Knoema.com - Crude Oil http://knoema.de 2024-03-19T18:02:06Z /favicon.png Knoema ist ihre persönliche Wissensdatenbank What Drives Global Crude Oil Prices? Balance //knoema.de/jopeigc/what-drives-global-crude-oil-prices-balance 2024-03-19T18:02:06Z Alex Kulikov knoema.de://knoema.de/user/1847910
What Drives Global Crude Oil Prices? Balance

Inventories act as the balancing point between supply and demand. During periods when production exceeds consumption, crude oil and petroleum products can be stored for expected future use. In the economic downturn of late 2008 and early 2009, for example, the unexpected drop in world demand led to record crude oil inventories in the United States and other OECD countries. In contrast, when consumption outstrips current production, supplies can be supplemented by draws on inventories to satisfy the needs of consumers. Given the uncertainty of supply and demand, petroleum inventories are often seen as a precautionary measure. Source: US Energy Information Administration

Alex Kulikov knoema.de://knoema.de/user/1847910
What Drives Global Crude Oil Prices? Demand: OECD //knoema.de/kizeznb/what-drives-global-crude-oil-prices-demand-oecd 2024-03-19T18:02:06Z Alex Kulikov knoema.de://knoema.de/user/1847910
What Drives Global Crude Oil Prices? Demand: OECD

The membership of the Organization of Economic Cooperation and Development (OECD) includes the United States, much of Europe, and other advanced countries. Making up 53 percent of world oil consumption in 2010, these large economies consume more oil than the non-OECD countries, but have much lower oil consumption growth. Oil consumption in the OECD countries actually declined in the decade between 2000 and 2010, whereas non-OECD consumption rose 40 percent during the same period. Source: US Energy Information Administration

Alex Kulikov knoema.de://knoema.de/user/1847910
What Drives Global Crude Oil Prices? Demand: Non-OECD //knoema.de/henabsb/what-drives-global-crude-oil-prices-demand-non-oecd 2024-03-19T18:02:05Z Alex Kulikov knoema.de://knoema.de/user/1847910
What Drives Global Crude Oil Prices? Demand: Non-OECD

Oil consumption in developing countries that are not part of the Organization of Economic Cooperation and Development (OECD) has risen sharply in recent years. While oil consumption in the OECD countries declined between 2000 and 2010, non-OECD oil consumption increased more than 40 percent. China, India, and Saudi Arabia had the largest growth in oil consumption among the countries in the non-OECD during this period. Rising oil consumption reflects rapid economic growth in these countries. Current and expected levels of economic growth heavily influence global oil demand and oil prices. Commercial and personal transportation activities, in particular, require large amounts of oil and are directly tied to economic conditions. Many manufacturing processes consume oil as fuel or use it as feedstock, and in some non-OECD countries, oil remains an important fuel for power generation. Because of these uses, oil prices tend to rise when economic activity and in turn oil demand is growing strongly. Many non-OECD countries are also experiencing rapid growth in population, which is an additional factor supporting strong oil consumption growth. Source: US Energy Information Administration 

Alex Kulikov knoema.de://knoema.de/user/1847910
What Drives Global Crude Oil Prices? Supply: OPEC //knoema.de/qxvmbzd/what-drives-global-crude-oil-prices-supply-opec 2024-03-19T18:02:05Z Alex Kulikov knoema.de://knoema.de/user/1847910
What Drives Global Crude Oil Prices? Supply: OPEC

Total crude oil production by the Organization of the Petroleum Exporting Countries (OPEC) is an important factor that affects global oil prices. OPEC has historically sought to actively manage oil production among its members by setting production targets by member. As a result, since OPEC's inception, crude oil prices have typically increased when OPEC members agreed to reduce production targets. OPEC member countries produce about 40 percent of the world's crude oil. Equally important to global prices, OPEC's oil exports represent about 60 percent of the total petroleum traded internationally. Because of this market share, OPEC's actions can, and do, influence international oil prices. In particular, indications of changes in crude oil production from Saudi Arabia, OPEC's largest producer and the member that traditionally has had the largest swing capacity, frequently affect oil prices. Source: US Energy Information Administration

Alex Kulikov knoema.de://knoema.de/user/1847910
What Drives Global Crude Oil Prices? Supply: Non-OPEC //knoema.de/gcxgcce/what-drives-global-crude-oil-prices-supply-non-opec 2024-03-19T18:02:05Z Alex Kulikov knoema.de://knoema.de/user/1847910
What Drives Global Crude Oil Prices? Supply: Non-OPEC

Oil production from countries outside the Organization of the Petroleum Exporting Countries (OPEC) currently represents about 60 percent of world oil production. Key centers of non-OPEC production include North America, regions of the former Soviet Union, and the North Sea. In contrast to OPEC oil production, which is subject to central coordination, non-OPEC producers make independent decisions about oil production. Also, in contrast to OPEC, where oil production is mostly in the hands of national oil companies (NOCs), international or investor-owned oil companies (IOCs) perform most of the production activities in non-OPEC countries. IOCs seek primarily to increase shareholder value and make investment decisions based on economic factors. While some NOCs operate in a similar manner as IOCs, many have additional objectives such as providing employment, infrastructure, or revenue that impact their country in a broader sense. As a result, non-OPEC investment, and thus future supply capability, tends to respond more readily to changes strictly in market conditions. Producers in non-OPEC countries are generally regarded as price takers, that is, they respond to market prices rather than attempt to influence prices by managing production. As a result, non-OPEC producers tend to produce at or near full capacity and so have little spare capacity. Other things being equal, lower levels of non-OPEC supply tend to put upward pressure on prices by decreasing total global supply and increasing the "call on OPEC." The greater the call on OPEC, the greater is its likely ability to influence prices. Source: US Energy Information Administration

Alex Kulikov knoema.de://knoema.de/user/1847910
World Crude Oil Supply and Demand Forecast, 2020-2021 //knoema.de/cbhnele/world-crude-oil-supply-and-demand-forecast-2020-2021 2024-03-19T10:28:00Z Alex Kulikov knoema.de://knoema.de/user/1847910
World Crude Oil Supply and Demand Forecast, 2020-2021

(13 April 2020) OPEC+ countries agreed to cut their overall oil production by 9.7 million barrels per day at the 10th extraordinary meeting held on April 12. This is the largest oil production cut ever negotiated aimed at stabilizing oil prices. The agreed 9.7 mb/d production cut is planned for the two months starting on 1 May 2020. In the following 6 months, OPEC+ countries will cut production by 7.7 mb/d more and in the subsequent 16 months, the adjustment will constitute 5.8 mb/d.Oil prices started to rise as early as ahead of emergency OPEC+ meeting held on April 9 - the first meeting after Russia and Saudi Arabia failed in early March to reach an agreement on oil production cuts, sending oil prices to historic lows.The oil market is currently dramatically oversupplied due to the price war between Russia and Saudi Arabia and contracting demand caused by the Coronavirus pandemic. According to the latest estimate by the US Energy Information Administration (EIA), oil supply exceeded demand by around 6 million barrels per day in the first quarter of 2020 and the gap is expected to extend to 11.4 million barrels per day in the second quarter.    

Alex Kulikov knoema.de://knoema.de/user/1847910
The International Energy Agency Monthly Oil Market Report //knoema.de/kmrvqx/the-international-energy-agency-monthly-oil-market-report 2024-03-19T10:27:59Z Alex Kulikov knoema.de://knoema.de/user/1847910
The International Energy Agency Monthly Oil Market Report

The monthly Oil Market Report (OMR) from the International Energy Agency provides extensive analysis on world oil market trends as well as projections for oil supply and demand 12-18 months ahead. Developed from information obtained from the extensive IEA network of contacts with government and industry, it is the only regular, short-term analysis of the global oil industry available and has become an authoritative source for government officials and market and industry strategists alike.Following very strong year-on-year demand growth of 2.2 mb/d in 2Q17, the pace slowed to 1.2 mb/d in 3Q17, reflecting relatively weak July and August data and the impact of hurricanes in September. Our forecast of global demand growth remains unchanged at 1.6 mb/d in 2017 (or 1.6%) and 1.4 mb/d in 2018 (or 1.4%).Global oil supply rose 90 kb/d in September to 97.5 mb/d as non-OPEC output edged higher. Output stands 620 kb/d higher than last year. In 2017, non-OPEC supplies are expected to grow by 0.7 mb/d, followed by a 1.5 mb/d increase in 2018.OPEC crude output was virtually unchanged in September as slightly higher flows from Libya and Iraq offset lower supply from Venezuela. Output of 32.65 mb/d was down 400 kb/d on a year ago. Compliance with supply cuts for the year-to-date is 86%.

Alex Kulikov knoema.de://knoema.de/user/1847910
IEA, Oil Market Report: OPEC Oil Production (Annual Data) //knoema.de/bghrpig/iea-oil-market-report-opec-oil-production-annual-data 2024-03-19T10:27:57Z Alex Kulikov knoema.de://knoema.de/user/1847910
IEA, Oil Market Report: OPEC Oil Production (Annual Data)

Alex Kulikov knoema.de://knoema.de/user/1847910
IEA, Oil Market Report: OECD Regional Oil Demand (Asia Oceania) //knoema.de/venlyzb/iea-oil-market-report-oecd-regional-oil-demand-asia-oceania 2024-03-19T10:27:54Z Alex Kulikov knoema.de://knoema.de/user/1847910
IEA, Oil Market Report: OECD Regional Oil Demand (Asia Oceania)

Region: OECD | Americas | North America | Europe | Asia Oceania

Alex Kulikov knoema.de://knoema.de/user/1847910
IEA, Oil Market Report: OECD Regional Oil Product Demand (Americas) //knoema.de/xmklize/iea-oil-market-report-oecd-regional-oil-product-demand-americas 2024-03-19T10:27:52Z Alex Kulikov knoema.de://knoema.de/user/1847910
IEA, Oil Market Report: OECD Regional Oil Product Demand (Americas)

Region: OECD | Americas | North America | Europe | Asia Oceania 

Alex Kulikov knoema.de://knoema.de/user/1847910
IEA, Oil Market Report: OECD Regional Oil Product Demand (Europe) //knoema.de/fdqhzbe/iea-oil-market-report-oecd-regional-oil-product-demand-europe 2024-03-19T10:27:51Z Alex Kulikov knoema.de://knoema.de/user/1847910
IEA, Oil Market Report: OECD Regional Oil Product Demand (Europe)

Region: OECD | Americas | North America | Europe | Asia Oceania 

Alex Kulikov knoema.de://knoema.de/user/1847910
IEA, Oil Market Report: OECD Oil Product Demand //knoema.de/uetbvmf/iea-oil-market-report-oecd-oil-product-demand 2024-03-19T10:27:49Z Alex Kulikov knoema.de://knoema.de/user/1847910
IEA, Oil Market Report: OECD Oil Product Demand

Region: OECD | Americas | North America | Europe | Asia Oceania

Alex Kulikov knoema.de://knoema.de/user/1847910
What Drives Global Crude Oil Prices? //knoema.de/rhikhqf/what-drives-global-crude-oil-prices 2023-08-02T11:42:17Z Alex Kulikov knoema.de://knoema.de/user/1847910
What Drives Global Crude Oil Prices?

As part of the US Energy Information Administration (EIA) Energy and Financial Markets Initiative, the EIA is moving beyond its traditional coverage of the physical fundamentals of global oil markets to understand global energy prices moments. In addition to assessing factors such as energy consumption, production, inventories, spare production capacity, and geopolitical risks, EIA will now examine other influences, such as futures market trading activity, commodity investment, exchange rates, and equity markets. Today's Viz of the Day describes seven key factors that could influence oil markets. The analysis explores possible linkages between each factor and oil prices and includes regularly-updated graphs that depict aspects of those relationships.

Alex Kulikov knoema.de://knoema.de/user/1847910
Oil Market At Risk of Imbalance //knoema.de/aataqnd/oil-market-at-risk-of-imbalance 2023-07-22T05:36:43Z Misha Gusev knoema.de://knoema.de/user/1000560
Oil Market At Risk of Imbalance

(January 18, 2023) According to OPEC estimates in Q1 2023 global demand for crude oil will increase by 1.5 mb/d compared to the same quarter a year ago and amount to 100.9 mb/d. Between September and December 2022 OPEC+ decreased oil production by 0.6 mb/d. Announced in the end of October the 2 mb/d cut in oil production by OPEC+ countries appeared to be more virtual cut as OPEC+ production in October was already lower compared to the new production targets. In this dashboard Knoema shows the most recent data from the International Energy Agency on crude oil production, production targets and spare capacity in OPEC+ countries to facilitate the analysis of short-term oil market movements.

Misha Gusev knoema.de://knoema.de/user/1000560
United States: The World's Newest Major Exporter of Crude Oil //knoema.de/aiinih/united-states-the-world-s-newest-major-exporter-of-crude-oil 2023-07-13T16:48:32Z Misha Gusev knoema.de://knoema.de/user/1000560
United States: The World's Newest Major Exporter of Crude Oil

In June, US crude oil exports reached historic levels at nearly 2.2 million barrels per day (b/d), a level similar to that of Nigeria and Iran. From 1975 until late 2015, a federal ban on the export of US crude oil severely restricted crude oil exports to all countries except Canada. By lifting the ban, the US Government has transformed the United States into a major exporter of crude oil and a force that is reshaping global oil markets. To date in 2018, the United States has averaged more than 1.7 million b/d of crude oil exports while continuing to import an average of 7.9 million b/d.Although Canada remains an important consumer of US crude oil—second only to China—the repeal of the crude oil ban has allowed US exporters to expand to nearly 30 countries.The US shale oil boom in the early years of this decade provided US refiners with high quality, discounted crudes that they were then able to sell into the export market. As a result, finished petroleum product exports have also jumped, increasing from about 1 million b/d prior to the shale boom up to 5.5 million b/d in first half of 2018.

Misha Gusev knoema.de://knoema.de/user/1000560
IMF Fiscal breakeven oil price forecasts //knoema.de/esilckb/imf-fiscal-breakeven-oil-price-forecasts 2022-10-26T06:18:12Z Alex Kulikov knoema.de://knoema.de/user/1847910
IMF Fiscal breakeven oil price forecasts

Alex Kulikov knoema.de://knoema.de/user/1847910
Cost of Oil Production by Country //knoema.de/vyronoe/cost-of-oil-production-by-country 2022-10-26T06:18:11Z Alex Kulikov knoema.de://knoema.de/user/1847910
Cost of Oil Production by Country

(Oct 2018) Global oil prices have fallen by more than 30 percent since the summer of 2014, affecting oil producers and consumers alike. This dashboard presents oil price dynamics and the breakeven oil prices—minimum oil price to cover general government expenditures—over the past decade as well as a snapshot of the marginal cost of oil production by country in 2014. A world oil price in the range of $55 to $60 per barrel is less than the cost of Russian Arctic oil production, European and Brazilian biofuel production, US and Canadian shale and tight oil production, and Brazilian presalt oil production. Sustained price levels below the cost of production can deter exploration and production and shift production potential for years to come. State budgets of oil-producing countries suffer as oil prices dip below their respective breakeven prices. In December 2014, the world experienced just that as world oil prices fell below breakeven for almost all oil exporters.     See also: Crude Oil Price Forecast 

Alex Kulikov knoema.de://knoema.de/user/1847910
Monthly Crude Oil Prices //knoema.de/iaeapfb/monthly-crude-oil-prices 2022-10-26T06:09:50Z Misha Gusev knoema.de://knoema.de/user/1000560
Monthly Crude Oil Prices

Crude oil is one of the most actively traded commodities in the world. Petroleum still remains the primary energy source for transportation and manufacturing industries. For this reason, oil price movements may impose significant influence on economic situation in different countries. Oil prices are changing due to the interaction between supply and demand forces on the international commodity markets. There are three major markers of crude oil commonly traded on commodities exchange: Brent, WTI (West Texas Intermediate) and Dubai. Statistics below depicts up-to-date figures on current oil prices as well as recent monthly price changes. More energy statistics

Misha Gusev knoema.de://knoema.de/user/1000560
United States: Oil and Gas Drilling Rigs in Operation Fall to Record Low //knoema.de/jjkxmnc/united-states-oil-and-gas-drilling-rigs-in-operation-fall-to-record-low 2022-09-15T08:43:12Z Misha Gusev knoema.de://knoema.de/user/1000560
United States: Oil and Gas Drilling Rigs in Operation Fall to Record Low

During the week of May 15, 2020, the number of oil and gas drilling rigs in operation in the United States fell by 35 to a record low of 339, according to Baker Hughes, an American oilfield services company. Nearly 70 percent of the drop in rigs was in the Permian basin in West Texas and eastern New Mexico. Oil rig count, an early indicator of future output, has been declining sharply since mid-March due to a drop in global oil demand caused by the COVID-19 pandemic. 

Misha Gusev knoema.de://knoema.de/user/1000560
LinkUp | Double Trouble for Oil & Gas Industry with the Low Energy Demand and Prices //knoema.de/jslxsyf/linkup-double-trouble-for-oil-gas-industry-with-the-low-energy-demand-and-prices 2022-09-15T08:43:11Z Misha Gusev knoema.de://knoema.de/user/1000560
LinkUp | Double Trouble for Oil & Gas Industry with the Low Energy Demand and Prices

(17 June 2020)  The oil and gas industry has taken a direct hit from the COVID-19 pandemic that has wiped out almost a third of global oil demand through lockdowns and travel bans. As storage capacities were maxed out, crude oil and gas prices headed downward. Along came the OPEC+ deal, however, and the reopening of China, US and many European countries and oil prices began their upward climb to nearly $40/barrel in early June. Nevertheless data shows that US oil and gas companies are still in the danger zone.For the majority of US shale oil producers, current crude oil prices are still below their total production costs, which range between $46 and $52 per barrel depending on the oil producing region.During the week of June 12, 2020, the number of oil and gas drilling rigs in operation in the United States fell to a record low of 279, according to Baker Hughes, an American oilfield services company. Oil rig count, an early indicator of future output, has been declining sharply since mid-March due to a drop in global oil demand caused by the COVID-19 pandemic. According to LinkUp, in the beginning of June 2020 the number of active jobs listed in for the oil gas sector (including related services) declined by 86 percent on a year-over-year basis.

Misha Gusev knoema.de://knoema.de/user/1000560
Crude Oil Price Forecast: 2021, 2022 and Long Term to 2050 //knoema.de/yxptpab/crude-oil-price-forecast-2021-2022-and-long-term-to-2050 2022-03-13T15:06:03Z Misha Gusev knoema.de://knoema.de/user/1000560
Crude Oil Price Forecast: 2021, 2022 and Long Term to 2050

(13 May 2021) Brent crude oil prices will average $62.26 per barrel in 2021 and $60.74 per barrel in 2022 according to the forecast in the most recent Short-Term Energy Outlook from the US Energy Information Administration (EIA). This represents a rebound from the 2020 average of $41.69 per barrel, but it is still lower than pre-COVID levels. The International Monetary Fund, in its latest release of the World Economic Outlook, predicts a similar recovery scenario, with Brent oil prices rising to US$59.74 per barrel in 2021 and then to $56.23 in 2022. Oil price forecasts depend on the interaction between supply and demand for oil in international markets. The most important supply-side factors impacting pricing in the next few years are expected to include US shale oil production, US crude oil stocks, and OPEC oil supply. A chronology of oil price swings since the end of 2019:In December 2019, Brent crude price averaged $67 per barrel, which was $10 higher than at the end of December of the previous year. This reflected the expectation of improving economic conditions in 2020.However, in January 2020, oil prices lost all the gains accumulated since October 2019 as the Coronavirus outbreak in China affected oil demand due to travel restrictions and decreased entertainment spending.In early March 2020, OPEC and non-OPEC partner countries failed to reach an agreement on oil production cuts. As a result, the two largest oil producers — Russia and Saudi Arabia — commenced a price war, flooding market with cheap oil against the backdrop of falling global demand as local coronavirus outbreaks developed into a pandemic. Oil prices plummeted, as a result, soon reaching a twenty-two-year low of $9.12 per barrel in April.On April 12, OPEC+ countries agreed to cut oil production by 9.7 million barrels/day during the next two months. Anticipation of the successful deal led to an oil price rebound. But on April 20, prices for WTI futures that were due to expire the next day plunged below zero for the first time ever. Because of the dramatic shrinkage of oil demand due to the Coronavirus lockdown, companies had filled their entire storage capacity with unused oil and were trying to get rid of expiring futures contracts at their cost.By the end of 2020, when the first COVID-19 vaccination campaigns had started, the crude oil price reached $52 per barrel.During the first months of 2021, oil prices continued growing, reaching a one-year maximum of $69.95 on March 5. The gains reflect improving oil demand due to progress in COVID-19 vaccination as well as recovering global economic activity. Rising shipping costs and disruptions to petroleum supply from extreme winter weather in Texas also put upward pressure on crude oil prices in February.   Price forecasts for other critical commodities: gold | silver | copper | aluminum | nickel | zinc | coal | natural gas 

Misha Gusev knoema.de://knoema.de/user/1000560
BP Energy Outlook to 2050 //knoema.de/aamrysg/bp-energy-outlook-to-2050 2021-06-08T09:06:58Z Misha Gusev knoema.de://knoema.de/user/1000560
BP Energy Outlook to 2050

The BP Energy Outlook evaluates different aspects of the energy transition and highlights key issues and uncertainties of the transition. In all the scenarios considered, world GDP more than doubles by 2040, driven by increasing prosperity in fast-growing developing economies. In the business-as-usual scenario, this improvement in living standards causes energy demand to increase by around a third over the outlook period, driven by India, China, and 'Other Asia,' which together account for two-thirds of the increase. Despite this increase in energy demand, around two-thirds of the world’s population in 2050 still live in countries where average energy consumption per head is relatively low, highlighting the need for more energy. The world continues to electrify, with around three-quarters of the increase in primary energy absorbed by the power sector. Other projections covered by the Energy Outlook to 2050:Renewable energy is the fastest-growing source of energy, contributing half of the growth in global energy supplies and becoming the largest source of power by 2050.Demand for oil and other liquid fuels grows for the first part of the outlook period before gradually plateauing. The increase in liquids production is initially dominated by US tight oil, but OPEC production subsequently increases as US tight oil production declines.Natural gas grows robustly, supported by broad-based demand and the increasing availability of gas, aided by the continuing expansion of liquefied natural gas (LNG).Global coal consumption peaked in 2018 and continues to decrease in the following decades, with the most decline in Asian and North America's countries. Source: BP Energy Outlook 2050, September 2020

Misha Gusev knoema.de://knoema.de/user/1000560
Sulpetro | NGL Prices and Production, Texas, US //knoema.de/zpjjor/sulpetro-ngl-prices-and-production-texas-us 2021-02-02T16:50:32Z Misha Gusev knoema.de://knoema.de/user/1000560
Sulpetro | NGL Prices and Production, Texas, US

While countries work together under the UN Paris Agreement toward a carbon neutral future, the role of natural gas—and, as featured below, natural gas liquids—has come to the forefront as a cleaner alternative to coal and crude oil.  Based on sample data provided by Sulpetro, you can explore below the pricing and production dynamics for natural gas liquids, such as propane. Propane is commonly used worldwide for heating and cooling, cooking, and generators, and is gaining ground in the transport sector as well. Given its heavy use for heating and cooling as well as irrigation equipment, you commonly see prices fluctuate with the winter and summer seasons, as illustrated below. You can also observe imbalances in the market, such as during the winter of 2013/2014 when there was a severe supply shortage of propane. According to Sulpetro, the shortage was attributed to: Large volumes of propane consumed for grain drying during the summer of 2013Higher than normal propane exportsAn exceptionally cold winterConstraints in propane logistics Infrastructure due to shifting priorities to oil transportation as the US moved toward its now secure net exporter position.Natural gas processing plant expansion project at Coyanosa eliminated production from the facility until Q2 2014.

Misha Gusev knoema.de://knoema.de/user/1000560
Sulpetro | Liquefied Petroleum Gas Plants Overview, Texas, US //knoema.de/jakinvb/sulpetro-liquefied-petroleum-gas-plants-overview-texas-us 2021-01-14T08:16:49Z Misha Gusev knoema.de://knoema.de/user/1000560
Sulpetro | Liquefied Petroleum Gas Plants Overview, Texas, US

(10 December 2020) Texas is the leader in refinery LPG production in the United States. Learn about the facilities behind this key statistic and more about the Texas LPG landscape with the interactive visualizations below. This data sample from Sulpetro has been collected from Federal and State agencies in addition to oil & gas think-tanks, corporate financials, and other paid-proprietary sources to offer comprehensive insight into the Texas NGL industry.

Misha Gusev knoema.de://knoema.de/user/1000560
Cost of Crude Oil Production by Country and Crude Oil Prices //knoema.de/nolsgce/cost-of-crude-oil-production-by-country-and-crude-oil-prices 2020-12-25T11:00:31Z Misha Gusev knoema.de://knoema.de/user/1000560
Cost of Crude Oil Production by Country and Crude Oil Prices

Misha Gusev knoema.de://knoema.de/user/1000560
Oil Producer's Profile of Iran //knoema.de/evjglbf/oil-producer-s-profile-of-iran 2020-12-17T22:36:07Z Alex Kulikov knoema.de://knoema.de/user/1847910
Oil Producer's Profile of Iran

Alex Kulikov knoema.de://knoema.de/user/1847910
Oil Producer's Profile //knoema.de/qlsrmac/oil-producer-s-profile 2020-12-17T22:35:57Z Alex Kulikov knoema.de://knoema.de/user/1847910
Oil Producer's Profile

Alex Kulikov knoema.de://knoema.de/user/1847910
Oil Producer's Profile | Iraq //knoema.de/fnqjibg/oil-producer-s-profile-iraq 2020-12-17T22:30:01Z Alex Kulikov knoema.de://knoema.de/user/1847910
Oil Producer's Profile | Iraq

Alex Kulikov knoema.de://knoema.de/user/1847910
Oil Consumer's Profile of Japan //knoema.de/zsqottg/oil-consumer-s-profile-of-japan 2020-12-17T22:22:31Z Alex Kulikov knoema.de://knoema.de/user/1847910
Oil Consumer's Profile of Japan

Alex Kulikov knoema.de://knoema.de/user/1847910
Oil Consumer's Profile of India //knoema.de/bkhnt/oil-consumer-s-profile-of-india 2020-12-17T22:20:57Z Alex Kulikov knoema.de://knoema.de/user/1847910
Oil Consumer's Profile of India

Alex Kulikov knoema.de://knoema.de/user/1847910
Oil Consumer's Profile of China //knoema.de/khiqcxc/oil-consumer-s-profile-of-china 2020-12-17T22:05:03Z Alex Kulikov knoema.de://knoema.de/user/1847910
Oil Consumer's Profile of China

Alex Kulikov knoema.de://knoema.de/user/1847910
OPEC: World Oil and Gas Reserves //knoema.de/weralob/opec-world-oil-and-gas-reserves 2020-12-17T21:56:21Z Alex Kulikov knoema.de://knoema.de/user/1847910
OPEC: World Oil and Gas Reserves

Source: OPEC Annual Statistical Bulletin, 2015

Alex Kulikov knoema.de://knoema.de/user/1847910
Energy Transition in Action: US Stock Market has Chosen the Green Path //knoema.de/xkpcpee/energy-transition-in-action-us-stock-market-has-chosen-the-green-path 2020-12-17T15:08:09Z Misha Gusev knoema.de://knoema.de/user/1000560
Energy Transition in Action: US Stock Market has Chosen the Green Path

(2 November 2020) Contrary to reasoned arguments of those who believe that the peak of oil demand is still far ahead even as the likes of bp expect we'll never again return to pre-COVID global oil demand levels, the US stock market has already chosen the green path. For the first time ever, the market value of a primary producer of renewable energy has surpassed that of oil majors. On October 7, 2020, the market value of the world's largest producer of wind and solar energy—Nextera Energy—topped US oil majors Exxon Mobil and Chevron. One day before US election day, the market capitalisation of Nextera Energy amounted to $143 billion, compared to capitalization of $138 billion and $134 billion, respectively, for Exxon and Chevron.The data shows that for the past decade long-term investment in fossil fuels tends toward losses rather than profits. Every dollar invested in fossil fuels assets in the best case preserves its nominal value, while each dollar invested in renewables, such as Nextera, ten years ago today would yield almost six dollars.

Misha Gusev knoema.de://knoema.de/user/1000560
India: Output of Core Infrastructure Industries Contracted 5.2% in September 2019 //knoema.de/pooyytg/india-output-of-core-infrastructure-industries-contracted-5-2-in-september-2019 2020-12-11T03:36:51Z Nematullah Khan knoema.de://knoema.de/user/1975840
India: Output of Core Infrastructure Industries Contracted 5.2% in September 2019

The output of India’s core infrastructure industries contracted 5.2 percent YoY in September compared to a revised 0.1 percent growth in August 2019, reflecting weakness in industrial production and domestic demand. The index of core industries that includes eight industries was largely dragged down by coal and petroleum refinery products.

Nematullah Khan knoema.de://knoema.de/user/1975840
India: Output of Eight Core Industries contracted in August 2019 //knoema.de/qrxvyhg/india-output-of-eight-core-industries-contracted-in-august-2019 2020-11-02T13:43:18Z Nematullah Khan knoema.de://knoema.de/user/1975840
India: Output of Eight Core Industries contracted in August 2019

(15 October 2019), India’s infrastructure sector, which comprises core eight industries, contracted 0.5 percent Y-o-Y in August 2019 compared to growth of 4.7 percent in August 2018. The contraction was mainly due to the decline in the five industries: Coal (8.6 percent), crude oil (5.4 percent), natural gas (3.9 percent), cement (4.9 percent), and electricity (2.9 percent). However, refinery products, fertiliser and steel production grew 2.6 percent, 2.9 percent and 5 percent respectively.   This was the first contraction since April 2015, reflecting weakness in the economy. However, government of India and RBI have taken some measures such as cut in corporate tax rate and policy rate to spur investments and revive the economy. These measures will help to revive these core sectors in the coming months.

Nematullah Khan knoema.de://knoema.de/user/1975840
Nightmare Looming for US Oil & Gas Players: Peaked Oil Production and a New Green Deal //knoema.de/qlacpne/nightmare-looming-for-us-oil-gas-players-peaked-oil-production-and-a-new-green-deal 2020-10-02T08:24:15Z Misha Gusev knoema.de://knoema.de/user/1000560
Nightmare Looming for US Oil & Gas Players: Peaked Oil Production and a New Green Deal

(1 October 2020)  US oil and gas players are deeply pessimistic about the future health of the industry, echoing bp's recent report asserting oil demand growth has peaked and OPEC's downward revision of 2020 oil demand. According to the results of a survey of oil and gas producers conducted between 9 and 17 September by the Federal Reserve Bank of Dallas, the majority of the executives (66%) believe US oil production has peaked. The current WTI price of about $40 barrel is unsustainable for today's industry, according to respondents. To "kick things" and boost the active rig count substantially, 54 percent of executives said prices have to reach $51–$55 per barrel; 46 percent bumped that figure to above $55 per barrel. The majority of respondents said that oil prices above $46 per barrel are needed for a substantial increase in completions of drilled but uncompleted wells. Again, if industry insiders are correct, oil prices at $40 per barrel are simply too low to sustain replacement drilling. No matter your politics, if your livelihood is tied for now to the oil and gas industry, the 2020 US presidential election forecasts only add fuel to the fire. In addition to financial difficulties (low cash flow and high debt) caused by depressed oil demand and low prices, if presidential candidate Joe Biden wins, US oil and gas producers may face a new constraint - a New Green Deal, as some call it. In the words of one of the survey respondents, "A Biden administration would wreak havoc on our industry—way worse than OPEC. It would put us out of business. We could not survive a Green New Deal."  An interesting perspective but maybe shortsighted given the history of innovation and revival the industry is so well known for in addition to the billions of dollars of investment already being directed into renewables by ... the oil and gas industry.

Misha Gusev knoema.de://knoema.de/user/1000560
BP | Oil has Passed Its Peak //knoema.de/ycwdyp/bp-oil-has-passed-its-peak 2020-09-18T19:50:57Z Misha Gusev knoema.de://knoema.de/user/1000560
BP | Oil has Passed Its Peak

(15 September 2020) Reverberations went miles deep yesterday when bp announced in its eagerly anticipated annual outlook that oil demand growth has reached its peak. Pointing to COVID-19, electrification of road transport, the increasing share of renewables, and improvements in energy efficiency, bp said it is unlikely that the world economy will ever again return to pre-coronavirus levels and consume more than 100 million b/d.The 2020 Outlook takes a more pessimistic stance relative to a year ago, shaving 5-8 Mb/d from last year's estimates for 2040.In bp's 'Business as Usual Scenario', oil demand for the next two decades will represent a “broadly horizontal line” at 100 Mb/d. If instead the world moves to a 'Rapid Transition Scenario' global oil demand will decrease by 50 percent in 2050 to 52 Mb/d. Achievement of 'Net Zero Emissions' would drive consumption down by a game changing 70 percent to 30 Mb/d in 2050.According to bp's 10-year strategy released in early August, during the next 10 years bp plans to reduce oil and gas production by 40 percent and investment about $5 billion a year on low carbon initiatives, including construction of one of the world's largest renewable energy facilities.

Misha Gusev knoema.de://knoema.de/user/1000560
Saudi Arabia: Supply Reduction Pact with OPEC+ Further Undercuts Exports //knoema.de/bgmzuyd/saudi-arabia-supply-reduction-pact-with-opec-further-undercuts-exports 2020-07-30T09:01:11Z Nematullah Khan knoema.de://knoema.de/user/1975840
Saudi Arabia: Supply Reduction Pact with OPEC+ Further Undercuts Exports

(28 July 2020)  April was bleak for Saudi oil exports, and May was scarcely better. Saudi Arabia, the world’s top oil exporter, cut crude oil production to 8.5 million bpd in May from 12.1 million bpd in April and is poised for further cuts in June to support the supply reduction pact with its OPEC+ alliance. Exports were down 64.98% year-on-year in May compared to -65.38% in April.

Nematullah Khan knoema.de://knoema.de/user/1975840
Saudi Arabia: Oil Exports Declined 65% in April //knoema.de/titfmlc/saudi-arabia-oil-exports-declined-65-in-april 2020-07-29T23:29:48Z Nematullah Khan knoema.de://knoema.de/user/1975840
Saudi Arabia: Oil Exports Declined 65% in April

(9 July 2020)  Current global oil market conditions tanked Saudi Arabia's April merchandise export figures, with oil representing nearly 60 percent of the 89,574 million riyal year-on-year decrease recorded in April. Oil exports now make up 64.7 percent of total exports compared to 77.4 percent last April.  Non-oil exports also decreased in April (35.2% YoY), with the largest reductions showing up in "Plastics, Rubber and Articles thereof" (-26.8%), which represents 35 percent of non-oil merchandise exports, and in "Products of the Chemical or Allied Industries", down 38.3 percent.

Nematullah Khan knoema.de://knoema.de/user/1975840
Current Oil Prices Make US Shale Oil Producers Unprofitable //knoema.de/pftnqkf/current-oil-prices-make-us-shale-oil-producers-unprofitable 2020-05-29T19:46:05Z Misha Gusev knoema.de://knoema.de/user/1000560
Current Oil Prices Make US Shale Oil Producers Unprofitable

(29 May 2020)  The OPEC+ deal and reopening of China and some European countries after lockdown for COVID-19 pushed oil prices back above $30/barrel in late May.  For the majority of US shale oil producers, this bump is simply not enough to cover total production costs.According to the results of a survey of producers conducted by the Federal Reserve Bank of Dallas, a WTI price in the range of $46-52 per barrel is required for profitability of a new well, depending on oil producing region. The average breakeven price across all respondents was a little under $50.Average prices necessary to cover operating expenses across regions range from $23 to $36 per barrel.The overwhelming majority of respondents had lowered expectations during the COVID-19 pandemic in four key areas: business activity, oil production, capital expenditures, and company outlook.

Misha Gusev knoema.de://knoema.de/user/1000560
The Consequences of 'Peak Demand' and the Low-Carbon Transition //knoema.de/qswiazc/the-consequences-of-peak-demand-and-the-low-carbon-transition 2020-04-21T12:53:08Z Misha Gusev knoema.de://knoema.de/user/1000560
The Consequences of 'Peak Demand' and the Low-Carbon Transition

Misha Gusev knoema.de://knoema.de/user/1000560
Global Oil Market Imbalance | Overview of countries on either side //knoema.de/bcobhm/global-oil-market-imbalance-overview-of-countries-on-either-side 2020-04-20T20:46:53Z Alex Kulikov knoema.de://knoema.de/user/1847910
Global Oil Market Imbalance | Overview of countries on either side

Global oil production remains strong even as some leading industry forecasts suggest that global economic conditions will override low global oil prices to constrain oil demand growth this year.Some leading OPEC producers, including Iraq, Kuwait, and Saudi Arabia, are producing at or near record levels, largely offsetting production declines from several OPEC and non-OPEC producers. Many of these OPEC members have relatively low operating costs or are on the upside of years of development to bring online new production and thus may not reduce production in the face of the oil price slump to retain their market shares.In contrast, other major producers, such as Mexico, Nigeria, the United States, and Venezuela, are seeing global oil prices fall below their break-even prices. These producers are working to reign in production costs, manage declining production in major producing fields, and/or expedite rationalization of their domestic industry, spurred by the boom-bust cycle of the market, under investment, and internal regulatory reforms.

Alex Kulikov knoema.de://knoema.de/user/1847910
US Energy Agency Lowers US Oil Production Estimates for 2019-2020 //knoema.de/rfctkm/us-energy-agency-lowers-us-oil-production-estimates-for-2019-2020 2019-12-21T15:36:18Z Alex Kulikov knoema.de://knoema.de/user/1847910
US Energy Agency Lowers US Oil Production Estimates for 2019-2020

In November 2018, the United States exported a historic 2.6 million barrels of crude oil per day to become the world’s fifth largest exporter of crude oil. While the US is on track to maintain this historic volume of production during the next couple of years, the EIA in March tempered its February production growth forecast, issuing a 0.9 percent downward revision for 2019 and 1.3 percent revision for 2020. The current forecast predicts average 12.3 million b/d production this year and 13 million b/d in 2020, while the previous average estimates were 12.41 and 13.2 million b/d, respectively. EIA revised oil production down as the number of active oil rigs in the US is decreasing as many wells are drilling out fast. As of the week ending March 22, the number of oil rigs in the US was 824, which is 64 rigs less than in November.  Market observers track production forecasts closely to glean insights into global inventories and ultimately prices. Below we offer data visualizations to help you learn more about current US energy production and market dynamics.

Alex Kulikov knoema.de://knoema.de/user/1847910
Offshore Technology Conference 2018 //knoema.de/fwlpumb/offshore-technology-conference-2018 2019-12-02T11:33:45Z Alina Buzanakova knoema.de://knoema.de/user/1293450
Offshore Technology Conference 2018

The Offshore Technology Conference (OTC) is where energy professionals meet to exchange ideas and opinions to advance scientific and technical knowledge for offshore resources and environmental matters. OTC is the largest event in the world for the oil and gas industry featuring more than 2,300 exhibitors, and attendees representing 100 countries. Date of Event: 30 April – 3 May 2018 Venue: NRG Park, Houston, Texas, USA Event Holder: Houston's Reliant Center

Alina Buzanakova knoema.de://knoema.de/user/1293450
Energy Prices and Drilling Activity Statistics //knoema.de/vefgqyd/energy-prices-and-drilling-activity-statistics 2019-12-02T11:28:51Z Alex Kulikov knoema.de://knoema.de/user/1847910
Energy Prices and Drilling Activity Statistics

The collapse of oil prices in 2014 trickled through to the rotary rigs, forcing a similar downward fall in the number of active oil and gas drilling rigs worldwide as producers acclimated to a new environment in which prices were below the marginal production cost in many oil-producing countries. In several US states the quantity of oil rigs, which strongly increased during the shale boom in 2009-2014, quickly reached historically low levels. As the history shows, the decrease in rig count may last for a long time in case of low oil prices.  During six years from 2008 to 2014 the number of rigs for natural gas production has decreased 5 times (from 1600+ in Sep 2008 to 340 currently, check the graph at the bottom of the page). Sources: Baker Hughes Rotary Rig Count, 2015 , North America Rotary Rig Count (Jan 2000 - Current) , World Bank Commodity Price Data (Pink Sheet), January 2015 , Oil Statistics (Production Costs, Breakeven Price)       For further information about rotary rig stats, please visit The Baker Hughes Rig Count FAQ page

Alex Kulikov knoema.de://knoema.de/user/1847910
Energy //knoema.de/fffgaab/energy 2019-10-22T18:18:12Z Misha Gusev knoema.de://knoema.de/user/1000560
Energy

Misha Gusev knoema.de://knoema.de/user/1000560
'OPEC-Plus' Cuts Oil Production to Stabilize Prices //knoema.de/sooeuzb/opec-plus-cuts-oil-production-to-stabilize-prices 2019-10-21T08:30:59Z Misha Gusev knoema.de://knoema.de/user/1000560
'OPEC-Plus' Cuts Oil Production to Stabilize Prices

  Global oil prices stabilized in the first decade of December 2019 in response to the 'OPEC-plus' deal to cut oil production by 1.2 million barrels per day between January and June 2019. The price of Brent crude—a global benchmark—rebounded slightly to about $60/barrel after falling from a recent peak of approximately $85/barrel in early October.The world's largest oil producers increased production during the summer and fall in anticipation of potential supply disruptions out of Iran because of the threat posed by US sanctions.As it became apparent that the US sanctions would not lead to the expected decline in Iranian oil exports, market speculation turned to oversupply scenarios, leading prices downward steadily during October and November. Announcement of 'OPEC-plus' deal had short-term effect on market. And on December 17 oil prices went down to their lowest level in over a year pushed by fears of oversupply and slowing global growth.Cut of oil production under 'OPEC-plus' deal starts on January 1, 2019. Now, in week and a half before the New Year US and Russia extract crude oil at record 8 mb/d and 11.4 mb/d respectively.Tightening of monetary by US Federal Reserve, global trade wars and capital outflow from emerging markets create risks of decelerating global economy in 2019.  

Misha Gusev knoema.de://knoema.de/user/1000560
Oil Prices Jump After Attack on Saudi Arabia Oil Infrastructure //knoema.de/epvsaeg/oil-prices-jump-after-attack-on-saudi-arabia-oil-infrastructure 2019-10-21T08:24:27Z Misha Gusev knoema.de://knoema.de/user/1000560
Oil Prices Jump After Attack on Saudi Arabia Oil Infrastructure

Global oil prices posted the largest ever intraday jump to more than $71 a barrel after a strike on a Saudi Arabian oil infrastructure on Saturday. Yemen's Houthi group claimed responsibility for the attack against Saudi, a new tactic against the Saudi-led (and US-backed) military intervention supporting the Yemen Government.State energy producer Saudi Aramco lost about 5.7 million barrels per day of output on Saturday after 10 unmanned aerial vehicles struck the world's biggest crude-processing facility in Abqaiq and the Kingdom's second-biggest oil field in Khurais.The volume of the oil supply disrupted by the attack exceeds the cumulative non-OPEC supply growth over the entire 2014-2018 period. Saudi Aramco has not given a timeline for the resumption of full output.Prices backed off the $71 peak after US President Donald Trump authorized the use of some of the United States' emergency strategic petroleum reserves to stabilize supply (and prices).

Misha Gusev knoema.de://knoema.de/user/1000560
Texas Budget Revenues | Oil and gas production taxes //knoema.de/ymmsndb/texas-budget-revenues-oil-and-gas-production-taxes 2019-10-01T12:56:16Z Alina Buzanakova knoema.de://knoema.de/user/1293450
Texas Budget Revenues | Oil and gas production taxes

In 2014, the State of Texas received $5.8 billion in oil and gas production taxes, more tax revenue from oil and gas production than any year since 1978. And, yet, this represented no more than 5.5 percent of the total state tax revenue in 2014, a far cry from the 25.6 percent of the budget these revenues represented back in the early 1980s. The economy of Texas has diversified since the 1980s, attracting investment from major companies in computing, engineering, transportation, and other industries, and has a more diverse tax and non-tax revenue base as a result. Even so, today's policymakers are facing a lower contribution to tax revenue from the oil and industry than any Texas policymaker has witnessed since the late 1980s. The state earns tax revenue based on the value of the oil and gas produces, so as prices plummet - as they did starting in July 2014 - so do the corresponding tax revenues unless producers increase production sufficiently to offset the decreased price per barrel of oil or million cubic feet of natural gas.  State legislators and mayors alike are also witnessing swings in local investment and revenue on business taxes as companies focus more constrained development budgets and company valuations are revised along with the value of their assets. Global oil and gas service industry leaders - including Schlumberger, Halliburton, Fluor and others - recorded steep revenue losses in 2015 with little promise of a strong enough recovery in commodity prices in 2016 for balance sheets to recover. Baker Hughes and Halliburton struck out early in the 2014 price decline to merge and best manage resources during the industry downturn, however, in the 1.5 years since the $35 billion merger was announced, the deal has yet to close.

Alina Buzanakova knoema.de://knoema.de/user/1293450
National Oil Company Profile //knoema.de/eidpupg/national-oil-company-profile 2019-08-15T13:37:03Z Misha Gusev knoema.de://knoema.de/user/1000560
National Oil Company Profile

Misha Gusev knoema.de://knoema.de/user/1000560
Oil Producer Profile: Saudi Arabia //knoema.de/snstnjc/oil-producer-profile-saudi-arabia 2019-07-08T19:05:46Z Alex Kulikov knoema.de://knoema.de/user/1847910
Oil Producer Profile: Saudi Arabia

Alex Kulikov knoema.de://knoema.de/user/1847910
BP: Crude Oil Prices //knoema.de/asvvrod/bp-crude-oil-prices 2019-05-06T07:42:45Z Alex Kulikov knoema.de://knoema.de/user/1847910
BP: Crude Oil Prices

Alex Kulikov knoema.de://knoema.de/user/1847910
Global Oil Stock Levels in Days of Net Imports //knoema.de/ahvcqac/global-oil-stock-levels-in-days-of-net-imports 2019-04-23T12:52:08Z Alex Kulikov knoema.de://knoema.de/user/1847910
Global Oil Stock Levels in Days of Net Imports

Crude Oil Price Forecast | Costs of Oil Production by Country The International Energy Agency is a Paris-based autonomous intergovernmental organization established in 1974 in the wake of the 1973 oil crisis. The IEA was initially dedicated to responding to physical disruptions in the supply of oil, as well as serving as an information source on statistics about the international oil market and other energy sectors. IEA member countries (excluding crude oil net exporters) are required to maintain total oil stock levels equivalent to at least 90 days of the previous year's net imports. As the IEA data shows, by the end of 2014 IEA members have significantly surpassed this obligation. The overall oil stocks levels for IEA member countries has exceeded 220 days of net imports, driven mainly by the enormous increase of oil stocks in the United States. For now, each IEA member maintains the stock level above 90-day requirement. The only exception is Australia, which has oil reserves only for 52 days of net imports. Source: IEA Closing Oil Stock Levels in Days of Net Imports For further information about definitions and calculations please visit IEA methodology page.

Alex Kulikov knoema.de://knoema.de/user/1847910
Global Energy at a Glance //knoema.de/ufrrsrg/global-energy-at-a-glance 2019-04-08T20:31:26Z Balaji S knoema.de://knoema.de/user/1000220
Global Energy at a Glance

One of the most important trends of the global energy market in 2016 was significant growth of renewables consumption by almost 15 percent. The largest increase was shown by solar energy. For example, solar cumulative installed PV power was increased by 33 percent during 2016. China is the top country by solar energy consumption in the world. As of 2016, solar energy consumption in China was 66.2 terawatt-hours. The top 5 countries also includes the United States, Japan, Germany, and Italy.   The trends across key energy sectors are as follows:In the oil sector, Russia overtook the United States by the oil production but Saudi Arabia increased its oil production by 3 percent and solidified its position.Coal production decreased by 6.3 percent. This is the largest reduction for minimum 35 years.Consumption of natural gas set a new record reached 3,542.88 billion cubic meters.

Balaji S knoema.de://knoema.de/user/1000220
Venezuela: No help from OPEC before the elections, hard times ahead //knoema.de/phenwme/venezuela-no-help-from-opec-before-the-elections-hard-times-ahead 2019-02-06T14:26:24Z Alex Kulikov knoema.de://knoema.de/user/1847910
Venezuela: No help from OPEC before the elections, hard times ahead

On Friday, 4 December OPEC decided to forgo an artificial - and rarely upheld - ceiling on crude oil output and maintain current crude oil production volumes, even as markets brace for an increase of Iranian oil in global markets. The decision by OPEC left Venezuela - one of the members of the cartel most seriously affected by the decline in oil prices - without any hope for improvement in external economic conditions right before the elections. And what a historic elections these were, with the opposition winning the majority of seats in the National Assembly for the first time since the late President Hugo Chavez took office in 1999.  Venezuela is struggling with the worst crisis in decades, a harsh reality for the President's party in the lead up to the elections. Many Venezuelans, faced with chronic shortages and triple-digit inflation, wonder how their country, an OPEC member with more oil than Saudi Arabia, has made them feel so poor. In general, the national economy has followed a path reminiscent of its performance during the 1980's oil glut, however, based on a number of indicators, the current situation looks worse. As Jose Manuel Puente, an economist at Caracas' Institute of Advanced Studies in Administration, said, Venezuela has "performance so negative it's comparable to a country at war during a time of peace."    In today's Viz of the Day Knoema presents overview of Venezuela's economic situation based on the most recent available estimates and projections by leading international institutions such as International Monetary Fund, World Bank, World Trade Organisation, International Energy Agency and others.     Economic conditions               Foreign trade and investment               Oil reserves and production   

Alex Kulikov knoema.de://knoema.de/user/1847910
Venezuela: No help from OPEC before the elections, hard times ahead //knoema.de/jgqwlob/venezuela-no-help-from-opec-before-the-elections-hard-times-ahead 2019-02-06T10:57:48Z Alex Kulikov knoema.de://knoema.de/user/1847910
Venezuela: No help from OPEC before the elections, hard times ahead

On Friday, 4 December OPEC decided to forgo an artificial - and rarely upheld - ceiling on crude oil output and maintain current crude oil production volumes, even as markets brace for an increase of Iranian oil in global markets. The decision by OPEC left Venezuela - one of the members of the cartel most seriously affected by the decline in oil prices - without any hope for improvement in external economic conditions right before the elections. And what a historic elections these were, with the opposition winning the majority of seats in the National Assembly for the first time since the late President Hugo Chavez took office in 1999.  Venezuela is struggling with the worst crisis in decades, a harsh reality for the President's party in the lead up to the elections. Many Venezuelans, faced with chronic shortages and triple-digit inflation, wonder how their country, an OPEC member with more oil than Saudi Arabia, has made them feel so poor. In general, the national economy has followed a path reminiscent of its performance during the 1980's oil glut, however, based on a number of indicators, the current situation looks worse. As Jose Manuel Puente, an economist at Caracas' Institute of Advanced Studies in Administration, said, Venezuela has "performance so negative it's comparable to a country at war during a time of peace."  In today's Viz of the Day Knoema presents overview of Venezuela's economic situation based on the most recent available estimates and projections by leading international institutions such as International Monetary Fund, World Bank, World Trade Organisation, International Energy Agency and others.   Economic conditions               Foreign trade and investment               Oil reserves and production  Sources: IMF World Economic Outlook (WEO), April 2017; World Bank Global Economic Monitor,  Monthly Update; IADB Statistics; WTO Short-term merchandise trade statistics, Monthly Update; IMF Direction of Trade (DOTS); World Investment Report, 2017; China Global Investment Tracker, June 2015; International Energy Statistics, Monthly Update; IEA World Energy Outlook, 2016; IEA Oil Market Report, August 2017; OPEC Annual Statistical Bulletin, 2017

Alex Kulikov knoema.de://knoema.de/user/1847910
Inter Country Variation of Taxes on Oil in G7 and OECD //knoema.de/roooosg/inter-country-variation-of-taxes-on-oil-in-g7-and-oecd 2018-10-11T16:33:11Z Nematullah Khan knoema.de://knoema.de/user/1975840
Inter Country Variation of Taxes on Oil in G7 and OECD

Nematullah Khan knoema.de://knoema.de/user/1975840
Production and Import Trend of Crude Oil in India //knoema.de/bboftmg/production-and-import-trend-of-crude-oil-in-india 2018-10-09T12:40:45Z Nematullah Khan knoema.de://knoema.de/user/1975840
Production and Import Trend of Crude Oil in India

Impact of Crude oil on Indian Economy: India, the fastest growing economy in the world, was a key beneficiary of falling crude oil prices between 2013 and 2015, though domestic retail price remained more or less flat. India ranks 24th in oil production globally and produces 15% of the crude oil that is consumed domestically, whereas it stands at 3rd position in terms of consumption in the world after US and China. The increasing quantum of imports of crude oil has significant impact on Indian economy, especially when crude oil prices have risen now. The higher crude prices have been adversely affected the twin deficits, fiscal and current account deficits, and have spillover impact on monetary policy, consumption and investment pattern in the economy. Every $10 per barrel rise in the price is estimated to worsen fiscal balance by 0.1% and current account balance by 0.4% of GDP, as per Nomura estimate. With moderate average inflation of 4.17% in 2018 (Source: RBI, Y-o-Y July 2018), future inflation will depend on how the higher global oil prices are passed on to consumers. Though considering general election next year, it is difficult to envisage a significant world market price reflection in retail market prices and thus direct impact on inflation is likely to be moderate. The fall in the country’s crude oil production comes at a time when Indian rupee (INR) has depreciated to around INR 72 per US$ and oil import bill is expected to increase by 20 per cent to $105 billion in 2018-2019 on the back of recent rally in global oil prices.  Current Trend in Crude oil Production and Import: India’s crude oil production has been on downtrend from last six years and fallen to 35.68 million barrel in 2017-18. The fall in the oil production has pushed the country’s import dependence for crude further to 82.8 per cent in 2018 from 75.62 per cent in 2012 (Ministry of Petroleum and Natural Gas, GOI) and dampened the prospects of government’s plan to cut reliance on energy imports by 10 per cent through 2022. The fall in crude oil production coincides with the years in which oil prices slumped. Fall in production can be attributed to lack of investments in the sector during the low oil price period a couple of years ago. Crude oil production has been on a decline in nearly all offshore and onshore blocks, according to data from the Oil Ministry. Government’s role in boosting production: The New Exploration Licensing Policy (NELP) adopted in 1997–98 has done little to strengthen India’s energy security by ramping domestic production and finding new oil reserves. As the oil demand is increasing, country needs to boost domestic production and the current government has taken a step by introducing the Hydrocarbon Exploration and Licensing policy (HELP) in March 2016. The HELP aims to facilitate the oil sector by allowing 100 per cent participation by foreign companies in oil exploration, eliminating oil cess for those who are involved in oil exploration, single license for conventional and non-conventional sources. The government has allowed 100 per cent Foreign Direct Investment (FDI) in many segments of the sector, including natural gas, petroleum products, and refineries, among others. Whereas 49 per cent FDI allowed in petroleum refining by the Public Sector Undertakings (PSU), without any disinvestment or dilution of domestic equity in the existing PSUs under automatic route. Looking at increasing energy demand, India has started looking alternative sources of energy. The Oil ministry has started looking at alternative source of energy such as bio-energy basket (ethanol, biodiesel, bio natural gas etc.) and wind energy. On the other hand GOI has taken several steps to make oil wells functional which have been shut and sick from long time to reduce the dependence on crude oil imports.  Investment in Petroleum and Natural Gas Sector: As per Department of Industrial Policy & Promotion (DIPP), the petroleum and natural gas sector attracted FDI inflow worth of US$ 6,879.69 million between 2000 and 2017, which is 1.87% of total FDI inflows in India during the period.

Nematullah Khan knoema.de://knoema.de/user/1975840
Oil Producer's Profile of United States //knoema.de/apxwlfe/oil-producer-s-profile-of-united-states 2018-09-18T17:23:35Z Alex Kulikov knoema.de://knoema.de/user/1847910
Oil Producer's Profile of United States

Alex Kulikov knoema.de://knoema.de/user/1847910
OPEC: Crude Oil and Natural Gas Exports and Imports //knoema.de/lhhmfgb/opec-crude-oil-and-natural-gas-exports-and-imports 2018-09-17T21:12:45Z Alex Kulikov knoema.de://knoema.de/user/1847910
OPEC: Crude Oil and Natural Gas Exports and Imports

Source: OPEC Annual Statistical Bulletin, 2015

Alex Kulikov knoema.de://knoema.de/user/1847910
Worldwide Oil and Gas Rig Count //knoema.de/aqvpnse/worldwide-oil-and-gas-rig-count 2018-09-07T09:03:37Z Alex Kulikov knoema.de://knoema.de/user/1847910
Worldwide Oil and Gas Rig Count

Precipitated by the steep decline in global oil prices, the non-OPEC* active rig count fell in June to a new multi-year low at roughly 1,600 rigs, a 46 percent decrease since the end of 2014. The severity of the decline in drilling activity varies among countries and producing regions. While the United States and other developed countries have decreased dramatically the number of active rigs throughout the first half of 2015, the total number of active rigs among OPEC members has remained relatively steady with one notable exception: Saudi Arabia. Saudi Arabia's share of total active rigs worldwide reached 6.9 percent in July, more than double the 3.3 percent average share maintained during 2013. A similar pattern is evident for Kuwait. The increase reflects not only competition for market share, but in Saudi Arabia, it is also the result of a multi-year infrastructure build-out and a readiness to advance select fields into new development stages. Saudi's number of active drilling rigs peaked at 157 rigs in April, a 33 percent increase from January 2013. Source: World Rig Count, Monthly OPEC Estimates Dahsboard last updated: August 2018 *The world total excludes China and Former Soviet Union countries.

Alex Kulikov knoema.de://knoema.de/user/1847910
Cost of Producing a Barrel of Crude Oil by Country //knoema.de/rqaebad/cost-of-producing-a-barrel-of-crude-oil-by-country 2018-05-04T12:46:00Z Misha Gusev knoema.de://knoema.de/user/1000560
Cost of Producing a Barrel of Crude Oil by Country

Slump of oil prices does not slow oil production immediately as it does with investment according to historical evidence. On the contrary, it affects future production through decreased investment in exploration and development of new fields. However, in the current conditions when oil price hovered above break-even price (price at which it becomes worthwhile to extract) for several years the response of production to price decrease may come more quickly. Especially, it concerns countries which experience high operating costs of oil production, namely United Kingdom, Brazil, Canada, Australia. In these countries oil price slump will affect production earlier and more intensely than in other locations. See also: Cost of Oil Production by Country

Misha Gusev knoema.de://knoema.de/user/1000560
North American Oil and Gas Bankruptcies //knoema.de/otsvwed/north-american-oil-and-gas-bankruptcies 2017-10-16T13:51:53Z Misha Gusev knoema.de://knoema.de/user/1000560
North American Oil and Gas Bankruptcies

With the slump in crude oil and natural gas prices dozens of North American oil and gas companies have commenced Chapter 11 bankruptcy. According to the law firm Haynes & Boone, 42 companies in exploration & production (E&P) and 39 companies in middle-market oilfield services have filed for bankruptcy protection during 2015 in the US and Canada. The total amount of aggregate debt involved in filed cases reached $17.2 billion for E&P and $5.3 billion for oilfield services companies. Texas leads North America in both sectors by number of filings, while Delaware has been the venue with most bankruptcy filings by amount of debt, with the largest reported bankruptcies attributed to Samson Resources Co. ($4.3B) in E&P and Vantage Drilling ($2.7B) in oilfield services. As many as one third of American oil-and-gas producers could tip toward bankruptcy and restructuring by mid-2017, according to Wolfe Research (WSJ). While amounts of debt under the threat in oil & gas sector seem small relative to the overall size of the US economy, the rising tide of corporate bankruptcies can create undesirable effects indirectly through the transmission of elevated implied risk premiums across financial markets. US high yield corporate bonds spreads have already risen to the  highest levels in recent years as global oil prices have declined, fueling weakness for domestic and global equities. Sources: North America Oil Patch Bankruptcy Monitor, January 2016; North American Oilfield Services Bankruptcy Tracker, January 2016; Interest Rate-Monthly, January 2016

Misha Gusev knoema.de://knoema.de/user/1000560
Fossil Fuel Reserves //knoema.de/knqzhjb/fossil-fuel-reserves 2017-10-16T13:46:23Z Misha Gusev knoema.de://knoema.de/user/1000560
Fossil Fuel Reserves

Misha Gusev knoema.de://knoema.de/user/1000560
172nd (Ordinary) OPEC Meeting //knoema.de/glxwupb/172nd-ordinary-opec-meeting 2017-04-18T20:20:58Z Alina Buzanakova knoema.de://knoema.de/user/1293450
172nd (Ordinary) OPEC Meeting

AgendaAddressing plummeting oil prices. It's no secret: the cost of lower oil prices has weighed us down. Our economies have struggled, and spending had to be cut. Several of us have had to address and institute reforms that we never though we would have to. It's needed that we reach a consensus on oil prices before the new year, 2017. As much as we would want to maintain our share, the lower oil prices have axed our foreign reserves. Iran's act of overflowing the market with their oil. In the last year, Iran has raised its production by 750,000 barrels, hurting our economies unlike no other. While production in US and North America has faltered, Iran maintains a contradictory position being the member of OPEC whilst hurting interests of their partners. Our economies cannot sustain such prices for long, and the bystanders enjoying the show must be cautioned, that oil does in fact remains the only viable source of energy, and will remain for a long time to come. However, if fail to address the slump of 2 years, we risk our governments, we risk destabilizing the world. Truth is, being benefactor of such unbound wealth that we sit on, we're both at the advantage of disadvantage of depending on oil too much for our exchequers. The meeting shall be held behind close doors in Vienna. All members are expected to address the concerns that may end up charting the paths our nations. Event Holder: OPEC Source of data: Oil Supply and Demand | BP Statistical Overview of Energy Statistics

Alina Buzanakova knoema.de://knoema.de/user/1293450
IEA Oil Market Report //knoema.de/jdzutkf/iea-oil-market-report 2017-04-03T06:01:53Z Alina Buzanakova knoema.de://knoema.de/user/1293450
IEA Oil Market Report

Data from the International Energy Agency's monthly Oil Market Report is now available through the fourth quarter of 2016 for most indicators.   Source: IEA Oil Market Report

Alina Buzanakova knoema.de://knoema.de/user/1293450
Crude Oil - Basic Essential Component //knoema.de/hhlqlig/crude-oil-basic-essential-component 2017-02-03T09:05:18Z Anil Kumar TN knoema.de://knoema.de/user/1563900
Crude Oil - Basic Essential Component

Crude Oil - A naturally occurring, unrefined petroleum product composed of hydrocarbon deposits. Crude Oil can be refined to produce usable products such as gasoline, diesel and various forms of petrochemicals. Oil is traded in the US Currency, a strong dollar makes it more expensive for International investors, dampening demand. "The combination of elevated stockpiles in the US and increasing production from OPEC, sluggish demand growth, and a stronger US (dollar) would continue to pressure oil prices", said Bernard Aw, market strategist at IG markets in Singapore. As we see in the current market, the crude oil has declined in this year. So, does this decline happens for longer period. We found that there will be a greater impact in the following years, where the price trend increases for the oil based on the World Bank Commodity Price Forecast Data, July 2015.

Anil Kumar TN knoema.de://knoema.de/user/1563900
OPEC Members Major Oil Companies: Principal Operations, Total //knoema.de/pkmijqb/opec-members-major-oil-companies-principal-operations-total 2016-10-21T10:47:02Z Alex Kulikov knoema.de://knoema.de/user/1847910
OPEC Members Major Oil Companies: Principal Operations, Total

BP | ExxonMobil | Total | Royal Dutch / Shell | Chevron Source: OPEC Annual Statistical Bulletin, 2014

Alex Kulikov knoema.de://knoema.de/user/1847910
OPEC Annual Statistical Bulletin, 2015 //knoema.de/nrzagpg/opec-annual-statistical-bulletin-2015 2016-10-17T11:11:24Z Alex Kulikov knoema.de://knoema.de/user/1847910
OPEC Annual Statistical Bulletin, 2015

The establishment and growth of OPEC reflects the growing sovereignty of oil producing countries over their natural resources. Through the collaboration of OPEC member countries, and through cooperative relationships with other international organizations, OPEC has consistently looked for ways to coordinate and unify the petroleum policies of its members to ensure:the stabilization of prices in international oil markets with a view to eliminating harmful and unnecessary fluctuations with due regard at all times to the interests of the producing nations, including the necessity of securing a steady income for each member,an efficient, economic, and regular supply of petroleum to consuming nations worldwide,a fair return on capital to investors in the petroleum industry.    

Alex Kulikov knoema.de://knoema.de/user/1847910
Goldman Sachs: Oil Price Forecast Lowered, but Oversupply Likely to Ease //knoema.de/qmjkshc/goldman-sachs-oil-price-forecast-lowered-but-oversupply-likely-to-ease 2016-09-08T10:10:12Z Alex Kulikov knoema.de://knoema.de/user/1847910
Goldman Sachs: Oil Price Forecast Lowered, but Oversupply Likely to Ease

12 Sept - On Friday, Goldman Sachs slashed its oil price forecast for 2016 from $62/bbl to $49.5/bbl for the international benchmark Brent crude oil and from $57/bbl to $45/bbl for WTI crude, allowing for a short-term price decline to 20 US$/bbl. The sharp revision has attracted considerable media attention, however, Goldman's outlook for 2017 remained unchanged. According to Goldman Sachs Commodities Research, oil market oversupply has already peaked in Q2 2015 and will gradually decline in the coming months to reach a deficit of 305,000 b/d by the end of 2016. Sources: GS Oil Supply And Demand Estimates And Price Forecasts, September 2015, IMF Commodity Price Forecasts, July 2015, EIU Economic and Commodity Forecast, July 2015, World Bank Commodity Forecast Price data, July 2015, IEA Oil Market Report, 2016, Oil Supply and Demand: OPEC Estimates And Projections, August 2015

Alex Kulikov knoema.de://knoema.de/user/1847910
Key Energy Reports //knoema.de/hzfpldb/key-energy-reports 2016-07-19T05:13:57Z Alex Kulikov knoema.de://knoema.de/user/1847910
Key Energy Reports

Alex Kulikov knoema.de://knoema.de/user/1847910
2nd Refining Outlook Asia //knoema.de/ohbsyfe/2nd-refining-outlook-asia 2016-06-29T06:55:53Z Alina Buzanakova knoema.de://knoema.de/user/1293450
2nd Refining Outlook Asia

"Sustaining Improved Margins & Competitiveness" Highlights:Crude Oil Market Movement & Region’s Economic Growth Amidst Demand-Supply Balance UncertaintyGasoline & Diesel Products Market Dynamics & Outlook for RefinersChina Refining Scene Updates; Sustainability of the Emerging Net Products Exporter RoleRefineries’ Responses to Stricter & Cleaner Products Quality/SpecificationCompetitiveness of India’s Export Refining CapacityInvestors’ & EPC’s perspectives on the looming growth in new build/upgrade in AsiaRefineries Coming On-Stream in the Middle East & Corresponding Products Demand Trends Event Holder: OPEC Source of data: OPEC Annual Statistical Bulletin

Alina Buzanakova knoema.de://knoema.de/user/1293450
What Drives Global Crude Oil Prices? Financial Markets //knoema.de/gelhvdc/what-drives-global-crude-oil-prices-financial-markets 2016-06-23T12:52:09Z Alex Kulikov knoema.de://knoema.de/user/1847910
What Drives Global Crude Oil Prices? Financial Markets

Market participants not only buy and sell physical quantities of oil, but also trade contracts for the future delivery of oil and other energy derivatives. One of the roles of futures markets is price discovery, and as such, these markets play a role in influencing oil prices. Source: US Energy Information Administration

Alex Kulikov knoema.de://knoema.de/user/1847910
Nigeria: Oil price slump affecting production, undermining fiscal sustainability and growth //knoema.de/fwhvshc/nigeria-oil-price-slump-affecting-production-undermining-fiscal-sustainability-and-growth 2016-01-14T11:17:25Z Alex Kulikov knoema.de://knoema.de/user/1847910
Nigeria: Oil price slump affecting production, undermining fiscal sustainability and growth

2015 was a momentous year for Nigeria. The general elections held in March brought about the first democratic transition of power from a ruling party to an opposition party, heightening expectations for meaningful political change. The new Government is establishing itself during a very challenging time, however, marked by a sharp, sustained decline in global oil prices and continuing violence in the country's northeast. Given the high dependency of Nigeria on oil revenues, the recent sharp decline in oil prices has given rise to major challenges in the form of external imbalance, steep falls in government revenues, and slower economic growth. As the World Bank says in its recent Nigeria Economic Report, in contrast to the period of 2008-2009, Nigeria no longer has a large fiscal reserve to buffer government budgets from the revenue shortfalls. The report goes on to describe the country's major fiscal contraction and slower economic growth last year spurred in part by falling oil output and an increasing cost of the fuel subsidy during 2001-2014 that contributed to a drawdown of the Excess Crude Account from $22 billion in 2008 to about $2 billion in 2015. The ECA had previously enabled the government to finance fiscal stimulus and sustain growth during the late 2000s while other economies globally suffered.  Given expectations for lower average oil prices and deferred oil production in the future, Nigeria will likely need to reduce rapidly the dependency of government finance on oil, according to the World Bank. In this page we provide a comprehensive overview of Nigeria's oil production, exports volumes, revenues and the position in the international oil market, as well as the recent data on key finance and economic indicators Sources: International Energy Agency (IEA) Monthly Oil Market Report; U. S. Energy Information Administration (EIA) International Energy Statistics; Joint Organisations Data Initiative (JODI)) Oil dataset;OPEC Annual Statistical Bulletin; Oil Supply and Demand: OPEC Estimates And Projections (OPEC Monthly Oil Market Report); US Petroleum dataset (EIA); Nigeria Foreign Trade (UN Comtrade Database); Nigeria Crude Oil Official Selling Prices and differentials vs. Dated Brent (Thomson Reuters data); Charles R. Weber Company (Tanker Freight Rates); World Bank Global Economic Monitor; International Debt Statistics (World Bank); IMF World Economic Outlook (WEO), October 2015

Alex Kulikov knoema.de://knoema.de/user/1847910
IEA World Energy Outlook 2015 //knoema.de/furzds/iea-world-energy-outlook-2015 2015-12-07T15:59:16Z Alex Kulikov knoema.de://knoema.de/user/1847910
IEA World Energy Outlook 2015

The World Energy Outlook is the International Energy Agency's annual flagship publication that provides long-term projections of energy demand, production, trade and investment, by fuel and by region, under several policy scenarios*. These projections currently extend to 2040. WEO-2015 presents three main scenarios that are differentiated by their energy and climate policy assumptions, with the future energy picture that they portray varying significantly, and introduces a forth in this latest edition:The New Policies Scenario – the central scenario – describes a pathway for energy markets based on the continuation of existing policies and measures, as well as the cautious implementation of announced policy proposals, even if they are yet to be formally adopted.The Current Policies Scenario only takes into account those policies that were enacted as of midyear 2015, and therefore offers a baseline against which to assess the impact of new policies.The 450 Scenario is an outcome-oriented scenario, illustrating an energy trajectory consistent with a 50 percent chance of limiting the long-term increase in average global temperatures to no more than 2 degrees Celsius (°C), the internationally agreed global climate goal.In addition, WEO-2015 presents the new Low Oil Price Scenario, which assesses the implications of a prolonged period of low global oil prices on markets, policies, investment, the fuel mix, and emissions. Global energy demand increases in all WEO scenarios, but government policies play a powerful role in dictating the degree of growth and the degree to which energy-related emissions decouple from energy use. Overall, new energy and climate policies – either those that have been announced or those that are prescribed to meet the world’s climate goal – serve to restrain the pace at which energy demand grows and to weaken, or break (in the case of the 450 Scenario), the link between growth in energy demand and in energy-related emissions, a crucial consideration for COP21.For example, World primary energy demand is projected to grow by 45 percent by 2040 compared to 2013 demand in the Current Policies Scenario, 32 percent in the New Policies Scenario, and 12 percent in the 450 Scenario with all of the net growth coming from non-OECD countries and OECD demand ending 3 percent lower in 2040.Shifting to global emissions, the Current Policies Scenario sees the growth in energy related carbon-dioxide (CO2) emissions averaging 1.2 percent per year over the Outlook period, maintaining a broadly consistent pace through to 2040. The growth in emissions is much slower in the New Policies Scenario, but total emissions still fail to peak by 2040. In both scenarios, therefore, the world moves further away from achieving its agreed 2°C climate goal, but at differing speeds. In the 450 Scenario, the long-standing trend of increasing energy-related CO2 emissions is quickly halted and emissions then decline by more than 2 percent per year (on average) to around 19 gigatonnes (Gt) in 2040.  Moving to oil, markets expect oil prices to head higher as markets work off the current excess supply, but risks remain. The process of adjustment in the oil market is rarely a smooth one, but, in the IEA's Central Scenario, the market rebalances at $89/bbl in 2020, with further increases in price thereafter. Demand picks up to 2020, adding an average of 900 kb/d per year, but the subsequent rise to 103.5 mb/d in 2040 is moderated by higher prices, efforts to phase out subsidies (provided that momentum behind reform is maintained, even as oil prices pick up), efficiency policies, and switching to alternative fuels. Collectively, the United States, EU and Japan see their oil demand drop by around 10 mb/d by 2040. On the supply side, the decline in current upstream spending, estimated at more than 20 percent in 2015, results in the combined production of non-OPEC producers peaking before 2020 at just above 55 mb/d. Other highlights:The single largest energy demand growth story of recent decades is near its end; coal use in China will reach its plateau, close to today’s levels, as the country’s economy rebalances and industrial coal demand falls.India seizes the centre of the world energy stage, contributing the single largest share of growth, around one-quarter, in global energy demand to 2040. India's total energy demand is approaching the US level, led by surging demand for coal in power generation and industry, even though it's per capita consumption is 40 percent below the world average.An annual $630 billion in worldwide upstream oil and gas investment – the total amount the industry spent on average each year for the past five years – is required just to compensate for declining production at existing fields and to keep future output flat at today’s levels. Without additional policy efforts, low oil prices could lock in a less efficient and less climate-friendly capital stock that leads to higher long-term emissions, according to the IEA.Renewables is moving from a niche to a mainstream fuel. Global renewables-based electricity generation increases by some 8,300 TWh (more than half of the increase in total generation), equivalent to the output of all of today’s fossil-fuel generation plants in China, the European Union, and the United States combined. Renewables collectively account for 34 percent of the projected primary energy demand growth for all fuels. Source: IEA World Energy Outlook, 2015. For detailed discussion see the WEO-2015 publications on IEA web site. * see the definitions at the bottom of this page Overview            Regional trends            Oil and gas supply investment            Fossil-fuel subsidies and renewable energy outlook

Alex Kulikov knoema.de://knoema.de/user/1847910
IEA World Energy Outlook 2015 //knoema.de/ydjfazd/iea-world-energy-outlook-2015 2015-12-04T04:08:28Z Alex Kulikov knoema.de://knoema.de/user/1847910
IEA World Energy Outlook 2015

Overview            Regional trends            Oil and gas supply investment            Fossil-fuel subsidies and renewable energy outlook Source: IEA World Energy Outlook, 2015. For detailed discussion see the WEO-2015 publications on IEA web site.

Alex Kulikov knoema.de://knoema.de/user/1847910
IEA World Energy Outlook 2015 //knoema.de/vggnakb/iea-world-energy-outlook-2015 2015-12-04T03:30:57Z Alex Kulikov knoema.de://knoema.de/user/1847910
IEA World Energy Outlook 2015

Overview            Regional trends            Oil and gas supply investment            Fossil-fuel subsidies and renewable energy outlook Source: IEA World Energy Outlook, 2015. For detailed discussion see the WEO-2015 publications on IEA web site

Alex Kulikov knoema.de://knoema.de/user/1847910
IEA World Energy Outlook 2015 //knoema.de/mfirprd/iea-world-energy-outlook-2015 2015-12-04T03:28:12Z Alex Kulikov knoema.de://knoema.de/user/1847910
IEA World Energy Outlook 2015

Overview            Regional trends            Oil and gas supply investment            Fossil-fuel subsidies and renewable energy outlook Source: IEA World Energy Outlook, 2015. For detailed discussion see the WEO-2015 publications on IEA web site.

Alex Kulikov knoema.de://knoema.de/user/1847910
Global Oil Prices: What's Behind the Drop? //knoema.de/srqxbob/global-oil-prices-what-s-behind-the-drop 2015-09-10T15:31:41Z Alex Kulikov knoema.de://knoema.de/user/1847910
Global Oil Prices: What's Behind the Drop?

In the summer of 2014, global oil prices began what would become one of the sharpest rates of decline in years.  By January 2015, global oil prices plunged to the lowest values since the depths of the 2009 global recession. After only a slight reprieve, August rolled around and Brent, a global oil price benchmark grade, was trading still lower at around $49 per barrel, a roughly 55 percent decrease since July 2014. The American benchmark crude oil, West Texas Intermediate (WTI), was trading at about $42 per barrel, a 60 percent decline during the same period.  According to a World Bank Policy Research Note published in April, the plunge in global oil prices was set in motion by a confluence of several factors:the US shale gas boom has created an enormous gap between the prices for natural gas and crude oil in terms of energy equivalence;the fast rise of US unconventional crude oil production, development of alternative fuels, and energy efficiency gains;weak demand in Europe due to its debt crisis and sluggish economic growth;increasing supply from OPEC coupled with expectations of still greater supply from the Middle East if a nuclear deal with Iran is reached; Together these factors have created an oil glut, the effects of which have been compounded by the broad appreciation of the US dollar.  According to the World Bank Note, "Empirical estimates of the size of the U.S. dollar effect cover a wide range: the high estimates suggest that a 10 percent appreciation is associated with a decline of about 10 percent in the oil price, whereas the low estimates suggest 3 percent or less [...] The role of U.S. dollar appreciation - triggered by diverging monetary policies in the United States, Euro Area, and Japan - was an important contributor to the latest decline in commodity prices." (p.14) Take a closer look at each of the factors discussed by the World Bank with the comprehensive data and visuals provided in this series of dashboards by Knoema. 🏠                           US Shale Gas Boom        US Oil Production and Alternative Fuels        Global Oil Glut        US Dollar Appreciation

Alex Kulikov knoema.de://knoema.de/user/1847910
OPEC Members Major Oil Companies: Principal Operations, BP //knoema.de/xsoppgc/opec-members-major-oil-companies-principal-operations-bp 2015-09-08T15:32:50Z Alex Kulikov knoema.de://knoema.de/user/1847910
OPEC Members Major Oil Companies: Principal Operations, BP

BP | ExxonMobil | Total | Royal Dutch / Shell | Chevron Source: OPEC Annual Statistical Bulletin, 2014

Alex Kulikov knoema.de://knoema.de/user/1847910
OPEC Members' Summary Facts and Figures //knoema.de/gqtvhdc/opec-members-summary-facts-and-figures 2015-09-08T15:29:01Z Alex Kulikov knoema.de://knoema.de/user/1847910
OPEC Members' Summary Facts and Figures

Alex Kulikov knoema.de://knoema.de/user/1847910
Global Oil Prices, "What's Behind the Drop?" Series: The Global Oil Glut //knoema.de/omdhgnd/global-oil-prices-what-s-behind-the-drop-series-the-global-oil-glut 2015-09-03T15:35:53Z Alex Kulikov knoema.de://knoema.de/user/1847910
Global Oil Prices, "What's Behind the Drop?" Series: The Global Oil Glut

The European debt crisis and sluggish economic growth in Japan during the past couple years has contributed to a decline in oil demand in these regions. Struggling to maintain market share in a shrinking market and with new production capacity from the US, OPEC members voted in November 2014 against changing the cartel's official production target. OPEC justified the decision on the strong need to balance member government budgets, which are highly dependent on oil revenue, and on allowing markets to favor lower cost oil producers.  As a result, in 2014, global oil supply exceeded demand by 1.0-1.5 million b/d. By early 2015, the oversupply increased to 2.4 million b/d before rising still further to 2.9 million b/d during the second quarter, according to the latest OPEC estimates*. Sustained downward pressure on global oil prices is being maintained on multiple fronts, including sticky US production levels, contagion risk to European economies of a potential Greek exit from the Eurozone, and broad expectations of an imminent, unencumbered return of Iran to global oil markets. If Western sanctions affecting Iranian oil production and trade are lifted, Iran could contribute upwards of an additional 1 million b/d of oil to markets by late 2016, curtailing the broadly expected global oil price recovery to averages above those experienced in 2015. * Note: Oil supply estimates include the production of crude oil (including lease condensate), natural gas plant liquids, and other liquids, and refinery processing gain. For individual member countries OPEC provides only data on crude oil production levels. 🏠                           US Shale Gas Boom        US Oil Production and Alternative Fuels        Global Oil Glut        US Dollar Appreciation

Alex Kulikov knoema.de://knoema.de/user/1847910
JODI Global Oil Industry Statistics //knoema.de/iaaaxq/jodi-global-oil-industry-statistics 2015-08-25T19:11:47Z Alex Kulikov knoema.de://knoema.de/user/1847910
JODI Global Oil Industry Statistics

The Joint Organisations Data Initiative (JODI) is one of the most comprehensive sources of oil industry statistics in the world. The database contains monthly updates for production, demand, refinery intake and output, imports, exports, closing stock levels for crude oil and various oil products for more than 90 participating countries. With Knoema's interactive flexibility you can easily explore the complex JODI dataset. Select your own indicator and unit of measure at the top-left of the map to observe instantly shifts in the global production history. Or, select a country on the map along with your indicator of choice to dive deeper into country-level data as the graphs at the bottom automatically refresh. Extract any of the graphics to develop your own presentation or to dive still deeper into the data. Data source: JODI Oil dataset, February 2015

Alex Kulikov knoema.de://knoema.de/user/1847910
Global Oil Prices, "What's Behind the Drop?" Series: US Oil Production and Alternative Fuels //knoema.de/xsrzvbd/global-oil-prices-what-s-behind-the-drop-series-us-oil-production-and-alternative-fuels 2015-08-18T13:29:47Z Alex Kulikov knoema.de://knoema.de/user/1847910
Global Oil Prices, "What's Behind the Drop?" Series: US Oil Production and Alternative Fuels

Mirroring the US shale gas boom, oil producers have rapidly increased tight oil production in the US and turned discussions of "peak oil" to sometimes divisive policy debates on "energy security." US domestic crude oil output has grown about 70 percent in only four years, increasing from 5.6 million b/d in June 2011 to 9.6 million b/d this summer. In another parallel with natural gas, US crude oil production levels have declined only marginally despite the massive reduction in drilling activity that followed the collapse in global oil prices since July 2014. At the same time, demand for motor gasoline--a major refined petroleum product--has declined due to increasing popularity of alternative fuels, such as ethanol, and the start of a new era for long-range electric cars. The industry, including by extension oil traders, has accumulated excessive oil inventory stocks that will need to be exhausted before stable prices can return to global oil markets. 🏠                           US Shale Gas Boom        US Oil Production and Alternative Fuels        Global Oil Glut        US Dollar Appreciation

Alex Kulikov knoema.de://knoema.de/user/1847910
Global Oil Prices, "What's Behind the Drop?" Series: US Shale Gas Boom //knoema.de/calmaoe/global-oil-prices-what-s-behind-the-drop-series-us-shale-gas-boom 2015-08-18T13:28:38Z Alex Kulikov knoema.de://knoema.de/user/1847910
Global Oil Prices, "What's Behind the Drop?" Series: US Shale Gas Boom

The evolution in horizontal drilling and hydraulic fracturing technologies in US shale gas plays has led to a steady increase in the country's natural gas production during the last ten years. New global supply balances led to prices for natural gas in the US falling six times, from $12.6 per mmbtu in June 2008 to $2-3 per mmbtu since early 2012. The industry responded by rapidly decreasing new drilling activity since 2008, however, US natural gas output has continued to rise and now remains at the highest levels in years.  Natural gas and petroleum are partially interchangeable energy sources. However, the price of oil in terms of energy equivalence was unusually high in recent years, a phenomenon abruptly mitigated by the sharp decline in global crude oil prices during the second half of 2014. The average crude oil price in Europe has narrowed particularly, with oil trading at $8.8 per mmbtu compared to $6.7 per mmbtu for natural gas. The US spread remains slightly greater.   🏠                           US Shale Gas Boom        US Oil Production and Alternative Fuels        Global Oil Glut        US Dollar Appreciation

Alex Kulikov knoema.de://knoema.de/user/1847910
Global Oil Prices, "What's Behind the Drop?" Series: US Dollar Appreciation //knoema.de/uexcfp/global-oil-prices-what-s-behind-the-drop-series-us-dollar-appreciation 2015-08-18T00:11:03Z Alex Kulikov knoema.de://knoema.de/user/1847910
Global Oil Prices, "What's Behind the Drop?" Series: US Dollar Appreciation

Historically, a strong link has existed between commodity prices and value of the US dollar. Falling real (inflation-adjusted) interest rates in the 1970s, 2002-04, and 2007-08 were accompanied by rising real commodity prices; in contrast, sharp increases in US real interest rates, e.g. during the 1980s, send dollar denominated commodity prices tumbling. The relationship between dollar strength and dollar-denominated commodity prices is an inverse one for a number of reasons:When the dollar rises in value against other currencies, it makes dollar-denominated assets more expensive for consumers who operate in other currencies, which then stifles demand.Higher interest rates also reduce the price of storable commodities by increasing the incentive for extraction today rather than tomorrow, thereby boosting the pace at which oil, for example, is produced.Third, portfolio managers respond to rising interest rates by shifting out of commodity contracts (which are now an “asset class”) and into Treasury bills. The end of the US Federal Reserve quantitative easing program and anticipated increase to short-term interest rates later this year is contributing to an increase in US dollar interbank interest rates. At the same time, the European Central Bank has begun a large scale asset purchasing program in the Eurozone to help the economy. The rise in the US dollar funding costs, however, relative to the euro and other currencies (e. g. Japanese yen) are only serving to further broaden the appreciation of the greenback against its peers. 🏠                           US Shale Gas Boom        US Oil Production and Alternative Fuels        Global Oil Glut        US Dollar Appreciation

Alex Kulikov knoema.de://knoema.de/user/1847910
OPEC Members Major Oil Companies: Principal Operations, Chevron //knoema.de/ezwusef/opec-members-major-oil-companies-principal-operations-chevron 2015-07-01T20:25:13Z Alex Kulikov knoema.de://knoema.de/user/1847910
OPEC Members Major Oil Companies: Principal Operations, Chevron

BP | ExxonMobil | Total | Royal Dutch / Shell | Chevron Source: OPEC Annual Statistical Bulletin, 2014

Alex Kulikov knoema.de://knoema.de/user/1847910
OPEC Members Major Oil Companies: Principal Operations, Royal Dutch / Shell //knoema.de/nujcsmg/opec-members-major-oil-companies-principal-operations-royal-dutch-shell 2015-07-01T20:24:15Z Alex Kulikov knoema.de://knoema.de/user/1847910
OPEC Members Major Oil Companies: Principal Operations, Royal Dutch / Shell

BP | ExxonMobil | Total | Royal Dutch / Shell | Chevron Source: OPEC Annual Statistical Bulletin, 2014

Alex Kulikov knoema.de://knoema.de/user/1847910
OPEC Members Major Oil Companies: Principal Operations, ExxonMobil //knoema.de/hamusqf/opec-members-major-oil-companies-principal-operations-exxonmobil 2015-07-01T20:22:25Z Alex Kulikov knoema.de://knoema.de/user/1847910
OPEC Members Major Oil Companies: Principal Operations, ExxonMobil

BP | ExxonMobil | Total | Royal Dutch / Shell | Chevron Source: OPEC Annual Statistical Bulletin, 2014

Alex Kulikov knoema.de://knoema.de/user/1847910
OPEC Members Major Oil Companies: Key Financials, Chevron //knoema.de/gozrvjf/opec-members-major-oil-companies-key-financials-chevron 2015-07-01T20:12:11Z Alex Kulikov knoema.de://knoema.de/user/1847910
OPEC Members Major Oil Companies: Key Financials, Chevron

BP | ExxonMobil | Total | Royal Dutch / Shell | Chevron Source: OPEC Annual Statistical Bulletin, 2014

Alex Kulikov knoema.de://knoema.de/user/1847910
OPEC Members Major Oil Companies: Key Financials, Royal Dutch / Shell //knoema.de/safpqlb/opec-members-major-oil-companies-key-financials-royal-dutch-shell 2015-07-01T20:08:21Z Alex Kulikov knoema.de://knoema.de/user/1847910
OPEC Members Major Oil Companies: Key Financials, Royal Dutch / Shell

BP | ExxonMobil | Total | Royal Dutch / Shell | Chevron Source: OPEC Annual Statistical Bulletin, 2014

Alex Kulikov knoema.de://knoema.de/user/1847910
OPEC Members Major Oil Companies: Key Financials, Total //knoema.de/ztiezrc/opec-members-major-oil-companies-key-financials-total 2015-07-01T20:05:44Z Alex Kulikov knoema.de://knoema.de/user/1847910
OPEC Members Major Oil Companies: Key Financials, Total

BP | ExxonMobil | Total | Royal Dutch / Shell | Chevron Source: OPEC Annual Statistical Bulletin, 2014

Alex Kulikov knoema.de://knoema.de/user/1847910
OPEC Members Major Oil Companies: Key Financials, ExxonMobil //knoema.de/utslilb/opec-members-major-oil-companies-key-financials-exxonmobil 2015-07-01T20:02:57Z Alex Kulikov knoema.de://knoema.de/user/1847910
OPEC Members Major Oil Companies: Key Financials, ExxonMobil

BP | ExxonMobil | Total | Royal Dutch / Shell | Chevron Source: OPEC Annual Statistical Bulletin, 2014

Alex Kulikov knoema.de://knoema.de/user/1847910
OPEC Members Major Oil Companies: Key Financials, BP //knoema.de/lixmnxc/opec-members-major-oil-companies-key-financials-bp 2015-07-01T19:59:38Z Alex Kulikov knoema.de://knoema.de/user/1847910
OPEC Members Major Oil Companies: Key Financials, BP

BP | ExxonMobil | Total | Royal Dutch / Shell | Chevron Source: OPEC Annual Statistical Bulletin, 2014

Alex Kulikov knoema.de://knoema.de/user/1847910
Top Exporters of Crude Oil and Petroleum Products //knoema.de/hgoxkmd/top-exporters-of-crude-oil-and-petroleum-products 2015-05-24T07:08:52Z Misha Gusev knoema.de://knoema.de/user/1000560
Top Exporters of Crude Oil and Petroleum Products

Misha Gusev knoema.de://knoema.de/user/1000560
Retail gasoline prices by country //knoema.de/jxdsckc/retail-gasoline-prices-by-country 2015-01-13T08:02:20Z Alex Kulikov knoema.de://knoema.de/user/1847910
Retail gasoline prices by country

   World oil prices continue to fall, and the price of gasoline too, but gasoline prices are differs across countries by a huge amounts. Some countries subsidize gasoline, others, on opposite, have significant tax burden. Most expensive gasoline (in nominal USD terms) is in the Italy, Netherlands, Norway and Hong Kong - about 1.86 USD per liter as of 12 Jan 2015. And the cheapest one is in the Venezuela, whose citizens drive their cars almost for free (only 2 cents per liter). But what is "expensive" and "cheap"? Incomes of people by country differs too. And if to bring gasoline prices to a common denominator taking income levels into account, the picture changes. Thus, in United States monthly GDP per capita equals about 7120 liters of gasoline and in Iran, for example, where nominal USD price is "cheap" (0.26$/l.) for 1 monthly GDP per capita you could buy 4.4 times less gasoline - only 1621 liter. Europe citizens, on average, can buy about 2-3 times less gasoline for their incomes than residents of US. And the poorest (in terms of gasoline purchasing power) - some African countries (their citizens gasoline purchasing power more than 300 times less than US, as shown on the map and ranking gadget). Sources: recent data on gasoline prices from the GlobalPetrolPrices.com. Exchange rates used to convert between $US and national currencies - XE.com. Data on GDP per capita from the IMF World Economic Outlook dataset. All figures as of 12 Jan 2015.

Alex Kulikov knoema.de://knoema.de/user/1847910
US crude oil and petroleum products stocks explorer //knoema.de/qbyfwkc/us-crude-oil-and-petroleum-products-stocks-explorer 2015-01-05T12:59:18Z Alex Kulikov knoema.de://knoema.de/user/1847910
US crude oil and petroleum products stocks explorer

  World crude oil price continue its free fall, while the US crude oil stock levels are at historical maximum and petroleum products stocks on multi-year highs. Explore historical stock levels of oil and various products on the graph choosing indicator from the list above (zoom by selecting desired period in the graph by the mouse) Source: Energy Information Administration data

Alex Kulikov knoema.de://knoema.de/user/1847910
World Ranking of Crude Oil Producers //knoema.de/tioktbe/world-ranking-of-crude-oil-producers 2014-12-14T14:57:52Z Misha Gusev knoema.de://knoema.de/user/1000560
World Ranking of Crude Oil Producers

Top crude oil producing countries

Misha Gusev knoema.de://knoema.de/user/1000560