 23.5 4.1 29.7 -0.1


B2: World Petroleum Production (million barrels per day)

B3: OECD Commercial Petroleum Stocks (million barrels)

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

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

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

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


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

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

2015 19.98 3.48 0.46 23.92 7.92 8.07 14.03 30.02 28.16 8.68 38.14 92.08

2016 19.48 3.52 0.43 23.42 7.57 7.55 14.24 29.36 30.15 7.23 39.61 92.39

3Q 2016 19.32 3.34 0.45 23.11 7.50 7.91 13.99 29.39 30.64 7.72 39.54 92.04

4Q 2016 19.65 3.64 0.41 23.70 7.48 7.95 14.52 29.96 30.85 7.26 40.04 93.70

1Q 2017 19.96 3.66 0.39 24.00 7.50 7.57 14.43 29.51 29.61 7.16 38.93 92.44

2Q 2017 19.80 3.49 0.40 23.69 7.37 7.59 14.35 29.33 29.73 7.33 39.22 92.24

3Q 2017 19.91 3.43 0.42 23.76 7.32 7.68 14.26 29.26 29.76 7.73 39.67 92.69

Yr-on-Yr Chg. 3.1% 2.7% -6.7% 2.8% -2.4% -2.9% 1.9% -0.4% -2.9% 0.1% 0.3% 0.7%

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

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

Nov-16 19.85 3.77 0.41 24.04 7.50 7.94 14.47 29.91 30.82 7.37 40.22 94.17

Dec-16 19.49 3.65 0.43 23.57 7.56 8.00 14.53 30.10 30.67 7.20 39.85 93.52

Jan-17 19.53 3.62 0.39 23.55 7.50 7.91 14.44 29.84 29.46 7.21 38.63 92.02

Feb-17 20.02 3.66 0.38 24.06 7.50 7.92 14.46 29.89 29.61 7.20 38.80 92.75

Mar-17 19.96 3.73 0.39 24.08 7.49 7.67 14.39 29.55 29.56 6.93 38.47 92.10

Apr-17 19.55 3.62 0.39 23.56 7.39 7.46 14.36 29.20 29.69 6.98 38.84 91.60

May-17 19.68 3.47 0.39 23.54 7.37 7.63 14.28 29.28 29.68 7.35 39.14 91.96

Jun-17 19.95 3.37 0.41 23.73 7.52 7.65 14.33 29.50 29.81 7.56 39.51 92.74

Jul-17 20.25 3.48 0.42 24.14 7.36 7.67 14.36 29.40 29.78 7.88 39.84 93.38

Aug-17 19.87 3.37 0.42 23.66 7.28 7.63 14.19 29.10 29.75 7.65 39.58 92.34

Sep-17 19.60 3.46 0.42 23.47 7.30 7.75 14.21 29.27 29.77 7.65 39.59 92.33

Yr-on-Yr Chg. 2.0% 16.1% -2.3% 3.8% 10.4% -4.2% 0.3% 1.4% -2.8% -2.6% -2.3% 0.3%

R/P Ratio2 31.8 10.4 26.7 28.6 15.4 21.7 28.5 23.4 73.8 143.9 83.3 50.6

Americas Europe Asia Oceania OECD

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

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

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

2016 646 776 1,600 339 562 971 192 162 415 1,177 1,500 2,985

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

3Q 2016 621 801 1,617 353 568 992 202 187 450 1,176 1,556 3,060

4Q 2016 646 776 1,600 339 562 971 192 162 415 1,177 1,500 2,985

1Q 2017 697 736 1,608 360 588 1,019 189 155 404 1,245 1,479 3,030

2Q 2017 656 753 1,595 365 558 996 190 170 424 1,211 1,481 3,015

Yr-on-Yr Chg. 1.0% -2.6% -0.8% 2.5% -4.0% -1.0% -6.2% -3.0% -3.1% 0.3% -3.2% -1.2%

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

Sep-16 621 801 1,617 353 568 992 202 187 450 1,176 1,556 3,060

Oct-16 647 782 1,624 347 559 977 202 181 447 1,196 1,522 3,048

Nov-16 646 789 1,623 341 562 975 195 172 430 1,182 1,522 3,028

Dec-16 646 776 1,600 339 562 971 192 162 415 1,177 1,500 2,985

Jan-17 665 781 1,623 355 597 1,022 193 166 421 1,212 1,544 3,067

Feb-17 683 764 1,619 360 592 1,025 185 165 412 1,228 1,521 3,056

Mar-17 697 736 1,608 360 588 1,019 189 155 404 1,245 1,479 3,030

Apr-17 676 752 1,608 353 599 1,026 193 165 420 1,223 1,516 3,054

May-17 671 762 1,619 359 572 1,006 198 170 432 1,228 1,504 3,057

Jun-17 656 753 1,595 365 558 996 190 170 424 1,211 1,481 3,015

Jul-17 644 756 1,590 366 562 1,003 197 176 437 1,207 1,494 3,029

Aug-17 630 769 1,586 355 561 990 193 181 439 1,178 1,511 3,015

Yr-on-Yr Chg. -1.4% -4.0% -3.0% 0.1% -4.0% -1.9% 2.8% -6.1% -0.7% -0.3% -4.2% -2.3%


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

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

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

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

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

Non-Persian Gulf OPEC-12

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

2014 9.72 2.81 2.76 2.80 0.71 1.66 1.90 0.46 1.12 2.46 0.55 0.22 27.65 3.33

2015 10.16 2.85 2.93 2.79 0.65 1.76 1.77 0.40 1.11 2.46 0.54 0.23 27.65 4.00

2016 10.42 3.55 3.05 2.88 0.65 1.71 1.47 0.39 1.11 2.24 0.55 0.23 28.38 4.42

3Q 2016 10.61 3.67 3.12 2.92 0.64 1.72 1.25 0.31 1.13 2.19 0.55 0.23 28.34 4.43

4Q 2016 10.55 3.81 3.13 2.86 0.64 1.61 1.46 0.57 1.12 2.12 0.54 0.22 28.63 4.64

1Q 2017 9.88 3.78 2.96 2.71 0.60 1.64 1.39 0.66 1.05 2.08 0.52 0.20 27.61 4.46

2Q 2017 9.97 3.77 2.93 2.71 0.62 1.64 1.49 0.71 1.06 2.05 0.53 0.20 27.81 4.50

3Q 2017 9.98 3.83 2.93 2.70 0.61 1.67 1.65 0.94 1.06 1.99 0.54 0.20 28.23 4.50

Yr-on-Yr Chg. -5.9% 4.4% -6.1% -7.5% -4.7% -2.9% 32.0% 203.2% -6.2% -9.1% -1.8% -13.0% -0.4% 1.6%

Sep-16 10.61 3.68 3.10 2.90 0.62 1.69 1.39 0.36 1.12 2.13 0.56 0.21 29.11 4.49

Oct-16 10.56 3.82 3.12 2.93 0.63 1.51 1.43 0.51 1.13 2.15 0.54 0.22 28.55 4.59

Nov-16 10.64 3.77 3.13 2.83 0.65 1.69 1.53 0.58 1.12 2.12 0.55 0.23 28.84 4.61

Dec-16 10.45 3.77 3.14 2.81 0.63 1.64 1.39 0.62 1.12 2.10 0.54 0.21 28.42 4.66

Jan-17 9.80 3.75 2.99 2.71 0.61 1.63 1.43 0.69 1.05 2.05 0.53 0.20 27.44 4.46

Feb-17 9.98 3.81 2.93 2.71 0.59 1.65 1.45 0.67 1.05 2.05 0.53 0.20 27.62 4.45

Mar-17 9.93 3.79 2.91 2.70 0.61 1.64 1.30 0.61 1.05 2.03 0.52 0.20 27.29 4.43

Apr-17 9.96 3.75 2.93 2.71 0.62 1.66 1.38 0.55 1.06 2.02 0.53 0.20 27.49 4.46

May-17 9.92 3.78 2.93 2.72 0.63 1.61 1.53 0.74 1.06 2.00 0.53 0.20 27.78 4.48

Jun-17 10.05 3.79 2.93 2.71 0.62 1.66 1.57 0.84 1.06 2.04 0.53 0.20 28.11 4.50

Jul-17 10.03 3.81 2.94 2.70 0.61 1.67 1.64 1.01 1.07 2.03 0.54 0.22 28.40 4.50

Aug-17 9.96 3.84 2.93 2.70 0.61 1.68 1.66 0.88 1.06 1.99 0.54 0.18 28.15 4.49

Sep-17 9.94 3.84 2.93 2.71 0.61 1.66 1.66 0.92 1.06 1.94 0.54 0.19 28.13 4.52

Yr-on-Yr Chg. -6.3% 4.3% -5.5% -6.6% -1.6% -1.8% 19.4% 155.6% -5.4% -8.9% -3.6% -9.5% -3.4% 0.7%

Persian Gulf

Americas Europe Asia Oceania OECD

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

2014 18.9 88.3 1.93 11.4 79.6 3.35 6.5 86.9 -1.98 36.8 84.1

2015 19.1 87.6 5.65 12.1 84.6 7.28 6.7 90.7 0.62 37.9 86.0

2016 18.9 85.6 4.72 11.9 85.2 4.28 6.9 92.5 0.18 37.7 85.5

2Q 2016 18.9 85.6 4.70 11.4 81.3 4.42 6.7 90.9 -1.5 37.1 84.0

3Q 2016 19.2 86.8 5.33 12.3 87.6 3.55 6.7 90.5 0.0 38.2 86.6

4Q 2016 18.6 84.0 5.13 12.3 88.0 5.14 6.9 92.8 1.1 37.8 85.7

1Q 2017 18.8 85.0 5.38 12.0 85.6 4.87 7.2 97.4 1.0 38.0 86.2

2Q 2017 20.0 90.3 6.09 12.0 85.6 6.17 6.6 89.2 1.16 38.6 87.5

Yr-on-Yr Chg. 5.5% 29.6% 5.3% 39.4% -1.9% -175.3% 4.1%

Aug-16 19.4 87.6 6.00 12.5 88.8 3.43 6.8 91.8 -1.1 38.6 87.6

Sep-16 18.8 85.2 5.40 12.1 86.1 4.19 6.6 88.5 1.0 37.5 84.9

Oct-16 17.8 80.6 4.98 12.1 86.3 5.76 6.4 86.0 0.1 36.3 82.3

Nov-16 18.8 84.9 4.51 12.4 88.4 5.65 6.9 93.4 2.4 38.1 86.3

Dec-16 19.1 86.5 5.91 12.5 89.3 4.02 7.4 99.0 0.8 39.0 88.4

Jan-17 19.0 85.8 6.28 12.3 87.7 4.85 7.4 100.0 1.4 38.7 87.7

Feb-17 18.4 83.3 4.96 11.8 84.0 5.44 7.4 99.6 1.1 37.6 85.2

Mar-17 19.0 85.8 4.90 11.9 85.1 4.32 6.9 92.7 0.7 37.8 85.6

Apr-17 19.8 89.5 6.10 12.1 86.6 6.29 6.8 92.2 1.0 38.8 87.9

May-17 20.1 90.9 6.00 11.8 84.4 5.64 6.7 89.9 0.5 38.6 87.5

Jun-17 20.0 90.5 6.17 12.0 85.8 6.57 6.4 85.6 2.1 38.4 87.1

Jul-17 19.9 90.2 7.98 12.6 89.5 6.80 7.1 95.1 2.6 39.6 89.7

Aug-17 19.6 88.8 9.56 12.6 89.7 7.79 7.2 97.3 2.9 39.4 89.4

Yr-on-Yr Chg. 1.4% 59.3% 1.0% 127% 6.0% -365.1% 2.1%


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

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

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

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

United States1 East Mid-West

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

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

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

2016 14.61 19.63 4.87 0.13 0.47 5.42 -4.94 3.63 5.13 -1.50

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

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

4Q 2016 14.62 19.75 4.69 -0.18 0.50 5.41 -4.91 3.59 5.17 -1.59

1Q 2017 14.78 19.49 4.26 0.02 0.51 5.55 -5.03 3.62 5.03 -1.41

2Q 2017 15.12 20.01 4.25 -0.21 0.54 5.57 -5.03 3.70 5.06 -1.36

Yr-on-Yr Chg. 3.2% 3.0% -9.3% 19.0% 3.6% 0.9% -0.6%

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

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

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

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

Nov-16 14.80 19.66 4.92 0.11 0.50 5.39 -4.89 3.66 5.02 -1.36

Dec-16 14.48 19.98 4.35 -0.74 0.51 5.52 -5.01 3.52 5.24 -1.72

Jan-17 14.49 19.23 5.01 0.71 0.51 5.33 -4.82 3.52 4.97 -1.45

Feb-17 14.83 19.19 3.61 -0.12 0.51 5.43 -4.92 3.66 5.00 -1.34

Mar-17 15.02 20.03 4.17 -0.54 0.52 5.88 -5.36 3.68 5.12 -1.44

Apr-17 14.98 19.53 4.18 0.03 0.53 5.43 -4.91 3.66 4.87 -1.21

May-17 15.19 20.02 4.49 0.17 0.55 5.49 -4.94 3.71 5.11 -1.40

Jun-17 15.19 20.49 4.09 -0.82 0.56 5.79 -5.23 3.74 5.20 -1.46

Jul-17 15.27 20.02 3.62 -0.36 0.56 5.63 -5.07 3.74 4.85 -1.11

Yr-on-Yr Chg. 4.5% 1.6% -31.7% 11.8% 7.3% 2.5% -6.0%

% of Total2 100.0% 100.0% 3.7% 28.1% 24.5% 24.2%

South-Central North-West West Finished Petroleum Products

Supply Demand Balance Supply Demand Balance Supply Demand Balance

2014 7.65 5.16 2.50 0.98 0.71 0.27 1.38 2.81 -1.43

2015 8.31 5.20 3.11 1.10 0.69 0.41 1.33 2.91 -1.59

2016 8.14 5.39 2.75 1.07 0.71 0.35 1.30 2.99 -1.68

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

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

4Q 2016 8.16 5.53 2.63 1.06 0.71 0.35 1.31 2.93 -1.62

1Q 2017 8.30 5.30 3.01 1.04 0.69 0.35 1.30 2.92 -1.62

2Q 2017 8.49 5.53 2.96 1.10 0.72 0.38 1.28 3.14 -1.86

Yr-on-Yr Chg. 4.0% 5.3% 2.1% 4.2% -0.6% 3.6%

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

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

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

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

Nov-16 8.25 5.67 2.59 1.08 0.71 0.37 1.31 2.86 -1.55

Dec-16 8.12 5.59 2.53 1.02 0.68 0.34 1.31 2.96 -1.64

Jan-17 8.14 5.41 2.73 1.01 0.67 0.34 1.31 2.86 -1.55

Feb-17 8.33 5.21 3.12 1.05 0.69 0.35 1.29 2.86 -1.57

Mar-17 8.45 5.28 3.17 1.07 0.72 0.35 1.31 3.04 -1.74

Apr-17 8.40 5.42 2.98 1.08 0.69 0.40 1.32 3.12 -1.80

May-17 8.55 5.62 2.93 1.11 0.73 0.38 1.28 3.08 -1.80

Jun-17 8.53 5.56 2.97 1.11 0.74 0.37 1.24 3.21 -1.96

Jul-17 8.69 5.56 3.12 1.12 0.78 0.35 1.17 3.20 -2.03

Yr-on-Yr Chg. 6.7% 2.4% 6.5% 7.0% -8.1% 1.7%

% of Total2 56.9% 27.8% 7.3% 3.9% 7.6% 16.0%


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

2014 8.92 1.47 4.01 0.26 16.64 2.40 19.03

2015 9.16 1.54 3.98 0.26 16.94 2.47 19.39

2016 9.33 1.61 3.88 0.36 17.17 2.49 19.63

2Q 2016 9.44 1.61 3.81 0.41 17.24 2.25 19.43

3Q 2016 9.56 1.68 3.79 0.36 17.55 2.40 19.90

4Q 2016 9.22 1.63 4.01 0.35 17.19 2.59 19.75

1Q 2017 8.95 1.60 3.95 0.36 16.68 2.79 19.49

2Q 2017 9.53 1.68 3.91 0.37 17.56 2.34 20.01

Yr-on-Yr Chg. 1.0% 4.4% 2.7% -9.3% 1.8% 3.8% 3.0%

Jul-16 9.60 1.72 3.58 0.45 17.48 2.38 19.71

Aug-16 9.60 1.71 3.89 0.34 17.82 2.30 20.13

Sep-16 9.49 1.62 3.91 0.29 17.35 2.52 19.86

Oct-16 9.10 1.61 4.02 0.35 17.04 2.54 19.62

Nov-16 9.24 1.63 3.96 0.38 17.27 2.49 19.66

Dec-16 9.31 1.65 4.06 0.32 17.26 2.74 19.98

Jan-17 8.50 1.59 3.78 0.46 16.20 3.04 19.23

Feb-17 8.99 1.53 3.91 0.27 16.51 2.71 19.19

Mar-17 9.35 1.67 4.15 0.36 17.33 2.62 20.03

Apr-17 9.25 1.62 3.79 0.32 16.96 2.48 19.53

May-17 9.59 1.67 3.97 0.37 17.67 2.40 20.02

Jun-17 9.77 1.76 3.97 0.42 18.05 2.13 20.49

Jul-17 9.57 1.73 3.71 0.27 17.53 2.20 20.02

Yr-on-Yr Chg. -0.3% 0.8% 3.6% -40.1% 0.3% -7.7% 1.6%

Petroleum Stocks1 Crude Oil Finished Products

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

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

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

2016 196 327 1,325 45 139 2,031 1,179 29 43 165 42 330

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

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

4Q 2016 196 327 1,325 45 139 2,031 1,179 29 43 165 42 330

1Q 2017 189 329 1,327 47 141 2,033 1,229 22 42 151 41 313

2Q 2017 190 330 1,304 43 143 2,009 1,180 22 41 152 35 306

Yr-on-Yr Chg. -4.4% -1.7% -3.4% -5.4% -4.0% -3.3% -3.6% -9.6% 1.5% 1.6% -12.6% -1.6%

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

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

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

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

Nov-16 198 329 1,339 46 142 2,054 1,184 27 45 160 41 319

Dec-16 196 327 1,325 45 139 2,031 1,179 29 43 165 42 330

Jan-17 211 330 1,326 44 140 2,053 1,200 28 42 169 40 333

Feb-17 205 333 1,325 45 142 2,049 1,218 26 44 162 40 327

Mar-17 189 329 1,327 47 141 2,033 1,229 22 42 151 41 313

Apr-17 195 338 1,311 47 143 2,033 1,213 22 45 155 40 318

May-17 196 338 1,311 46 148 2,039 1,201 22 44 154 40 318

Jun-17 190 330 1,304 43 143 2,009 1,180 22 41 152 35 306

Jul-17 186 333 1,299 42 138 1,998 1,161 23 41 151 34 303

Yr-on-Yr Chg. -8.6% -1.9% -2.2% -1.4% -7.5% -3.1% -2.0% -6.5% -2.1% -3.1% -12.3% -4.2%


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

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

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

2016 2.93 -0.21 0.73 -0.23 0.41 1.77 4.87 0.72 1.10 0.23 3.23 1.74

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

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

4Q 2016 3.09 -0.41 0.61 -0.14 0.50 1.75 4.69 0.68 1.00 0.23 3.21 1.74

1Q 2017 3.41 -0.31 0.49 -0.27 0.51 2.00 4.26 0.67 1.28 0.29 3.41 2.00

2Q 2017 3.06 -0.18 0.38 -0.27 0.51 1.93 4.25 0.67 1.09 0.31 3.44 1.94

Yr-on-Yr Chg. 15.7% 192% -44.8% -13.8% 29.7% 5.2% -9.3% -5.7% -4.3% 18.8% 5.8% 9.1%

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

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

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

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

Nov-16 3.17 -0.30 0.52 -0.04 0.53 1.69 4.92 0.68 1.00 0.23 3.21 1.67

Dec-16 3.33 -0.59 0.66 -0.34 0.45 1.89 4.36 0.70 1.01 0.24 3.30 1.88

Jan-17 3.52 -0.35 0.39 -0.06 0.55 2.07 5.01 0.66 1.34 0.32 3.58 2.07

Feb-17 3.41 -0.34 0.59 -0.34 0.44 1.99 3.61 0.66 1.34 0.21 3.20 1.99

Mar-17 3.31 -0.23 0.51 -0.40 0.54 1.95 4.17 0.70 1.17 0.34 3.44 1.95

Apr-17 3.07 -0.20 0.61 -0.19 0.48 2.08 4.18 0.76 1.15 0.32 3.50 2.09

May-17 3.21 -0.07 0.34 -0.36 0.48 1.93 4.49 0.69 1.11 0.29 3.45 1.94

Jun-17 2.91 -0.27 0.20 -0.28 0.58 1.80 4.09 0.56 1.02 0.31 3.37 1.80

Jul-17 2.85 -0.42 0.36 -0.41 0.44 1.75 3.62 0.62 0.79 0.24 3.23 1.77

Yr-on-Yr Chg. 16.7% 284% -55.8% 134.9% -9.6% -2.9% -31.7% -27.0% -24.6% -21% -9.4% 1.0%

% of Total3 78.7% -11.7% 10.1% -11.4% 12.2% 48.5% 100.0% 17.0% 21.9% 6.5% 89.2% 48.9%

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

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

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

2016 0.05 1.71 5.49 0.67 1.03 8.95 0.49 0.54 0.16 3.25 1.59

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

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

4Q 2016 0.04 1.62 5.40 0.65 0.99 8.71 0.47 0.53 0.15 3.17 1.58

1Q 2017 0.04 1.63 5.69 0.65 1.05 9.06 0.53 0.52 0.15 3.26 1.76

2Q 2017 0.04 1.62 5.58 0.63 1.00 8.87 0.51 0.48 0.14 3.25 1.68

Yr-on-Yr Chg. -6.7% -5.9% 1.8% -5.7% -4.5% -1.0% 2.7% -10.9% -13.3% 0.2% 6.0%

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

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

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

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

Nov-16 0.04 1.58 5.32 0.65 0.98 8.58 0.45 0.53 0.16 3.16 1.51

Dec-16 0.04 1.67 5.43 0.65 1.01 8.81 0.49 0.52 0.15 3.18 1.59

Jan-17 0.04 1.60 5.35 0.62 1.00 8.62 0.50 0.50 0.14 3.09 1.63

Feb-17 0.05 1.72 6.13 0.69 1.13 9.72 0.57 0.56 0.16 3.49 1.91

Mar-17 0.04 1.57 5.59 0.62 1.02 8.84 0.52 0.50 0.14 3.19 1.75

Apr-17 0.04 1.53 5.33 0.58 0.94 8.43 0.48 0.46 0.13 3.09 1.62

May-17 0.04 1.65 5.73 0.65 1.02 9.10 0.53 0.50 0.14 3.30 1.76

Jun-17 0.05 1.67 5.68 0.67 1.02 9.08 0.53 0.50 0.14 3.35 1.66

Jul-17 0.05 1.67 5.78 0.68 1.00 9.17 0.51 0.49 0.14 3.43 1.66

Yr-on-Yr Chg. 2.8% -1.7% 5.8% 3.4% -3.4% 3.1% 0.5% -7.2% -10.9% 7.3% 2.8%

R/P Ratio3 10.9 12.4 9.4 12.3 12.8 10.5 11.4 14.4 10.4 10.4 7.0


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.

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

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

2016 1.11 86.6 3.62 91.9 8.68 90.7 0.60 86.5 2.51 85.9 16.51 89.8

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

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

4Q 2016 1.09 85.1 3.65 92.1 8.72 90.6 0.60 86.6 2.35 80.4 16.41 88.8

1Q 2017 0.95 75.5 3.68 92.0 8.51 87.4 0.60 87.0 2.47 84.4 16.22 87.1

2Q 2017 1.10 91.3 3.84 96.0 9.28 95.2 0.62 89.7 2.58 87.8 17.42 93.8

Yr-on-Yr Chg. -5.0% 8.4% 6.8% 7.9% 1.9% 5.6%

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

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

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

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

Nov-16 1.12 87.6 3.67 92.7 8.78 91.3 0.62 89.7 2.35 80.4 16.55 89.6

Dec-16 1.07 83.3 3.71 93.2 9.08 94.3 0.60 86.5 2.44 83.5 16.90 91.3

Jan-17 1.05 83.7 3.72 93.0 8.54 87.7 0.61 88.1 2.53 86.4 16.46 88.4

Feb-17 0.90 71.9 3.62 90.6 8.34 85.6 0.59 85.4 2.37 80.7 15.82 85.0

Mar-17 0.89 70.9 3.70 92.4 8.67 89.0 0.61 87.4 2.52 86.0 16.38 88.0

Apr-17 1.06 84.6 3.80 95.1 9.08 93.2 0.64 92.9 2.68 91.3 17.27 92.7

May-17 1.11 94.1 3.81 95.3 9.44 96.8 0.61 88.4 2.52 85.8 17.49 94.3

Jun-17 1.13 95.5 3.91 97.6 9.33 95.7 0.61 87.7 2.53 86.4 17.51 94.3

Jul-17 1.08 91.3 3.86 96.2 9.42 96.6 0.65 93.4 2.64 89.9 17.64 95.0

Yr-on-Yr Chg. -1.5% 3.6% 6.2% 2.4% -1.1% 3.8%

% of Total1 6.1% 21.9% 53.4% 3.7% 15.0% 100.0%

NY Harbor Chicago US Gulf Los Angeles

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

2014 8.62 16.57 11.76 8.68

2015 12.86 18.05 12.96 19.50

2016 9.28 11.63 10.24 11.51

3Q 2016 8.90 13.86 10.81 10.94

4Q 2016 9.71 9.25 10.20 10.59

1Q 2017 7.31 9.38 11.22 12.30

2Q 2017 9.89 13.08 11.68 14.50

3Q 2017 14.04 18.03 15.23 16.20

Yr-on-Yr Chg. 57.8% 30.0% 40.9% 48.2%

Sep-16 9.12 14.26 10.34 15.18

Oct-16 10.76 10.15 11.13 13.22

Nov-16 10.53 7.73 9.01 10.33

Dec-16 7.83 9.88 10.46 8.23

Jan-17 8.03 9.62 11.18 9.84

Feb-17 6.87 7.38 10.72 13.69

Mar-17 7.02 11.15 11.76 13.36

Apr-17 9.84 14.06 12.78 14.20

May-17 9.70 12.82 11.64 15.10

Jun-17 10.13 12.35 10.62 14.21

Jul-17 12.53 15.23 12.81 15.32

Aug-17 13.24 18.72 15.35 16.44

Sep-17 16.35 20.13 17.53 16.85

Yr-on-Yr Chg. 79.3% 41.2% 69.5% 11.0%


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

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

2015 4.51 1.58 2.96 0.03 0.22 0.96 -0.74 4.29 0.62 3.67

2016 4.44 1.55 2.88 0.00 0.25 0.87 -0.62 4.18 0.68 3.51

2Q 2016 3.86 1.50 2.24 -0.12 0.26 0.86 -0.60 3.60 0.64 2.96

3Q 2016 4.58 1.67 2.93 0.01 0.29 0.92 -0.63 4.29 0.74 3.55

4Q 2016 4.83 1.53 3.41 0.11 0.32 0.84 -0.52 4.51 0.70 3.82

1Q 2017 4.93 1.74 3.21 0.02 0.32 0.93 -0.61 4.61 0.81 3.80

2Q 2017 4.47 1.73 2.71 -0.03 0.31 0.97 -0.66 4.16 0.76 3.40

Yr-on-Yr Chg. 15.7% 15.0% 21.3% 17.8% 12.4% 15.5% 18.4%

Jul-16 4.50 1.74 2.86 0.11 0.23 0.98 -0.75 4.27 0.77 3.50

Aug-16 4.63 1.72 2.90 -0.01 0.32 0.95 -0.63 4.31 0.77 3.54

Sep-16 4.61 1.53 3.02 -0.06 0.32 0.83 -0.52 4.30 0.70 3.60

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

Nov-16 5.00 1.61 3.58 0.19 0.33 0.86 -0.53 4.67 0.75 3.92

Dec-16 4.80 1.63 3.11 -0.06 0.31 0.89 -0.58 4.49 0.73 3.76

Jan-17 5.01 1.76 3.27 0.02 0.34 0.93 -0.59 4.67 0.84 3.84

Feb-17 5.00 1.69 3.42 0.11 0.31 0.91 -0.59 4.69 0.79 3.90

Mar-17 4.79 1.76 2.95 -0.08 0.32 0.96 -0.64 4.47 0.80 3.67

Apr-17 4.35 1.67 2.60 -0.08 0.29 0.94 -0.65 4.06 0.73 3.33

May-17 4.51 1.71 2.80 0.00 0.32 0.96 -0.64 4.19 0.75 3.44

Jun-17 4.55 1.80 2.74 0.00 0.32 1.01 -0.69 4.23 0.79 3.44

Jul-17 4.81 1.81 3.21 0.22 0.30 0.98 -0.68 4.51 0.84 3.67

Yr-on-Yr Chg. 6.9% 4.0% 12.4% 30.0% 0.3% 5.7% 8.7%

% of Total1 100.0% 100.0% 6.2% 54.0% 93.8% 46.0%

Finished Products Crude Oil Petrol.

Gasoline Distil. Resid. Total1 Total Total2

2014 18.9 18.1 3.0 59.4 105.9 165.3

2015 16.7 15.3 3.2 52.1 110.4 162.4

2016 15.9 13.3 2.2 45.5 77.1 122.6

2Q 2016 14.1 11.9 2.3 43.8 71.8 115.6

3Q 2016 15.7 12.9 2.5 48.1 73.8 121.9

4Q 2016 15.9 13.3 2.2 45.5 77.1 122.6

1Q 2017 15.1 14.0 2.7 48.6 78.0 126.6

2Q 2017 14.9 13.4 2.3 47.0 71.4 118.3

Yr-on-Yr Chg. 6.3% 12.6% -1.3% 7.2% -0.6% 2.4%

Jul-16 15.4 13.8 2.2 48.0 75.6 123.6

Aug-16 15.4 14.0 2.8 49.0 73.2 122.2

Sep-16 15.7 12.9 2.5 48.1 73.8 121.9

Oct-16 16.0 13.1 2.3 47.2 76.5 123.7

Nov-16 16.7 13.3 2.1 47.2 77.3 124.5

Dec-16 15.9 13.3 2.2 45.5 77.1 122.6

Jan-17 16.7 14.7 2.0 49.1 77.5 126.6

Feb-17 15.8 14.7 2.0 49.4 80.5 129.9

Mar-17 15.1 14.0 2.7 48.6 78.0 126.6

Apr-17 14.8 15.5 2.4 49.7 72.5 122.2

May-17 15.5 13.2 1.9 46.8 71.3 118.1

Jun-17 14.9 13.4 2.3 47.0 71.4 118.3

Jul-17 15.0 14.0 2.1 48.4 71.6 120.0

Yr-on-Yr Chg. -2.7% 1.5% -1.9% 0.7% -5.3% -2.9%

Finished Products

Gasoline Distil. Resid. Total1

2014 0.78 0.56 0.07 1.86

2015 0.77 0.55 0.05 1.80

2016 0.81 0.54 0.04 1.81

2Q 2016 0.81 0.54 0.04 1.80

3Q 2016 0.85 0.56 0.04 1.91

4Q 2016 0.80 0.54 0.04 1.80

1Q 2017 0.76 0.55 0.05 1.75

2Q 2017 0.82 0.54 0.06 1.83

Yr-on-Yr Chg. 0.9% 0.1% 51.3% 1.6%

Jul-16 0.86 0.51 0.03 1.90

Aug-16 0.85 0.57 0.05 1.94

Sep-16 0.82 0.60 0.05 1.91

Oct-16 0.79 0.53 0.04 1.78

Nov-16 0.80 0.55 0.04 1.80

Dec-16 0.81 0.55 0.04 1.80

Jan-17 0.73 0.52 0.05 1.72

Feb-17 0.76 0.55 0.06 1.72

Mar-17 0.79 0.57 0.05 1.82

Apr-17 0.76 0.47 0.04 1.69

May-17 0.83 0.56 0.08 1.86

Jun-17 0.86 0.60 0.06 1.94

Jul-17 0.86 0.57 0.05 1.96

Yr-on-Yr Chg. 0.1% 12.0% -95.3% 3.3%


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

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

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

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

Energy Statistics Handbook.

Non-OPEC OPEC Imports

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

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

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

2016 0 211 10 10 510 70 0 0 0 70 0 580

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

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

4Q 2016 0 253 15 13 473 30 0 0 0 30 0 503

1Q 2017 0 181 20 6 615 38 0 0 0 38 0 654

2Q 2017 0 89 0 0 615 55 0 0 0 55 0 670

Yr-on-Yr Chg. 0.0% -65.7% -100% -100.0% 18.0% -54.3% 0.0% 0.0% 0.0% -54.3% 0.0% 4.4%

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

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

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

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

Nov-16 0 302 0 0 490 90 0 0 0 90 0 580

Dec-16 0 218 44 0 494 0 0 0 0 0 0 494

Jan-17 0 269 59 19 647 0 0 0 0 0 0 647

Feb-17 0 274 0 0 612 81 0 0 0 81 0 692

Mar-17 0 0 0 0 588 34 0 0 0 34 0 622

Apr-17 0 0 0 0 579 36 0 0 0 36 0 615

May-17 0 266 0 0 562 129 0 0 0 129 0 691

Jun-17 0 0 0 0 704 0 0 0 0 0 0 704

Jul-17 0 260 0 0 652 1 0 0 0 1 0 653

Yr-on-Yr Chg. 0.0% -8.9% 0.0% 0.0% 18.6% -99.5% 0.0% 0.0% 0.0% -99.5% 0.0% -8.6%

% of Total3 0.0% 39.9% 0.0% 0.0% 99.9% 0.1% 0.0% 0.0% 0.0% 0.1% 0.0% 100.0%

Major Producers Canada Petroleum Type

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

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

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

2016 3.08 0.46 0.06 0.01 0.21 3.87 0.78 0.93 0.40 1.49 0.26

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

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

4Q 2016 3.36 0.47 0.06 0.01 0.24 4.18 0.79 1.15 0.41 1.57 0.26

1Q 2017 3.42 0.49 0.06 0.00 0.24 4.25 0.81 1.09 0.41 1.65 0.29

2Q 2017 3.08 0.48 0.05 0.00 0.23 3.89 0.81 0.87 0.40 1.52 0.29

Yr-on-Yr Chg. 21.0% 7.2% -12.3% -100.0% 27.1% 18.0% 7.0% 67.6% 1.7% 11.2% 13.1%

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

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

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

Oct-16 3.26 0.46 0.05 0.01 0.24 4.06 0.78 1.11 0.40 1.53 0.24

Nov-16 3.49 0.48 0.06 0.01 0.25 4.33 0.80 1.22 0.41 1.61 0.27

Dec-16 3.34 0.48 0.06 0.00 0.23 4.16 0.79 1.12 0.41 1.56 0.28

Jan-17 3.46 0.48 0.06 0.00 0.25 4.30 0.81 1.15 0.41 1.64 0.28

Feb-17 3.50 0.49 0.06 0.00 0.23 4.33 0.80 1.15 0.41 1.68 0.28

Mar-17 3.29 0.50 0.06 0.00 0.24 4.13 0.82 0.96 0.41 1.63 0.29

Apr-17 2.97 0.49 0.05 0.00 0.22 3.77 0.80 0.74 0.41 1.54 0.28

May-17 3.09 0.48 0.05 0.00 0.24 3.90 0.81 0.90 0.39 1.50 0.29

Jun-17 3.19 0.48 0.05 0.00 0.24 4.00 0.81 0.97 0.40 1.53 0.29

Jul-17 3.41 0.47 0.05 0.00 0.22 4.20 0.80 1.05 0.39 1.64 0.31

Yr-on-Yr Chg. 8.9% 5.1% -7.9% -100.0% 43.1% 9.1% 13.4% 16.2% -2.6% 5.1% 14.6%


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

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

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

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


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

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

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

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

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

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

1Q 2017 1,043 81 14 1,138 184 218 401 304 122 426 1,966

2Q 2017 1,030 75 17 1,122 182 222 404 310 129 439 1,965

3Q 2017 1,173 71 15 1,259 178 236 414 310 119 429 2,102

Yr-on-Yr Chg. 87.4% -12.0% 221.4% 77.1% -4.0% 5.3% 1.1% 5.0% -2.2% 2.9% 36.7%

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

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

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

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

Jan-17 1,001 81 14 1,096 184 216 400 302 120 422 1,918

Feb-17 1,069 88 14 1,171 182 217 399 302 122 424 1,994

Mar-17 1,060 75 13 1,148 185 220 405 307 125 432 1,985

Apr-17 984 72 19 1,075 186 214 400 308 135 443 1,918

May-17 1,001 78 18 1,097 179 223 402 308 128 436 1,935

Jun-17 1,105 74 14 1,193 180 230 410 314 124 438 2,041

Jul-17 1,172 65 14 1,251 181 239 420 313 126 439 2,110

Aug-17 1,182 74 15 1,271 180 238 418 308 119 427 2,116

Sep-17 1,165 73 16 1,254 173 232 405 310 111 421 2,080

Yr-on-Yr Chg. 72.7% -3.9% 300.0% 66.2% -7.0% 4.0% -1.0% 3.3% -7.5% 0.2% 31.3%

% of Total2 56.0% 3.5% 0.8% 60.3% 8.3% 11.2% 19.5% 14.9% 5.3% 20.2% 100.0%

United States Canada North America1

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

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

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

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

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

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

1Q 2017 60 146 30 407 113 739 718 21 288 879 148 1,027

2Q 2017 77 171 33 489 140 892 871 21 115 831 176 1,007

3Q 2017 85 184 31 498 151 947 928 19 208 969 186 1,155

Yr-on-Yr Chg. 113.3% 76.4% 13.4% 98.7% 106.4% 97.4% 101.1% 4.4% 71.2% 88.4% 114.2% 92.1%

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

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

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

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

Jan-17 52 140 30 366 103 683 659 24 302 845 140 985

Feb-17 64 147 29 425 114 744 724 20 309 903 150 1,053

Mar-17 65 151 30 431 121 789 770 19 253 888 154 1,042

Apr-17 76 167 33 482 136 853 833 20 109 796 166 962

May-17 76 167 33 485 137 893 871 22 85 800 178 978

Jun-17 80 178 34 500 146 931 909 22 150 897 184 1,081

Jul-17 81 188 35 504 152 953 931 22 198 962 189 1,151

Aug-17 84 183 29 499 151 947 930 17 217 981 183 1,164

Sep-17 91 181 29 491 149 940 922 18 210 963 187 1,150

Yr-on-Yr Chg. 111.6% 69.2% 3.6% 83.9% 96.1% 84.7% 87.8% 0.0% 48.9% 72.3% 105.5% 76.9%

% of Total3 7.9% 15.7% 2.5% 42.7% 13.0% 81.7% 80.1% 1.6% 18.3% 83.7% 16.3% 100.0%


Geographical Specifications

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Washington.

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

Maritime provinces (New Brunswick, Newfoundland and Labrador, Nova

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

Columbia, Saskatchewan and the northern territories (NorthWest

Territories, Nunavuut, and Yukon).

Additional Notes

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

whereas crude oil refers to its namesake and field condensates.

Condensates derived from natural gas processing plants are classified as

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Crude Stream

Producing

Country or

Region

API

Gravity

(@60° F)

Sulfur

Content

(%)

BBLs/Metric

Tonne

Tapis Blend Malaysia 44 0.1 7.910

Ekofisk Blend Norway 43 0.2 7.773

WTI Texas 40 0.3 7.640

GCS Gulf of Mexico 40 0.3 7.640

Oklahoma Sweet Oklahoma 40 0.3 7.640

Kansas Sweet Kansas 40 0.4 7.640

Wyoming Sweet Wyoming 40 0.2 7.640

ELS Alberta 40 0.5 7.640

Brent Blend United kingdom 38 0.8 7.551

Bonny Light Nigeria 37 0.1 7.506

Oman Blend Oman 36 0.8 7.462

Arabian Light Saudi Arabia 34 1.8 7.373

Minas Indonesia 34 0.1 7.373

Isthmus Mexico 34 1.5 7.373

Michigan Sour Michigan 34 1.7 7.373

WTS Texas 33 1.7 7.328

Urals Russia 32 1.7 7.284

Tia Juana Light Venezuela 32 1.2 7.284

Dubai U.A.E. 31 1.7 7.239

Lost Hills California 30 0.6 7.194

Cano Limon Colombia 28 0.6 7.105

Arabian Heavy Saudi Arabia 27 2.8 7.061

ANS Alaska 27 1.1 7.061

Oriente Ecuador 25 1.4 6.971

Hardisty Heavy Alberta 25 2.1 6.971

Maya Mexico 22 3.3 6.838

Kern River California 13 1.0 6.436

Crude Oil Qualities

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

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