January 2015 CERI Commodity Report — Crude Oil

January 2015

CERI Commodity Report — Crude Oil

Relevant • Independent • Objective

CERI Commodity Report – Crude Oil Editor-in-Chief: Dinara Millington ([email protected]) About CERI The Canadian Energy Research Institute is an independent, not-for-profit research establishment created through a partnership of industry, academia, and government in 1975. Our mission is to provide relevant, independent, objective economic research in energy and related environmental issues. We strive to build bridges between scholarship and policy, combining the insights of scientific research, economic analysis, and practical experience. For more information about CERI, please visit our website at www.ceri.ca.

of bitumen production was upgraded into SCO. Canadian producers like Syncrude and Suncor, which built upgraders and refineries in tandem with rising oil sands production, produce substantial quantities of SCO, which sells at near parity with Brent benchmark oil. But new construction of traditional refineries and upgraders, however, is nearly impossible today.5 These massive plants are economical only on a large scale, requiring billions of dollars and years to construct and ramp up to full capacity. A typical upgrader carries a capital cost of about $8-10 billion. Environmental permitting, market volatility, and a low rate of return also have complicated the prospects of constructing mega-projects in the form of upgraders. For example, despite years of planning and preparation, Suncor decided to scrap its Voyageur upgrader, taking a $1.68 billion write-down instead. The need for increased investment in new upgrading technology has intensified over the past 10 years by enhanced environmental protections, which have made historical solutions for conventional upgrading (such as building additional upgrader/refineries and pipelines) impossible, impractical, or prohibitively expensive. That is why the conventional solution to the diluent and transportation problem is getting no traction. While the US and Canadian industries would like to expand the network and capacities of current pipeline systems, environmental concerns have sparked fierce public and political opposition to these proposed projects, such as the Keystone XL, in both countries, leading to indefinite delays in permitting, construction, and commissioning projects. Emerging Technologies High oil prices, environmental regulations, industry and government R&D efforts have stimulated investments in more cost-effective upgrading technologies. The goal has been a solution that would yield processed bitumen to meet pipeline specifications of API gravity of 18-20° and viscosity of 350 cst at the pipeline reference temperature, a product that is not quite as light as SCO, but doesn’t require diluent to flow in the pipe, also known as partial upgrading.

New Upgrading Technology Holds Promise Pipeline Transportation and Diluent Use Dinara Millington It is a well-known fact that oil sands bitumen in its raw form cannot be transported via pipeline and requires a diluent to meet the pipeline specifications.1 Diluted bitumen for export, or dilbit, contains approximately 30- 40 percent diluent, which while facilitating transportation creates additional load on the already strained infrastructure by consuming valuable pipeline space as well as requiring extra trucks and railroad cars. The available pipeline capacity has been shrinking in the last few years. Increased production from oil sands has resulted in nearly full utilization of all available export pipelines and created strong demand for rail transportation to deliver production from Canada to US markets. While Alberta's bitumen production is abundant, only a limited quantity reaches the US economically. Western Canadian Select (WCS) benchmark blend,2 sells at a steep discount to West Texas Intermediate (WTI) at Edmonton on a FOB basis, with the discount disappearing when the commodity reaches US Gulf Coast refineries because of higher dilbit transportation costs due to limited capacities along North American pipelines. The WCS/WTI discount, then, additionally lowers oil sands producer netbacks that already suffer from high diluent costs3 and transportation costs.4 Traditional Solutions One solution to the diluent problem has been construction of additional upgrading in Canada to convert heavy, sour, and highly viscous bitumen into light, sweet synthetic crude oil (SCO). Before 2012, half

CERI Commodity Report - Crude Oil

Page 2

As a result, such companies as Ivanhoe Energy Inc., MEG Energy Corp., Western Research Institute (WRI), Value Creation Inc., Fractal Systems Inc., Field Upgrading Ltd., Petrosonic Energy Inc., and others offer a variety of upgrading technologies that largely can be classified into two categories: coking-thermal cracking (Ivanhoe’s HTL, MEG’s Hi-Q, WRI’s WRITE) and solvent deasphalting (Petrosonic). To date, only MEG and Value Creation have applied for field pilots, with the earliest pilot installation expected to be operational by 2016-2017. The rest exist in demonstration plants or limited field tests. Outside of the two categories there is also the molten sodium upgrading technology by Field Upgrading, cavitation-based JetShear technology by Fractal, and Superior Upgrading Technologies' (SUT) Hammer Technology (HT),6 of which the latter two can be broadly described as "cavitation technologies."7 All these technologies’ capital costs vary between $10,000-$30,000 per barrel per day of capacity; operating costs of $2-$6/barrel; and a proposed plant capacity of 3,000-10,000 b/d. SUT’s HT Technology SUT has developed a simplified, partial upgrading technology for bitumen that reduces the required volume of diluent for pipeline transportation, expedites the commodity's arrival to market, and lowers both capital and operating costs. Instead of using a more traditional, energy-intensive process that requires hydro-treating as well as sulfur and coke remediation to increase unprocessed bitumen's API gravity by 10 degrees to 18-20° API, SUT's HT implements an upgrading process that reduces viscosity by 50-85 percent and is accompanied by an API gravity increase of 1-4°.8 With SUT's HT upgrading process, there is no product loss, no incondensable gas formation, and very limited olefin production. In a typical thermal process, molecules collide randomly in a three-dimensional space. Some molecular collisions are energetic enough to break or form bonds. Thermal energy input, therefore, is the root of conventional petroleum chemistry, in which heat is added to large volumes of feedstock to force thermal (or catalytic) cracking of hydrocarbons. By contrast, instead of relying on high temperatures to promote energetic molecular collisions, SUT's HT creates high-velocity fluid streams

that break chemical bonds at near-ambient conditions, in which molecular motion is confined to one dimension and molecules collide head-on in an organized manner. Figure 1 illustrates how SUT’s HT process compares to a thermal process. Upgrading bitumen with SUT’s HT creates a partially upgraded product because the process occurs only in "hot spots" where the fluid streams collide and hence the depth of upgrading is not as large as in the conventional thermal process. The advantage is the design complexity of the process drops several levels of magnitude, as does energy use because the bulk of liquid remains at ambient temperature and pressure. As a result of SUT HT's relatively low process temperature, formation of coke, gas, and olefins also is negligible. Developed after two years of research, SUT HT provides bitumen upgrading that, in addition to its capability for deployment at wellheads, can be aggregated into a larger installation of 100-100,000 bbl/d at a construction cost of less than $2,000/bbl and an operating cost of less than $1-2/bbl.9

Figure 1: SUT’s HT Technology

Source: Oil & Gas Journal To validate the HT process, SUT constructed a 100 bbl/d demonstration plant in Bellefonte, Pennsylvania (see Figure 2 for the plant’s schematic), and tested it on bitumen and atmospheric residue.10


Page 3

Figure 2: SUT’s HT Schematic

The results established a typical performance of the SUT HT upgrading process for bitumen and residue: A 1-2° increase in API gravity. A 50-80% reduction in viscosity. Unchanged asphaltenes content. A slight increase (0.3%) in olefins. A 5-10% increase in distillation yields (mostly due to

gasoline and diesel fractions). It takes about 15 minutes to process 1.3 bbl of material, consuming a total of 25 kWh of power. This gives the performance of approximately 100 bbl/d and the energy use of 70 MJ/bbl, which translates into about $1/bbl assuming the $0.06/kwh power cost. This compares favourably against the cost of the conventional thermal process of cracking or hydro-treating. What remains to be seen are the results from field testing for this promising technology. Small-scale field testing on a 100-1,000 bbl/d bitumen project can help build a case for commercial application of the technology as well as reveal any potential problems. Endnotes 1API gravity of 18-20° and viscosity of 350 cst at the pipeline reference temperature. 2It is a heavy blended crude oil composed mostly of bitumen blended with sweet synthetic and condensate diluents and 25 existing streams of both conventional and unconventional Alberta heavy crude oils at the Husky blending terminal in Hardisty, Alberta. WCS was launched in December 2004 as a new heavy oil stream by Cenovus (then EnCana), Canadian Natural Resources Limited, Suncor (then Petro-Canada) and Talisman Energy Inc. who continue to produce it exclusively.

3Diluent sells at a 5-7% premium to WTI oil price. 4There is no direct pipeline link from Alberta to the Gulf refining sector; hence the transportation cost between the two locations is based on the current rail transport rate of around $18/barrel of dilbit. 5In 2017-2018 additional refining capacity will be added with the construction of the Northwest Upgrader with a total capacity of 150,000 b/d. 6Under the right conditions sound in liquids leads to cavitation - the process of intense bubble formation. When the cavitation bubbles collapse they act as enormous energy concentrators generating temperatures and pressures exceeding those found on the surface of the sun. Hammer Technology™ takes hydrodynamic cavitation to the new level by creating macroscopic fluid hammer events and colliding fluid streams that break molecular bonds and accelerate chemical reactions. 7A detailed review of these and other technologies can be found at: Castaneda, L., et. al., “Current situation of merging technologies for upgrading of heavy oils”. Catalysis Today, 220-222. 2014. 8Superior Upgrading Technologies. http://www.superiorupgrading.com/technology.shtml 9O&G Journal. “Novel upgrading technology cuts diluent use, capital costs”. February 2, 2015. 10The demonstration plant has air tight, all-stainless, closed-loop design and was pressure-tested to 80 psi. The SUT HT reactor is powered by a three-phase, 100 hp (75 kw) electric motor, controlled via a variable frequency drive (VFD) with power metering capability. To test bitumen at the plant, WCS crude oil was purchased from United Refinery Group, Warren, Pa. Prior to processing, diluent was removed by vacuum distillation. The crude oil storage tank was heated to 80° C, and diluent vapour was removed by a vacuum pump. A small portion of diluent remained in the blend after distillation, which resulted in the dilbit's slightly higher API gravity of 13° and lower viscosity when compared with raw bitumen (typical gravity of 10°). Atmospheric residue was obtained from the American Refining Group, Bradford, Pa., and corresponded to "cylinder stock". This material contained no diluent and had an initial boiling point of 400° C. The same testing method was used for both the bitumen and residue. Before treatment, the oil was preheated to the process temperature of 100°C by circulating via the feed pump through the Sterling hot oil heater and back into the feed tank using the preheat bypass. The raw sample was obtained from the feed tank. The feed tank's pressure remained at 0 psig throughout preheating. For treatment, the heater was turned off, the preheat bypass was closed, and power was supplied to the SUT HT reactor and water to the cooler. The flow rate was set to 3 gpm, and the pressure within the reactor was measured at 145 psig. The treatment process lasted about 15 minutes consuming 25 kWh of power according to the VFD. At the end of the treatment, the oil temperature in the feed tank was 200° C, and the pressure in the feed tank was 10-20 psig (due to light hydrocarbons produced during the treatment). Next, the oil was cooled by cycling it through the reactor and the cooler at 30 gpm by way of the feed pump. (The reactor was powered down and not restricting the flow.) After about 45 minutes, the oil was cooled to 50° C, and the feed tank pressure returned to 0 psig, indicating that all volatile hydrocarbons condensed back into liquid form and mixed with the oil. As a result, no incondensable gases remained that could be registered on the pressure gauge. At this point, an upgraded sample of oil was obtained from the feed tank.


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Page 8

World Supply and Demand Balance (MMbpd)

OPEC Crude Oil Production (MMbpd)

WTI Price Projections ($US/barrel)

2012 2013 2014 2015 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

World Demand 90.5 91.8 92.4 93.3 90.6 91.3 92.6 92.8 91.7 91.6 93.0 93.4 92.5 92.5 94.0 94.4

OECD 45.9 46.1 45.6 45.6 45.9 45.6 46.4 46.6 45.7 44.7 45.8 46.2 45.6 44.7 45.8 46.1

non-OECD 44.6 45.7 46.8 47.8 44.7 45.7 46.2 46.3 45.9 46.9 47.3 47.2 46.9 47.8 48.2 48.3

World Supply 90.9 91.4 93.3 93.6 90.5 91.3 91.7 91.9 92.0 92.8 93.8 94.4 93.4 93.6 93.7 93.6

Non-OPEC 53.3 54.6 56.6 57.4 53.8 54.1 54.8 55.8 55.7 56.4 56.9 57.4 57.2 57.3 57.2 57.6

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

OPEC Crude 28.4 27.4 27.0 26.2 30.5 30.9 30.6 29.8 30.0 30.1 30.5 30.5 29.7 29.7 29.9 29.4

Supply - Demand1 0.4 -0.5 0.9 0.3 -0.1 -0.1 -0.8 -0.9 0.3 1.2 0.8 0.9 1.0 1.1 -0.3 -0.8

OECD

Stocks (MMbbls) 2665 2657 2662 2697 2566 2582 2652 2720 2700 2744 2791 2779

Days Cover 58 58 57 58 56 58 58 59 59 61 61 60

Sustainable

Capacity Nov-14 Dec-14 Jan-15 Nov-14 Dec-14 Jan-15

Saudi Arabia 10.85 9.61 9.62 9.69 1.56 1.57 1.64

Iran 4.00 2.81 2.84 2.82 -0.53 -0.50 -0.52

UAE 2.85 2.74 2.80 2.82 0.52 0.58 0.60

Kuwait 2.65 2.76 2.77 2.80 0.54 0.55 0.58

Qatar 0.90 0.68 0.67 0.67 -0.05 -0.06 -0.06

Nigeria 2.60 1.89 1.86 1.89 0.22 0.19 0.22

Libya 1.75 0.69 0.44 0.34 -0.78 -1.03 -1.13

Algeria 1.43 1.13 1.12 1.10 -0.07 -0.08 -0.10

Ecuador 0.49 0.55 0.55 0.56 0.12 0.12 0.13

OPEC-11 32.12 26.99 26.82 26.85 -3.01 -3.18 -3.15

Iraq1 2.50 3.39 3.73 3.46

Total OPEC 34.62 30.38 30.55 30.31

Production Over (+)/Under (-) Target

2012 2013 2014 2015 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16

High Price Case 56.38 52.80 56.10 57.20 59.40 62.70

Reference Case 94.12 98.03 93.28 51.25 98.65 103.06 97.59 73.62 48.00 51.00 52.00 54.00 57.00

Low Price Case 43.56 40.80 43.35 44.20 45.90 48.45


Page 9

Data Appendix


Page 10

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

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

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

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

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

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

NYMEX Light Sweet Crude

Last 3 Day Avg. When 12-Month Spread

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

2012 94.86 95.15 95.30 96.89 -0.35

2013 96.82 97.37 97.01 97.45 -0.12

2014 96.53 96.37 96.73 87.56 0.54

4Q 2013 98.60 99.63 101.59 101.06 0.16

1Q 2014 98.89 98.13 96.84 64.89 0.03

2Q 2014 101.33 101.93 101.28 99.77 0.69

3Q 2014 102.58 102.08 102.22 99.28 0.90

4Q 2014 83.30 83.34 86.59 86.30 0.56

Yr-on-Yr Chg. -15.5% -16.4% -14.8% -14.6%

Feb-14 94.99 94.44 95.51 -0.14 -0.14

Mar-14 102.92 102.01 98.82 97.82 0.48

Apr-14 99.43 99.83 101.10 99.83 0.63

May-14 102.13 103.60 101.82 100.37 0.77

Jun-14 102.44 102.36 100.91 99.10 0.68

Jul-14 107.26 106.55 104.44 102.90 0.71

Aug-14 104.42 104.05 103.81 97.86 0.73

Sep-14 96.07 95.65 98.42 97.09 1.27

Oct-14 91.52 92.33 93.49 92.94 0.78

Nov-14 82.81 82.76 87.91 87.10 0.81

Dec-14 75.58 74.92 78.37 78.87 0.10

Jan-15 56.52 55.70 64.33 65.55 -0.19

Feb-15 46.39 47.11 50.64 52.78 -0.45

Yr-on-Yr Chg. -51.2% -50.1% -47.0% -39054.4%

NYMEX Unleaded Gasoline NYMEX Heating Oil

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

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

2012 296.8 295.4 291.2 274.6 5.0 301.8 301.7 301.9 307.0 -1.4

2013 284.3 285.6 284.5 274.2 0.5 298.2 299.0 298.9 304.9 -0.5

2014 270.6 272.8 271.8 260.8 1.7 285.9 287.7 286.4 290.2 1.4

4Q 2013 262.1 265.8 266.5 258.2 1.4 299.6 300.2 299.5 304.5 0.1

1Q 2014 273.4 274.4 270.9 278.5 -6.6 314.8 314.0 304.5 303.4 4.6

2Q 2014 297.2 299.1 296.7 282.1 2.1 291.7 293.7 294.5 298.7 0.9

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

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

Yr-on-Yr Chg. -15.3% -14.3% -13.7% -15.6% -17.7% -16.2% -14.4% -14.3%

Feb-14 262.7 265.0 264.6 273.2 -1.1 327.9 322.6 303.1 298.5 7.3

Mar-14 279.0 278.4 275.9 282.4 -17.8 308.9 310.1 306.3 303.7 6.0

Apr-14 291.1 293.1 293.2 280.7 0.7 293.2 294.6 295.1 298.1 1.6

May-14 300.8 303.7 301.2 284.5 3.6 293.5 295.2 295.5 299.8 0.6

Jun-14 299.7 300.6 295.8 281.0 1.9 288.5 291.2 293.0 298.2 0.3

Jul-14 307.7 308.7 304.5 278.3 3.1 297.1 299.4 296.4 303.6 -0.7

Aug-14 283.1 284.8 291.0 265.7 2.9 288.7 289.5 288.7 296.9 -1.1

Sep-14 278.3 276.1 273.4 249.9 13.7 285.7 285.6 285.2 292.4 -0.6

Oct-14 258.7 264.8 259.0 240.4 8.2 264.7 268.4 274.5 281.7 -0.6

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

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

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

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

Yr-on-Yr Chg. -46.1% -48.3% -49.3% -45.1% -48.6% -49.0% -44.9% -43.4%


Page 11

A3: World Crude Oil Contract Prices (FOB, $US per barrel)

A4: North American Posted Crude Prices (FOB, $US per barrel)

Notes: 1. ANS is Delivered price on US West Coast. 2. Edmonton Light Sweet prices are discontinued as of May 1, 2014 and replaced by the Canadian Light Crude

blend which is traded daily on the Net Energy Index. 3. Hardisty Heavy. Posted prices are based on price at the end of each month. Sources: Oil & Gas Journal;

Natural Resources Canada.

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

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

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

2012 110.27 109.11 109.39 111.62 112.67 110.50 103.85 108.98 102.82 106.57 113.68 116.63

2013 106.60 105.51 105.57 108.69 109.89 108.05 96.71 105.10 97.77 105.16 111.41 107.32

2014 97.07 96.61 96.97 99.00 99.76 98.01 86.70 95.21 87.25 93.58 100.77 98.63

4Q 2013 106.68 106.82 106.85 109.27 110.34 108.82 96.08 106.05 93.81 97.35 112.34 105.88

1Q 2014 105.61 104.46 104.46 108.23 109.24 106.83 93.65 103.67 95.28 98.56 110.18 110.89

2Q 2014 106.43 106.09 106.23 109.67 110.73 108.06 96.25 104.63 96.32 103.45 112.26 110.16

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

4Q 2014 74.04 74.44 75.37 76.28 76.68 75.69 64.57 72.09 66.74 74.73 77.47 73.44

Yr-on-Yr Chg. -30.6% -30.3% -29.5% -30.2% -30.5% -30.4% -32.8% -32.0% -28.9% -23.2% -31.0% -30.6%

Jan-14 105.74 104.01 104.01 108.26 109.06 106.40 93.72 103.79 93.44 96.35 110.26 110.60

Feb-14 106.30 105.04 105.04 108.87 110.06 107.43 94.00 104.17 97.44 100.47 110.77 108.46

Mar-14 104.80 104.32 104.34 107.55 108.60 106.66 93.23 103.05 94.96 98.87 109.50 113.60

Apr-14 104.87 104.68 104.93 107.69 108.65 106.91 93.99 103.13 94.73 101.29 110.19 111.12

May-14 105.80 105.55 105.71 109.67 110.86 107.84 96.06 104.21 95.47 102.59 112.22 107.22

Jun-14 108.61 108.03 108.06 111.66 112.67 109.44 98.71 106.56 98.75 106.47 114.36 112.13

Jul-14 107.15 106.13 106.15 106.64 107.33 106.23 95.06 105.50 95.21 102.20 109.19 105.06

Aug-14 102.24 101.73 102.15 101.56 102.04 101.98 93.31 100.57 89.53 96.78 102.26 99.94

Sep-14 97.23 96.47 97.18 97.30 97.75 96.13 88.61 95.30 87.20 93.70 98.07 95.07

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

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

Dec-14 60.13 60.25 61.52 62.53 62.90 61.53 49.12 58.25 53.86 59.74 63.81 59.95

Jan-15 44.47 45.57 46.22 47.86 48.23 47.03 34.90 42.31 42.26 45.52 48.51 46.37

Yr-on-Yr Chg. -57.9% -56.2% -55.6% -55.8% -55.8% -55.8% -62.8% -59.2% -54.8% -52.8% -56.0% -58.1%

United States Canada Light vs. Heavy

ANS1 Lost Hills Kern R. WTI WTS GCS

Okla.

Sw.

Kans.

Sw.

Mich.

So.

Wyo.

Sw.

CDN

Sweet2 HH3

2012 105.08 110.02 101.45 90.58 85.58 83.58 90.58 89.42 82.58 85.26 86.16 78.02

2013 100.20 106.62 99.05 94.46 89.46 87.65 94.46 93.48 86.46 90.27 92.93 78.90

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

4Q 2013 99.73 102.34 94.70 93.42 88.42 87.17 93.42 92.42 85.42 88.80 86.28 69.75

1Q 2014 96.86 106.20 99.35 97.08 92.08 90.83 97.08 89.42 89.08 92.08 88.47 84.13

2Q 2014 98.82 107.32 100.53 100.00 95.00 93.75 100.00 99.00 92.00 95.06 104.18 90.77

3Q 2014 98.33 96.38 89.95 92.42 87.42 86.17 92.42 91.42 84.42 87.29 97.75 84.40

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

Yr-on-Yr Chg. -14.6% -34.9% -36.9% -31.2% -33.0% -33.5% -31.2% -31.6% -34.1% -32.8% -13.0% -3.3%

Jan-14 93.40 104.25 97.15 94.00 89.00 87.75 94.00 73.00 86.00 88.99 89.39 72.58

Feb-14 100.55 107.10 101.10 99.00 94.00 92.75 99.00 98.00 91.00 94.09 71.78 90.58

Mar-14 96.64 107.26 99.80 98.25 93.25 92.00 98.25 97.25 90.25 93.17 104.24 89.22

Apr-14 97.76 105.76 98.20 97.00 92.00 90.75 97.00 96.00 89.00 92.10 102.96 87.38

May-14 99.10 108.96 101.70 100.75 95.75 94.50 100.75 99.75 92.75 95.85 103.79 90.66

Jun-14 99.59 107.25 101.70 102.25 97.25 96.00 102.25 101.25 94.25 97.24 105.80 94.27

Jul-14 99.80 103.10 97.45 98.50 93.50 92.25 98.50 97.50 90.50 93.17 100.07 89.38

Aug-14 101.47 97.51 90.75 92.50 87.50 86.25 92.50 91.50 84.50 87.46 96.38 81.00

Sep-14 93.71 88.53 81.65 86.25 81.25 80.00 86.25 85.25 78.25 81.24 96.80 82.81

Oct-14 93.71 79.83 73.00 77.00 72.00 70.75 77.00 76.00 69.00 72.04 87.73 80.12

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

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

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

Yr-on-Yr Chg. -9.0% -53.7% -58.4% -52.4% -55.3% -56.1% -52.4% -40.1% -57.3% -53.9% -45.8% -48.3%


Page 12

A5: Crude Oil Quality Differentials (FOB, $US per barrel)

A6: Crude Oil Spot Prices and Differentials (FOB, $US per barrel)

Notes: 1. OPEC-Reference Basket is average price of seven crude streams: Algeria Saharan Blend, Dubai Fateh, Indonesia Minas, Mexico Isthmus, Nigeria Bonny

Light, Saudi Arabia Light and Venezuela Tia Juana Light. Source: OPEC Monthly Oil Market Report.

Notes: 1. Edmonton Light Sweet prices are discontinued as of May 1, 2014 and replaced by the Canadian Light Crude blend which is traded daily on the Net Energy Index. 2. Hardisty Heavy. Based on contract prices at the end of each month. Sources: OPEC Monthly Oil Market Report: Oil & Gas Journal; Natural Resources Canada.

Light vs. Heavy Sweet vs. Sour

Arab Lt Arab Hv Diff. Isthmus Maya Diff.

CDN

Sweet2 HH2 Diff. GCS WTS Diff.

2012 110.27 108.36 1.92 106.57 99.74 6.83 86.20 78.06 8.14 83.58 85.58 -2.00

2013 106.60 103.96 2.64 105.16 97.74 7.42 90.13 76.52 13.61 87.65 89.46 -1.81

2014 97.07 93.58 3.50 93.58 86.21 7.37 82.59 73.85 8.74 82.19 83.44 -1.25

4Q 2013 106.68 105.57 1.11 97.35 89.97 7.39 82.19 66.44 15.75 87.17 88.42 -1.25

1Q 2014 105.61 102.06 3.55 98.56 89.48 9.09 80.24 76.31 3.94 90.83 92.08 -1.25

2Q 2014 106.43 102.94 3.48 103.45 95.26 8.19 95.54 83.24 12.30 93.75 95.00 -1.25

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

4Q 2014 74.04 70.45 3.60 74.73 68.91 5.82 65.56 58.93 6.62 58.00 59.25 -1.25

Yr-on-Yr Chg. -30.6% -33.3% -23.2% -23.4% -20.2% -11.3% -33.5% -33.0%

Jan-14 105.74 102.21 3.53 96.35 88.29 8.06 81.87 66.48 15.39 87.75 89.00 -1.25

Feb-14 106.30 102.34 3.96 100.47 90.01 10.46 64.93 81.95 -17.01 92.75 94.00 -1.25

Mar-14 104.80 101.63 3.17 98.87 90.13 8.74 93.87 80.34 13.53 92.00 93.25 -1.25

Apr-14 104.87 101.61 3.26 101.29 93.03 8.26 93.67 79.50 14.17 90.75 92.00 -1.25

May-14 105.80 102.72 3.08 102.59 94.89 7.70 95.26 83.21 12.05 94.50 95.75 -1.25

Jun-14 108.61 104.50 4.11 106.47 97.86 8.61 97.72 87.07 10.65 96.00 97.25 -1.25

Jul-14 107.15 103.69 3.46 102.20 94.33 7.87 93.23 83.27 9.96 92.25 93.50 -1.25

Aug-14 102.24 99.14 3.10 96.78 91.10 5.68 88.21 74.13 14.08 86.25 87.50 -1.25

Sep-14 97.23 93.73 3.50 93.70 88.13 5.57 87.92 75.21 12.70 80.00 81.25 -1.25

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

Nov-14 76.07 72.18 3.89 79.04 71.77 7.27 66.57 63.37 3.20 56.50 57.75 -1.25

Dec-14 60.13 56.71 3.42 59.74 56.11 3.63 52.46 42.72 9.74 46.75 48.00 -1.25

Jan-15 44.47 40.56 3.91 45.52 44.51 1.01 40.11 31.06 9.04 38.50 39.75 -1.25

Yr-on-Yr Chg. -57.9% -60.3% -52.8% -49.6% -51.0% -53.3% -56.1% -55.3%

Spot Prices Differentials

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

2012 94.12 111.68 109.02 110.85 109.19 -16.82 -14.16 -15.99 -14.33

2013 98.03 108.68 105.44 108.39 105.94 -11.87 -8.63 -11.58 -9.12

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

4Q 2013 97.64 109.28 106.79 109.02 106.44 -10.68 -8.19 -10.42 -7.84

1Q 2014 98.65 108.17 104.43 107.41 104.75 -9.28 -5.54 -8.52 -5.85

2Q 2014 103.06 109.66 106.16 108.19 105.87 -8.33 -4.83 -6.86 -4.53

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

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

Yr-on-Yr Chg. -24.6% -29.9% -30.6% -30.3% -31.1%

Jan-14 94.86 108.17 104.02 107.36 104.71 -13.18 -9.03 -12.37 -9.72

Feb-14 100.72 108.84 105.00 108.02 105.38 -5.92 -2.08 -5.10 -2.46

Mar-14 100.57 107.55 104.30 106.87 104.15 -8.12 -4.87 -7.44 -4.72

Apr-14 102.07 107.62 104.70 107.04 104.27 -5.49 -2.57 -4.91 -2.14

May-14 101.86 109.60 105.67 107.96 105.44 -7.16 -3.23 -5.52 -3.00

Jun-14 105.24 111.67 108.06 109.50 107.89 -4.41 -0.80 -2.24 -0.63

Jul-14 102.92 106.63 106.12 105.51 105.61 -2.21 -1.70 -1.09 -1.19

Aug-14 96.38 101.56 101.76 101.43 100.75 -5.49 -5.69 -5.36 -4.68

Sep-14 93.21 97.29 96.55 95.65 95.98 -5.77 -5.03 -4.13 -4.46

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

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

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

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

Yr-on-Yr Chg. -50.2% -55.8% -56.1% -56.7% -57.6%


Page 13

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

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

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

Report.

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

US Gulf Coast, Pipeline Rotterdam, Barges Singapore, Cargoes

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

2012 120.03 99.32 114.82 122.89 128.03 97.65 123.44 128.08 103.94

2013 114.66 92.96 122.77 116.69 123.40 91.47 118.98 123.24 96.39

2014 106.68 82.82 113.25 108.16 112.63 81.04 110.75 112.53 87.22

4Q 2013 104.42 91.22 121.34 111.68 124.54 89.39 115.92 124.45 95.64

1Q 2014 111.36 89.30 122.70 112.48 122.36 87.53 118.97 122.25 94.97

2Q 2014 121.73 91.80 120.88 121.39 121.80 89.59 122.15 122.16 94.05

3Q 2014 115.08 87.61 0.00 114.96 115.68 86.31 114.70 115.88 92.22

4Q 2014 78.12 62.38 0.00 84.41 91.21 61.15 87.39 90.04 67.69

Yr-on-Yr Chg. -25.2% -31.6% -100.0% -24.4% -26.8% -31.6% -24.6% -27.6% -29.2%

Jan-14 107.12 88.25 122.00 110.83 122.57 85.70 117.83 121.57 95.38

Feb-14 112.88 90.39 124.68 114.10 123.65 88.22 119.71 123.56 95.62

Mar-14 114.21 89.37 121.43 112.67 120.93 88.79 119.40 121.69 93.94

Apr-14 122.34 90.69 121.32 120.59 121.47 88.86 121.27 122.93 92.53

May-14 118.98 91.61 120.35 119.57 121.79 88.84 121.42 122.31 93.69

Jun-14 123.87 93.10 120.96 123.87 122.14 90.99 123.72 121.25 95.92

Jul-14 119.70 89.05 118.48 120.46 119.14 88.38 121.96 118.97 94.13

Aug-14 115.60 87.79 119.43 112.83 116.36 86.61 111.35 116.73 92.60

Sep-14 109.71 85.90 114.56 111.13 111.44 83.86 110.62 111.97 89.94

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

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

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

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

Yr-on-Yr Chg. -50.0% -56.3% -48.3% -51.1% -48.6% -59.6% -51.4% -48.5% -55.0%

NY Harbor US Gulf Los Angeles

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

2012 293.97 302.38 311.33 281.37 305.65 305.29 303.06 310.61

2013 281.29 292.59 301.40 269.60 292.34 296.78 292.19 301.28

2014 261.23 269.64 280.48 248.81 269.65 271.08 266.81 278.58

4Q 2013 269.80 296.50 299.27 248.70 289.00 291.50 269.90 296.13

1Q 2014 274.00 301.20 311.23 265.23 292.53 293.43 279.70 294.93

2Q 2014 288.47 287.67 295.20 280.40 287.97 291.90 310.70 300.67

3Q 2014 274.27 272.07 282.30 264.97 279.50 279.07 281.17 289.33

4Q 2014 208.20 217.63 233.20 184.63 218.60 219.93 195.67 229.37

Yr-on-Yr Chg. -22.8% -26.6% -22.1% -25.8% -24.4% -24.6% -27.5% -22.5%

Jan-14 267.20 306.30 311.70 254.80 292.10 291.30 262.80 292.70

Feb-14 279.50 306.10 322.70 269.50 296.50 297.30 286.90 302.20

Mar-14 275.30 291.20 299.30 271.40 289.00 291.70 289.40 289.90

Apr-14 289.60 288.80 295.80 280.10 288.80 293.20 316.90 299.80

May-14 286.20 286.00 293.60 276.20 286.80 290.40 303.60 301.60

Jun-14 289.60 288.20 296.20 284.90 288.30 292.10 311.60 300.60

Jul-14 280.20 277.60 287.90 271.30 281.70 284.20 290.80 293.50

Aug-14 270.50 275.30 285.00 263.10 283.90 282.10 280.80 294.90

Sep-14 272.10 263.30 274.00 260.50 272.90 270.90 271.90 279.60

Oct-14 239.80 242.40 253.20 217.90 246.00 250.00 233.80 257.70

Nov-14 216.50 224.90 243.00 193.70 229.70 231.40 202.40 240.80

Dec-14 168.30 185.60 203.40 142.30 180.10 178.40 150.80 189.60

Jan-15 136.40 161.60 167.80 127.10 149.60 153.10 130.10 155.90

Yr-on-Yr Chg. -49.0% -47.2% -46.2% -50.1% -48.8% -47.4% -50.5% -46.7%


Page 14

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

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

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

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

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

Source: IEA Oil Market Report.

OECD Non-OECD OPEC World

N. A. Europe Asia-Pac Total1 Asia Non-Asia FSU Total1 P. Gulf Non-Gulf Total2 Total3

Demand

2010 24.1 14.7 8.2 47.0 18.5 11.3 4.1 33.9 4.7 2.8 7.5 88.5

2011 24.0 14.3 8.2 46.4 19.3 11.4 4.5 35.2 4.9 2.9 7.9 89.5

2012 23.6 13.8 8.5 45.9 20.0 11.7 4.6 36.3 5.1 3.0 8.2 90.5

2013 24.1 13.7 8.3 46.1 20.6 11.8 4.7 37.1 5.3 3.1 8.5 91.8

2014 24.1 13.4 8.1 45.6 21.0 12.1 4.9 38.0 5.5 3.2 8.9 92.5

4Q 2012 23.8 13.7 8.8 46.3 20.5 11.8 4.6 36.9 5.1 3.0 8.2 91.3

1Q 2013 23.8 13.2 8.9 45.9 20.4 11.3 4.5 36.2 5.3 3.1 8.5 90.6

2Q 2013 23.9 13.9 7.8 45.6 20.6 11.9 4.6 37.1 5.3 3.1 8.5 91.3

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

4Q 2013 24.3 13.6 8.6 46.6 20.9 11.9 4.9 37.7 5.3 3.1 8.5 92.8

1Q 2014 23.9 13.0 8.8 45.7 20.9 11.5 4.6 37.0 5.5 3.2 8.9 91.7

2Q 2014 23.6 13.4 7.7 44.7 21.0 12.3 4.8 38.1 5.5 3.2 8.9 91.6

3Q 2014 24.2 13.9 7.7 45.8 20.8 12.6 5.0 38.4 5.5 3.2 8.9 93.1

4Q 2014 24.6 13.4 8.3 46.3 21.5 12.0 4.9 38.4 5.5 3.2 8.9 93.5

Supply

2010 14.1 4.1 0.7 20.1 7.8 8.5 13.6 30.8 23.3 10.7 34.6 87.4

2011 14.6 3.8 0.6 20.1 7.8 8.5 13.6 30.8 25.7 9.6 35.8 88.6

2012 15.8 3.5 0.6 21.0 7.8 8.0 13.7 30.4 26.2 10.6 37.6 90.8

2013 17.1 3.3 0.5 22.1 7.7 8.0 13.9 30.6 26.2 9.8 36.7 91.4

2014 18.7 3.3 0.5 23.8 7.6 8.1 13.9 30.6 26.8 9.2 36.7 93.3

4Q 2012 16.6 3.3 0.5 21.7 8.0 8.0 13.7 30.6 26.0 10.4 37.2 91.2

1Q 2013 16.8 3.4 0.4 21.8 7.8 7.8 13.9 30.5 25.6 10.3 36.8 90.5

2Q 2013 16.6 3.4 0.5 21.6 7.7 7.9 13.8 30.4 26.1 10.3 37.3 91.2

3Q 2013 17.3 3.2 0.5 22.2 7.4 8.0 13.8 30.2 26.8 9.5 37.1 91.8

4Q 2013 17.8 3.4 0.4 22.8 7.7 8.0 14.0 30.7 26.4 9.0 36.1 91.9

1Q 2014 18.1 3.5 0.5 23.3 7.7 8.1 14.0 30.8 26.7 9.0 36.3 92.0

2Q 2014 18.6 3.3 0.5 23.6 7.6 8.0 13.8 30.4 26.8 9.0 36.4 92.8

3Q 2014 19.0 3.1 0.5 23.8 7.6 8.1 13.8 30.5 26.9 9.3 37.0 93.9

4Q 2014 19.2 3.4 0.5 24.3 7.5 8.2 13.9 30.6 26.8 9.4 37.0 94.3

Balance

2010 -10.0 -10.6 -7.5 -26.9 -10.7 -2.8 9.5 -3.1 18.5 8.0 27.1 -1.1

2011 -9.4 -10.5 -7.6 -26.3 -11.5 -2.9 9.1 -4.4 20.8 6.7 28.0 -0.9

2012 -7.8 -10.3 -7.9 -24.9 -12.2 -3.7 9.1 -5.9 21.1 7.6 29.4 0.3

2013 -7.0 -10.4 -7.8 -24.0 -12.9 -3.8 9.2 -6.5 20.9 6.7 28.2 -0.4

2014 -5.4 -10.1 -7.6 -21.8 -13.4 -4.0 9.0 -7.4 21.3 5.9 27.8 0.8

4Q 2012 -7.2 -10.4 -8.3 -24.6 -12.5 -3.8 9.1 -6.3 20.9 7.4 29.0 -0.1

1Q 2013 -7.0 -9.8 -8.5 -24.1 -12.6 -3.5 9.4 -5.7 20.3 7.2 28.3 -0.1

2Q 2013 -7.3 -10.5 -7.3 -24.0 -12.9 -4.0 9.2 -6.7 20.8 7.2 28.7 -0.1

3Q 2013 -7.0 -10.8 -7.5 -24.2 -13.0 -4.5 8.9 -7.6 21.5 6.4 28.5 -0.8

4Q 2013 -6.5 -10.2 -8.2 -23.8 -13.2 -3.9 9.1 -7.0 21.1 5.8 27.6 -0.9

1Q 2014 -5.8 -9.5 -8.3 -22.4 -13.2 -3.4 9.4 -6.2 21.2 5.8 27.4 0.3

2Q 2014 -5.0 -10.1 -7.2 -21.1 -13.4 -4.3 9.0 -7.7 21.3 5.7 27.6 1.2

3Q 2014 -5.2 -10.8 -7.2 -22.0 -13.2 -4.5 8.8 -7.9 21.3 6.1 28.1 0.8

4Q 2014 -5.4 -10.0 -7.8 -22.0 -14.0 -3.8 9.0 -7.8 21.3 6.1 28.1 0.8


Page 15

B2: World Petroleum Production (million barrels per day)

B3: OECD Commercial Petroleum Stocks (million barrels)

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

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

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

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


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

2012 15.85 3.45 0.56 19.87 7.82 8.05 13.66 29.52 26.21 10.56 37.55 86.94

2013 17.11 3.34 0.48 20.92 7.67 7.97 13.88 29.52 26.18 9.80 36.72 87.16

2014 18.73 3.33 0.50 22.56 7.61 8.15 13.90 29.65 26.80 9.16 36.68 88.89

4Q 2013 17.88 3.30 0.47 21.65 7.69 8.13 14.05 29.87 26.43 8.97 36.13 87.65

1Q 2014 18.15 3.50 0.49 22.14 7.70 8.09 14.00 29.78 26.70 9.02 36.31 88.23

2Q 2014 18.62 3.25 0.49 22.37 7.66 8.05 13.84 29.56 26.81 8.95 36.44 88.37

3Q 2014 18.97 3.14 0.52 22.63 7.54 8.18 13.81 29.53 26.88 9.34 36.98 89.14

4Q 2014 19.22 3.42 0.50 23.15 7.56 8.26 13.93 29.76 26.82 9.36 36.99 89.90

Yr-on-Yr Chg. 7.5% 3.6% 6.4% 6.9% -1.7% 1.6% -0.9% -0.4% 1.5% 4.3% 2.4% 2.6%

Jan-14 18.04 3.38 0.48 21.90 7.78 8.12 14.01 29.92 26.56 9.16 36.45 88.27

Feb-14 18.18 3.54 0.51 22.24 7.77 8.12 14.03 29.91 27.25 8.99 36.90 89.05

Mar-14 18.28 3.49 0.47 22.24 7.68 8.06 13.91 29.66 26.52 8.84 35.86 87.76

Apr-14 18.54 3.43 0.48 22.45 7.70 8.09 13.94 29.73 26.70 9.03 36.29 88.47

May-14 18.37 3.19 0.52 22.08 7.73 8.12 13.83 29.68 26.86 9.05 36.45 88.21

Jun-14 18.90 3.12 0.52 22.55 7.77 8.22 13.77 29.75 26.85 8.96 36.47 88.77

Jul-14 18.60 3.26 0.50 22.36 7.52 8.14 13.70 29.35 27.00 9.15 36.90 88.61

Aug-14 18.81 3.05 0.50 22.37 7.52 8.18 13.86 29.55 26.73 9.29 36.80 88.72

Sep-14 18.94 3.15 0.52 22.61 7.61 8.24 13.89 29.75 26.89 9.56 37.23 89.59

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

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

Dec-14 19.34 3.44 0.52 23.30 7.52 8.28 14.04 29.84 27.18 9.02 37.01 90.15

Jan-15 19.33 3.47 0.53 23.33 7.59 8.24 13.97 29.80 27.06 8.91 36.85 89.98

Yr-on-Yr Chg. 7.2% 2.7% 10.4% 6.5% -2.4% 1.5% -0.3% -0.4% 1.9% -2.8% 1.1% 1.9%

R/P Ratio2 30.8 11.0 20.7 27.7 12.0 22.3 24.9 20.9 79.3 122.1 87.8 50.3

North America Europe Asia-Pacific OECD

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

2012 501 704 1,362 307 539 906 159 170 397 967 1,413 2,665

2013 500 670 1,315 307 497 869 145 170 382 952 1,337 2,566

2014 546 729 1,446 298 503 870 154 167 385 998 1,399 2,700

4Q 2013 500 670 1,315 307 497 869 145 170 382 952 1,337 2,566

1Q 2014 523 638 1,311 311 493 873 170 161 399 1,003 1,292 2,582

2Q 2014 530 685 1,382 316 490 878 165 157 392 1,012 1,332 2,652

3Q 2014 512 720 1,411 305 513 888 164 183 422 981 1,415 2,720

4Q 2014 546 729 1,446 298 503 870 154 167 385 998 1,399 2,700

Yr-on-Yr Chg. 9.2% 8.9% 10.0% -2.8% 1.2% 0.1% 6.2% -1.8% 0.7% 4.9% 4.7% 5.2%

Dec-13 500 670 1,315 307 497 869 145 170 382 952 1,337 2,566

Jan-14 502 652 1,296 305 517 891 144 172 385 951 1,341 2,572

Feb-14 514 646 1,306 307 512 885 152 165 385 973 1,322 2,576

Mar-14 523 638 1,311 311 493 873 170 161 399 1,003 1,292 2,582

Apr-14 533 654 1,346 310 495 870 157 157 381 1,000 1,306 2,598

May-14 539 674 1,377 319 503 890 161 164 396 1,018 1,341 2,662

Jun-14 530 685 1,382 316 490 878 165 157 392 1,012 1,332 2,652

Jul-14 519 703 1,395 309 494 871 163 166 399 992 1,362 2,665

Aug-14 511 713 1,401 302 517 890 167 180 418 980 1,410 2,709

Sep-14 512 720 1,411 305 513 888 164 183 422 981 1,415 2,720

Oct-14 538 689 1,409 303 501 876 169 180 418 1,010 1,369 2,703

Nov-14 543 704 1,422 296 510 877 157 182 407 996 1,397 2,706

Dec-14 546 729 1,446 298 503 870 154 167 385 998 1,399 2,700

Yr-on-Yr Chg. 9.2% 8.9% 10.0% -2.8% 1.2% 0.1% 6.2% -1.8% 0.7% 4.9% 4.7% 5.2%


Page 16

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

Notes: 1. Does not include NGLs; OPEC production targets apply to crude oil only. 2. Iraq does not have an official OPEC target. 3. OPEC-10 production targets. 4. As

of latest month. Source: IEA Oil Market Report.

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

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

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

Non-Persian Gulf OPEC-11 OPEC-11

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

2012 9.78 3.00 2.65 2.73 0.74 2.50 2.10 1.39 1.17 1.78 0.50 28.35 30.00 2.95

2013 9.66 2.68 2.76 2.81 0.73 2.50 1.95 0.90 1.15 1.72 0.52 27.38 30.00 3.08

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

4Q 2013 9.77 2.71 2.73 2.79 0.73 2.47 1.91 0.30 1.14 1.64 0.53 26.73 30.00 3.08

1Q 2014 9.72 2.81 2.73 2.79 0.72 2.45 1.93 0.37 1.07 1.57 0.55 26.70 30.00 3.29

2Q 2014 9.72 2.84 2.74 2.80 0.71 2.48 1.91 0.23 1.14 1.63 0.55 26.75 30.00 3.33

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

4Q 2014 9.64 2.80 2.75 2.78 0.68 2.44 1.88 0.67 1.13 1.72 0.55 27.03 30.00 3.49

Yr-on-Yr Chg. -1.4% 3.3% 0.7% -0.5% -6.8% -1.2% -1.6% 123.3% -0.9% 4.9% 3.8% 1.1% 13.3%

Jan-14 9.76 2.78 2.72 2.78 0.72 2.46 1.92 0.50 1.08 1.65 0.53 26.9 30.00 3.09

Feb-14 9.85 2.85 2.70 2.80 0.73 2.42 1.94 0.36 1.10 1.61 0.55 26.91 30.00 3.60

Mar-14 9.57 2.80 2.78 2.76 0.71 2.46 1.94 0.24 1.02 1.47 0.55 26.3 30.00 3.20

Apr-14 9.66 2.83 2.69 2.81 0.70 2.46 1.92 0.22 1.12 1.63 0.55 26.59 30.00 3.32

May-14 9.71 2.80 2.75 2.78 0.70 2.50 1.90 0.22 1.12 1.62 0.56 26.65 30.00 3.42

Jun-14 9.78 2.80 2.83 2.78 0.73 2.48 1.91 0.24 1.14 1.65 0.56 26.87 30.00 3.26

Jul-14 10.01 2.76 2.83 2.80 0.73 2.48 1.85 0.42 1.16 1.73 0.56 27.31 30.00 3.15

Aug-14 9.68 2.80 2.82 2.86 0.73 2.48 1.88 0.53 1.15 1.71 0.56 27.17 30.00 3.14

Sep-14 9.73 2.78 2.78 2.87 0.69 2.48 1.89 0.78 1.13 1.72 0.56 27.39 30.00 3.36

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

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

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

Jan-15 9.69 2.82 2.82 2.80 0.67 2.40 1.89 0.34 1.10 1.76 0.56 26.85 30.00 3.46

Yr-on-Yr Chg. -0.7% 1.4% 3.7% 0.7% -6.9% -2.4% -1.6% -32.0% 1.9% 6.7% 5.7% -0.2% 12.0%

Quotas3 8.05 3.34 2.22 2.22 0.73 1.99 1.67 1.47 1.20 1.52 0.43 30.00

Over/Under4 20.4% -15.6% 27.0% 26.1% -8.2% 20.6% 13.2% -76.9% -8.3% 15.8% 30.2% -10.5%

Persian Gulf

North America Europe Asia-Pacific OECD

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

2012 18.1 86.3 1.72 12.1 79.5 5.80 6.8 75.8 -0.65 37.0 81.9

2013 18.4 87.7 1.40 11.5 75.2 3.48 6.7 75.1 -1.63 36.6 81.0

2014 18.8 89.8 1.67 11.4 75.0 3.35 6.5 73.2 -1.98 36.8 81.5

4Q 2013 18.6 88.5 3.54 10.8 71.1 1.53 6.7 75.2 -3.3 36.1 80.0

1Q 2014 18.3 87.1 0.43 11.1 73.1 1.24 6.9 77.0 -1.8 36.3 80.4

2Q 2014 19.0 90.4 4.28 11.1 72.9 2.65 6.1 68.2 -3.3 36.2 80.1

3Q 2014 19.4 92.3 2.99 11.7 76.6 4.79 6.6 73.6 -2.7 37.6 83.3

4Q 2014 18.8 89.5 -1.03 11.8 77.4 4.72 6.6 74.0 -0.1 37.2 82.3

Yr-on-Yr Chg. 1.2% -129.2% 8.8% 209.4% -1.5% -96.6% 3.0%

Dec-13 19.2 91.4 2.63 11.1 72.8 1.42 7.0 78.1 -3.0 37.2 82.5

Jan-14 18.4 87.9 0.26 11.2 73.3 0.21 6.9 77.2 -1.3 36.5 80.9

Feb-14 18.3 87.0 -0.33 11.3 73.8 2.01 6.9 77.3 -1.8 36.4 80.6

Mar-14 18.1 86.4 1.37 11.0 72.0 1.51 6.9 76.7 -2.4 35.9 79.6

Apr-14 18.9 89.9 7.25 11.3 73.9 4.49 6.4 72.1 -2.4 36.6 81.0

May-14 19.0 90.4 5.08 11.3 73.8 1.72 6.0 67.4 -3.1 36.2 80.3

Jun-14 19.1 90.9 0.51 10.8 70.9 1.75 5.8 65.0 -4.3 35.7 79.1

Jul-14 19.6 93.7 0.51 11.5 75.4 3.96 6.5 72.2 -4.3 37.6 83.2

Aug-14 19.6 93.2 3.86 12.0 78.4 4.55 6.8 75.6 -3.1 38.3 84.7

Sep-14 18.9 90.0 4.59 11.6 76.0 5.86 6.5 73.1 -0.7 37.0 82.0

Oct-14 18.1 86.5 0.19 11.8 77.6 4.56 6.3 69.9 -2.0 36.2 80.2

Nov-14 18.9 90.1 -0.87 11.9 77.8 5.93 6.7 74.6 1.0 37.4 82.9

Dec-14 19.3 91.8 -2.42 11.7 76.8 3.68 6.9 77.4 0.6 37.9 83.9

Yr-on-Yr Chg. 0.5% -192.0% 5.5% 159% -0.7% -120.7% 1.8%


Page 17

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

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

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

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

United States1 East Mid-West

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

2011 9.89 18.84 8.43 -0.12 0.14 5.40 -5.26 2.26 4.81 -2.56

2012 10.82 18.54 7.41 0.15 0.15 5.16 -5.02 2.57 4.79 -2.21

2013 12.11 18.89 6.20 -0.13 0.19 5.23 -5.04 2.90 4.88 -1.97

3Q 2013 12.38 19.08 6.40 0.15 0.20 5.19 -4.99 2.97 4.89 -1.92

4Q 2013 12.68 19.26 5.33 -0.78 0.22 5.32 -5.10 3.12 5.06 -1.94

1Q 2014 12.84 18.81 5.39 -0.07 0.26 5.67 -5.41 3.06 4.76 -1.70

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

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

Yr-on-Yr Chg. 12.5% 0.4% -22.1% 63.8% 2.8% 17.2% 1.7%

Nov-13 12.72 19.41 5.33 -0.69 0.22 5.27 -5.05 3.17 5.09 -1.92

Dec-13 12.76 19.08 5.06 -1.02 0.24 5.38 -5.14 3.08 4.88 -1.80

Jan-14 12.70 18.92 5.24 -0.56 0.23 5.79 -5.56 3.04 4.73 -1.69

Feb-14 12.82 18.99 5.54 0.01 0.26 5.76 -5.50 3.06 4.83 -1.76

Mar-14 13.02 18.53 5.38 0.32 0.28 5.47 -5.19 3.09 4.72 -1.64

Apr-14 13.42 18.78 5.62 0.91 0.28 5.30 -5.02 3.18 4.68 -1.51

May-14 13.32 18.52 5.26 0.94 0.29 5.28 -4.99 3.24 4.82 -1.58

Jun-14 13.79 18.83 4.66 0.15 0.29 5.21 -4.91 3.41 4.87 -1.46

Jul-14 13.80 19.16 4.99 0.13 0.31 5.48 -5.17 3.46 4.98 -1.52

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

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

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

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

Yr-on-Yr Chg. 12.7% -1.1% -13.8% 61.0% 3.2% 10.8% -0.3%

% of Total2 100.0% 100.0% 2.5% 28.3% 24.5% 26.4%

South-Central North-West West Finished Petroleum Products

Supply Demand Balance Supply Demand Balance Supply Demand Balance

2011 5.29 5.12 0.17 0.79 0.67 0.12 1.42 2.83 -1.41

2012 5.88 5.16 0.73 0.85 0.69 0.16 1.36 2.75 -1.39

2013 6.77 5.28 1.49 0.87 0.71 0.16 1.37 2.79 -1.42

3Q 2013 6.98 5.33 1.65 0.89 0.75 0.14 1.34 2.92 -1.58

4Q 2013 7.03 5.41 1.62 0.91 0.70 0.21 1.41 2.76 -1.35

1Q 2014 7.21 5.01 2.20 0.91 0.68 0.23 1.40 2.69 -1.29

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

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

Yr-on-Yr Chg. 11.8% -1.7% 12.3% -4.4% -2.1% -1.1%

Nov-13 6.99 5.64 1.34 0.93 0.68 0.25 1.41 2.73 -1.32

Dec-13 7.14 5.35 1.79 0.86 0.72 0.15 1.44 2.76 -1.32

Jan-14 7.09 5.04 2.05 0.91 0.71 0.20 1.42 2.65 -1.23

Feb-14 7.21 5.06 2.15 0.89 0.66 0.24 1.39 2.69 -1.30

Mar-14 7.34 4.93 2.41 0.94 0.69 0.25 1.38 2.72 -1.34

Apr-14 7.60 5.20 2.39 0.97 0.71 0.26 1.40 2.89 -1.49

May-14 7.46 4.95 2.51 0.94 0.67 0.26 1.40 2.80 -1.41

Jun-14 7.71 5.07 2.64 1.01 0.76 0.24 1.37 2.92 -1.55

Jul-14 7.74 5.09 2.65 1.00 0.70 0.30 1.29 2.92 -1.63

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

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

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

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

Yr-on-Yr Chg. 14.6% -5.1% 9.3% -3.2% 1.6% -1.8%

% of Total2 55.9% 27.9% 7.1% 3.4% 10.0% 14.0%


Page 18

C2: US Petroleum Demand by Product (million barrels per day)

Notes: 1. Total includes other finished petroleum products. 2. Total petroleum demand includes refinery feedstocks, additives/oxygenates and other hydrocarbons.

Source: EIA Petroleum Supply Monthly.

C3: US Petroleum Stocks (million barrels)

Notes: 1. Petroleum stocks include crude oil, finished products, NGLs, refinery feedstocks, additives/oxygenates and other hydrocarbons. 2. Includes Strategic

Petroleum Reserves. 3. Total includes other finished petroleum products. All stocks are closing levels for respective reporting period. Source: EIA Petroleum Supply

Monthly.

Finished Petroleum Products NGLs Petroleum

Gasoline Jet Fuel Distil. Resid. Total1 Total Total2

2011 8.74 1.43 3.85 0.48 16.57 2.26 18.84

2012 8.70 1.40 3.73 0.35 16.15 2.32 18.54

2013 8.77 1.42 3.84 0.32 16.32 2.45 18.89

3Q 2013 9.02 1.49 3.67 0.37 16.75 2.22 19.08

4Q 2013 8.75 1.44 3.97 0.28 16.28 2.72 19.26

1Q 2014 8.53 1.39 4.17 0.23 16.07 2.66 18.81

2Q 2014 9.01 1.47 3.93 0.26 16.63 2.06 18.71

3Q 2014 9.09 1.51 3.86 0.24 16.96 2.26 19.16

Yr-on-Yr Chg. 0.8% 1.6% 5.3% -35.5% 1.2% 1.8% 0.4%

Nov-13 8.75 1.42 3.86 0.33 16.31 2.81 19.41

Dec-13 8.68 1.44 3.95 0.22 15.90 2.87 19.08

Jan-14 8.21 1.37 4.27 0.27 15.86 2.98 18.92

Feb-14 8.70 1.37 4.18 0.21 16.26 2.62 18.99

Mar-14 8.68 1.44 4.05 0.22 16.10 2.38 18.53

Apr-14 8.98 1.45 3.97 0.28 16.52 2.15 18.78

May-14 9.02 1.40 3.94 0.24 16.56 1.92 18.52

Jun-14 9.03 1.56 3.88 0.26 16.80 2.13 18.83

Jul-14 9.22 1.54 3.86 0.24 17.13 2.11 19.16

Aug-14 9.29 1.52 3.82 0.21 17.06 2.35 19.28

Sep-14 8.78 1.48 3.91 0.27 16.67 2.32 19.04

Oct-14 9.20 1.46 4.24 0.29 17.22 2.42 19.63

Nov-14 8.93 1.49 3.88 0.31 16.60 2.61 19.21

Yr-on-Yr Chg. 2.1% 4.7% 0.4% -5.2% 1.8% -7.1% -1.1%

Petroleum Stocks1 Crude Oil Finished Products

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

2011 171 268 1,134 35 143 1,751 1,027 61 42 150 34 333

2012 152 287 1,178 38 151 1,807 1,060 57 39 135 34 314

2013 151 269 1,162 39 139 1,760 1,054 40 37 127 38 291

3Q 2013 154 281 1,218 37 143 1,832 1,067 40 41 129 36 293

4Q 2013 151 269 1,162 39 139 1,760 1,054 40 37 127 38 291

1Q 2014 139 252 1,178 42 142 1,753 1,080 34 36 115 36 275

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

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

Yr-on-Yr Chg. 1.6% -1.9% 0.3% 10.6% -0.6% 0.2% -1.4% -28.9% -3.6% 2.1% 2.5% -3.5%

Nov-13 146 272 1,192 39 143 1,792 1,072 38 37 121 36 278

Dec-13 151 269 1,162 39 139 1,760 1,054 40 37 127 38 291

Jan-14 141 266 1,155 39 141 1,743 1,060 40 38 115 37 280

Feb-14 136 259 1,166 40 142 1,743 1,069 38 38 113 37 279

Mar-14 139 252 1,178 42 142 1,753 1,080 34 36 115 36 275

Apr-14 142 254 1,200 41 143 1,780 1,086 31 38 117 36 275

May-14 154 258 1,210 41 145 1,809 1,085 31 39 122 38 282

Jun-14 156 265 1,213 39 139 1,814 1,075 29 36 122 37 274

Jul-14 154 263 1,223 39 139 1,818 1,060 28 35 126 36 275

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

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

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

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

Yr-on-Yr Chg. 1.2% 0.5% 3.8% 6.8% -1.0% 2.8% 0.6% -22.9% -3.2% 4.0% 1.6% -1.5%


Page 19

C4: US Petroleum Net Imports by Source (million barrels per day)

Notes: 1. Total includes net-imports from Russia and Asia-Pacific region. 2. Total OPEC includes the other eight cartel members. 3. As of latest month. Source EIA

Petroleum Supply Monthly.

C5: US Regional Crude Oil Production (million barrels per day)

Notes: 1. California includes Federal Offshore crude oil production. 2. Gulf of Mexico includes Federal Offshore production adjacent to Texas and Louisiana. 3. Crude

oil Reserve-Production ratio as of latest production month. Crude oil production does not include NGLs. Source: EIA Petroleum Supply Monthly.

OPEC

Canada Mexico Lat. Am. Europe Africa M.E. Total1 Venez. S. Arabia Nigeria Total2 P. Gulf

2011 2.41 0.64 1.42 0.09 1.23 1.89 8.43 0.91 1.19 0.80 4.42 1.84

2012 2.55 0.47 1.12 0.03 0.74 2.15 7.41 0.87 1.36 0.42 4.10 2.14

2013 2.59 0.39 0.74 -0.08 0.37 1.99 6.20 0.71 1.32 0.24 3.47 1.99

3Q 2013 2.57 0.40 0.79 -0.20 0.32 2.08 6.40 0.74 1.40 0.16 3.61 2.06

4Q 2013 2.56 0.37 0.64 -0.23 0.18 2.07 5.33 0.72 1.48 0.06 3.25 2.08

1Q 2014 2.58 0.39 0.54 -0.04 0.16 2.12 5.39 0.71 1.45 0.05 3.19 2.14

2Q 2014 2.47 0.29 0.52 -0.11 0.19 2.04 5.18 0.72 1.29 0.07 3.14 2.04

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

Yr-on-Yr Chg. 0.2% -34.3% -24.6% 31.6% -44.6% -11.5% -22.1% 4.8% -25.6% -93.1% -14.8% -10.8%

Nov-13 2.53 0.40 0.62 -0.26 0.17 2.12 5.33 0.71 1.56 0.02 3.27 2.12

Dec-13 2.60 0.34 0.63 -0.19 0.17 2.19 5.06 0.75 1.52 0.04 3.24 2.19

Jan-14 2.71 0.54 0.51 -0.15 0.13 2.15 5.24 0.64 1.46 0.07 3.09 2.16

Feb-14 2.50 0.27 0.66 0.03 0.14 2.11 5.54 0.78 1.45 0.01 3.27 2.15

Mar-14 2.53 0.35 0.45 0.00 0.21 2.10 5.38 0.73 1.44 0.09 3.22 2.10

Apr-14 2.43 0.30 0.70 -0.13 0.23 2.27 5.62 0.79 1.61 0.15 3.49 2.27

May-14 2.59 0.26 0.51 -0.04 0.13 1.92 5.26 0.69 1.24 0.01 2.95 1.92

Jun-14 2.38 0.32 0.36 -0.16 0.21 1.92 4.66 0.67 1.02 0.06 2.98 1.92

Jul-14 2.39 0.17 0.63 -0.28 0.16 2.14 4.99 0.82 1.23 0.02 3.34 2.14

Aug-14 2.55 0.33 0.62 -0.35 0.13 1.76 4.78 0.76 0.89 -0.03 2.93 1.76

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

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

Nov-14 2.51 0.26 0.81 -0.11 0.08 1.58 4.60 0.71 1.01 -0.01 1.66 1.58

Yr-on-Yr Chg. -0.9% -33.9% 31.5% -58.8% -53.0% -25.6% -13.8% 0.3% -35.2% -147.4% -49.1% -25.6%

% of Total3 54.6% 5.7% 17.6% -2.3% 1.7% 34.3% 100.0% 15.5% 21.9% -0.2% 36.2% 34.3%

Region of Origin

PAD District U.S. Major Producers

East Mid-West S-Cent N-West West Total Alaska Calif.1 Louis. Texas G. of Mex.2

2011 0.02 0.79 3.29 0.37 1.17 5.63 0.56 0.60 0.19 1.36 1.45

2012 0.02 1.06 3.60 0.42 1.12 6.22 0.54 0.58 0.19 1.83 1.25

2013 0.03 1.34 4.33 0.50 1.11 7.31 0.52 0.59 0.20 2.47 1.28

3Q 2013 0.03 1.37 4.34 0.51 1.09 7.34 0.50 0.59 0.21 2.58 1.17

4Q 2013 0.03 1.47 4.55 0.54 1.08 7.68 0.49 0.60 0.20 2.72 1.25

1Q 2014 0.03 1.52 4.78 0.54 1.17 8.05 0.55 0.62 0.20 2.91 1.27

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

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

Yr-on-Yr Chg. 32.3% 21.7% 17.0% 19.4% -0.7% 15.5% -4.4% 2.5% -6.5% 19.0% 18.4%

Nov-13 0.03 1.47 4.65 0.54 1.10 7.79 0.51 0.59 0.20 2.73 1.33

Dec-13 0.04 1.50 4.56 0.54 1.11 7.75 0.52 0.59 0.19 2.75 1.23

Jan-14 0.03 1.47 4.41 0.51 1.09 7.52 0.52 0.57 0.19 2.71 1.14

Feb-14 0.04 1.60 5.21 0.57 1.28 8.71 0.60 0.68 0.22 3.16 1.40

Mar-14 0.03 1.49 4.73 0.54 1.14 7.94 0.54 0.60 0.19 2.87 1.26

Apr-14 0.03 1.40 4.50 0.52 1.05 7.50 0.48 0.57 0.19 2.73 1.20

May-14 0.04 1.54 4.92 0.56 1.13 8.19 0.53 0.60 0.20 2.97 1.33

Jun-14 0.04 1.59 5.04 0.58 1.14 8.38 0.54 0.60 0.19 3.01 1.40

Jul-14 0.04 1.64 4.97 0.58 1.13 8.36 0.52 0.60 0.19 3.02 1.33

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

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

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

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

Yr-on-Yr Chg. 31.9% 22.0% 14.0% 18.2% -1.2% 13.7% -6.6% 3.4% -4.3% 19.3% 6.8%

R/P Ratio3 9.0 8.6 9.4 12.0 16.7 10.3 19.2 14.8 8.4 9.4 9.5


Page 20

C6: US Refinery Activity Crude Input (MMbpd) - Utilization (percent)

Notes: 1) As of most recent month. Source: EIA Petroleum Supply Monthly.

C7: US Refinery Margins ($US per barrel)

Note: Based on specific crude being processed in average cracking refinery in a given area. As of February 2010, NY Harbor Arab Med. is now East Coast Composite.

Source: Oil and Gas Journal.

East Mid-West South-Central North-West West U.S.

Input Util. Input Util. Input Util. Input Util. Input Util. Input Util.

2011 1.20 77.2 3.43 92.6 7.81 90.8 0.56 89.0 2.67 86.9 15.66 89.2

2012 1.04 87.9 3.47 94.6 8.14 93.7 0.58 93.6 2.66 89.3 15.89 92.7

2013 1.10 85.1 3.42 90.7 8.22 90.4 0.58 92.7 2.56 84.8 15.88 89.2

4Q 2013 1.10 85.1 3.60 95.8 8.51 93.5 0.59 93.9 2.77 92.8 16.56 93.3

1Q 2014 0.99 76.1 3.41 89.5 7.99 87.2 0.55 86.4 2.58 85.0 15.51 86.5

2Q 2014 1.13 87.1 3.58 93.8 8.35 91.2 0.57 89.3 2.54 85.0 16.17 90.4

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

4Q 2014 0.75 87.4 2.25 88.7 5.58 91.2 0.39 90.4 1.71 88.0 10.67 89.9

Yr-on-Yr Chg. -31.8% -37.5% -34.5% -34.1% -38.4% -35.6%

Nov-13 1.30 102.2 3.77 100.9 9.09 100.0 0.63 100.0 3.03 104.6 17.82 101.1

Dec-13 1.09 83.8 3.56 94.4 8.51 93.6 0.57 90.2 2.66 87.9 16.39 92.0

Jan-14 0.96 73.7 3.49 91.3 8.05 87.9 0.57 89.9 2.58 85.1 15.64 87.2

Feb-14 0.99 76.3 3.54 92.8 7.92 86.5 0.51 80.8 2.57 84.6 15.52 86.6

Mar-14 1.01 78.2 3.22 84.4 7.99 87.3 0.56 88.4 2.59 85.4 15.38 85.8

Apr-14 1.07 82.8 3.48 91.2 8.52 93.0 0.56 87.8 2.63 86.7 16.25 90.6

May-14 1.15 88.5 3.59 94.1 8.32 90.9 0.59 92.8 2.53 83.4 16.18 90.2

Jun-14 1.17 89.9 3.66 96.1 8.22 89.8 0.56 87.4 2.47 84.8 16.07 90.3

Jul-14 1.14 87.5 3.72 97.6 8.79 96.0 0.57 88.1 2.64 90.9 16.86 94.6

Aug-14 1.09 84.3 3.58 93.9 8.78 95.9 0.64 98.9 2.59 89.2 16.68 93.7

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

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

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

Yr-on-Yr Chg. -14.3% -7.9% -5.5% -3.0% -14.9% -8.1%

% of Total1 6.8% 21.2% 52.5% 3.7% 15.7% 100.0%

NY Harbor Chicago US Gulf Los Angeles

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

2012 11.87 26.89 14.78 11.65

2013 9.20 21.63 12.83 10.25

2014 8.62 16.57 11.76 8.68

4Q 2013 6.58 10.55 12.08 5.97

1Q 2014 6.47 16.53 11.68 6.33

2Q 2014 8.85 18.85 15.02 13.18

3Q 2014 9.30 17.07 13.06 10.22

4Q 2014 9.85 13.81 7.28 5.02

Yr-on-Yr Chg. 49.6% 30.9% -39.7% -16.0%

Jan-14 6.48 14.25 11.46 4.64

Feb-14 7.94 16.28 11.37 9.06

Mar-14 4.98 19.05 12.20 5.28

Apr-14 10.80 19.02 17.00 16.18

May-14 8.04 18.41 14.55 12.15

Jun-14 7.70 19.13 13.50 11.20

Jul-14 6.78 12.98 11.20 7.23

Aug-14 10.08 18.41 13.87 11.56

Sep-14 11.05 19.82 14.10 11.86

Oct-14 7.62 17.35 9.48 6.81

Nov-14 11.10 17.47 8.36 6.10

Dec-14 10.82 6.61 4.01 2.14

Jan-15 10.42 2.85 9.96 0.05

Yr-on-Yr Chg. 60.8% -80.0% -13.1% -98.9%


Page 21

D1: Canada Petroleum Supply and Demand Balances (million barrels per day)

D2: Canada Demand by Product (million barrels per day)

Notes: 1. As of most recent month. See notes for Table C1 for additional comments. Source: Statistics Canada’s Energy Statistics Handbook.

D3: Canada Petroleum Stocks (million barrels)

Notes: 1. Total includes other finished petroleum products. 2. Total petroleum demand includes refinery feedstocks, additives/oxygenates and other hydrocarbons. Source: Statistics Canada’s Energy Statistics Handbook.

Notes: 1. Total includes other finished petroleum products. 2. Total petroleum stocks include NGLs, refinery feedstocks, additives/oxygenates and other hydrocarbons. All stocks are closing levels. Source: Statistics Canada’s Energy Statistics Handbook.

Canada East West

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

2011 3.53 1.64 1.84 -0.05 0.32 1.02 -0.70 3.21 0.63 2.59

2012 3.77 1.72 2.06 0.01 0.26 1.05 -0.80 3.51 0.67 2.84

2013 4.04 1.65 2.40 0.01 0.28 0.98 -0.70 3.76 0.66 3.09

3Q 2013 4.07 1.73 2.43 0.10 0.35 1.04 -0.69 3.71 0.69 3.02

4Q 2013 4.21 1.64 2.54 -0.04 0.30 0.97 -0.67 3.91 0.66 3.25

1Q 2014 4.38 1.65 2.74 0.02 0.34 0.99 -0.64 4.03 0.67 3.37

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

3Q 2014 4.37 1.48 2.91 0.02 0.28 0.93 -0.65 4.09 0.55 3.54

Yr-on-Yr Chg. 7.5% -14.2% 19.6% -20.5% -10.2% 10.1% -20.4%

Oct-13 4.10 1.61 2.44 -0.05 0.28 0.95 -0.67 3.83 0.66 3.16

Nov-13 4.24 1.62 2.56 -0.06 0.29 0.97 -0.67 3.94 0.66 3.29

Dec-13 4.30 1.67 2.63 0.00 0.33 1.01 -0.67 3.97 0.66 3.30

Jan-14 4.34 1.64 2.70 0.00 0.33 0.96 -0.63 4.00 0.68 3.33

Feb-14 4.34 1.76 2.65 0.07 0.35 1.07 -0.72 3.99 0.69 3.30

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

Apr-14 4.32 1.42 2.87 -0.02 0.30 0.86 -0.56 4.02 0.57 3.45

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

Jun-14 4.32 1.47 2.78 -0.08 0.31 0.88 -0.57 4.01 0.59 3.42

Jul-14 4.37 1.48 2.96 0.08 0.30 0.94 -0.64 4.07 0.54 3.53

Aug-14 4.34 1.52 2.82 -0.01 0.23 0.94 -0.71 4.11 0.57 3.53

Sep-14 4.40 1.45 2.94 -0.01 0.30 0.91 -0.61 4.10 0.54 3.56

Oct-14 4.54 1.35 3.31 0.12 0.27 0.85 -0.58 4.27 0.50 3.77

Yr-on-Yr Chg. 10.6% -16.6% 35.9% -2.7% -10.6% 11.5% -25.1%

% of Total1 100.0% 100.0% 5.9% 63.0% 94.1% 37.0%

Finished Products NGLs Petrol.

Gasoline Distil. Resid. Total1 Total Total2

2011 0.76 0.58 0.08 1.82 0.55 2.37

2012 0.74 0.53 0.08 1.81 0.56 2.37

2013 0.77 0.56 0.05 1.84 0.66 2.50

3Q 2013 0.81 0.56 0.06 1.91 0.65 2.55

4Q 2013 0.74 0.57 0.06 1.82 0.65 2.46

1Q 2014 0.75 0.59 0.08 1.86 0.65 2.51

2Q 2014 0.79 0.53 0.06 1.81 0.65 2.45

3Q 2014 0.82 0.59 0.07 1.97 0.65 2.61

Yr-on-Yr Chg. 0.6% 5.8% 16.5% 3.1% 0.0% 2.3%

Oct-13 0.74 0.61 0.05 1.85 0.65 2.50

Nov-13 0.76 0.59 0.05 1.87 0.65 2.51

Dec-13 0.72 0.52 0.06 1.73 0.65 2.38

Jan-14 0.75 0.58 0.07 1.82 0.65 2.47

Feb-14 0.77 0.63 0.08 2.01 0.65 2.65

Mar-14 0.74 0.55 0.07 1.76 0.65 2.41

Apr-14 0.75 0.49 0.05 1.69 0.65 2.34

May-14 0.80 0.54 0.05 1.83 0.65 2.48

Jun-14 0.83 0.57 0.07 1.90 0.65 2.54

Jul-14 0.85 0.59 0.08 2.01 0.65 2.66

Aug-14 0.81 0.56 0.07 1.93 0.65 2.57

Sep-14 0.79 0.63 0.06 1.96 0.65 2.61

Oct-14 0.79 0.62 0.06 1.91 0.65 2.56

Yr-on-Yr Chg. 6.8% 1.4% -94.1% 2.9% 0.0% 2.2%

Finished Products Crude Oil Petrol.

Gasoline Distil. Resid. Total1 Total Total2

2011 19.0 18.0 2.9 56.1 100.1 156.2

2012 18.2 18.7 2.8 56.0 100.0 156.0

2013 16.5 13.8 2.4 52.4 98.9 151.3

3Q 2013 17.4 17.2 2.3 56.4 103.2 159.6

4Q 2013 16.5 13.8 2.4 52.4 98.9 151.3

1Q 2014 19.3 16.9 2.6 57.8 101.8 159.6

2Q 2014 17.5 15.2 2.5 54.8 101.0 155.8

3Q 2014 17.9 13.5 1.9 54.1 103.1 157.2

Yr-on-Yr Chg. 3.0% -21.5% -19.4% -4.1% -0.1% -1.5%

Oct-13 17.5 14.8 2.0 52.9 101.6 154.4

Nov-13 18.0 15.5 2.1 54.1 101.0 155.0

Dec-13 16.5 13.8 2.4 52.4 98.9 151.3

Jan-14 19.4 14.5 2.6 56.7 100.3 157.0

Feb-14 19.7 15.2 2.7 59.3 101.7 161.1

Mar-14 19.3 16.9 2.6 57.8 101.8 159.6

Apr-14 19.3 19.1 2.8 59.9 103.6 163.4

May-14 17.3 14.3 3.1 55.1 101.6 156.7

Jun-14 17.5 15.2 2.5 54.8 101.0 155.8

Jul-14 19.4 14.6 3.1 58.3 103.2 161.6

Aug-14 18.3 15.0 2.7 58.3 103.1 161.4

Sep-14 17.9 13.5 1.9 54.1 103.1 157.2

Oct-14 16.8 14.9 2.4 53.4 106.7 160.1

Yr-on-Yr Chg. -3.6% 0.2% 22.7% 1.0% 5.1% 3.7%


Page 22

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

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

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

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

Energy Statistics Handbook.

Major Producers Canada Petroleum Type

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

2011 2.23 0.43 0.04 0.01 0.27 3.03 0.83 0.86 0.43 0.76 0.14

2012 2.47 0.47 0.04 0.01 0.20 3.25 0.86 0.90 0.45 0.89 0.14

2013 2.63 0.47 0.04 0.01 0.23 3.46 0.91 0.94 0.45 0.98 0.15

3Q 2013 2.66 0.42 0.04 0.01 0.25 3.50 0.86 0.94 0.45 1.02 0.15

4Q 2013 2.75 0.50 0.04 0.01 0.20 3.57 0.91 1.00 0.46 1.03 0.16

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

2Q 2014 2.81 0.51 0.05 0.01 0.22 3.66 0.94 0.88 0.46 1.20 0.18

3Q 2014 2.92 0.51 0.05 0.01 0.19 3.72 0.89 0.94 0.46 1.23 0.19

Yr-on-Yr Chg. 9.6% 20.8% 21.4% -4.9% -22.2% 6.4% 3.9% -0.2% 1.7% 21.0% 24.9%

Oct-13 2.67 0.50 0.04 0.01 0.18 3.46 0.88 0.93 0.46 1.03 0.16

Nov-13 2.78 0.50 0.04 0.01 0.20 3.59 0.91 1.02 0.46 1.05 0.16

Dec-13 2.81 0.50 0.04 0.01 0.23 3.66 0.95 1.06 0.45 1.03 0.17

Jan-14 2.85 0.50 0.04 0.01 0.23 3.70 0.94 1.02 0.45 1.09 0.18

Feb-14 2.83 0.51 0.05 0.01 0.24 3.71 0.97 1.00 0.46 1.09 0.17

Mar-14 2.92 0.53 0.05 0.01 0.24 3.82 0.99 0.97 0.47 1.19 0.18

Apr-14 2.83 0.52 0.05 0.01 0.20 3.68 0.95 0.87 0.47 1.20 0.18

May-14 2.75 0.51 0.05 0.01 0.23 3.60 0.94 0.82 0.46 1.20 0.17

Jun-14 2.86 0.49 0.05 0.01 0.22 3.69 0.92 0.93 0.45 1.20 0.18

Jul-14 2.91 0.49 0.05 0.01 0.21 3.73 0.90 0.95 0.45 1.23 0.19

Aug-14 2.93 0.50 0.05 0.01 0.15 3.70 0.86 0.90 0.46 1.28 0.20

Sep-14 2.90 0.52 0.05 0.01 0.21 3.73 0.92 0.98 0.47 1.19 0.18

Oct-14 3.06 0.53 0.05 0.01 0.18 3.87 0.92 0.97 0.47 1.33 0.20

Yr-on-Yr Chg. 14.7% 6.0% 23.6% -3.2% 1.2% 11.8% 3.8% 3.9% 1.7% 30.0% 29.1%

Non-OPEC OPEC Imports

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

2011 20 8 40 76 379 129 54 73 15 300 102 679

2012 22 16 25 50 372 142 52 67 6 350 150 723

2013 24 15 36 55 466 71 47 16 2 177 57 643

3Q 2013 34 13 16 49 461 88 51 0 0 188 48 648

4Q 2013 16 0 58 0 492 47 31 0 0 106 27 598

1Q 2014 14 0 0 0 434 70 17 0 0 137 50 571

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

3Q 2014 31 110 0 11 479 28 46 0 0 74 0 554

Yr-on-Yr Chg. -8.3% >100% -100.0% -77.0% 4.0% -68.2% -9.3% 0.0% 0.0% -60.3% -100.0% -14.6%

Oct-13 26 0 79 0 454 54 60 0 0 114 0 567

Nov-13 14 0 97 0 520 35 32 0 0 67 0 587

Dec-13 9 0 0 0 502 54 0 0 0 136 82 638

Jan-14 13 0 0 0 480 66 0 0 0 66 0 546

Feb-14 10 0 0 0 451 111 0 0 0 199 88 650

Mar-14 18 0 0 0 372 33 51 0 0 145 61 517

Apr-14 4 0 33 6 344 35 30 0 0 125 60 470

May-14 1 0 0 0 476 0 14 0 0 80 66 556

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

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

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

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

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

Yr-on-Yr Chg. 22.3% 0.0% -100.0% 0.0% -13.3% 8.8% -100.0% 0.0% 0.0% -48.7% 0.0% -20.4%

% of Total3 7.0% 0.0% 0.0% 0.0% 87.1% 12.9% 0.0% 0.0% 0.0% 12.9% 0.0% 100.0%


Page 23

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

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

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

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


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

2012 2,390 99 24 2,513 -33 661 628 230 145 376 3,517

2013 2,221 117 27 2,365 -18 682 663 260 146 406 3,435

2014 2,323 122 26 2,472 -13 691 679 285 138 423 3,573

4Q 2013 2,237 113 25 2,375 -15 683 668 267 146 413 3,456

1Q 2014 2,385 116 28 2,529 -17 685 668 281 149 430 3,626

2Q 2014 2,141 126 27 2,294 -9 691 681 296 128 424 3,399

3Q 2014 2,373 124 25 2,522 -9 697 688 286 140 427 3,636

4Q 2014 2,395 124 25 2,544 -15 692 677 278 133 411 3,632

Yr-on-Yr Chg. 7.1% 9.8% -1.3% 7.1% 0.0% 1.3% 1.3% 4.0% -8.7% -0.5% 5.1%

Jan-14 2,372 108 29 2,509 -20 690 670 279 141 420 3,599

Feb-14 2,488 116 28 2,632 -14 679 665 279 160 439 3,736

Mar-14 2,294 125 26 2,445 -18 686 668 285 146 431 3,544

Apr-14 2,126 132 28 2,286 -7 691 684 288 130 418 3,388

May-14 2,107 129 25 2,261 -6 688 682 297 132 429 3,372

Jun-14 2,189 116 29 2,334 -15 693 678 303 122 425 3,437

Jul-14 2,312 130 25 2,467 -6 706 700 304 137 441 3,608

Aug-14 2,384 119 26 2,529 -6 692 686 284 143 427 3,642

Sep-14 2,423 122 25 2,570 -15 692 677 271 141 412 3,659

Oct-14 2,432 124 25 2,581 -15 684 669 270 137 407 3,657

Nov-14 2,425 124 26 2,575 -14 699 685 279 131 410 3,670

Dec-14 2,329 123 24 2,476 -15 693 678 284 132 416 3,570

Jan-15 2,120 107 20 2,247 -9 649 640 289 133 422 3,309

Yr-on-Yr Chg. -10.6% -0.9% -31.0% -10.4% -55.0% -5.9% -4.5% 3.6% -5.7% 0.5% -8.1%

% of Total2 64.1% 3.2% 0.6% 67.9% -0.3% 19.6% 19.3% 8.7% 4.0% 12.8% 100.0%

United States Canada North America1

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

2012 113 440 1,144 168 53 1,919 1,871 47 364 1,725 558 2,283

2013 89 420 1,049 153 50 1,761 1,705 56 351 1,728 384 2,112

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

4Q 2013 92 414 1,040 161 49 1,757 1,697 60 378 1,764 371 2,135

1Q 2014 84 432 1,065 149 50 1,780 1,725 55 511 1,946 345 2,291

2Q 2014 85 445 1,118 148 55 1,852 1,796 56 202 1,736 318 2,054

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

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

Yr-on-Yr Chg. -3.4% 12.8% 9.1% 3.4% 6.9% 8.7% 9.3% -6.2% 7.5% 12.0% -7.9% 8.5%

Jan-14 91 429 1,053 150 45 1,769 1,711 58 504 1,912 362 2,273

Feb-14 83 430 1,059 148 50 1,769 1,714 55 626 2,053 341 2,395

Mar-14 79 439 1,082 149 55 1,803 1,750 54 403 1,873 333 2,206

Apr-14 84 441 1,112 147 52 1,835 1,784 52 204 1,723 316 2,039

May-14 87 445 1,123 147 56 1,859 1,801 58 163 1,697 325 2,022

Jun-14 85 450 1,118 151 58 1,861 1,804 58 240 1,787 314 2,101

Jul-14 83 458 1,127 154 54 1,876 1,819 57 350 1,912 314 2,226

Aug-14 82 470 1,140 158 53 1,904 1,842 62 399 1,979 324 2,303

Sep-14 87 477 1,146 165 55 1,930 1,866 64 406 2,000 336 2,336

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

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

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

Jan-15 54 437 992 140 55 1,683 1,629 53 368 1,731 320 2,051

Yr-on-Yr Chg. -40.8% 2.0% -5.8% -6.9% 21.1% -4.9% -4.8% -7.6% -27.0% -9.5% -11.5% -9.8%

% of Total3 2.6% 21.3% 48.4% 6.8% 2.7% 82.1% 79.5% 2.6% 17.9% 84.4% 15.6% 100.0%


Page 24

Geographical Specifications

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Washington.

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

Maritime provinces (New Brunswick, Newfoundland and Labrador, Nova

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

Columbia, Saskatchewan and the northern territories (NorthWest

Territories, Nunavuut, and Yukon).

Additional Notes

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

whereas crude oil refers to its namesake and field condensates.

Condensates derived from natural gas processing plants are classified as

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Crude Stream

Producing

Country or

Region

API

Gravity

(@60° F)

Sulfur

Content

(%)

BBLs/Metric

Tonne

Tapis Blend Malaysia 44 0.1 7.910

Ekofisk Blend Norway 43 0.2 7.773

WTI Texas 40 0.3 7.640

GCS Gulf of Mexico 40 0.3 7.640

Oklahoma Sweet Oklahoma 40 0.3 7.640

Kansas Sweet Kansas 40 0.4 7.640

Wyoming Sweet Wyoming 40 0.2 7.640

ELS Alberta 40 0.5 7.640

Brent Blend United kingdom 38 0.8 7.551

Bonny Light Nigeria 37 0.1 7.506

Oman Blend Oman 36 0.8 7.462

Arabian Light Saudi Arabia 34 1.8 7.373

Minas Indonesia 34 0.1 7.373

Isthmus Mexico 34 1.5 7.373

Michigan Sour Michigan 34 1.7 7.373

WTS Texas 33 1.7 7.328

Urals Russia 32 1.7 7.284

Tia Juana Light Venezuela 32 1.2 7.284

Dubai U.A.E. 31 1.7 7.239

Lost Hills California 30 0.6 7.194

Cano Limon Colombia 28 0.6 7.105

Arabian Heavy Saudi Arabia 27 2.8 7.061

ANS Alaska 27 1.1 7.061

Oriente Ecuador 25 1.4 6.971

Hardisty Heavy Alberta 25 2.1 6.971

Maya Mexico 22 3.3 6.838

Kern River California 13 1.0 6.436

Crude Oil Qualities

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

Documents

January 2015 CERI Commodity Report — Crude Oil