Energy Briefing: Global Crude Oil Demand & Supply

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1 Energy Briefing: Global Crude Oil Demand & Supply December 26, 2014 Dr. Edward Yardeni Debbie Johnson Please visit our sites at www. blog. thinking outside the box

2 Table Of Contents Table Of Contents Crude Oil Price 1 World Oil Demand & Supply 2-3 Oil Demand/Supply Ratio 4 Oil Supply: OPEC & Non-OPEC 5 Crude Oil Output 6 Oil Demand: World 7 Oil Demand: World, OECD, Non-OECD 8-9 Oil Demand: G7-12 Oil Demand: Europe 13 Oil Demand: Asia, OPEC, Middle East 14 Oil Demand: Asia Oil Demand: FSU & Eastern Europe 17 Oil Demand: Latin America Oil Supply: OPEC Oil Supply: Non-OPEC Americas 22 Oil Supply: Non-OPEC Europe 23 Oil Supply: Non-OPEC Africa/Middle East 24 Oil Supply: Non-OPEC Asia 25 Oil Supply: Big Producers 26 Oil Demand December 26, 2014 / Energy Briefing: Global Crude Oil Demand & Supply www.

3 Crude Oil Price 170 Figure 1. CRUDE OIL PRICES (dollars per barrel) Brent Crude (68.2) WTI Crude (54) 12/ Source: Haver Analytics Figure 2. CRUDE OIL PRICES (dollars per barrel) Spread between Brent Crude and WTI Crude / Source: Haver Analytics. -20 Page 1 / December 26, 2014 / Energy Briefing: Global Crude Oil Demand & Supply www.

4 Figure 3. WORLD CRUDE OIL SUPPLY* Source of Data Oil Market Intelligence (OMI) US Department of Energy (DOE) WORLD & SUPPLY* Oil Demand (OMI) Supply (DOE) WORLD & SUPPLY* World Oil Demand & Supply Oil Demand (OMI) Supply (OMI) *Supply and demand data are not strictly comparable since they are based on different sources and on estimates. Source: Oil Market Intelligence and Department of Energy Page 2 / December 26, 2014 / Energy Briefing: Global Crude Oil Demand & Supply www.

5 Figure 4. WORLD CRUDE OIL SUPPLY* (million barrels per day) World Oil Demand & Supply Source of Data Oil Market Intelligence (OMI) US Department of Energy (DOE) WORLD & SUPPLY* (million barrels per day) Oil Demand (OMI) Supply (DOE) WORLD & SUPPLY* (million barrels per day) Oil Demand (OMI) Supply (OMI) *Supply and demand data are not strictly comparable since they are based on different sources and on estimates. Source: Oil Market Intelligence and Department of Energy Page 3 / December 26, 2014 / Energy Briefing: Global Crude Oil Demand & Supply www.

6 1.12 Figure 5. WORLD CRUDE OIL DEMAND/SUPPLY RATIO* Oil Demand/Supply Ratio * 12-month average of world crude oil demand as a ratio of 12-month average of world crude supply Figure 6. WORLD /SUPPLY RATIO & BRENT CRUDE OIL PRICE Oil Demand/Supply Ratio* Brent Crude Oil (yearly percent change) / * 12-month average of world crude oil demand as a ratio of 12-month average world crude supply. Source: Oil Market Intelligence and Financial Times. Page 4 / December 26, 2014 / Energy Briefing: Global Crude Oil Demand & Supply www.

7 Figure 7. CRUDE OIL OUTPUT: OPEC & NON-OPEC (OMI Data) (million barrels per day) Oil Supply: OPEC & Non-OPEC Non-OPEC (57.0) OPEC (36) Figure 8. CRUDE OIL OUTPUT: OPEC & NON-OPEC (DOE Data) (million barrels per day) Non-OPEC Sep Total OPEC Sep Source: US Department of Energy. 15 Page 5 / December 26, 2014 / Energy Briefing: Global Crude Oil Demand & Supply www.

8 Crude Oil Output Figure 9. CRUDE OIL OUTPUT: OPEC (OMI vs. DOE data) (million barrels per day) OMI DOE Source: US Department of Energy and Oil Market Intelligence Figure. CRUDE OIL OUTPUT: NON-OPEC (OMI vs. DOE data) (million barrels per day) OMI DOE Source: US Department of Energy and Oil Market Intelligence Page 6 / December 26, 2014 / Energy Briefing: Global Crude Oil Demand & Supply www.

9 Figure 11. Oil Demand: World World (92) Figure 12. (yearly percent change in 12-month average) World (00) Page 7 / December 26, 2014 / Energy Briefing: Global Crude Oil Demand & Supply www.

10 55 50 Figure 13. Oil Demand: World, OECD, Non-OECD OECD-34 (45) Non-OECD* (47.2) * Total excluding OECD-34 8 Figure 14. (yearly percent change in 12-month average) OECD-34 (-0) Non-OECD* () * Total excluding OECD-34. Page 8 / December 26, 2014 / Energy Briefing: Global Crude Oil Demand & Supply www.

11 57 54 Figure 15. Oil Demand: World, OECD, Non-OECD New World: Total World Minus US, Western Europe, & Japan Old World: US, Western Europe, & Japan Figure 16. (yearly percent change in 12-month average) New World: Total World Minus US, Western Europe, & Japan Old World: US, Western Europe, & Japan Page 9 / December 26, 2014 / Energy Briefing: Global Crude Oil Demand & Supply www.

12 38 Figure 17. Oil Demand: G OECD G7* * Canada, France, Germany, Italy, Japan, United Kingdom, United States, and US territories Figure 18. United States (19.0) Western Europe (13) Page / December 26, 2014 / Energy Briefing: Global Crude Oil Demand & Supply www.

13 6.0 5 Figure 19. Oil Demand: G Japan (4.3) Figure Canada Page 11 / December 26, 2014 / Energy Briefing: Global Crude Oil Demand & Supply www.

14 15 Figure 21. Oil Demand: G Europe Big 4* Plus Japan * France, Germany, Italy, and the UK Figure Germany (2) France (1) Italy () UK (1) Spain () 2 1 Page 12 / December 26, 2014 / Energy Briefing: Global Crude Oil Demand & Supply www.

15 Oil Demand: Europe Figure Other EU* * Austria, Belgium, Denmark, Finland, Greece, Ireland, Luxembourg, Netherlands, Portugal, Spain, and Sweden. 2 Figure Other OECD Europe* 1 1 * Czech Republic, Hungary, Norway, Poland, Slovak Republic, Switzerland, and Turkey. Page 13 / December 26, 2014 / Energy Briefing: Global Crude Oil Demand & Supply www.

16 Oil Demand: Asia, OPEC, Middle East 14 Figure 25. (millions of barrels per day, 12-month avg) Asia Excluding China, South Korea, & Japan Figure OPEC* Middle East * Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Neutral Zone, Nigeria, Qatar, Saudi Arabia, UAE, and Venezuela. Page 14 / December 26, 2014 / Energy Briefing: Global Crude Oil Demand & Supply www.

17 Figure 27. China (.2) Oil Demand: Asia Figure 28. (12-month average, million barrels per day) India Page 15 / December 26, 2014 / Energy Briefing: Global Crude Oil Demand & Supply www.

18 Oil Demand: Asia 1.3 Figure Australia & New Zealand Figure South Korea Page 16 / December 26, 2014 / Energy Briefing: Global Crude Oil Demand & Supply www.

19 9 Figure 31. Oil Demand: FSU & Eastern Europe Former Soviet Union Figure Eastern Europe* * Albania, Bosnia Herzegovenia, Bulgaria, Croatia, Cyprus, Former Yugoslav Republic Of Macedonia, Gibraltar, Malta, Romania, Federal Republic of Yugoslavia, Slovenia, Former Yugoslavia. Page 17 / December 26, 2014 / Energy Briefing: Global Crude Oil Demand & Supply www.

20 Figure 33. Oil Demand: Latin America Latin America* * Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, El Salvador, Guatemala, Haiti, Honduras, Jamaica, Nantilles, Nicaragua, Panama, Paraguay, Peru, Trinidad, Uruguay, Venezuela, Other Latin America. 1 Figure Latin America Excluding Mexico and Brazil.0.0 Page 18 / December 26, 2014 / Energy Briefing: Global Crude Oil Demand & Supply www.

21 Oil Demand: Latin America Figure Brazil Figure Mexico Page 19 / December 26, 2014 / Energy Briefing: Global Crude Oil Demand & Supply www.

22 Oil Supply: OPEC Figure 37. CRUDE OIL SUPPLY: OPEC (million barrels per day) DUBAI ABU DHABI INDONESIA 2 1 ALGERIA IRAN ANGOLA IRAQ Page 20 / December 26, 2014 / Energy Briefing: Global Crude Oil Demand & Supply www.

23 Oil Supply: OPEC 3 Figure 38. KUWAIT (million barrels per day) QATAR LIBYA SAUDI ARABIA NEUTRAL ZONE U.A.E NIGERIA VENEZUELA Page 21 / December 26, 2014 / Energy Briefing: Global Crude Oil Demand & Supply www.

24 Oil Supply: Non-OPEC Americas Figure 39. CRUDE OIL SUPPLY: NON-OPEC (million barrels per day) CANADA OTHER AMERICAS COLUMBIA NON-OPEC NGLs MEXICO ARGENTINA UNITED STATES BRAZIL Page 22 / December 26, 2014 / Energy Briefing: Global Crude Oil Demand & Supply www.

25 Oil Supply: Non-OPEC Europe 8 7 Figure 40. EUROPE (million barrels per day) OTHER EUROPE NORTH SEA OTHER NORTH SEA NORWAY UNITED KINGDOM Page 23 / December 26, 2014 / Energy Briefing: Global Crude Oil Demand & Supply www.

26 Oil Supply: Non-OPEC Africa/Middle East Figure 41. AFRICA/MIDDLE EAST (million barrels per day) OTHER AFRICA/MIDDLE EAST EGYPT GABON OMAN SYRIA Page 24 / December 26, 2014 / Energy Briefing: Global Crude Oil Demand & Supply www.

27 Oil Supply: Non-OPEC Asia Figure 42. ASIA (million barrels per day) MALAYSIA RUSSIA OTHER ASIA AUSTRALIA CHINA INDIA Page 25 / December 26, 2014 / Energy Briefing: Global Crude Oil Demand & Supply www.

28 Oil Supply: Big Producers Figure 43. CRUDE OIL OUTPUT: UNITED STATES & CANADA vs. SAUDI ARABIA (million barrels per day) US + Canada (13.0) Saudi Arabia (9) Figure 44. CRUDE OIL OUTPUT: UNITED STATES & CANADA vs. RUSSIA (million barrels per day) US + Canada (13.0) Russia () Page 26 / December 26, 2014 / Energy Briefing: Global Crude Oil Demand & Supply www.

29 Figure 45. Oil Demand Europe Big 4* * France, Germany, Italy, and UK. 20 Figure 46. (yearly percent change) China (1) Page 27 / December 26, 2014 / Energy Briefing: Global Crude Oil Demand & Supply www.

30 30 25 Figure 47. (yearly percent change) Oil Demand India (0) Page 28 / December 26, 2014 / Energy Briefing: Global Crude Oil Demand & Supply www.

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