World oil market: development tendency and pricing features

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "World oil market: development tendency and pricing features"

Transcription

1 64 World oil market: development tendency and pricing features S.M. Javadov OSC Commercial Bank Deka bank, Baku, Azerbaijan Republic DOI: / X Development tendency and current status of oil production was analyzed in the article. Four steps of pricing in oil market are identified. It is also mentioned in the article that the escalating tensions in the Middle East over the recent years had urged the oil importing countries to implement policy of diversification by means of reducing oil deliveries from Middle East countries and instead increasing oil deliveries from the other regions and in particular from Russia and African countries. Keywords: oil, oil production, pricing in oil market, OPEC, diversification of oil deliveries. Introduction Goal of research: Analyses of oil market and the tools of oil pricing in the world oil market. Methods of research: Statistical and comparative analyses Despite the reducing proportion of oil in world energy balance (proportion of oil in worldwide energy balance is 36%, whereas coal is 28%, natural gas is 24%, nuclear fuel is 6% and hydro energy is 6%), in the foreseeable future oil will remain as primary source of energy. Growth of oil consumption depends on both the further de-

2 Javadov S.M. 65 velopment of world economy and as well as the usage of oil and oil products as feedstock for chemical industry. The role of world oil market remained exclusively high in the world economy over the past 30 years. Moreover, as a result of the various economical and geopolitical processes, the market underwent significant changes like transformation of its structure, level of liberalization and principles of pricing. Despite the dynamic development of alternative sources of energy, oil will remain as major source of primary energy in the midterm. At the same time the usage of oil and oil products as feedstock for chemical industry is also increasing the demand for oil. As is evident from the below diagram, proportion of oil in worldwide energy balance is 36%, whereas coal is 28%, natural gas is 24%, nuclear fuel and hydro energy is 6% each. Source: Diagram 1. World energy balance Significant changes are observed in the world oil market over the past 30 years like transmortaion of its structure, rising level of liberalization and changed principles of pricing.

3 66 Crude reserves of the countries worlwide First of all it has to be mentioned that the estimation of oil reserves in-place is always rough figure and it depends on numerous reasons, such as state of geological exploration of the area, volume of implemented exploratory research activities, criteria and methods of estimation, also general economic, political and even social factors which sometimes compel certain companies or even the countries to announce intentionally increased or in opposite way, decreased estimation of oil reserves. Volume of geological exploration and survey activities, and so the crude reserves are determined by the long term dynamics of oil price, steady rising oil demand, as well as more efficient technology for exploration and oil production. In particular the application of latest technology in conjunction with computerized model study of the geological areas costs cheaper than the traditional exploratory drilling and is more efficient commercially. Application of latest technology also allows to more easily reaching the difficult, remote and understudied areas which have not been previously explored and mainly considered unprofitable for exploration. The methods of calculating oil reserves are also various. Methodology of calculating proven reserves, accepted in all the countries apart from CIS countries, caused assumptions re the existence of oil reserves underneath the proven reserves which may be recovered considering the suitable world oil prices and level of utilized technology, in other words if the exploitation is economically justified. Whereas the proven reserves are calculated without considering their economical expediency of their exploitation in CIS countries. The oil security of the countries is often evaluated based on the number of years during which these reserves can be exhausted in line with the attained level of production. According to data published by British Petroleum at the end of 2012, the volume of the proven crude reserves amounted to 1,7 tril-

4 Javadov S.M. 67 lion barrels, 30% more than the figure announced at the end of In accordance with the current level of oil production, the crude reserves will suffice for 53 years, 11 years more than the figures published at the end of Much longer estimated exploitation period for crude reserves, like more than 100 years, is observed in Canada, Iraq, Iran and Venezuela. The estimated exploitation period for crude reserves in Kuwait is 88.7 years, in UAE 79.1 years and in Saudi Arabia 65 years. Hence, the existing crude reserves will certainly suffice until minimum the mid 21 st century in accordance with the current world oil consumption. This leads to believe that the problem of depletion of crude reserves in the mid term horizon does not exist. Considering the constant improvement of oil production technology (which allows to increase the productivity of oil stratum and also makes commercially effective the oil exploitation in hardly accessible and understudied regions, including Antarctica and Antarctic shelf which contain rich crude reserves according to the prognosis) and also continues upgrade of energy efficiency of the oil consumption techniques, the prognosis seem to be more optimistic. Table 1. Relation between the proven crude reserves and the oil production period Countries Relation between crude reserves and oil production period (years) In total 52,9 Canada More than 100 Iraq More than 100 Iran More than 100 Venezuela More than 100 Kuwait 88,7 UAE 79,1 Saudi Arabia 63 Kazakhstan 47,4 Nigeria 42,1 Source: BP Statistical Review of World Energy, end of 2012.

5 68 As of end of 2012, almost half (48.4%) of the proven world crude reserves accumulated in the Middle East countries, including 15.9% in Saudi Arabia, 9.4% in Iran, 6.1% in Iraq, 5.9% in Kuwait and 5.9% UAE. Southern and Central America with 19.7% is in the second place according to the volume of proven crude reserves which mainly 17.8% accumulated in Venezuela. The proportion of Northern America amounts to 13.2%. The main bulk of the crude reserves accumulated in Canada 10.4%, whereas it is 2.1% in USA. The proportion of Africa accrues to 7.8% of world crude reserves. More than 60% of crude reserves in Africa accumulated in Libya and Nigeria each possessing 2.9% and 2.2% of world crude reserves accordingly. Former Soviet countries possess 7.5% of world crude reserves with Russia 5.2%, Kazakhstan 1.8% and Azerbaijan 0.4%. Asia Pacific region follows this list with 2.5% of world crude reserves where China is leading with 1% followed by India and Vietnam each 0.3%. Source: BP Statistical Review of World Energy Diagram 2. Regional proportion of proven crude reserves as of end 2012.

6 Javadov S.M. 69 The dynamics of oil and oil products production in the leading countries OPEC countries are in the leading position with 42% due to world oil production, as of end Saudi Arabia comes in the first place among world oil producing countries with 13.2%, followed by Russia with 12.8% and USA with 8.8%. However disproportion exists between the production of oil and oil products. Despite the proportion of Saudi Arabia amounts to 13% in world oil production, its ratio in production of oil products worldwide is only slightly over 2% and 1.2% in production of jet engine fuel, which points to ineffective participation of Saudi Arabia in division of labor internationally. Nevertheless, the situation is different in the USA. Although the proportion of USA amounts to 8% in oil production worldwide, USA possesses 22% and 28% of production of oil products and jet engine fuel respectively. The same is true for European countries which possess 4% of crude production worldwide, whereas their proportion in production of oil products and jet engine fuel worldwide reaches 17% and 15% accordingly. Source: BP Statistical Review of World Energy, US Energy Informational Administration Diagram 3. Proportion of countries in crude exploitation and production of oil products worldwide, %, as of 2010.

7 70 Mechanisms of pricing in world oil market Based on the pricing mechanisms prevailing in the world oil market beginning from the second half 20 th century, we can identify four main characteristic phases of development of pricing, which impacted the overall dynamics of world oil prices (diagram 4). Source: BP Statistical Review of World Energy Diagram 4. Brent crude prices / USD per barrel The first phase up to 1973 is the ascendancy of oil companies Seven sisters. The second phase starting from 1973 up to mid 1980s is the sharp increase period of OPEC influence on the world oil market. The third phase starting from the mid 1980s up to the beginning of 2000s. During this period new large independent oil exporters emerge and as a result OPEC influence slackens. Major features of the given period is accelarated liberalization of world oil market, begining of diversification of oil deliveries by the major importers with the aim of expanding the consistency of oil deliveries, and growth of exchange trade scale.

8 Javadov S.M. 71 The fourth phase starting from early 2000s up to present time is the period of sharp escalation of the situation in the Middle East and around Iran, as well as the world economic-financial crisis causing price boom. Cartel dominated during the first two phases and this period is characterized with the cartel principles of pricing. Although the crude oil exploitation were mainly carried out in the developed countries of Arabic region during the first phase (up to 1973), the large oil companies of industrially advanced countries divided world oil market among each other. Oil cartel consisted of seven vertically integrated biggest international oil companies (American companies: Exxon, Mobil, Gulf Oil, Texaco, Standard Oil of California, British companies: British Petroleum, English-Holland company: Royal-Dutch-Shell) which sustained the price stably around USD per barrel. Low price of the oil was hindering the entrance of new oil producers into the market. At low price the crude exploitation was only profitable in the countries with less oil production costs, mostly like in the Middle East countries. It ensured relatively low, but stable profits for the above-mentioned companies. This situation was unfavorable for developing oil producing countries. 13 developing and major oil exporting countries established OPEC (Organization of Petroleum-Exporting Countries) and nationalized oil production in their countries and raised oil prices. As a result of this oil prices rose more than five times over the two subsequent years. Price surge continued up to the beginning of 1980s when the oil price reached 37 USD per barrel. Consequently, OPEK, consisting of 13 developing, oil producing member countries (Saudi Arabia, Kuwait, Iran, Iraq, UAE, Qatar, Algeria, Libya, Nigeria, Gabon, Venezuela, Ecuador, Indonesia), took the leading role in pricing during the second phase starting from 1973 up to mid 1980s. This phase is characterized with the set up of higher price

9 72 for the oil, if the oil price was defined in the interest of seven companies from developed countries during the first phase, whereas the price reflected the interest of oil exporting countries during the second phase. Higher oil prices allowed several countries, including Russia, Mexico and African countries with high cost of oil exploitation, to considerably increase their crude production and start exporting oil which led to gradual reduction of OPEC share in the oil deliveries in the world oil market. Improvement of competition, assimilation of resource saving technology causing rise of oil prices in mid 1970s and beginning of 1980s, as well as the measures geared towards diversification of the source of oil providers and growth of internal crude production of the oil consuming countries with the aim of reducing dependency on oil deliveries contributed to fall in oil prices up to 14USD per barrel in Entry of new oil suppliers, improvement of competition and fall in oil prices marked the separation of the third phase (mid 1980s beginning of 2000s years). The growing enhancement of globalization efforts is also accompanied by the activation of oil market liberalization. During this phase, the cartel way pricing price determination by the limited group of participants, gave way to market exchange principle of pricing. Thus the oil prices are predominantly fixed as per the result of competitive struggle of multiple participants and reflected each moment of current demand and supply in the world market considering the complex of various economical and political factors. The most important feature of this phase was in the first instance the diversification of oil deliveries by the major importers causing change oil stream and secondly the successive substitution of oil in the total consumption of energy resources. The successive substitution of oil in the total consumption of energy resources was realized in the following ways: Increase of oil import from other sources; Increase of internal crude exploitation Expansion of use of other hydrocarbons, in particular gas

10 Javadov S.M. 73 Increase of use of other energy recourses (coal, electrical energy, nuclear energy) Active assimilation of energy saving technology As a result if the growth rate of world oil consumption was 7 8% up to oil shock happened in 1973, it was only 2% starting from mid 1980s. Secondly if the growth rate of world oil and gas consumption was matching up to 1973, beginning from the 1980s, the growth rate of world gas consumption considerably exceeded the growth rate of world oil consumption. Source: BP Statistical Review of World Energy Diagram 5. Growth rate of oil and natural gas consumption, % The events following September 11, in particular the escalating tension of the situation in the Middle East and around Iran, causing price boom, marked the beginning of the next fourth phase in development of world oil market. The world economic crisis had also negatively impacted world oil market. As a result, the oil importing countries started the policy of reducing their dependency on the oil deliveries ex Middle East countries.

11 74 The policy regarding diversification of oil deliveries is the priority for all major oil importers like Europe, USA, China and Japan. More specifically, the oil deliveries ex Middle East to Europe, as the largest oil importer, was only 18% of the overall oil imported by European countries in Main suppliers of oil to Europe are former Soviet countries (46% of European consumption). Europe imports 23% of its oil consumption from Northern and Western Africa (Diagram 6). Source: BP Statistical Review of World Energy Diagram 6. Oil importing structure of Europe The volume of the oil deliveries ex Middle East to USA was 21%. Major suppliers of oil to USA is Canada with 28%, Mexico with 10% and Central and Southern America with 19%. At the same time, USA increased recovery of shale oil, proportion of which reached 16% in overall oil production in USA and it comprised three quarters of 1.3million barrel per day of the overall amount of growth in oil production in USA during years.

12 Javadov S.M. 75 Source: BP Statistical Review of World Energy Diagram 7. Oil importing structure of USA The share of Middle East in Chinese import of oil was 41% in In addition, China is actively enhancing the oil deliveries ex Russia and Kazakhstan. More specifically, in June 2013 the Chinese national oil and gas corporation (CNPC) published the details of the long term trade contract in regards to increasing deliveries of Russian crude oil (Duration of the contract is 25 years with the possibility of extending for another 5 years). According to this contract the volume of the oil imported into China from Russia is 15 million tones per year and it is anticipated that this figure will reach 30 million tones per year in Another oil supplier of China is Kazakhstan where China is not only buying the crude, but also possessing quite a few oil wells. Oil is being imported from Indonesia as well where China is self carrying out oil field development together with the partners from Indonesia and Canada. The problem of diversifying oil deliveries is currently important in Japan that imports 75% of its oil consumption from the Middle East. In order to decrease its dependency on the Middle East oil pro-

13 76 duction, Nippon Oil, the largest oil refinery in Japan, announced its interest in regular purchase of Russian oil. Source: BP Statistical Review of World Energy Diagram 8. Oil importing structure of China Source: BP Statistical Review of World Energy Diagram 9. Oil importing structure of Japan

14 Javadov S.M. 77 Considering the main trend of world oil stream it is envisaged that in the foreseeable future major increase of demand will be from Asian countries, whereas the key increase of oil production will happen in African countries and Russia. This is the result of diversification policy realized by the oil importing countries. This will also cause certain downfall of traditional roles of the leading oil suppliers from the Persian Gulf countries. The expected increase of oil production in the near future in African countries and Russia will lead to rise in oil deliveries from these countries to Europe, China and Japan. Production shale oil in USA might also significantly impact oil market. Conclusion As of beginning of the 21 st century, oil remains as the most important world energy resource and the high profile commodity of international trade. As per the prognosis made in 2012, in view of current production level, the oil security of the world will last at least for 50 years, 11 years more than what was assumed in Increase of oil security of world oil reserves is firstly due to discovery of new oil fields and secondly improvement of technology related to oil exploration and exploitation which allows to enhance the extend of oil recoverability from the earth depths and also enables to recover oil from the fields located in remote and understudied regions. Canada, Iraq, Iran and Venezuela play a leading role as per the indicators of possessing crude reserves. Saudi Arabia, Russia and USA are in the leading position in regards to oil production worldwide. However the ratio of Saudi Arabia in production of oil products worldwide is only slightly over 2% and 1.2% in production of jet engine fuel, which points to ineffective participation of Saudi Arabia in division of labor internationally. Nevertheless, the situation is different in the USA. Although the proportion of USA amounts to 8% in oil production worldwide, USA possesses 22% and 28% of production of oil products and jet engine fuel respectively. The same is true for European countries which possess 4% of crude production

15 78 worldwide, whereas their proportion in production of oil products and jet engine fuel worldwide reaches 17% and 15% accordingly. Over the past three decades of the last century and beginning of the current century world oil market and its principles of pricing underwent significant changes. Thus we can identify four phases of oil market development: first phase up to 1973 ascendancy of oil companies Seven sisters which is characterized by the control of these companies on the prices; second phase from 1973 up to mid 1980s sharp increase of OPEC influence because of the nationalization of major oil producing companies by its member countries, which is characterized by the price boom in the oil market worldwide; third phase (from mid 1980s up to beginning of 2000s) slackening of OPEC influence following the liberalization of international oil trade and entry of new big exporters into the market; fourth phase from the beginning of 2000s up to present sharp escalation of situation in the Middle East and around Iran and as well as world economic crisis caused price boom in the oil market. Escalation of tension in the Middle East also stimulated the change of direction of goods traffic worldwide: oil importing countries, interested in stable and long term oil deliveries, rapidly realized their diversification policy by means of reducing deliveries ex problematic and politically unstable countries of the Middle East and instead increasing oil supply from Russia and African countries. References 1. Voronina H.V. World oil market: development tendency and features of pricing. Prakticheskiy marketing [Practical marketing], no URL: 2. Diversification of oil and gas sources is being realized in China. Жэньминь жибао, 25/06/2013. URL: cn/95181/ html 3. URL: 4. URL:

THE WORLD OIL MARKET. Mohan G. Francis

THE WORLD OIL MARKET. Mohan G. Francis THE WORLD OIL MARKET Mohan G. Francis With the Bush administration busily moving military forces to the Gulf region, the sense of an impending war has begun to make an impact on the world petroleum markets.

More information

OIL AND US FOREIGN POLICY. David S. Painter Department of History Edmund A. Walsh School of Foreign Service Georgetown University

OIL AND US FOREIGN POLICY. David S. Painter Department of History Edmund A. Walsh School of Foreign Service Georgetown University OIL AND US FOREIGN POLICY David S. Painter Department of History Edmund A. Walsh School of Foreign Service Georgetown University HISTORY AS A WAY OF LEARNING Importance of Studying the Past: Context for

More information

The Impact of Dollar Devaluation on World Oil Industry: Do Exchange Rates Matter?

The Impact of Dollar Devaluation on World Oil Industry: Do Exchange Rates Matter? The Impact of Dollar Devaluation on World Oil Industry: Do Exchange Rates Matter? A. F. Alhajji, Ph.D. Associate Professor College of Business Administration Ohio Northern university Ada, Oh, 4581 A. F.

More information

Energy Prices. Presented by: John Heffernan

Energy Prices. Presented by: John Heffernan Global Wholesale Energy Prices Presented by: John Heffernan Energy in 2012 In 2012, the growth in Energy consumption slowed in 2012 90% of this growth came from China & India Consumption & production of

More information

World Energy Outlook 2013. Dr. Fatih Birol Chief Economist, International Energy Agency

World Energy Outlook 2013. Dr. Fatih Birol Chief Economist, International Energy Agency World Energy Outlook 2013 Dr. Fatih Birol Chief Economist, International Energy Agency World Energy Outlook 2013 Dr. Fatih Birol IEA Chief Economist Copenhagen, November 26th The world energy scene today

More information

Energy consumption: fossil fuels and the growth issue

Energy consumption: fossil fuels and the growth issue Energy consumption: fossil fuels and the growth issue 1 Daily energy consumption per capita in 2005 WORLD United Arab Emirates Kuwait Canada USA Australia Netherlands Sweden Saudi Arabia Russian Federation

More information

Verden trenger vår olje og gass

Verden trenger vår olje og gass Verden trenger vår olje og gass Source: Politicalcartoons.com Thina Margrethe Saltvedt, Senior Analyst Oil March 2012 We will depend on fossile fuels for many years to come. World primary energy demand

More information

A Snapshot of World Oil Demand and Oil Supply Evolution

A Snapshot of World Oil Demand and Oil Supply Evolution A Snapshot of World Oil Demand and Oil Supply Evolution Huei-Chu Liao and Yun Chi Chen Department of Economics, TamKang University, rubyliao@mail.tku.edu.tw Shu-Chuan Lin Department of Natural Resource

More information

Working Paper Research Unit Global Issues Stiftung Wissenschaft und Politik German Institute for International and Security Affairs.

Working Paper Research Unit Global Issues Stiftung Wissenschaft und Politik German Institute for International and Security Affairs. Working Paper Research Unit Global Issues Stiftung Wissenschaft und Politik German Institute for International and Security Affairs Friedemann Müller Paper presented at KAS CFIE CFISAE AHK International

More information

The shale revolution - impact on the global oil and gas market

The shale revolution - impact on the global oil and gas market The shale revolution - impact on the global oil and gas market Thina Margrethe Saltvedt, Senior Analyst, Macro/Oil March 2013 @ThinaSaltvedt Brief intro to the oil market Drivers of the oil price Short-term

More information

Recent Oil-Market Developments: Causes and Implications

Recent Oil-Market Developments: Causes and Implications Recent Oil-Market Developments: Causes and Implications Statement of Professor Robert J. Weiner Professor of International Business, Public Policy & Public Administration, and International Affairs, George

More information

BP Statistical Review of World Energy June 2013

BP Statistical Review of World Energy June 2013 BP Statistical Review of World Energy June 2013 bp.com/statisticalreview 1 Introduction 6 Oil 1 Group chief executive s introduction 2 2012 in review 6 Reserves 8 Production and consumption 15 Prices 16

More information

Global growth rates Macroeconomic indicators CEDIGAZ Reference Scenario

Global growth rates Macroeconomic indicators CEDIGAZ Reference Scenario Medium and Long Term Natural Gas Outlook CEDIGAZ February 215 Global growth rates Macroeconomic indicators CEDIGAZ Reference Scenario 4 3 %/year 199-213 213-235 6 Main consuming markets - %/year (213-235)

More information

TURKISH CONTRACTING IN THE INTERNATIONAL MARKET

TURKISH CONTRACTING IN THE INTERNATIONAL MARKET Brief overview TURKISH CONTRACTING IN THE INTERNATIONAL MARKET Construction plays a crucial role in Turkey s economic development, accounting for 5.9% of GDP and employing some 1.8 million people. When

More information

UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT REVIEW OF CURRENT MARKET DEVELOPMENTS ON MANGANESE Report by the UNCTAD secretariat

UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT REVIEW OF CURRENT MARKET DEVELOPMENTS ON MANGANESE Report by the UNCTAD secretariat Distr. GENERAL UNCTAD/COM/55 14 February 1995 ENGLISH ONLY UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT REVIEW OF CURRENT MARKET DEVELOPMENTS ON MANGANESE - 1994 Report by the UNCTAD secretariat

More information

Medium Term Outlook for coal. Laszlo Varro Head of Gas, Coal and Power Markets

Medium Term Outlook for coal. Laszlo Varro Head of Gas, Coal and Power Markets Medium Term Outlook for coal Laszlo Varro Head of Gas, Coal and Power Markets Two key numbers 500 000 tonnes is the increase in annual global coal consumption every day for the next five years 100% of

More information

Rush hour in Kolkata (formerly Calcutta), India. Between 1990 and 2000, the number of motor vehicles per capita more than doubled in four

Rush hour in Kolkata (formerly Calcutta), India. Between 1990 and 2000, the number of motor vehicles per capita more than doubled in four Rush hour in Kolkata (formerly Calcutta), India. Between 1990 and 2000, the number of motor vehicles per capita more than doubled in four Asia-Pacific nations: South Korea, the Philippines, India, and

More information

Global Oil and Gas Capital Expenditure Outlook 2010: National Oil Companies (NOCs) to Drive Investment

Global Oil and Gas Capital Expenditure Outlook 2010: National Oil Companies (NOCs) to Drive Investment Global Oil and Gas Capital Expenditure Outlook 21: GlobalData s new report Global Oil and Gas Capital Expenditure Outlook 21: National Oil Companies (NOCs) to Drive Investment provides in-depth analysis

More information

List of tables. I. World Trade Developments

List of tables. I. World Trade Developments List of tables I. World Trade Developments 1. Overview Table I.1 Growth in the volume of world merchandise exports and production, 2010-2014 39 Table I.2 Growth in the volume of world merchandise trade

More information

February 29, 2016 Price Forecast Commentary

February 29, 2016 Price Forecast Commentary February 29, 2016 Price Forecast Commentary Sproule s short-term outlook for oil and gas prices is based on information obtained from various sources, including government agencies, industry publications,

More information

Issue. September 2012

Issue. September 2012 September 2012 Issue In a future world of 8.5 billion people in 2035, the Energy Information Administration s (EIA) projected 50% increase in energy consumption will require true all of the above energy

More information

Benchmarking of Biodiesel Fuel Standardization in East Asia Working Group

Benchmarking of Biodiesel Fuel Standardization in East Asia Working Group Chapter 2 Energy Situation in the World Benchmarking of Biodiesel Fuel Standardization in East Asia Working Group July 2010 This chapter should be cited as Benchmarking of Biodiesel Fuel Standardization

More information

INTRODUCTION. Production / Extraction of Oil. Distribution & Sale to refined products to end users

INTRODUCTION. Production / Extraction of Oil. Distribution & Sale to refined products to end users CRUDE OIL INTRODUCTION Crude oil holds prominence as input to the global growth engine since it is the most important source of energy accounting for more than two fifth of the global energy consumption.

More information

Oil Market Outlook. March 2016. Compiled by Dr Jeremy Wakeford

Oil Market Outlook. March 2016. Compiled by Dr Jeremy Wakeford Oil Market Outlook March 2016 Compiled by Dr Jeremy Wakeford Highlights Oil prices have remained very weak in recent months, with the Brent benchmark averaging $31/bbl in January and $32/bbl in February

More information

Sulfuric Acid 2013 World Market Outlook and Forecast up to 2017

Sulfuric Acid 2013 World Market Outlook and Forecast up to 2017 Brochure More information from http://www.researchandmarkets.com/reports/2547547/ Sulfuric Acid 2013 World Market Outlook and Forecast up to 2017 Description: Sulfuric Acid 2013 World Market Outlook and

More information

Investing In the Downstream:

Investing In the Downstream: Investing In the Downstream: The Point Of View of a National Oil Company Dr. Shokri M. Ghanem Chairman The National Oil Corporation of Libya Good afternoon ladies and gentlemen. Indeed I am delighted to

More information

Upward Trend in Crude Oil Prices since 1973

Upward Trend in Crude Oil Prices since 1973 Economic Insights Trends and Challenges Vol.III (LXVI) No. 4/2014 89-96 The Collapse of Crude Oil Prices: Cyclical Evolution or Market Manipulation? Haidar Ali Mohammed Al Dulaimi Lecturer, Ph.D., University

More information

China s growing energy demand: some international implications

China s growing energy demand: some international implications China s growing energy demand: some international implications Dr David Robinson Senior Research Fellow OIES 17 October 2013 NOG Stockholm 1 Outline Introduction China s energy demand v. policy objectives

More information

Milk and Milk Products. Price and Trade Update: December

Milk and Milk Products. Price and Trade Update: December December 215 Milk and Milk Products Price and Trade Update Weekly Newsletter Milk and Milk Products Price and Trade Update: December 215 1 INTERNATIONAL PRICES: Weak import demand causes prices to fall

More information

LNG Poised to Significantly Increase its Share of Global Gas Market David Wood February 2004 Petroleum Review p.38-39

LNG Poised to Significantly Increase its Share of Global Gas Market David Wood February 2004 Petroleum Review p.38-39 LNG Poised to Significantly Increase its Share of Global Gas Market David Wood February 2004 Petroleum Review p.38-39 For the past few years LNG has experienced high levels of activity and investment in

More information

Revisiting Global Energy Security. Girijesh Pant Jawaharlal Nehru University

Revisiting Global Energy Security. Girijesh Pant Jawaharlal Nehru University Revisiting Global Energy Security Girijesh Pant Jawaharlal Nehru University Global Age-Nation to Global Nation Economies are globalising. Globalising nation economies are integrating. Interoperability

More information

Oil Price Update Q2 2016

Oil Price Update Q2 2016 Oil Price Update Q2 2016 Are oil prices near their equilibrium? www.pwc.nl Oil Price Update Q2 2016 Are oil prices near their equilibrium? Global supply and demand Global oil prices have recovered by some

More information

Economic Growth Rates

Economic Growth Rates 4 Economic Growth Rates Will the poor countries catch up with the rich? GDP and GNP growth rates in developing countries are on average higher than those in developed countries. Moreover, the difference

More information

Oil Companies Capital Expenditure : Business Cycle Perspective

Oil Companies Capital Expenditure : Business Cycle Perspective 15 th U.S. China Oil & Gas Industry Forum Oil Companies Capital Expenditure : Business Cycle Perspective China National Petroleum Corporation: Zhen WANG September 17, 2015 Outline Business Cycle, Oil Price

More information

Steering clear of oil disasters. How progressive CO2 emission standards can help to reduce unconventional oil imports to the EU

Steering clear of oil disasters. How progressive CO2 emission standards can help to reduce unconventional oil imports to the EU Steering clear of oil disasters How progressive CO2 emission standards can help to reduce unconventional oil imports to the EU Contents Foreword 5 Executive Summary 4 01 Introduction 8 02 Oil, the global

More information

Global Energy Markets Overview. Jason Feer Argus Media Ltd Pacific Economic Cooperation Council 17 May 2006

Global Energy Markets Overview. Jason Feer Argus Media Ltd Pacific Economic Cooperation Council 17 May 2006 Global Energy Markets Overview Jason Feer Argus Media Ltd Pacific Economic Cooperation Council 17 May 2006 Introduction Argus, who we are & what we do Today s energy markets Why are prices high? What does

More information

OIL MARKET OUTLOOK Q3 / Jeremy Wakeford

OIL MARKET OUTLOOK Q3 / Jeremy Wakeford OIL MARKET OUTLOOK Q3 / 2016 Jeremy Wakeford Oil Market Outlook 24 June 2016 Compiled by Dr Jeremy Wakeford Highlights Brent crude oil spot prices breached the $50/barrel (b) mark in June, having averaged

More information

Annual Energy Outlook 2015

Annual Energy Outlook 2015 For Columbia University New York, NY By Adam Sieminski U.S. Energy Information Administration U.S. Energy Information Administration Independent Statistics & Analysis www.eia.gov Key results from (AEO215)

More information

Oil Gas expo 2015 is comprised of 13 Main tracks and 131 sub tracks designed to offer comprehensive sessions that address current issues.

Oil Gas expo 2015 is comprised of 13 Main tracks and 131 sub tracks designed to offer comprehensive sessions that address current issues. OMICS Group cordially invites participants from all over the world to attend International Conference and Expo on Oil and Gas, scheduled during November, 16-18, 2015 at Dubai, UAE mainly focused on the

More information

The Unsustainability of $50 Oil

The Unsustainability of $50 Oil January 2015 The Unsustainability of $50 Oil Oil prices have fallen significantly over the last few months due to a myriad of concerns. The magnitude of the current price drop has not been seen since the

More information

A Survey on Pricing of Asian Marker Crude Oil and Formation of Appropriate Market Prices 1

A Survey on Pricing of Asian Marker Crude Oil and Formation of Appropriate Market Prices 1 A Survey on Pricing of Asian Marker Crude Oil and Formation of Appropriate Market Prices 1 Yasuhiko Nagata, Senior Economist, Oil and Gas Strategy Group, Strategy and Industry Research Unit Sanae Kurita,

More information

Executive Summary 3. Market Structure 6. Industry Demand.. 7. Key Determinants of Demand.. 8. Future Expectations of Demand 8. Industry Analysis.

Executive Summary 3. Market Structure 6. Industry Demand.. 7. Key Determinants of Demand.. 8. Future Expectations of Demand 8. Industry Analysis. The Future of the Oil and Gas Industry By Chris Faulkner TABLE OF CONTENTS Executive Summary 3 Introduction. 4 Description.. 4 History. 4 Organization. 5 Governmental or Environmental Factors.. 6 Market

More information

Milk and milk products: price and trade update Issue 1 May Milk and Milk Products. Price and Trade Update: April

Milk and milk products: price and trade update Issue 1 May Milk and Milk Products. Price and Trade Update: April Milk and milk products: price and trade update Issue 1 May Issue 1 May Milk and Milk Products Price and Trade Update Weekly Newsletter Milk and Milk Products Price and Trade Update: April 1 Export prices

More information

UNECE Energy Week Geneva. in Energy Security

UNECE Energy Week Geneva. in Energy Security UNECE Energy Week Geneva Investing in Energy Security Committee on Sustainable Energy and related Meetings Wednesday 28 November 2007 Special Session: Investing in and Financing the Hydrocarbon Sector

More information

Der europäische Energiemarkt im Einfluss globaler Entwicklungen Auswirkungen unkoordinierter, regionaler Energiestrategien

Der europäische Energiemarkt im Einfluss globaler Entwicklungen Auswirkungen unkoordinierter, regionaler Energiestrategien Der europäische Energiemarkt im Einfluss globaler Entwicklungen Auswirkungen unkoordinierter, regionaler Energiestrategien DI Dr.techn. Christian Panzer Wien Energie Unternehmensentwicklung Web: http://wienenergie.at

More information

2015 Growth in data center employment continues but the workforce is changing

2015 Growth in data center employment continues but the workforce is changing Published in Conjunction with MARKET BRIEFING GLOBAL DATA CENTER EMPLOYMENT 2015 2015 Growth in data center employment continues but the workforce is changing Globally, the number of people working in

More information

GCC in times of cheap oil: an opportunity for economic reform and diversification

GCC in times of cheap oil: an opportunity for economic reform and diversification GCC in times of cheap oil: an opportunity for economic reform and diversification Kevin Körner & Oliver Masetti GCC in times of cheap oil: an opportunity for economic reform and diversification, June 215

More information

Conventional Oil and Gas Technologies

Conventional Oil and Gas Technologies Conventional Oil and Gas Technologies HIGHLIGHTS PROCESS AND TECHNOLOGY STATUS Oil and gas technologies include the exploration and development of oil and gas fields, and production processes. Over the

More information

CBRE CLARION SECURITIES MASTER LIMITED PARTNERSHIPS: GLOBALIZATION OF ENERGY MARKETS LEADING TO SECULAR GROWTH

CBRE CLARION SECURITIES MASTER LIMITED PARTNERSHIPS: GLOBALIZATION OF ENERGY MARKETS LEADING TO SECULAR GROWTH CBRE CLARION SECURITIES MASTER LIMITED PARTNERSHIPS: GLOBALIZATION OF ENERGY MARKETS LEADING TO SECULAR GROWTH MAY 2014 201 King of Prussia Road, Suite 600 Radnor, PA 19087 USA T. 610.995.2500 www.cbreclarion.com

More information

Country Report: Venezuela and Petróleos de Venezuela S.A. (PDVSA)

Country Report: Venezuela and Petróleos de Venezuela S.A. (PDVSA) Country Report: Venezuela and Petróleos de Venezuela S.A. (PDVSA) Carlos A. Molina, Associate Professor at IESA Business School Associate Professor at IESA Business School in Venezuela since 2005, Carlos

More information

Unconventional Oil Potential Tends to Change the World Oil Market

Unconventional Oil Potential Tends to Change the World Oil Market Energy Science and Technology Vol. 4, No. 1, 2012, pp. 68-74 DOI:10.3968/j.est.1923847920120401.178 ISSN 1923-8460[PRINT] ISSN 1923-8479[ONLINE] www.cscanada.net www.cscanada.org Unconventional Oil Potential

More information

Changes in Supply of and Demand for Crude Oil: Implications for Oil Price

Changes in Supply of and Demand for Crude Oil: Implications for Oil Price Changes in Supply of and Demand for Crude Oil: Implications for Oil Price 1 Paul R. Kutasovic Economic Consultant and Professor, New York Abstract The rise in oil prices since the end of the 2007-09 recession

More information

Energy. Environmental Science 101. Fall 2012. Learning Objectives: Reading Assignment: Energy

Energy. Environmental Science 101. Fall 2012. Learning Objectives: Reading Assignment: Energy Environmental Science 101 Energy Fall 2012 1 Lecture Outline: 7. NON-RENEWABLE ENERGY RESOURCES A. Energy Sources and Uses in USA B. Current Consumption, Uses and Costs 1. Consumption 2. Energy Costs C.

More information

2014 BP Madrid forum on energy & sustainability BP 2014

2014 BP Madrid forum on energy & sustainability BP 2014 14 BP Madrid forum on energy & sustainability BP 14 Contents Global energy trends Liquid fuels Refining implications European focus Energy Outlook 35 BP 14 Primary energy consumption growth slows and the

More information

Global Sulphur Market Outlook

Global Sulphur Market Outlook Global Sulphur Market Outlook Dr. Peter Harrisson Consultant, Sulphur and Sulphuric acid t: +44 207 903 2249 e: peter.harrisson@crugroup.com Discussion overview Global Market Overview Forecast to 2017

More information

Standard Note: SN/SG/2106 Last updated: 28 January 2014 Author: Paul Bolton Section Social & General Statistics

Standard Note: SN/SG/2106 Last updated: 28 January 2014 Author: Paul Bolton Section Social & General Statistics Oil prices Standard Note: SN/SG/216 Last updated: 28 January 214 Author: Paul Bolton Section Social & General Statistics Oil prices peaked at almost $15 Dollars a barrel in July 28 and fell sharply in

More information

I. World trade developments

I. World trade developments I. World trade developments The value of world merchandise exports increased by 20 per cent in 2011 while exports of commercial services grew by 11 per cent. Key developments in 2011: a snapshot Trade

More information

UNIFE World Rail Market Study

UNIFE World Rail Market Study UNIFE World Rail Market Study Status quo and outlook 2020 Commissioned by UNIFE, the European Rail Industry And conducted by The Boston Consulting Group 2 1 Executive Summary This is the third "World Rail

More information

Oil Markets Update- October 2015

Oil Markets Update- October 2015 SICO Research November 23, - October Crude prices remain low in October led by oversupply and weak economic indicators October has been a volatile month for crude prices; Brent reached USD 53.05/bbl in

More information

Oil Markets into 2006. Peter Davies Chief Economist, BP plc British Institute of Energy Economics London. 24 January, 2006

Oil Markets into 2006. Peter Davies Chief Economist, BP plc British Institute of Energy Economics London. 24 January, 2006 Oil Markets into 26 Peter Davies Chief Economist, BP plc British Institute of Energy Economics London. 24 January, 26 Outline Oil and energy today How did we get to here? Prospects for 26 Into the medium

More information

Jean-Yves Garnier Independent Consultant

Jean-Yves Garnier Independent Consultant Jean-Yves Garnier Independent Consultant JODI is much more than a database The JODI Databases Cooperation Harmonisation between organisations Image Coverage Cooperation between Countries and Organisations

More information

The big pay turnaround: Eurozone recovering, emerging markets falter in 2015

The big pay turnaround: Eurozone recovering, emerging markets falter in 2015 The big pay turnaround: Eurozone recovering, emerging markets falter in 2015 Global salary rises up compared to last year But workers in key emerging markets will experience real wage cuts Increase in

More information

Unconventional Oil and Gas Production Drives Trends in Water Management and Treatment

Unconventional Oil and Gas Production Drives Trends in Water Management and Treatment Unconventional Oil and Gas Production Drives Trends in Water Management and Treatment Jelena Stanic, Global Water Intelligence A research report, Water for the Onshore Oil and Gas, by Global Water Intelligence

More information

LNG, A GLOBAL COMMODITY AND THE GREEK CASE. Panayotis Kanellopoulos Executive Director, Head of Natural Gas

LNG, A GLOBAL COMMODITY AND THE GREEK CASE. Panayotis Kanellopoulos Executive Director, Head of Natural Gas LNG, A GLOBAL COMMODITY AND THE GREEK CASE Panayotis Kanellopoulos Executive Director, Head of Natural Gas LNG, A Global Commodity LNG accounts for a relatively small amount of total gas exports, around

More information

March 2015 MEGATRENDS IN THE OIL AND GAS INDUSTRY

March 2015 MEGATRENDS IN THE OIL AND GAS INDUSTRY March 2015 MEGATRENDS IN THE OIL AND GAS INDUSTRY Cautionary Statement The following presentation includes forward-looking statements. These statements relate to future events, such as anticipated revenues,

More information

Geographical Distribution of Oil and Natural Gas Deposits - Different Means of Transportation to the Consumption Centers

Geographical Distribution of Oil and Natural Gas Deposits - Different Means of Transportation to the Consumption Centers Geographical Distribution of Oil and Natural Gas Deposits - Different Means of Transportation to the Consumption Centers Hilmar Rempel Federal Institute for Geosciences and Natural Resources Germany Abstracts

More information

Energy Briefing: Global Crude Oil Demand & Supply

Energy Briefing: Global Crude Oil Demand & Supply Energy Briefing: Global Crude Oil Demand & Supply November 6, 215 Dr. Edward Yardeni 516-972-7683 eyardeni@ Debbie Johnson 48-664-1333 djohnson@ Please visit our sites at www. blog. thinking outside the

More information

Box 6 International Oil Prices: 2002-03

Box 6 International Oil Prices: 2002-03 Annual Report 2002-03 International Oil Prices: 2002-03 Box 6 International Oil Prices: 2002-03 Notwithstanding the state of the world economy, characterised by sluggish growth in 2002, the world crude

More information

IV. DEMOGRAPHIC PROFILE OF THE OLDER POPULATION

IV. DEMOGRAPHIC PROFILE OF THE OLDER POPULATION World Population Ageing 195-25 IV. DEMOGRAPHIC PROFILE OF THE OLDER POPULATION A. AGE COMPOSITION Older populations themselves are ageing A notable aspect of the global ageing process is the progressive

More information

Oil and Gas Price Forecast Update: Where are Oil and Gas Prices Heading?

Oil and Gas Price Forecast Update: Where are Oil and Gas Prices Heading? RESERVOIR ENGINEERING SOFTWARE & SERVICES Oil and Gas Price Forecast Update: Where are Oil and Gas Prices Heading? Dale Struksnes, Manager - Reserve Evaluations April 13, 2010 Media Commentary on Oil and

More information

Table 1: Resource Exports Per cent of total nominal exports; selected years

Table 1: Resource Exports Per cent of total nominal exports; selected years Australia and the Global market for Bulk Commodities Introduction The share of Australia s export earnings derived from bulk commodities coking coal, thermal coal and iron ore has increased over recent

More information

Trends in the oil and gas markets

Trends in the oil and gas markets Trends in the oil and gas markets Danske Markets oil and gas seminar Oslo, 12.06.12 Ottar Skagen, Statoil CFO Macroeconomics and Market Analysis Oil prices on a rollercoaster since the mid 2000s Source:

More information

Oil Price Volatility and the Continuing Case for Natural Gas as a Transportation Fuel

Oil Price Volatility and the Continuing Case for Natural Gas as a Transportation Fuel Oil Price Volatility and the Continuing Case for Natural Gas as a Transportation Fuel The recent decline in world crude oil prices is bringing new attention to the factors that drive the price and stability

More information

Korn Ferry Hay Group 2016 Salary Forecast: Wages Expected to Rise Globally, With a Modest Outlook for the Middle East

Korn Ferry Hay Group 2016 Salary Forecast: Wages Expected to Rise Globally, With a Modest Outlook for the Middle East MEDIA CONTACT Megan Willis +971(0)563 694 003 Under embargo until Tuesday 08 December 2015 Korn Ferry Hay Group 2016 : Wages Expected to Rise Globally, With a Modest Outlook for the Middle East Global

More information

LCA of different conventional crude oil production technologies Dipl.-Ing. Oliver Schuller

LCA of different conventional crude oil production technologies Dipl.-Ing. Oliver Schuller LCA of different conventional crude oil production technologies Dipl.-Ing. Oliver Schuller Dipl.- Ing. Sebastian Schmidt Outline Motivation and objective Definitions and description of technologies Development

More information

FIRST QUARTER REPORT 2008-04-25

FIRST QUARTER REPORT 2008-04-25 FIRST QUARTER REPORT This presentation contains forward looking statements. Such statements are based on our current expectations and are subject to certain risks and uncertainties that could negatively

More information

Energi och gas ivår omvarld. Thina Margrethe Saltvedt, Chief Analyst Macro/Oil (Ph. D.) April 2014 @ThinaSaltvedt

Energi och gas ivår omvarld. Thina Margrethe Saltvedt, Chief Analyst Macro/Oil (Ph. D.) April 2014 @ThinaSaltvedt Energi och gas ivår omvarld Thina Margrethe Saltvedt, Chief Analyst Macro/Oil (Ph. D.) April 2014 @ThinaSaltvedt US shale gas soon aiming for new markets higher oil and natural gas prices Shale formations

More information

Effects of the falling oil price on the global economy

Effects of the falling oil price on the global economy Effects of the falling oil price on the global economy MONETARY POLICY REPORT FEBRUARY 2015 45 Prices on the world market for oil have fallen rapidly since the summer of 2014. Measured in US dollars, the

More information

Plenary Session One. The New Geography of Energy: Business as Usual or a New Era for Energy Supply and Demand?

Plenary Session One. The New Geography of Energy: Business as Usual or a New Era for Energy Supply and Demand? Plenary Session One The New Geography of Energy: Business as Usual or a New Era for Energy Supply and Demand? 15 May 2014 Overview The pattern of global energy supply and demand that has prevailed over

More information

Oil and Gas Prices. Oil and Gas Investor Summit London 17th-18th June 2014

Oil and Gas Prices. Oil and Gas Investor Summit London 17th-18th June 2014 Oil and Gas Prices Oil and Gas Investor Summit London 17th-18th June 2014 Oil Price Drowning in oil Economist, March 1999 $10 oil might actually be too optimistic. We may be heading for $5. Crude touches

More information

II. Merchandise trade

II. Merchandise trade II. Merchandise trade World merchandise trade grew by 2 per cent in volume terms in 2012 against a backdrop of weak global demand and declining prices. This is significantly less than the 5 per cent increase

More information

Extended Bureau meeting of the Group of Experts on Global Energy Efficiency 21 (GEE21)

Extended Bureau meeting of the Group of Experts on Global Energy Efficiency 21 (GEE21) Extended Bureau meeting of the Group of Experts on Global Energy Efficiency 21 (GEE21) Energy, Energy Efficiency, & Renewable Energy. In Escwa Region By Eng. Abdul Halem Kassem As is known the ESCWA includes

More information

www.lukoil.com Oil and Gas Production

www.lukoil.com Oil and Gas Production www.lukoil.com Oil and Gas Production Oil and Gas Production 3 Oil and Gas Production by OAO LUKOIL The company views expansion and consolidation of its raw materials base which underpins its oil and gas

More information

Fossil fuels and climate change: alternative projections to 2050

Fossil fuels and climate change: alternative projections to 2050 Fossil fuels and climate change: alternative projections to 2050 Key questions in the climate change debate are to what extent fossil fuel depletion will reduce emissions, and what country-by-country emissions

More information

Australia s Liquefied Natural Gas (LNG) exports, 2003-04 to 2013-14 and beyond

Australia s Liquefied Natural Gas (LNG) exports, 2003-04 to 2013-14 and beyond s Liquefied Natural Gas (LNG) exports, 23-4 to 213-14 and beyond LNG has been an increasingly important export for in the last decade 1. In 23-4, exported $2.2 billion worth of LNG (representing 1.5 per

More information

The global economy in 2007

The global economy in 2007 Introduction The global economy in 27 Global output grew 3.8 percent in 27, receding slightly from 4 percent in 26. The downturn was greatest in high-income economies, where growth fell from 3 percent

More information

THE GROWING GLOBAL MARKET OF LNG

THE GROWING GLOBAL MARKET OF LNG THE GROWING GLOBAL MARKET OF LNG ISSUES & CHALLENGES Dr Naji Abi-Aad April 2013 The Growing Global Market of LNG Outline Characteristics of Liquefied Natural Gas (LNG) & its Trade Increasing Volumes of

More information

National Security and Fuel Economy. How Dependence on Oil Impacts National Security

National Security and Fuel Economy. How Dependence on Oil Impacts National Security National Security and Fuel Economy How Dependence on Oil Impacts National Security WELCOME Brigadier General Steve Cheney CEO of the American Security Project ASP is organized around the belief that honest

More information

The Global Economic Impacts of Oil Price Shocks

The Global Economic Impacts of Oil Price Shocks The Global Economic Impacts of Oil Price Shocks Presented to: Project LINK, United Nations New York, NY November 22, 2004 Presented by: Sara Johnson Managing Director, Global Macroeconomics Group 781-301-9115

More information

The economic and energy scenarios for Latin America & the Caribbean from the perspective of the KPMG

The economic and energy scenarios for Latin America & the Caribbean from the perspective of the KPMG The economic and energy scenarios for Latin America & the Caribbean from the perspective of the KPMG Martiniano Lopes KPMG Partner Latin America Energy and Natural Resource Leader ARPEL Conference - Uruguay

More information

Summary. Economic Update 1 / 7 May 2016

Summary. Economic Update 1 / 7 May 2016 Economic Update Economic Update 1 / 7 Summary 2 Global World GDP is forecast to grow only 2.4% in 2016, weighed down by emerging market weakness and increasing uncertainty. 3 Eurozone The modest eurozone

More information

CHEMSYSTEMS. Report Abstract. Quarterly Business Analysis Quarter 1, 2012

CHEMSYSTEMS. Report Abstract. Quarterly Business Analysis Quarter 1, 2012 CHEMSYSTEMS PPE PROGRAM Report Abstract Quarterly Business Analysis Petrochemical Cost Price and Margin for Olefins, Polyolefins, Vinyls, Aromatics, Styrenics, Polyester Intermediates and Propylene Derivatives.

More information

III. CHANGING BALANCE BETWEEN AGE GROUPS

III. CHANGING BALANCE BETWEEN AGE GROUPS Population Ageing 195-25 III. CHANGING BALANCE BETWEEN AGE GROUPS A. BROAD AGE GROUPS The young-old balance is shifting throughout the world The increasing proportions of aged persons have been accompanied,

More information

Natural Gas and LNG Business Today and Tomorrow

Natural Gas and LNG Business Today and Tomorrow Natural Gas and LNG Business Today and Tomorrow September 7, 2011 Mitsubishi Corporation Energy Business Group Junichi Iseda Senior Vice President, Division COO Natural Gas Business Division B Part 1:

More information

SEIZING THE OPPORTUNITY IN INTERNATIONAL MARKETS

SEIZING THE OPPORTUNITY IN INTERNATIONAL MARKETS WHITE PAPER SEIZING THE OPPORTUNITY IN INTERNATIONAL MARKETS A practical guide to choosing the right s and languages 2014 Lionbridge INTRODUCTION If your app for Windows Phone is doing well at home, now

More information

KEY ISSUES IN OIL INVENTORIES

KEY ISSUES IN OIL INVENTORIES KEY ISSUES IN OIL INVENTORIES Third IEA IEF OPEC Symposium on Energy Outlooks Riyadh, 22 January, 2013 Joel R. Couse VP Market Analysis for Trading & Shipping TOTAL SA 1 WORLD SUPPLY/DEMAND BALANCE 94

More information

EU Energy Security Plan June Why is more gas not the answer to EU concerns about its natural gas supply? Executive summary

EU Energy Security Plan June Why is more gas not the answer to EU concerns about its natural gas supply? Executive summary Executive summary The political crisis in Ukraine augmented fears about the EU s reliance on imports of Russian gas, accounting for ~ 25-30% of the EU s annual consumption. It has also led to a renewed

More information

Falling Oil Prices and US Economic Activity: Implications for the Future

Falling Oil Prices and US Economic Activity: Implications for the Future Date Issue Brief # I S S U E B R I E F Falling Oil Prices and US Economic Activity: Implications for the Future Stephen P.A. Brown December 2014 Issue Brief 14-06 Resources for the Future Resources for

More information

Annex 5A Trends in international carbon dioxide emissions

Annex 5A Trends in international carbon dioxide emissions Annex 5A Trends in international carbon dioxide emissions 5A.1 A global effort will be needed to reduce greenhouse gas emissions and to arrest climate change. The Intergovernmental Panel on Climate Change

More information

International Marketing Data and Statistics

International Marketing Data and Statistics International Marketing Data and Statistics 2014 38th edi tion Euromonitor International Ltd, 60-61 Britton Street, London EC1M 5UX Euromonitor International Ltd 2013 www.euromonitor.com 3 Preliminaries

More information