March 2017 CERI Crude Oil Report

Relevant • Independent • Objective

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

Introduction Oil sands is a mixture of sand, clay or other minerals, water, and bitumen, which is a heavy and extremely viscous oil at room temperature. The Alberta estimated reserve is about 167.2 billion barrels1 under the current economic assumption. Oil sands can be surface mined using truck and shovel to move sand saturated with bitumen from the mining area to an extraction facility. However, if the deposit is deeply buried more than 75 meters below the surface, in situ thermal or solvent-based operation is used to reduce the viscosity of the bitumen and then pumped to the surface. The most common in situ processes in Alberta are Cyclic Steam Simulation (CSS), and Steam Assisted Gravity Drainage (SAGD). Once separated from the gas, water, and other materials, the bitumen product is diluted and shipped for sale or upgraded. Each of those operational steps requires a significant amount of energy, and there is a wide variability of energy consumption among oil companies depending on the geology, process design, and operational framework. Figure 1 highlights average annual energy intensities by project type expressed as GJ of energy per barrel of extracted bitumen. Figure 1: Alberta Oil Sands Energy Intensities by Project Type

Source: CERI, AER ST98, ST39, AESO, CAPP

Oil Sands Energy Intensities, Dynamics, and Efficiency Opportunities Alpha Sow

“If you can’t measure it, you can’t manage it.” This maxim has become a slogan for oil sands operators since the drop of oil prices caused by the global supply glut. Companies are looking to survive in a new normal environment of low prices, weak demand growth, and carbon regulations. Reducing energy intensity of hydrocarbon development is paramount for many stakeholders, policy makers, investors, and the public at large. As it pertains to the oil sands industry, the new regulations stipulate an absolute emissions cap of 100 Mt CO2eq per year. Policy makers and the provincial regulator are facing the task of allocating the remaining 30 Mt CO2eq emissions; what approach will be adopted is not yet clear. While the new regulations take place, the oil sands industry is looking for a fundamental way to reduce production costs and improve profit margins. Energy and emissions intensities are strongly linked to operational costs. Reduction in oil sands energy and emisisons intensities leads to some reduction in operating costs. The intent of this article is to review the oil sands operations energy intensities and the potential energy and emissions reductions in the current economic and carbon policy environment. A brief discussion is provided on how the allocation of the remaining 30 Mt CO2eq can be achieved.

March 2017

CERI Crude Oil Report

CERI Commodity Report - Crude Oil

Page 2

Oil sands energy demand is a mix of thermal, electricity, hydrogen, and diesel. The proportions of these energy forms vary according to bitumen extraction method and processing type. Thermal energy comes from burning natural gas, synthetic, fuel or associated gas. It is primarily used to produce steam, hot process water, and heating fuel during operations. Steam, for example, is generated through boilers and injected in-situ (SAGD and CSS) for bitumen mobilization, and is used in combination with hot process water in the mining during the separation process. Steam can also be generated during the bitumen upgrading phase from integrated heat recovery process in coking and hydrocracking unit and used in sulfur plant or hydrotreating unit. Heating fuel is used in upgrading to drive fractionation, distillation and cracking processes, and hydrogen production. Electricity is used to power pumps, compressors, heaters, mixers, and valves in oil sands operations. Hydrogen is mainly produced from steam methane reforming and used for the upgrading process. Hydrogen is essentially used for the primary upgrading stage in hydro-cracking and later in the secondary upgrading phase to produce a higher value, sweet synthetic crude oil. Diesel is widely employed in mining operations as fuel for trucks and shovels, and to a large extent for transportation of oil and gas operation staff and materials. Oil sands energy intensities2 are subject to variability. As shown in Figure 2, the variability is a function of reservoir characteristics, operation and project phase. The stack of each energy type is directly related to the processes operation. Diesel is mostly related to mining, and hydrogen for upgrading, but each process uses electricity and thermal energy (natural gas, fuel gas, etc.). Figure 2 highlights the share of each energy type, the blue point represents the median energy use while its variability is represented by the length of the vertical bar from different oil sands projects in Alberta. The green point shows the average empirical data for the industry in 2014; energy consumption data is sourced from the Alberta Energy Regulator.

Figure 2: Median Energy Intensities, Energy Mix, and 2014 Median Energy Intensities

Source: CERI Study 151

Potential Energy Efficiency Gains Given the unstable and current low oil price environment, US shale oil production, global oil supply glut, increasingly stringent emissions regulations, and social pressure to reduce GHG emissions, the growth of the oil sands industry will depend on how quickly it reduces the energy intensity of its operations. Oil companies are looking to address these challenges through energy efficiency in the existing facilities and piloting new technologies for upcoming projects where energy intensity and cost reduction drive the decision process. Brownfield projects: Oil sands operators are looking

to increase efficiency by using steam solvent process and retrofitting existing infrastructure to draw down costs.

The most promising energy efficiency reduction method for brownfield SAGD3 facilities constitutes trimming energy consumption at each stage of the process. Energy savings start at the water treatment step where magnesium from produced water is separated and used to absorb silica (silica removal) in the lime softening process unit reducing the need for additional magnesium. The treated water is boiled in an Once-Through Steam Generator (OTSG) to generate steam at 80% steam quality, while the remaining 20%, which is known as blowdown is sent to an evaporator where 50% of it is converted to steam and the remaining is retained in the sludge. Through a combination of steam flood management that relies on analytics of data physics, an optimum mix of steam and solvent is sent at the right temperature and pressure into the reservoir. The total cumulative impact of processes and technologies that


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can be applied to the existing field/facilities is able to achieve 48% (CERI Study 164) reduction of natural gas consumption. In-situ greenfield facilities offer more flexibility in the early design of the project, reducing capital costs and providing more opportunity for energy intensity reduction. Steam solvent and pure solvent-based processes can achieve greater performance when combined with steam flood management.

The greenfield steam-solvent configuration

combines energy efficient processes at each step of the operation.

The Rifle Tube Once Through Steam Generator (RT-OTSG) for generating the steam, steam solvent extraction such as the Solvent-Aided Process, Steam Assisted SAGD and the front-to-back (FTB) water treatment process for filtration by electrocoagulation can achieve cumulatively 65% (CERI Study 164) natural gas use reduction. Pure solvent technology such as the NSolv process which uses a solvent for bitumen recovery need limited thermal energy – 80% less than the standard requirement. The thermal energy is used for solvent heating and purification and the treatment of produced water. A 2012 Suncor and Jacobs study4 on oil sands mining operations estimates potential reduction of energy consumption by 13% for mining and upgrading. The energy efficiency in mining operations is achieved by introducing energy monitoring, heat exchanger and efficient fire heater, control systems and some process technologies that change the mining and extraction process. In the same way, upgraders’ energy consumption can be reduced by integrating heat exchange, process technology changes, control system, better energy monitoring, change of fuel type use and avoiding flaring and hydrocarbon loss. For greenfield upgrading, operators are considering partial upgrading technologies. The most promising processes are cavitation, catalyst-induced refining, desulfurization, deep conversion, pyrolysis and thermal cracking. This results in a bitumen product (API 19 to API 22.9) 5 that is lighter and less sweet than fully upgraded synthetic crude oil (SCO) but less viscous than pure

bitumen with less energy consumption and cost than full upgrading. Figure 3 shows the potential energy efficiency achievable through process and technology changes. Figure 3: Potential Energy Efficiency Achievable by Process Type

Source: CERI Studies 151, 164, Suncor & Jacobs

Emission Allocation Under the 100 Mt CO2eq. Cap To extend the analysis to a macro level, the oil sands industry ranks as one of the major GHG emitters among the Canadian sectors, and it’s estimated that GHG emissions from the sector will continue to grow from current 70 Mt/year CO2eq. CERI estimates that emissions will reach 100 Mt/year CO2eq. in 2028.6 Alberta had successfully adopted a regulatory framework to limit oil sands emissions at the 100 Mt CO2eq cap7 and applied an economy-wide carbon tax in its recent Climate Change Leadership Plan. The cap includes operating upgrading facilities and excludes future upgrading or partial upgrading and future co-generation. There is speculation on how the provincial regulator and the Alberta Government will allocate the remaining 30 Mt CO2eq. without distorting competition and inducing sustainable behaviors for oil companies. Since 2013, the AER has been working with the University of Pennsylvania Penn program on regulation to become a world class regulator.8 The working document suggests “flexible regulatory approaches promise more cost-effective outcomes, as they give regulated entities the opportunity to choose lower-cost means of achieving regulatory outcomes.” But as follow-up research9 shows, relying on this assumption as a working framework, and relying on tools such as Industry Wide Best Practices10 will not always lead to significant


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change in private sector firms’ environmental performance. Although it can achieve a positive outcome, “these results are unlikely to be significant or reliable enough to make such strategies the mainstay of society’s approach to environmental protection.” 11 The challenge is to set a regulatory mechanism complying with best-in-class standard. The standard should be flexible, leaving choices to oil companies to comply at the lower cost and delivering full potential of their oil resources for Albertans. Many methodologies can be considered on how to allocate the remaining 30 Mt CO2eq; the discussion sets an assumption that the current GHG emissions and onstream production are fixed (70 Mt CO2eq) and the emissions room left by decommissioned fields is replaced by higher intensity of depleting oil fields. The following options can be assessed, but one of them seems to fulfill the best in class regulator standard and the spirit of the 100 Mt CO2eq cap “achieving a sustainable oil sands growth.” 1- First come first self-serve basis: emissions are allocated as companies’ applications are approved. This approach will lead companies to hedge by using a multiphase application process and will hold credit for the future. Future development will be limited, and few companies will be allowed to invest because of limited emissions credit. 2- Best in class based on emission intensities of the first quartile: allocating the remaining emissions cap to the first quartile of more efficient entities. This approach will distort concurrence because emissions are directly tied to the energy consumption and geology condition. Companies with high SOR operations will face restrictions to grow; companies who have good leases will thrive. In such a system, the best in class regulator metrics such as fairness will be strained. The best in class might promote an implicit carbon cost differential among the industry, the barrier for new entrance and burden the development of some oil deposits. 3- Continuous Improvement: the regulator might find it challenging to implement this method due to difficulty of setting up a baseline (base year), measuring the progress, and monitoring changes. This type of approach could fail to satisfy fair cost regulation and verifiability.

4- Weighted Production approach: will cause past dependence and favour big players with more diverse oil plays; it allows major companies to choose a mix between oil deposits, project phase-startup, production ramp up, and older fields. Production growth will be achieved by incremental extensions of the existing fields. 5- Moving Threshold and Fair sharing approach: companies will be granted temporary emissions right (3-year period) at the current carbon price as it seeks regulatory approval from the AER. The right to pollute is bounced back for adjunction every three years to replenish the 30 Mt CO2eq reserve. The new round of emissions allotment will be based on the Shamir Secret Sharing Scheme,12 where each company’s GHG emissions are set as an incomplete share of “the secret”. The regulator sets a goal to achieve a unique composite metric combining the four major environmental impacts: land use, water, GHG emissions, venting and flaring. The composite metric is set as a secret unknown to oil producers and built up from oil companies performance data, collected during the three-year period. Each company’s pollution right in the new GHG allocation round will be based on production and the overall environmental performance during the last three-year phase of the project development. The threshold being unknown to oil companies, they will try their best to reach the best performance achievable in each area, because its future oil production depends on the pollution rights gained. There is no threshold target, so companies will compete to get the bigger share of the 30 Mt CO2eq with the best knowledgeable practices. The moving threshold and fair sharing are reliable, and not subject to bias. When the 100 Mt CO2eq cap is exceeded, a specific carbon rate is applied to transfer the excess emissions to the economy. When a new company comes in without history, a statistical attribution factor is assigned to the company for the next three years. The current regulations – carbon tax and oil sands cap targets – are framed to incite innovation adoption without burdening Alberta oil producers in the North American market. Allocating the 30 Mt CO2eq without giving preferential treatment of picking winners and losers might be challenging.


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None of the approaches above are perfect. However, some of them limit the structural burden linked to unfavorable reservoir and medium quality lease resources. Less energy-intensive oil sands means a more sustainable and competitive industry. CERI Study 164 shows emissions and cost reduction objectives are not adversely related and can be achieved through technology and process innovation.

Endnotes 1 http://www.energy.alberta.ca/OilSands/1715.asp 2 http://resources.ceri.ca/PDF/Pubs/Studies/Study_151_Full_Report.pdf 3 http://resources.ceri.ca/PDF/Pubs/Studies/Study_164_Full_Report.pdf 4 http://sustainability.suncor.com/2014/pdf/CCEMC-Suncor_GHG_Reduction_Roadmap-Final_Jacobs_Report.pdf 5 http://resources.ceri.ca/PDF/Pubs/Studies/Study_164_Full_Report.pdf 6 http://resources.ceri.ca/PDF/Pubs/Studies/Study_164_Full_Report.pdf 7 https://www.alberta.ca/climate-leadership-plan.aspx 8 https://www.law.upenn.edu/live/files/4946-pprfinalconvenersreportpdf 9 http://scholarship.law.upenn.edu/cgi/viewcontent.cgi?article=1104&context=faculty_scholarship 10 http://www.capp.ca/publications-and-statistics/fuel-gas-best-management 11 http://scholarship.law.upenn.edu/cgi/viewcontent.cgi?article=1104&context=faculty_scholarshipIbid 12 How to share a secret, Shamir A. Communication ACM-1979 vol 22.

http://www.energy.alberta.ca/OilSands/1715.asp

http://resources.ceri.ca/PDF/Pubs/Studies/Study_151_Full_Report.pdf




http://sustainability.suncor.com/2014/pdf/CCEMC-Suncor_GHG_Reduction_Roadmap-Final_Jacobs_Report.pdf

http://sustainability.suncor.com/2014/pdf/CCEMC-Suncor_GHG_Reduction_Roadmap-Final_Jacobs_Report.pdf





https://www.alberta.ca/climate-leadership-plan.aspx

https://www.law.upenn.edu/live/files/4946-pprfinalconvenersreportpdf

https://www.law.upenn.edu/live/files/4946-pprfinalconvenersreportpdf

http://scholarship.law.upenn.edu/cgi/viewcontent.cgi?article=1104&context=faculty_scholarship

http://scholarship.law.upenn.edu/cgi/viewcontent.cgi?article=1104&context=faculty_scholarship

http://www.capp.ca/publications-and-statistics/fuel-gas-best-management

http://www.capp.ca/publications-and-statistics/fuel-gas-best-management

http://scholarship.law.upenn.edu/cgi/viewcontent.cgi?article=1104&context=faculty_scholarshipIbid

http://scholarship.law.upenn.edu/cgi/viewcontent.cgi?article=1104&context=faculty_scholarshipIbid


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World Supply and Demand Balance (MMbpd)

OPEC Crude Oil Production (MMbpd)

WTI Price Projections ($US/barrel)

2014 2015 2016 2017 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17

World Demand 93.0 94.9 96.6 97.9 93.8 94.4 95.9 95.6 95.5 95.9 97.2 97.7 96.6 97.4 98.5 99.1

OECD 45.8 46.4 46.9 46.8 46.6 45.6 46.9 46.5 46.7 46.0 47.3 47.4 46.7 46.2 47.2 47.2

non-OECD 47.2 48.6 49.7 51.1 47.2 48.8 49.0 49.2 48.8 49.9 49.9 50.3 49.8 51.3 51.3 51.9

World Supply 93.7 96.6 97.0 97.6 95.3 96.5 97.2 97.4 96.6 96.1 97.1 98.3 96.3 97.0 98.4 98.6

Non-OPEC 57.0 58.5 57.7 58.1 58.1 58.2 58.6 58.8 58.0 57.0 57.5 58.2 57.7 57.7 58.5 58.6

OPEC NGLs 6.3 6.5 6.7 6.8 6.4 6.5 6.5 6.6 6.5 6.7 6.8 6.8 6.7 6.8 6.9 6.9

OPEC Crude 27.7 27.7 28.2 28.2 30.8 31.8 32.1 32.0 32.1 32.4 32.8 33.3 31.9 32.5 33.0 33.1

Supply - Demand1 0.7 1.7 0.4 -0.3 1.5 2.0 1.3 1.8 1.2 0.1 -0.2 0.6 -0.3 -0.4 -0.1 -0.5

OECD

Stocks (MMbbls) 2712 2815 2905 2984 3015 3046 3052 3060 2985 2973 2956 2951

Days Cover 58 62 62 64 65 66 65 65 64 64 63 63

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

High Price Case 57.93 58.85 57.20 58.30 58.30 58.30 59.40

Reference Case 48.71 43.26 52.66 53.50 45.52 44.88 49.23 52.65 52.00 53.00 53.00 53.00 54.00

Low Price Case 44.77 45.48 44.20 45.05 45.05 45.05 45.90

Sustainable

Capacity Jan-17 Feb-17 Mar-17 Jan-17 Feb-17 Mar-17

Saudi Arabia 12.20 9.80 9.98 9.93 2.40 2.22 2.27

Iran 3.75 3.75 3.82 3.80 0.00 -0.07 -0.05

UAE 3.14 2.99 2.93 2.91 0.15 0.21 0.23

Kuwait 2.93 2.71 2.71 2.70 0.22 0.22 0.23

Qatar 0.67 0.61 0.59 0.60 0.06 0.08 0.07

Angola 1.78 1.63 1.65 1.62 0.15 0.13 0.16

Nigeria 1.70 1.43 1.45 1.31 0.27 0.25 0.39

Libya 0.65 0.69 0.67 0.61 -0.04 -0.02 0.04

Algeria 1.13 1.05 1.05 1.05 0.08 0.08 0.08

Ecuador 0.56 0.53 0.53 0.52 0.03 0.03 0.04

Venezuela 2.20 2.05 2.05 2.03 0.15 0.15 0.17

Gabon 0.23 0.20 0.20 0.20 0.03 0.03 0.03

OPEC. Excl. Iraq 30.94 27.44 27.63 27.27 3.50 3.31 3.67

Iraq1 4.66 4.46 4.42 4.41 0.20 0.24 0.25

Total OPEC 35.60 31.90 32.05 31.68 3.70 3.55 3.92

Production Spare Capacity vs Production


Page 11

Data Appendix


Page 12

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

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

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

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

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

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

NYMEX Light Sweet Crude

Last 3 Day Avg. When 12-Month Spread

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

2014 96.53 96.37 96.73 87.56 0.54

2015 49.68 49.80 51.41 53.75 -0.78

2016 42.28 42.15 42.01 44.80 -0.98

1Q 2016 30.92 31.19 34.29 38.10 -1.44

2Q 2016 43.94 43.15 40.39 43.31 -1.24

3Q 2016 46.95 47.20 46.46 48.68 -0.65

4Q 2016 47.30 47.03 46.91 49.12 -0.58

1Q 2017 52.90 52.44 52.19 54.65 -0.80

Yr-on-Yr Chg. 71.1% 68.1% 52.2% 43.4%

Apr-16 41.45 40.27 36.44 40.15 -1.69

May-16 42.63 41.16 39.32 42.33 -1.30

Jun-16 47.75 48.03 45.43 47.45 -0.72

Jul-16 48.85 48.73 49.03 50.88 -0.55

Aug-16 44.94 44.94 46.78 49.09 -0.71

Sep-16 47.05 47.93 43.57 46.05 -0.70

Oct-16 43.44 43.26 45.39 47.67 -0.62

Nov-16 50.43 50.77 48.64 50.65 -0.49

Dec-16 48.03 47.07 46.71 49.03 -0.63

Jan-17 52.23 52.08 50.63 53.49 -0.99

Feb-17 52.42 51.62 52.75 55.39 -0.87

Mar-17 54.06 53.61 53.18 55.08 -0.55

Apr-17 47.34 48.11 51.12 52.81 -0.50

Yr-on-Yr Chg. 14.2% 19.5% 40.3% 31.5%

NYMEX Unleaded Gasoline NYMEX Heating Oil

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

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

2014 270.6 272.8 271.8 260.8 1.7 285.9 287.7 286.4 290.2 1.4

2015 168.8 166.0 166.4 157.8 0.5 174.8 171.9 173.2 179.6 0.5

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

1Q 2016 114.0 112.5 111.5 125.9 -9.2 107.7 106.9 107.4 117.8 -2.0

2Q 2016 154.5 155.4 148.9 142.9 -2.1 135.4 135.1 128.8 137.4 -1.0

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

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

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

Yr-on-Yr Chg. 38.0% 39.6% 39.9% 33.6% 52.8% 54.4% 53.5% 46.7%

Apr-16 143.6 145.3 139.9 137.4 -4.3 118.5 116.7 119.3 128.5 -1.2

May-16 158.5 158.8 148.8 142.0 -1.5 137.8 138.8 124.9 133.7 -1.0

Jun-16 161.5 162.2 158.1 149.4 -0.7 149.8 149.8 142.1 150.1 -0.7

Jul-16 150.1 151.2 155.4 140.3 -0.9 148.5 149.7 150.1 158.6 -0.9

Aug-16 132.1 131.6 138.0 124.5 -0.6 127.6 128.0 138.5 149.8 -2.5

Sep-16 141.2 144.2 141.6 125.6 7.9 141.0 145.6 141.5 151.4 -1.9

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

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

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

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

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

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

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

Yr-on-Yr Chg. 18.4% 15.9% 16.4% 14.4% 32.8% 33.5% 28.7% 25.4%


Page 13

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

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

Notes: 1. ANS is Delivered price on US West Coast. 2. As of August 2016, Edmonton Light Sweet is referred to as Canadian Sweet. 3. As of August 2016, Western

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

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

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

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

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

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

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

1Q 2016 29.95 30.47 31.44 33.91 34.39 32.30 22.67 27.89 26.73 31.39 33.72 31.64

2Q 2016 42.66 43.18 43.47 45.53 46.13 43.86 33.78 40.81 40.34 43.47 45.61 46.24

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

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

1Q 2017 52.20 53.11 53.07 53.75 53.79 52.34 45.99 51.40 48.52 54.44 54.04 50.06

Yr-on-Yr Chg. 74.3% 74.3% 68.8% 58.5% 56.4% 62.1% 102.9% 84.3% 81.5% 73.5% 60.3% 58.2%

Mar-16 34.74 35.15 36.46 38.51 38.86 36.87 25.83 32.99 31.45 35.45 38.53 34.62

Apr-16 38.22 39.00 39.43 41.48 42.15 39.89 28.84 36.33 35.04 38.14 41.51 38.52

May-16 43.48 44.29 44.37 46.83 47.70 45.08 34.28 41.60 41.96 44.76 46.85 48.64

Jun-16 46.28 46.25 46.61 48.28 48.54 46.60 38.22 44.50 44.03 47.51 48.48 51.56

Jul-16 43.14 42.64 43.45 45.00 44.99 43.76 36.71 41.37 40.72 45.07 45.30 41.84

Aug-16 43.47 43.58 44.02 45.85 45.79 44.06 36.46 41.88 40.84 44.22 46.35 41.26

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

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

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

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

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

Feb-17 53.63 54.41 54.27 55.06 55.10 53.67 47.03 52.85 50.08 56.09 55.24 51.19

Mar-17 50.68 51.21 50.94 51.60 51.64 49.94 44.14 49.87 46.83 52.26 51.91 48.35

Yr-on-Yr Chg. 45.9% 45.7% 39.7% 34.0% 32.9% 35.4% 70.9% 51.2% 48.9% 47.4% 34.7% 39.7%

United States Canada Light vs. Heavy

ANS1 Lost Hills Kern R. WTI WTS GCS

Okla.

Sw.

Kans.

Sw.

Mich.

So.

Wyo.

Sw.

CDN

Sweet2CDN

Heavy3

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

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

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

1Q 2016 34.14 33.54 27.08 31.67 26.67 25.42 31.67 30.75 23.67 30.20 28.28 18.11

2Q 2016 30.42 45.46 38.30 44.25 39.25 38.00 44.25 43.17 36.25 43.88 42.69 32.65

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

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

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

Yr-on-Yr Chg. 27.3% 59.2% 68.0% 53.7% 63.8% 66.9% 53.7% 55.0% 71.8% 60.4% 73.1% 111.0%

Mar-16 22.94 37.21 31.25 35.75 30.75 29.50 35.75 35.00 27.75 35.71 26.19 18.50

Apr-16 36.36 44.67 37.65 42.50 37.50 36.25 42.50 41.50 34.50 42.17 36.83 27.16

May-16 30.62 46.83 40.25 45.75 40.75 39.50 45.75 44.75 37.75 45.58 44.58 34.63

Jun-16 24.29 44.89 37.00 44.50 39.50 38.25 44.50 43.25 36.50 43.89 46.61 36.13

Jul-16 22.77 40.65 32.30 38.00 33.00 31.75 38.00 37.00 30.00 37.85 41.01 30.55

Aug-16 30.62 49.35 38.60 44.00 39.00 37.75 44.00 43.25 36.00 43.89 41.35 30.34

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

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

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

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

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

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

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

Yr-on-Yr Chg. 101.2% 39.9% 41.9% 31.5% 36.6% 38.1% 31.5% 31.4% 40.5% 31.2% 79.5% 96.4%


Page 14

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

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

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

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

Notes: 1. As of August 2016, Edmonton Light Sweet is referred to as Canadian Sweet. 2. As of August 2016, Western Canadian Select is referred to as Canadian Heavy. Sources: OPEC Monthly Oil Market Report: Oil & Gas Journal; Natural Resources Canada.

Light vs. Heavy Sweet vs. Sour

Arab Lt Arab Hv Diff. Isthmus Maya Diff.

CDN

Sweet1CDN

Heavy2 Diff. GCS WTS Diff.

2014 97.07 93.57 3.50 93.58 85.88 7.69 82.59 73.85 8.74 82.19 83.44 -1.25

2015 49.87 47.02 2.85 51.14 44.02 7.12 44.83 35.71 9.13 39.38 40.63 -1.25

2016 40.89 38.36 2.52 42.31 36.40 5.92 39.44 28.85 10.59 34.83 36.08 -1.25

1Q 2016 29.95 27.14 2.82 31.39 26.09 5.30 28.28 18.11 10.17 25.42 26.67 -1.25

2Q 2016 42.66 40.10 2.56 43.47 37.49 5.98 42.69 32.65 10.04 38.00 39.25 -1.25

3Q 2016 43.10 40.58 2.52 44.61 39.21 5.41 41.64 30.77 10.88 36.08 37.33 -1.25

4Q 2016 47.83 45.64 2.19 49.79 42.80 6.99 45.53 34.29 11.24 39.83 41.08 -1.25

1Q 2017 52.20 50.44 1.76 54.44 45.32 9.13 48.95 38.22 10.74 42.42 43.67 -1.25

Yr-on-Yr Chg. 74.3% 85.9% 73.5% 73.7% 73.1% 111.0% 66.9% 63.8%

Mar-16 34.74 32.76 1.98 35.45 29.22 6.23 26.19 18.50 7.69 29.50 30.75 -1.25

Apr-16 38.22 35.92 2.30 38.14 30.95 7.19 36.83 27.16 9.67 36.25 37.50 -1.25

May-16 43.48 40.69 2.79 44.76 39.08 5.68 44.58 34.63 9.95 39.50 40.75 -1.25

Jun-16 46.28 43.68 2.60 47.51 42.43 5.08 46.61 36.13 10.48 38.25 39.50 -1.25

Jul-16 43.14 40.40 2.74 45.07 40.25 4.82 41.01 30.55 10.47 31.75 33.00 -1.25

Aug-16 43.47 41.00 2.47 44.22 38.76 5.46 41.35 30.34 11.01 37.75 39.00 -1.25

Sep-16 42.70 40.34 2.36 44.55 38.61 5.94 42.57 31.41 11.16 38.75 40.00 -1.25

Oct-16 48.26 46.26 2.00 49.91 43.20 6.71 46.81 35.89 10.92 39.25 40.50 -1.25

Nov-16 43.32 40.96 2.36 45.64 39.73 5.91 41.66 30.54 11.13 37.25 38.50 -1.25

Dec-16 51.92 49.70 2.22 53.81 45.47 8.34 48.14 36.46 11.68 43.00 44.25 -1.25

Jan-17 52.29 50.56 1.73 54.98 45.44 9.54 49.53 38.81 10.73 42.75 44.00 -1.25

Feb-17 53.63 51.82 1.81 56.09 46.88 9.21 50.33 39.53 10.79 43.75 45.00 -1.25

Mar-17 50.68 48.93 1.75 52.26 43.63 8.63 47.03 36.34 10.69 40.75 42.00 -1.25

Yr-on-Yr Chg. 45.9% 49.4% 47.4% 49.3% 79.5% 96.4% 38.1% 36.6%

Spot Prices Differentials

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

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

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

2016 43.33 43.72 41.46 42.11 40.68 -1.44 0.82 0.17 1.59

1Q 2016 33.41 33.95 30.59 32.34 29.96 -3.03 0.33 -1.42 0.97

2Q 2016 45.52 45.54 43.23 43.86 42.30 -1.60 0.71 0.08 1.64

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

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

1Q 2017 52.65 54.54 53.90 53.24 52.03 -1.64 -1.00 -0.34 0.87

Yr-on-Yr Chg. 57.6% 60.6% 76.2% 64.6% 73.7%

Mar-16 37.76 38.49 35.12 36.85 34.65 2.96 6.33 4.60 6.80

Apr-16 40.95 41.48 39.00 39.89 37.86 1.15 3.63 2.74 4.77

May-16 46.72 46.79 44.30 45.01 43.21 0.96 3.45 2.74 4.54

Jun-16 48.74 48.28 46.25 46.60 45.84 0.57 2.60 2.25 3.01

Jul-16 44.69 45.00 42.54 43.76 42.68 -0.06 2.40 1.18 2.26

Aug-16 44.75 45.68 43.67 43.90 43.10 1.37 3.38 3.15 3.95

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

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

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

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

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

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

Mar-17 51.40 53.28 53.26 51.88 50.32 -5.94 -5.92 -4.54 -2.98

Yr-on-Yr Chg. 36.1% 38.4% 51.7% 40.8% 45.2%


Page 15

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

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

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

Report.

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

US Gulf Coast, Pipeline Rotterdam, Barges Singapore, Cargoes

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

2014 106.68 82.82 113.30 108.16 112.63 81.04 110.75 112.53 87.22

2015 66.94 40.73 63.86 67.02 65.48 37.85 69.09 64.47 44.55

2016 56.84 32.12 52.43 54.02 52.37 30.62 56.20 52.24 35.63

1Q 2016 44.62 21.14 41.66 43.78 40.63 18.71 49.31 40.27 24.87

2Q 2016 61.70 31.03 53.43 58.37 54.51 29.31 57.58 53.76 33.89

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

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

1Q 2017 65.23 45.54 64.12 64.45 64.22 44.14 68.89 65.82 50.21

Yr-on-Yr Chg. 46.2% 115.4% 53.9% 47.2% 58.1% 135.9% 39.7% 63.4% 101.9%

Mar-16 51.03 23.58 44.88 45.60 45.55 21.97 52.68 45.52 27.51

Apr-16 58.77 25.95 47.55 55.51 48.79 24.39 54.49 48.08 29.65

May-16 62.10 31.85 54.36 58.93 55.91 30.18 59.14 54.86 34.58

Jun-16 64.11 35.11 58.16 60.60 58.69 33.23 59.05 58.14 37.27

Jul-16 58.66 33.87 52.82 52.73 53.17 33.19 51.87 54.27 37.06

Aug-16 61.25 34.40 54.80 54.45 53.88 33.88 54.18 53.47 37.21

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

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

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

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

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

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

Mar-17 62.80 44.22 61.97 61.53 62.69 42.99 65.36 65.24 48.57

Yr-on-Yr Chg. 23.1% 87.5% 38.1% 34.9% 37.6% 95.7% 24.1% 43.3% 76.6%

NY Harbor US Gulf Los Angeles

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

2014 261.23 269.64 280.48 248.81 269.65 271.08 266.81 278.58

2015 161.18 154.68 166.33 155.30 152.55 157.92 194.58 166.03

2016 139.08 128.35 135.14 133.18 124.92 131.75 145.38 138.67

1Q 2016 112.67 101.43 106.83 105.70 99.07 102.80 127.27 108.63

2Q 2016 150.67 132.00 138.70 141.93 127.60 134.57 157.43 143.37

3Q 2016 139.03 132.27 139.57 139.33 129.53 137.40 145.07 141.83

4Q 2016 153.93 147.70 155.47 145.73 143.47 152.23 151.77 160.83

1Q 2017 155.30 153.50 159.17 155.30 150.20 156.77 169.60 163.47

Yr-on-Yr Chg. 37.8% 51.3% 49.0% 46.9% 51.6% 52.5% 33.3% 50.5%

Mar-16 120.10 113.20 119.00 121.40 106.90 112.70 152.80 119.00

Apr-16 144.80 118.80 124.70 133.70 114.70 119.90 155.10 129.60

May-16 156.60 135.60 142.30 143.40 129.90 137.80 153.00 145.80

Jun-16 150.60 141.60 149.10 148.70 138.20 146.00 164.20 154.70

Jul-16 135.40 129.20 137.00 135.80 127.20 134.30 141.20 140.00

Aug-16 137.90 132.50 139.90 142.90 129.50 137.90 138.80 140.00

Sep-16 143.80 135.10 141.80 139.30 131.90 140.00 155.20 145.50

Oct-16 152.20 148.80 155.90 148.90 145.70 154.40 161.90 163.00

Nov-16 146.20 139.00 146.30 131.70 135.60 142.70 143.40 153.90

Dec-16 163.40 155.30 164.20 156.60 149.10 159.60 150.00 165.60

Jan-17 162.00 155.10 162.30 159.30 151.40 159.30 161.20 167.10

Feb-17 154.70 156.20 162.40 154.30 154.70 160.80 175.60 167.00

Mar-17 149.20 149.20 152.80 152.30 144.50 150.20 172.00 156.30

Yr-on-Yr Chg. 24.2% 31.8% 28.4% 25.5% 35.2% 33.3% 12.6% 31.3%


Page 16

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

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

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

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

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

Source: IEA Oil Market Report.

OECD Non-OECD OPEC World

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

Demand

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

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

2014 24.2 13.5 8.1 45.8 21.3 12.2 4.7 38.2 5.5 3.2 8.9 93.0

2015 24.6 13.7 8.0 46.4 22.5 12.3 4.6 39.4 5.8 3.4 9.2 94.9

2016 24.7 14.1 8.1 46.9 23.4 11.9 4.8 40.1 6.0 3.5 9.6 96.6

1Q 2015 24.5 13.5 8.7 46.6 22.1 11.6 4.3 38.0 5.8 3.4 9.2 93.8

2Q 2015 24.4 13.6 7.6 45.6 22.7 12.5 4.6 39.8 5.8 3.4 9.2 94.4

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

4Q 2015 24.5 13.7 8.2 46.5 23.0 12.3 4.7 40.0 5.8 3.4 9.2 95.6

1Q 2016 24.5 13.7 8.5 46.7 23.3 11.4 4.6 39.3 6.0 3.5 9.6 95.5

2Q 2016 24.4 14.0 7.6 46.0 23.6 12.1 4.6 40.3 6.0 3.5 9.6 95.9

3Q 2016 25.0 14.5 7.8 47.3 22.9 12.5 4.9 40.3 6.0 3.5 9.6 97.2

4Q 2016 24.8 14.2 8.3 47.4 23.9 11.9 5.0 40.8 6.0 3.5 9.6 97.7

1Q 2017 24.4 13.9 8.4 46.7 24.0 11.1 4.7 39.9 6.2 3.7 10.0 96.6

Supply

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

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

2014 19.1 3.3 0.5 24.1 7.7 7.9 13.9 30.5 26.8 9.0 37.5 93.7

2015 20.0 3.5 0.5 25.1 7.9 8.1 14.0 31.0 28.2 8.7 38.1 96.6

2016 19.5 3.5 0.4 24.6 7.6 7.8 14.2 30.7 30.1 7.2 39.3 97.0

1Q 2015 20.1 3.4 0.4 25.1 7.9 8.1 14.1 31.1 27.3 8.8 36.9 95.3

2Q 2015 19.7 3.5 0.4 24.8 8.0 8.1 14.0 31.1 28.3 8.9 38.0 96.4

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

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

1Q 2016 19.9 3.6 0.4 25.2 7.8 7.8 14.3 31.0 28.9 8.5 39.6 96.7

2Q 2016 19.0 3.4 0.4 24.0 7.7 7.7 14.1 30.6 29.8 8.0 39.9 96.0

3Q 2016 19.3 3.3 0.4 24.3 7.4 7.9 14.0 30.4 30.6 7.7 39.5 97.0

4Q 2016 19.6 3.6 0.4 24.9 7.5 7.9 14.5 31.0 30.8 7.3 40.0 98.3

1Q 2017 19.6 3.6 0.4 24.8 7.4 7.8 14.4 30.7 29.5 7.1 38.6 96.3

Balance

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

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

2014 -5.1 -10.2 -7.6 -21.7 -13.6 -4.3 9.2 -7.7 21.2 5.7 28.6 0.7

2015 -4.6 -10.2 -7.5 -21.3 -14.6 -4.2 9.4 -8.4 22.4 5.3 28.9 1.7

2016 -5.2 -10.6 -7.7 -22.3 -15.8 -4.1 9.4 -9.4 24.1 3.7 29.7 0.4

1Q 2015 -4.4 -10.1 -8.3 -21.5 -14.2 -3.5 9.8 -6.9 21.5 5.4 27.7 1.5

2Q 2015 -4.7 -10.1 -7.2 -20.8 -14.7 -4.4 9.4 -8.6 22.5 5.5 28.8 2.0

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

4Q 2015 -4.4 -10.1 -7.7 -21.1 -15.1 -4.4 9.4 -9.1 22.9 5.3 29.9 1.8

1Q 2016 -4.6 -10.1 -8.1 -21.5 -15.5 -3.6 9.7 -8.3 22.9 5.0 30.0 1.2

2Q 2016 -5.4 -10.6 -7.2 -22.0 -15.9 -4.4 9.5 -9.7 23.8 4.5 30.3 0.1

3Q 2016 -5.7 -11.2 -7.4 -23.0 -15.5 -4.6 9.1 -9.9 24.6 4.2 29.9 -0.2

4Q 2016 -5.2 -10.6 -7.9 -22.5 -16.4 -4.0 9.5 -9.8 24.8 3.7 30.4 0.6

1Q 2017 -4.8 -10.3 -8.0 -21.9 -16.6 -3.3 9.7 -9.2 23.3 3.4 28.6 -0.3


Page 17

B2: World Petroleum Production (million barrels per day)

B3: OECD Commercial Petroleum Stocks (million barrels)

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

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

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

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


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

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

2015 19.98 3.48 0.46 23.92 7.91 8.07 14.03 30.01 28.16 8.68 38.14 92.07

2016 19.46 3.52 0.43 23.40 7.62 7.82 14.21 29.65 30.05 7.22 39.32 92.37

1Q 2016 19.89 3.63 0.43 23.96 6.96 7.75 14.21 28.92 28.94 8.50 39.60 92.48

2Q 2016 18.96 3.44 0.41 22.82 6.77 7.76 14.01 28.54 29.80 8.03 39.92 91.28

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

4Q 2016 19.65 3.64 0.41 23.70 7.49 7.95 14.52 29.96 30.82 7.26 40.02 93.68

1Q 2017 19.59 3.63 0.41 23.63 7.46 7.92 14.42 29.79 29.52 7.10 38.60 92.02

Yr-on-Yr Chg. -1.5% 0.0% -4.7% -1.4% 7.2% 2.2% 1.5% 3.0% 2.0% -16.5% -2.5% -0.5%

Mar-16 19.86 3.59 0.43 23.88 6.86 7.78 14.20 28.84 28.85 8.44 39.20 91.92

Apr-16 19.25 3.57 0.42 23.24 6.78 7.57 14.05 28.41 29.40 8.27 39.77 91.42

May-16 18.56 3.48 0.42 22.46 6.73 7.81 14.02 28.56 29.66 7.90 39.63 90.65

Jun-16 18.73 3.27 0.43 22.43 6.80 7.92 14.09 28.80 30.05 7.96 40.11 91.34

Jul-16 19.26 3.64 0.46 23.36 6.69 7.94 14.11 28.73 30.45 7.80 40.37 92.46

Aug-16 19.35 3.35 0.45 23.15 6.57 7.98 13.60 28.14 30.56 7.74 40.43 91.72

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

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

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

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

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

Feb-17 19.61 3.71 0.41 23.73 7.49 7.95 14.46 29.90 29.59 7.20 38.78 92.41

Mar-17 19.62 3.58 0.41 23.61 7.40 7.89 14.37 29.65 29.53 6.94 38.42 91.68

Yr-on-Yr Chg. -1.2% -0.3% -4.7% -1.1% 7.9% 1.4% 1.2% 2.8% 2.3% -17.8% -2.0% -0.3%

R/P Ratio2 33.2 10.7 27.5 29.7 12.9 22.2 26.8 22.1 73.5 158.8 85.2 50.7

Americas Europe Asia Oceania OECD

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

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

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

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

4Q 2015 641 773 1,590 361 563 990 206 166 435 1,208 1,502 3,015

1Q 2016 689 758 1,620 349 586 1,004 196 166 421 1,235 1,509 3,046

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

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

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

Yr-on-Yr Chg. 0.7% 0.4% 0.6% -6.1% -0.3% -1.9% -6.9% -2.4% -4.6% -2.6% -0.2% -1.0%

Feb-16 676 765 1,611 354 593 1,020 196 163 422 1,225 1,522 3,052

Mar-16 689 758 1,620 349 586 1,004 196 166 421 1,235 1,509 3,046

Apr-16 661 762 1,599 352 584 1,006 194 164 420 1,207 1,510 3,025

May-16 656 764 1,602 357 589 1,014 203 171 434 1,215 1,525 3,050

Jun-16 650 773 1,609 357 581 1,005 202 175 438 1,208 1,529 3,052

Jul-16 646 795 1,636 363 593 1,024 196 184 442 1,205 1,572 3,101

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

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

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

Nov-16 646 789 1,623 341 561 975 195 172 430 1,182 1,522 3,028

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

Jan-17 665 780 1,621 355 596 1,021 193 166 421 1,212 1,543 3,064

Feb-17 682 755 1,617 353 603 1,027 187 164 412 1,221 1,522 3,055

Yr-on-Yr Chg. 0.9% -1.3% 0.4% -0.2% 1.7% 0.7% -4.5% 0.3% -2.4% -0.3% 0.0% 0.1%


Page 18

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

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

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

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

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

Non-Persian Gulf OPEC-12

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

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

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

2016 10.42 3.55 3.03 2.88 0.65 1.71 1.47 0.39 1.11 2.24 0.55 0.23 28.22 4.41

1Q 2016 10.21 3.15 2.81 2.83 0.66 1.77 1.76 0.36 1.10 2.34 0.54 0.22 28.48 4.28

2Q 2016 10.33 3.59 2.98 2.82 0.66 1.74 1.50 0.32 1.09 2.23 0.55 0.22 28.76 4.31

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

4Q 2016 10.55 3.81 3.13 2.86 0.64 1.61 1.46 0.57 1.12 2.12 0.54 0.22 28.63 4.62

1Q 2017 9.90 3.79 2.94 2.71 0.60 1.63 1.39 0.66 1.05 2.04 0.52 0.20 27.44 4.43

Yr-on-Yr Chg. -3.0% 20.3% 4.6% -4.2% -9.1% -7.9% -21.0% 83.3% -4.5% -12.8% -3.7% -9.1% -3.7% 3.5%

Mar-16 10.19 3.26 2.73 2.83 0.67 1.80 1.68 0.34 1.11 2.35 0.55 0.22 28.24 4.19

Apr-16 10.22 3.56 2.82 2.73 0.66 1.75 1.62 0.35 1.09 2.30 0.54 0.22 28.59 4.36

May-16 10.25 3.61 2.91 2.85 0.66 1.72 1.44 0.28 1.09 2.22 0.55 0.22 28.54 4.27

Jun-16 10.50 3.62 3.01 2.87 0.66 1.74 1.51 0.32 1.10 2.16 0.55 0.22 29.00 4.25

Jul-16 10.65 3.63 3.08 2.87 0.66 1.76 1.39 0.30 1.11 2.15 0.55 0.22 29.11 4.32

Aug-16 10.60 3.67 3.09 2.91 0.65 1.76 1.37 0.28 1.12 2.14 0.55 0.21 29.09 4.40

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

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

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

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

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

Feb-17 9.98 3.82 2.93 2.71 0.59 1.65 1.45 0.67 1.05 2.05 0.53 0.20 27.63 4.42

Mar-17 9.93 3.80 2.91 2.70 0.60 1.62 1.31 0.61 1.05 2.03 0.52 0.20 27.27 4.41

Yr-on-Yr Chg. -2.6% 16.6% 6.6% -4.6% -10.4% -10.0% -22.0% 79.4% -5.4% -13.6% -5.5% -9.1% -3.4% 5.3%

Persian Gulf

Americas Europe Asia Oceania OECD

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

2014 18.9 88.0 1.93 11.4 79.6 3.35 6.5 138.6 -1.98 36.8 83.9

2015 19.1 87.3 5.65 12.1 84.8 7.28 6.7 146.0 0.62 37.9 85.9

2016 18.9 86.4 4.72 11.9 83.7 4.28 6.9 149.3 0.18 37.7 85.5

4Q 2015 19.1 87.2 3.49 12.3 85.9 5.09 6.7 144.8 0.6 38.0 86.1

1Q 2016 19.0 86.7 3.73 11.8 82.4 3.99 7.1 154.8 1.2 37.8 85.8

2Q 2016 18.9 86.5 4.70 11.4 79.9 4.42 6.7 146.6 -1.5 37.1 84.0

3Q 2016 19.2 87.7 5.33 12.3 86.0 3.55 6.7 146.1 0.0 38.2 86.6

4Q 2016 18.6 84.8 5.13 12.3 86.4 5.14 6.9 149.7 1.09 37.8 85.6

Yr-on-Yr Chg. -2.7% 46.9% 0.6% 1.0% 3.4% 90.1% -0.6%

Feb-16 18.8 85.8 3.13 11.7 82.3 3.66 7.3 157.8 0.9 37.8 85.6

Mar-16 19.1 87.3 3.78 11.5 80.6 2.80 7.0 151.7 -0.2 37.6 85.2

Apr-16 18.8 85.9 5.41 11.4 80.0 4.37 7.0 151.1 -1.5 37.2 84.2

May-16 18.8 85.7 4.30 11.3 79.0 4.05 6.8 146.9 -1.8 36.8 83.4

Jun-16 19.2 87.8 4.39 11.5 80.6 4.85 6.5 141.9 -1.3 37.2 84.4

Jul-16 19.4 88.7 4.58 12.3 86.3 3.02 6.8 147.4 0.1 38.5 87.3

Aug-16 19.4 88.5 6.00 12.5 87.3 3.43 6.8 148.0 -1.1 38.6 87.5

Sep-16 18.8 86.0 5.40 12.1 84.5 4.19 6.6 142.8 1.0 37.5 84.9

Oct-16 17.8 81.4 4.98 12.1 84.8 5.76 6.4 138.7 0.1 36.3 82.3

Nov-16 18.8 85.8 4.51 12.4 86.8 5.65 6.9 150.6 2.4 38.1 86.3

Dec-16 19.1 87.4 5.91 12.5 87.6 4.02 7.4 159.8 0.8 39.0 88.3

Jan-17 19.0 86.7 6.28 12.3 86.3 4.85 7.4 161.3 1.4 38.7 87.7

Feb-17 18.4 84.3 4.96 12.0 83.8 5.44 7.4 160.6 1.1 37.8 85.7

Yr-on-Yr Chg. -1.8% 58.5% 1.9% 49% 1.8% 12.9% 0.1%


Page 19

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

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

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

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

United States1 East Mid-West

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

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

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

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

4Q 2015 14.89 19.36 4.31 0.15 0.42 5.46 -5.05 3.74 4.97 -1.24

1Q 2016 14.72 19.45 4.98 0.41 0.44 5.52 -5.08 3.69 5.03 -1.35

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

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

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

Yr-on-Yr Chg. -1.9% 2.0% 8.7% 20.6% -0.9% -4.0% 4.0%

Jan-16 14.69 19.06 4.86 0.83 0.44 5.31 -4.86 3.66 5.04 -1.38

Feb-16 14.64 19.68 5.07 0.14 0.44 5.74 -5.30 3.69 5.03 -1.33

Mar-16 14.82 19.62 5.00 0.26 0.44 5.52 -5.08 3.71 5.04 -1.33

Apr-16 14.59 19.26 4.68 0.36 0.46 5.38 -4.92 3.62 5.02 -1.40

May-16 14.77 19.20 4.53 0.51 0.46 5.29 -4.82 3.68 4.97 -1.29

Jun-16 14.60 19.83 4.87 -0.06 0.45 5.47 -5.02 3.70 5.27 -1.57

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

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

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

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

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

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

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

Yr-on-Yr Chg. -1.4% 0.9% 3.1% 15.3% 0.4% -3.9% -1.4%

% of Total2 100.0% 100.0% 3.5% 27.7% 24.3% 25.8%

South-Central North-West West Finished Petroleum Products

Supply Demand Balance Supply Demand Balance Supply Demand Balance

2014 7.65 5.16 2.50 0.98 0.71 0.27 1.38 2.81 -1.43

2015 8.31 5.20 3.11 1.10 0.69 0.41 1.33 2.91 -1.59

2016 8.14 5.39 2.75 1.07 0.71 0.35 1.30 2.99 -1.68

4Q 2015 8.32 5.33 2.99 1.10 0.67 0.42 1.32 2.92 -1.60

1Q 2016 8.16 5.35 2.81 1.08 0.70 0.38 1.34 2.85 -1.50

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

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

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

Yr-on-Yr Chg. -2.0% 3.7% -3.5% 5.5% -1.0% 0.3%

Jan-16 8.16 5.36 2.80 1.07 0.66 0.41 1.36 2.69 -1.33

Feb-16 8.09 5.27 2.82 1.08 0.73 0.35 1.34 2.91 -1.57

Mar-16 8.23 5.42 2.81 1.11 0.71 0.40 1.33 2.93 -1.61

Apr-16 8.15 5.25 2.90 1.08 0.63 0.45 1.29 2.99 -1.70

May-16 8.23 5.25 2.98 1.08 0.71 0.37 1.31 2.99 -1.67

Jun-16 8.11 5.26 2.85 1.07 0.73 0.34 1.26 3.11 -1.85

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

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

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

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

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

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

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

Yr-on-Yr Chg. -0.2% 0.9% -5.2% 1.2% -4.0% 6.4%

% of Total2 56.2% 28.1% 7.0% 3.5% 9.0% 14.9%


Page 20

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

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

Source: EIA Petroleum Supply Monthly.

C3: US Petroleum Stocks (million barrels)

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

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

Monthly.

Finished Petroleum Products NGLs Petroleum

Gasoline Jet Fuel Distil. Resid. Total1 Total Total2

2014 8.92 1.47 4.01 0.26 16.64 2.40 19.03

2015 9.16 1.54 3.98 0.26 16.94 2.47 19.39

2016 9.33 1.61 3.88 0.36 17.17 2.49 19.63

4Q 2015 9.17 1.57 3.83 0.30 16.79 2.58 19.36

1Q 2016 9.09 1.50 3.91 0.31 16.70 2.73 19.45

2Q 2016 9.44 1.61 3.81 0.41 17.24 2.25 19.43

3Q 2016 9.56 1.68 3.79 0.36 17.55 2.40 19.90

4Q 2016 9.22 1.63 4.01 0.35 17.19 2.59 19.75

Yr-on-Yr Chg. 0.5% 3.6% 4.7% 15.8% 2.4% 0.3% 2.0%

Jan-16 8.67 1.45 3.82 0.34 16.12 2.96 19.06

Feb-16 9.21 1.53 3.96 0.20 16.77 2.72 19.68

Mar-16 9.40 1.54 3.94 0.40 17.22 2.51 19.62

Apr-16 9.21 1.56 3.82 0.48 16.98 2.30 19.26

May-16 9.44 1.56 3.75 0.33 17.06 2.26 19.20

Jun-16 9.66 1.71 3.86 0.41 17.70 2.19 19.83

Jul-16 9.60 1.72 3.58 0.45 17.48 2.38 19.71

Aug-16 9.60 1.71 3.89 0.34 17.82 2.30 20.13

Sep-16 9.49 1.62 3.91 0.29 17.35 2.52 19.86

Oct-16 9.10 1.61 4.02 0.35 17.04 2.54 19.62

Nov-16 9.24 1.63 3.96 0.38 17.27 2.49 19.66

Dec-16 9.31 1.65 4.06 0.32 17.26 2.74 19.98

Jan-17 8.50 1.59 3.78 0.46 16.20 3.04 19.23

Yr-on-Yr Chg. -1.9% 9.9% -0.9% 35.7% 0.5% 2.7% 0.9%

Petroleum Stocks1 Crude Oil Finished Products

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

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

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

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

4Q 2015 193 335 1,298 46 144 2,015 1,176 28 40 161 42 325

1Q 2016 190 336 1,331 47 148 2,052 1,228 26 44 161 45 334

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

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

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

Yr-on-Yr Chg. 1.5% -2.2% 2.1% -2.2% -3.9% 0.8% 0.2% 0.6% 6.3% 2.9% -1.5% 1.4%

Jan-16 200 338 1,302 46 154 2,041 1,195 27 42 161 44 330

Feb-16 202 338 1,307 46 152 2,045 1,215 27 42 163 46 335

Mar-16 190 336 1,331 47 148 2,052 1,228 26 44 161 45 334

Apr-16 197 334 1,340 47 145 2,063 1,233 25 43 155 43 325

May-16 197 338 1,345 46 153 2,079 1,236 24 45 154 40 321

Jun-16 199 335 1,350 46 148 2,077 1,224 25 40 149 40 310

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

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

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

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

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

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

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

Yr-on-Yr Chg. 5.7% -2.4% 1.8% -2.9% -9.1% 0.6% 0.4% 6.3% -0.2% 5.2% -8.2% 1.0%


Page 21

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

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

Petroleum Supply Monthly.

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

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

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

OPEC

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

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

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

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

4Q 2015 2.77 -0.01 0.70 -0.31 0.19 1.64 4.31 0.79 1.11 0.08 2.87 1.64

1Q 2016 3.21 -0.12 0.77 -0.18 0.36 1.62 4.98 0.72 1.12 0.22 3.06 1.62

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

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

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

Yr-on-Yr Chg. 11.6% 3750% -11.8% -53.2% 163.4% 6.7% 8.7% -13.3% -9.5% 180.3% 11.6% 5.8%

Jan-16 3.19 -0.02 0.62 -0.17 0.23 1.51 4.86 0.65 1.05 0.12 2.82 1.51

Feb-16 3.32 -0.10 0.72 -0.18 0.41 1.55 5.07 0.73 1.01 0.25 2.94 1.55

Mar-16 3.12 -0.23 0.96 -0.18 0.44 1.80 5.00 0.80 1.31 0.29 3.42 1.81

Apr-16 2.71 0.03 0.61 -0.37 0.36 1.77 4.67 0.72 1.15 0.23 3.18 1.71

May-16 2.70 -0.08 0.65 -0.41 0.39 1.98 4.53 0.69 1.17 0.30 3.42 1.92

Jun-16 2.53 -0.14 0.82 -0.18 0.43 1.76 4.87 0.71 1.10 0.25 3.15 1.71

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

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

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

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

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

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

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

Yr-on-Yr Chg. 10.2% 1342% -37.9% -67.6% 141.5% 37.3% 3.1% 1.4% 27.7% 160% 26.8% 37.4%

% of Total3 70.2% -6.9% 7.7% -1.1% 11.0% 41.3% 100.0% 13.1% 26.8% 6.4% 71.5% 41.4%

Region of Origin

PAD District U.S. Major Producers

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

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

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

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

4Q 2015 0.05 1.78 5.75 0.75 1.02 9.35 0.46 0.56 0.17 3.41 1.65

1Q 2016 0.05 1.82 5.68 0.72 1.10 9.37 0.53 0.57 0.16 3.41 1.62

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

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

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

Yr-on-Yr Chg. -7.0% -9.2% -6.1% -13.2% -2.5% -6.9% 2.1% -6.3% -9.9% -7.2% -4.0%

Jan-16 0.04 1.77 5.45 0.71 1.05 9.02 0.51 0.55 0.16 3.29 1.50

Feb-16 0.05 1.93 5.99 0.76 1.17 9.90 0.56 0.61 0.17 3.57 1.75

Mar-16 0.05 1.75 5.61 0.70 1.07 9.18 0.52 0.55 0.16 3.36 1.61

Apr-16 0.05 1.70 5.38 0.66 1.04 8.82 0.49 0.55 0.16 3.21 1.52

May-16 0.05 1.76 5.58 0.68 1.06 9.13 0.51 0.55 0.16 3.28 1.64

Jun-16 0.05 1.70 5.49 0.67 1.03 8.93 0.49 0.54 0.16 3.23 1.59

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

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

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

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

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

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

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

Yr-on-Yr Chg. -1.6% -9.4% -1.8% -11.8% -5.2% -4.4% -1.9% -8.3% -13.1% -6.0% 8.5%

R/P Ratio3 11.9 12.9 10.1 13.3 12.9 11.2 11.6 14.1 10.4 11.6 7.2


Page 22

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

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

C7: US Refinery Margins ($US per barrel)

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

Source: Oil and Gas Journal.

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

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

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

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

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

4Q 2015 1.15 90.6 3.41 87.7 8.71 92.4 0.60 92.5 2.54 86.5 16.40 90.3

1Q 2016 1.09 85.2 3.58 91.3 8.52 89.5 0.58 85.1 2.50 85.6 16.26 88.8

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

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

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

Yr-on-Yr Chg. -5.6% 7.2% 0.1% 0.1% -7.3% 0.0%

Jan-16 1.14 88.9 3.72 94.9 8.39 88.2 0.57 84.1 2.55 87.1 16.37 89.4

Feb-16 1.08 84.5 3.63 92.6 8.44 88.7 0.58 84.7 2.44 83.4 16.17 88.3

Mar-16 1.05 82.3 3.39 86.5 8.72 91.6 0.58 86.4 2.52 86.1 16.26 88.8

Apr-16 1.15 89.8 3.34 85.0 8.63 90.7 0.51 75.0 2.60 88.9 16.22 88.5

May-16 1.17 91.9 3.61 92.0 8.69 91.4 0.57 83.4 2.44 83.3 16.48 89.9

Jun-16 1.16 90.4 3.69 93.7 8.77 91.3 0.65 93.1 2.55 87.1 16.80 91.1

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

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

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

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

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

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

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

Yr-on-Yr Chg. -7.5% -0.1% 1.8% 7.0% -0.4% 0.6%

% of Total1 6.4% 22.6% 51.9% 3.7% 15.4% 100.0%

NY Harbor Chicago US Gulf Los Angeles

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

2014 8.62 16.57 11.76 8.68

2015 12.86 18.05 12.96 19.50

2016 9.28 11.63 10.24 11.51

1Q 2016 8.14 7.55 8.65 11.05

2Q 2016 10.38 15.87 11.29 13.47

3Q 2016 8.90 13.86 10.81 10.94

4Q 2016 9.71 9.25 10.20 10.59

1Q 2017 7.06 9.12 10.94 12.23

Yr-on-Yr Chg. -13.2% 20.8% 26.4% 10.7%

Mar-16 7.84 11.71 9.88 16.76

Apr-16 10.04 14.59 11.48 14.59

May-16 11.03 15.89 11.11 10.81

Jun-16 10.06 17.13 11.27 15.02

Jul-16 8.21 11.41 9.83 8.87

Aug-16 9.36 15.92 12.25 8.76

Sep-16 9.12 14.26 10.34 15.18

Oct-16 10.76 10.15 11.13 13.22

Nov-16 10.53 7.73 9.01 10.33

Dec-16 7.83 9.88 10.46 8.23

Jan-17 8.03 9.62 11.18 9.84

Feb-17 6.87 7.38 10.72 13.69

Mar-17 6.28 10.36 10.92 13.17

Yr-on-Yr Chg. -19.9% -11.5% 10.5% -21.4%


Page 23

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

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

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

D3: Canada Petroleum Stocks (million barrels)

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

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

Canada East West

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

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

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

2016 4.43 1.55 2.88 0.00 0.25 0.87 -0.62 4.18 0.68 3.50

4Q 2015 4.65 1.49 3.27 0.12 0.25 0.92 -0.67 4.40 0.58 3.82

1Q 2016 4.62 1.51 3.09 -0.01 0.29 0.87 -0.59 4.33 0.64 3.69

2Q 2016 3.86 1.50 2.23 -0.12 0.26 0.86 -0.60 3.60 0.64 2.96

3Q 2016 4.58 1.67 2.94 0.03 0.29 0.92 -0.63 4.29 0.75 3.54

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

Yr-on-Yr Chg. 4.0% 2.6% 4.1% 28.4% -8.7% 2.6% 20.6%

Jan-16 4.70 1.65 2.98 -0.07 0.29 0.95 -0.66 4.41 0.70 3.71

Feb-16 4.61 1.23 3.39 0.00 0.29 0.74 -0.44 4.32 0.49 3.83

Mar-16 4.54 1.66 2.92 0.04 0.28 0.94 -0.66 4.26 0.72 3.54

Apr-16 4.17 1.65 2.56 0.04 0.28 0.95 -0.67 3.90 0.70 3.20

May-16 3.56 1.30 2.06 -0.20 0.29 0.75 -0.45 3.27 0.55 2.72

Jun-16 3.84 1.56 2.07 -0.21 0.22 0.89 -0.67 3.62 0.68 2.95

Jul-16 4.49 1.74 2.86 0.11 0.23 0.97 -0.75 4.26 0.77 3.49

Aug-16 4.63 1.72 2.89 -0.01 0.32 0.95 -0.63 4.31 0.77 3.54

Sep-16 4.61 1.53 3.06 -0.01 0.32 0.83 -0.52 4.29 0.70 3.59

Oct-16 4.69 1.36 3.52 0.19 0.32 0.76 -0.44 4.37 0.60 3.77

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

Dec-16 4.81 1.63 3.12 -0.06 0.31 0.89 -0.58 4.49 0.73 3.76

Jan-17 5.02 1.76 3.28 0.02 0.34 0.93 -0.59 4.68 0.84 3.85

Yr-on-Yr Chg. 6.9% 7.1% 10.1% 18.4% -2.0% 6.1% 19.5%

% of Total1 100.0% 100.0% 6.8% 52.6% 93.2% 47.4%

Finished Products Crude Oil Petrol.

Gasoline Distil. Resid. Total1 Total Total2

2014 18.9 18.1 3.0 59.4 105.9 165.3

2015 16.7 15.3 3.2 52.1 110.4 162.4

2016 15.9 13.3 2.2 45.5 77.1 122.6

4Q 2015 16.7 15.3 3.2 52.1 110.4 162.4

1Q 2016 16.0 16.7 2.0 51.0 76.7 127.7

2Q 2016 14.1 11.9 2.3 43.8 71.8 115.6

3Q 2016 15.7 12.9 2.5 48.1 73.8 121.9

4Q 2016 15.9 13.3 2.2 45.5 77.1 122.6

Yr-on-Yr Chg. -5.3% -13.2% -32.0% -12.6% -30.2% -24.5%

Jan-16 16.4 16.4 2.8 52.0 107.9 159.9

Feb-16 15.7 16.3 2.2 50.4 107.4 157.8

Mar-16 16.0 16.7 2.0 51.0 76.7 127.7

Apr-16 14.5 16.3 2.3 48.9 74.8 123.6

May-16 12.8 12.9 2.4 42.2 69.9 112.1

Jun-16 14.1 11.9 2.3 43.8 71.8 115.6

Jul-16 15.4 13.8 2.2 48.0 75.6 123.6

Aug-16 15.4 14.0 2.8 49.0 73.2 122.2

Sep-16 15.7 12.9 2.5 48.1 73.8 121.9

Oct-16 16.0 13.1 2.3 47.2 76.5 123.7

Nov-16 16.7 13.3 2.1 47.2 77.3 124.5

Dec-16 15.9 13.3 2.2 45.5 77.1 122.6

Jan-17 16.7 14.6 2.0 48.8 77.5 126.2

Yr-on-Yr Chg. 1.5% -11.0% -27.2% -6.3% -28.2% -21.1%

Finished Products

Gasoline Distil. Resid. Total1

2014 0.78 0.56 0.07 1.86

2015 0.77 0.55 0.05 1.80

2016 0.81 0.54 0.04 1.81

4Q 2015 0.76 0.53 0.04 1.77

1Q 2016 0.78 0.50 0.06 1.73

2Q 2016 0.81 0.54 0.04 1.80

3Q 2016 0.85 0.56 0.04 1.91

4Q 2016 0.80 0.54 0.04 1.80

Yr-on-Yr Chg. 4.9% 2.4% -7.6% 1.3%

Jan-16 0.80 0.49 0.06 1.74

Feb-16 0.76 0.53 0.06 1.74

Mar-16 0.78 0.48 0.05 1.71

Apr-16 0.78 0.53 0.05 1.74

May-16 0.81 0.57 0.04 1.81

Jun-16 0.85 0.53 0.03 1.87

Jul-16 0.86 0.51 0.03 1.90

Aug-16 0.85 0.57 0.05 1.94

Sep-16 0.82 0.60 0.05 1.91

Oct-16 0.79 0.53 0.04 1.78

Nov-16 0.80 0.55 0.04 1.80

Dec-16 0.81 0.55 0.04 1.80

Jan-17 0.73 0.52 0.05 1.73

Yr-on-Yr Chg. -8.5% 4.8% -94.7% -0.8%


Page 24

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

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

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

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

Energy Statistics Handbook.

Non-OPEC OPEC Imports

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

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

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

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

4Q 2015 0 187 0 11 446 33 10 0 0 43 0 489

1Q 2016 0 149 12 7 528 34 0 0 0 34 0 561

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

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

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

Yr-on-Yr Chg. 0.0% 35.2% 14712% 18.4% 6.0% -10.0% -100.0% 0.0% 0.0% -30.7% 0.0% 2.8%

Jan-16 0 0 0 0 518 65 0 0 0 65 0 583

Feb-16 0 243 22 22 413 36 0 0 0 36 0 448

Mar-16 0 203 14 0 653 0 0 0 0 0 0 653

Apr-16 0 257 6 30 504 133 0 0 0 133 0 637

May-16 0 236 0 0 555 125 0 0 0 125 0 681

Jun-16 0 280 0 25 505 103 0 0 0 103 0 608

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

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

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

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

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

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

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

Yr-on-Yr Chg. 0.0% 0.0% 0.0% 25.0% -100.0% 0.0% 0.0% 0.0% -100.0% 0.0% 11.0%

% of Total3 0.0% 41.5% 9.1% 3.0% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 100.0%

Major Producers Canada Petroleum Type

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

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

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

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

4Q 2015 3.19 0.52 0.06 0.01 0.17 4.00 0.82 0.98 0.44 1.51 0.25

1Q 2016 3.21 0.47 0.07 0.01 0.21 4.02 0.83 1.04 0.40 1.48 0.26

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

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

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

Yr-on-Yr Chg. 5.3% -9.5% -0.2% -7.2% 42.3% 4.5% -3.6% 17.8% -8.4% 3.9% 6.4%

Jan-16 3.28 0.47 0.07 0.01 0.21 4.09 0.84 1.05 0.41 1.52 0.26

Feb-16 3.20 0.47 0.07 0.01 0.21 4.02 0.84 1.08 0.40 1.43 0.26

Mar-16 3.15 0.47 0.07 0.01 0.20 3.95 0.82 0.99 0.40 1.49 0.26

Apr-16 2.84 0.46 0.06 0.01 0.19 3.61 0.79 0.61 0.39 1.55 0.26

May-16 2.22 0.45 0.06 0.01 0.20 2.99 0.77 0.35 0.39 1.22 0.25

Jun-16 2.58 0.45 0.06 0.01 0.15 3.29 0.70 0.59 0.40 1.34 0.26

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

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

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

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

Nov-16 3.49 0.48 0.06 0.01 0.25 4.33 0.81 1.22 0.41 1.61 0.27

Dec-16 3.34 0.48 0.06 0.01 0.23 4.16 0.80 1.12 0.41 1.56 0.28

Jan-17 3.46 0.48 0.06 0.01 0.25 4.30 0.00 0.00 0.00 0.00 0.00

Yr-on-Yr Chg. 5.5% 1.8% -13.8% -3.4% 22.2% 5.2% -100.0% -100.0% -100.0% -100.0% -100.0%


Page 25

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

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

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

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


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

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

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

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

1Q 2016 749 87 10 847 176 256 432 309 141 451 1,729

2Q 2016 491 81 6 578 178 229 407 293 134 427 1,412

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

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

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

Yr-on-Yr Chg. 39.2% -6.5% 32.3% 34.4% 4.6% -15.0% -7.0% -1.8% -13.4% -5.5% 13.7%

Mar-16 592 83 8 683 175 244 419 303 145 448 1,550

Apr-16 501 79 6 586 173 229 402 293 143 436 1,424

May-16 471 84 7 562 183 232 415 294 133 427 1,404

Jun-16 500 81 4 585 178 226 404 292 126 418 1,407

Jul-16 567 84 4 655 182 230 412 295 120 415 1,482

Aug-16 636 81 6 723 188 220 408 292 124 416 1,547

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

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

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

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

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

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

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

Yr-on-Yr Chg. 79.1% -9.6% 62.5% 68.1% 5.7% -9.8% -3.3% 1.3% -13.8% -3.6% 28.1%

% of Total2 53.4% 3.8% 0.7% 57.8% 9.3% 11.1% 20.4% 15.5% 6.3% 21.8% 100.0%

United States Canada North America1

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

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

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

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

1Q 2016 37 132 32 279 98 546 520 27 163 600 109 709

2Q 2016 32 104 27 206 72 420 397 24 49 382 87 469

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

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

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

Yr-on-Yr Chg. 63.1% 10.3% -6.3% 45.8% 15.4% 35.2% 38.1% -21.0% 76.6% 46.5% 35.4% 44.7%

Mar-16 28 119 32 240 88 477 451 27 88 472 93 565

Apr-16 31 109 29 215 75 437 411 26 41 390 88 478

May-16 31 103 27 201 70 407 384 24 42 363 86 449

Jun-16 35 100 25 203 72 417 396 21 63 394 86 480

Jul-16 37 102 27 229 72 449 429 20 95 456 88 544

Aug-16 40 104 27 256 71 481 464 17 129 528 82 610

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

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

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

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

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

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

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

Yr-on-Yr Chg. 132.1% 26.9% -6.3% 79.6% 37.5% 65.4% 70.8% -26.8% 187.5% 88.1% 65.6% 84.4%

% of Total3 6.2% 14.5% 2.9% 41.4% 11.6% 75.7% 73.9% 1.9% 24.3% 85.2% 14.8% 100.0%


Page 26

Geographical Specifications

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Washington.

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

Maritime provinces (New Brunswick, Newfoundland and Labrador, Nova

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

Columbia, Saskatchewan and the northern territories (NorthWest

Territories, Nunavuut, and Yukon).

Additional Notes

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

whereas crude oil refers to its namesake and field condensates.

Condensates derived from natural gas processing plants are classified as

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Crude Stream

Producing

Country or

Region

API

Gravity

(@60° F)

Sulfur

Content

(%)

BBLs/Metric

Tonne

Tapis Blend Malaysia 44 0.1 7.910

Ekofisk Blend Norway 43 0.2 7.773

WTI Texas 40 0.3 7.640

GCS Gulf of Mexico 40 0.3 7.640

Oklahoma Sweet Oklahoma 40 0.3 7.640

Kansas Sweet Kansas 40 0.4 7.640

Wyoming Sweet Wyoming 40 0.2 7.640

ELS Alberta 40 0.5 7.640

Brent Blend United kingdom 38 0.8 7.551

Bonny Light Nigeria 37 0.1 7.506

Oman Blend Oman 36 0.8 7.462

Arabian Light Saudi Arabia 34 1.8 7.373

Minas Indonesia 34 0.1 7.373

Isthmus Mexico 34 1.5 7.373

Michigan Sour Michigan 34 1.7 7.373

WTS Texas 33 1.7 7.328

Urals Russia 32 1.7 7.284

Tia Juana Light Venezuela 32 1.2 7.284

Dubai U.A.E. 31 1.7 7.239

Lost Hills California 30 0.6 7.194

Cano Limon Colombia 28 0.6 7.105

Arabian Heavy Saudi Arabia 27 2.8 7.061

ANS Alaska 27 1.1 7.061

Oriente Ecuador 25 1.4 6.971

Hardisty Heavy Alberta 25 2.1 6.971

Maya Mexico 22 3.3 6.838

Kern River California 13 1.0 6.436

Crude Oil Qualities

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

Documents

March 2017 CERI Crude Oil Report