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Office of Scientific and Technical Information
Higher oil prices: Can OPEC raise prices by cutting production
Science Conference Proceedings (OSTI)
OPEC's ability to raise prices is evaluated with a model that projects the supply and demand. As part of the model, a new methodology to forecast for the rate of production by non-OPEC nations is developed. A literature review of techniques for estimating oil supply and annual rates of production indicates a new methodology is needed. The new technique incorporates the geological, engineering, and economic aspects of the oil industry by synthesizing curve fitting and econometric techniques. It is used to analyze data for eight regions for non-OPEC oil production: the lower 48 states, Alaska, Canada, Mexico, non-OPEC South America, Western Europe, non-OPEC Africa, and non-OPEC Asia. OPEC's ability to raise prices is examined by tracking the percentage oil US oil demand supplied by imports, the portion of oil demand in Western Europe supplied by local production, the percentage of WOCA oil demand supplied by OPEC and Real OPEC revenues. Results of the model indicate that OPEC can raise oil prices in the early 1990s. OPEC can raise and sustain oil prices near $25 (1982 dollars). Higher oil prices ($35) are not sustainable before 2000 because reduced demand and increased non-OPEC production shrink OPEC revenues below acceptable levels. After 2000, $35 prices are sustainable.
Kaufmann, R.K.
OPEC Crude Oil Production 1999-2001
U.S. Energy Information Administration (EIA)
OPEC Crude Oil Production 1999-2001. History. Projections. Sources: History: EIA; Projections: Short-Term Energy Outlook, January 2001.
OPEC and Non-OPEC Oil Production, 1970-2020
New exploration and production ... �OPEC production in 2020 is projected to be almost 24 million barrels per day higher than the 1997 level of nearly 30 ...
Do oil markets work; is OPEC dead
SciTech Connect
In this paper the authors review what has happened in world oil markets since the 1970s and examine the prospects for OPEC and world oil prices. The paper summarizes the data for the last two decades: by fuel, by product, and by region. It focuses on OPEC and its members, examining the differences in behavior between its members and non-OPEC producers. The authors find that OPEC is clearly still relevant, if no longer very powerful. Its members have collectively reduced output dramatically, in an unsuccessful attempt to defend the price increases. They examine the important institutional changes of the last two decades, in comparison with the industry's stability for much of the century. They suggest an interpretation of OPEC's current situation. The paper summarizes the outlook for OPEC and the world oil market over the next two decades.
Gately, D. (New York Univ., NY (USA). Dept. of Economics)
OPEC Production Changes Impacted World Crude Oil Prices
OPEC has been a major factor behind the recent swing in crude oil prices. As prices fell in 1997 and 1998, OPEC gradually removed supply from the market.
Gasoline and Diesel Fuel Update (EIA)
3 of 17 3 of 17 Notes: After declining in 1999 due to a series of announced production cuts, OPEC 10 (OPEC countries excluding Iraq) production has been increasing during 2000. EIA's projected OPEC production levels for fourth quarter 2000 have been lowered by 300,000 barrels per day from the previous Outlook. Most of this decrease is in OPEC 10 production, which is estimated to be 26.5 million barrels per day. EIA still believes that only Saudi Arabia, and to a lesser degree, the United Arab Emirates, will have significant short-term capacity to expand production. EIA's forecast assumes that OPEC 10 crude oil production will decline by 400,000 barrels per day to 26.1 million barrels per day by mid-2001. Iraqi crude oil production is estimated to have increased from 2.3 million
The real prospect of non-OPEC oil supply
The above analysis does not constitute a forecast of non-OPEC supply. But the picture that emerges from it is so different from the conventional wisdom of the past 10 to 15 years, we believe it deserves careful consideration. There is little evidence that the general historical pattern of regularly finding sufficient oil to meet world demand has changed, or is about to change. Without a clear indication that they have done so, OPEC`s planners should expect more non-OPEC production for the foreseeable future. We all know that higher prices have provided incentives to explore at least the more attractive of the potential targets. But more stable prices, even at low levels ($15 to $18 per barrel) and better technologies will induce more diverse oil suppliers.
Al-Sahlawi, M.A. [King Fahd Univ. of Petroleum and Minerals, Dhahran (Saudi Arabia)
EIA assumes in its base case that OPEC 10 production averages about EIA assumes in its base case that OPEC 10 production averages about 0.6 million barrels per day less in the 1st quarter of 2001 than was produced in the 4th quarter of 2000. This is based on the assumption that beginning in February 2001, OPEC 10 production is 1 million barrels per day less than the estimate for December 2000. Over the course of the past year, worldwide oil production has increased by about 3.7 million barrels per day to a level of 77.8 million barrels per day in the last months of 2000. After being nearly completely curtailed in December 2000, EIA's base case assumes that Iraqi oil exports only partially return in January. By February, EIA assumes Iraqi crude oil production reaches 3 million barrels per day, roughly the peak levels reached last year.
OPEC Crude Oil Production 1998-2001
6 6 Notes: EIA assumes in its base case that OPEC 10 production averages about 0.6 million barrels per day less in the 1st quarter of 2001 than was produced in the 4th quarter of 2000. This is based on the assumption that beginning in February 2001, OPEC 10 production is 1 million barrels per day less than the estimate for December 2000. From the fourth quarter of 1999 to the 4th quarter of 2000, worldwide oil production increased by about 3.8 million barrels per day to a level of 77.9 million barrels per day. After being sharply curtailed in December and January, EIA's base case assumes that Iraqi oil exports return closer to more normal levels in February. By the second half of 2001, EIA assumes Iraqi crude oil production reaches 3 million barrels per day, roughly the peak levels
9 9 Notes: EIA assumes in its base case that OPEC 10 production averages about 0.6 million barrels per day less in the 1st quarter of 2001 than was produced in the 4th quarter of 2000. This is based on the assumption that beginning in February 2001, OPEC 10 production is 1 million barrels per day less than the estimate for December 2000. From the fourth quarter of 1999 to the 4th quarter of 2000, worldwide oil production increased by about 3.7 million barrels per day to a level of 77.8 million barrels per day. After being sharply curtailed in December 2000, EIA's base case assumes that Iraqi oil exports only partially return in January. By February, EIA assumes Iraqi crude oil production reaches 3 million barrels per day, roughly the peak levels reached last year.
Oil export policy and economic development in OPEC
During the 1970s, members of the Organization of Petroleum Exporting Countries (OPEC) increased the price of their oil exports by 2000% in nominal terms. The ability of OPEC countries to increase the economic and other benefits they drew from each barrel of oil was a familiar theme of that decade. However, recent developments in the world oil market may not be so encouraging for OPEC. From 1979 to 1983, demand for OPEC crude oil decreased by almost 45%, or from 30.9 to 17.5 million barrels per day (mbd). Despite this dramatic decrease, the news on the price front has not so far been that bad for OPEC. The average OPEC oil price, which had increased from $1.80/bbl (barrel) in 1970 to $36/bbl by 1980, declined to $29/bbl by 1983. OPEC has thus defied many experts by managing to avoid a price collapse. Not surprisingly, these developments have raised arguments about the nature of OPEC and how it operates. OPEC has been characterized variously as a very tight cartel and as a loose and ineffectual organization. This paper tries to shed some light on OPEC, and especially on how the economic development objectives of influential OPEC members affect their oil policies.
Aperjis, D.G.
Shifting production trends point to more oil from OPEC
Oil production from the Organization of Petroleum Exporting Countries and non-OPEC regions has undergone four major phases of change in relation to oil price since 1960. Patterns visible in those phases offer an indication of world-wide production trends in the future. These four phases are described. Overall, demand for oil during 1960--93 has increased from around 20 million b/d in 1960 to as high as 65 million b/d in 1993. The consensus among energy analysts and forecasters is that this demand growth will continue. This will encourage OPEC and non OPEC producers to invest in the oil industry to meet future demand growth. However, since the resource base is larger in OPEC than in non-OPEC areas, and since the cost of developing these resources is lower in OPEC than outside OPEC, the future call on OPEC oil to meet growth in demand will undoubtedly be substantiated as production from the non-OPEC region diminishes or at best stagnates. The paper discusses OPEC production trends, non-OPEC production, natural gas liquids, future production scenarios, and future constraints on production.
Ismail, I.A.H. (Organization of Petroleum Exporting Countries, Vienna (Austria))
Is there oil after OPEC : Ecuador's Pasaje
Since 1973 when Ecuador joined the Organization of Petroleum Exporting Countries, crude oil production increased by nearly half and domestic petroleum consumption has more than tripled. Oil's percent of Gross Domestic Product was just 3% in 1972, peaked at 17.3% in 1974, and has since declined to 11.71% in 1991. In 1992 the national perspective changed and found that OPEC membership was working against, not in favor of, economic growth. This issue addresses Ecuador's status change and its plans for its petroleum and economic future.
Not Available
Non-OPEC oil production: The key to the future
The dramatic increase in non-OPEC oil production that has occurred since the fuel crises of the seventies was accelerated by the subsequent increases in oil prices on world markets. Current moderate world prices are attributable to increased supply in the last decade from these countries. Among those nations whose production has more than doubled since 1973 are China, Mexico, the UK, Norway, Egypt, India, Oman, Brazil, Colombia, Angola, and Syria. In this context, non-OPEC nations include the Communist oil-producing countries, since their ability to meet their own domestic demand has forestalled the day when they will compete for supplies on world markets. The prospect for continued growth in non-OPEC oil production is good. Prospects for additions to reserves continue to be bright in virgin exploration areas and semimature oil-producing provinces. Non-OPEC oil production may reach peak levels in the 1995--2000 time frame. However, production will be increasingly countered by growing demand, especially in South and Central America and Asia. It is almost certain that by the mid-nineties, competition for oil supplies in world markets will elevate the price of oil available from the well endowed OPEC nations. Supply disruptions as well may be in the offing by the turn of the century as surpluses on world markets disappear. 92 refs., 20 figs., 5 tabs.
Borg, I.Y.
Ten-year retrospective: OPEC and the world oil market
This paper reviews the main events in the world oil market since 1973 and some major explanations as to what happened and why (Section I). Then there is a discussion of some projections for the next two decades and of some implications of various theories about OPEC's decisionmaking process (Section II). Section III summarizes what we have learned about modeling OPEC and the world oil market. This includes: the dominant theoretical approach based on the wealth-maximization model of Harold Hotelling (1931); the simulation approach most common in the applied literature, which envisages target-capacity-utilization pricing by OPEC; and the difficult problem of modeling price behavior during disruptions. Finally, Section IV discusses some important unresolved issues, both theoretical and empirical. A variety of contributions to the literature are considered, but the discussion pays special attention to two important recent works. One is the book OPEC Behavior and World Oil Prices (1982) (EAPA 9:3899) edited by James Griffin and David Teece, an important collection of papers on OPEC and world oil, prepared for a 1981 conference at the University of Houston. The other is the 1980 to 1981 world oil study by the Energy Modeling Forum of Stanford Univesity, which involved ten prominent models of the world oil market. 31 references.
Gately, D.
Prospects for OPEC oil in the 1980s
Although OPEC is in a crisis, the world economy will remain dependent on oil, and most importing countries will continue to be largely dependent on OPEC, especially on its Persian Gulf sources of supply, during the 1980s. The concept of the OPEC multiplier explains the pattern of oil production and demand reduction, and is central to understanding the future evolution of the world oil market. The impact of irreversible and reversible conservation and economic recession varies from country to country and is difficult to quantify. This analysis attributes most of the short-term reductions in energy use to the recession, but also notes that all of the reductions in world primary consumption between 1980-1983 have been borne by oil. The author explains the OPEC multiplier effect in this context, and shows how even a small percentage change in world economic activity and primary energy consumption leads to a larger percentage change in world demand for OPEC oil. 2 figures, 4 tables.
Mossavar-Rahmani, B.
An oil and gas cartel OPEC in evolution
More than ever before, the Organization of Petroleum Exporting countries is faced with a sophisticated and complex market, a highly charged environmental movement, and new calls for energy conservation and alternative fuels. It has lost a member, Ecuador. However OPEC's future evolves, it will be challenged to change. As non-OPEC oil production continues to decline, OPEC's future could brighten considerably. Natural gas presents a great opportunity to OPEC as many industrial and developing countries utilize gas more extensively because of price and environmental advantages. Whether oil or gas, OPEC will require large amounts of capital to satisfy the world's appetite for petroleum. The loss of Ecuador seems a setback to the Organization, but there are burgeoning Soviet Republics with large reserves in need of development assistance to tap into their natural resources more effectively. On the demand side, many companies are seeking hospitable recipients for their exploratory activities and investment capital. OPEC's role might somehow include the embrace of these developments for the betterment of its individual, unique members.
The oil price and non-OPEC supplies
The design of any effective oil pricing policy by producers depends on a knowledge of the nature and complexity of supply responses. This book examines the development of non-OPEX oil reserves on a field-by-filed basis to determine how much of the increase in non-OPEC production could be attributable to the price shocks and how much was unambiguously due to decisions and developments that preceded the price shocks. Results are presented in eighteen case-studies of non-OPEC producers. This study will be of interest to economists and planners specializing in the upstream and to policy makers both in oil producing and consuming countries.
Seymour, A.
Other Non OPEC Net Imports of Crude Oil and Petroleum ...
Indonesia withdrew from OPEC in January 2009, Angola joined OPEC in January 2007, Ecuador withdrew from OPEC in January 1993 and rejoined in November ...
OPEC and the price of oil in 1993
This article is based on a talk given by Mr. Francisco R. Parra - a former Secretary General of OPEC and senior executive of Petroleos de Venezuela - at the Advanced International Petroleum Executive Seminar held by Petroleum Economics Limited in Divonne, from 9 to 11 March 1993. The article first appeared in Middle East Economic Survey 36:26, 29 March 1993. It is reprinted here with permission from the author and MEES. In his talk, he examines the minimal impact of OPEC on world oil prices during the past five years and discusses a number of reasons for this. To reverse this, he concludes that OPEC should limit inventories until prices for crude reach $25/bbl. 5 figs., 2 tabs.
Parra, F.R.
Oil and turmoil: America faces OPEC and the Middle East
Middle-East expert Rustow traces the chain of events that placed economic power in an unstable region. He recounts how European imperialists acquired and surrendered their positions of domination, how nationalists such as Nasser and Qaddafi sought to manipulate the superpowers, and how leaders such as Sadat and Begin wrestled with war and peace. Meanwhile, the oil industry's Seven Sisters lost their preeminence as OPEC grew from a loose confederacy of oil shiekdoms into a cartel strong enough to shake the world economy. Rustow analyzes the confusion in oil-consuming countries that led to long gasoline lines one year and talk of an oil glut and OPEC's collapse the next. He puts into context Washington's uneven efforts to bring stability to the strife-torn Middle East. 221 references, 3 figures, 7 tables.
Rustow, D.A.
Non-OPEC oil supply continues to grow
Global reserves of crude oil remain at 1 trillion bbl, according to OGJ`s annual survey of producing countries. Significant gains are in Brazil, Colombia, Congo, Egypt, Libya, Nigeria, Oman, and Papua New Guinea. Decreases were reported by Indonesia, Norway, the U.K., Iran, Canada, Mexico, and the US. Natural gas reserves slipped to 4.9 quadrillion cu ft. The major production trend is a lasting surge from outside of OPEC. This year`s Worldwide Production report begins with a detailed analysis of this crucial development by an international authority. This article discusses the OECD outlook by region and the turnaround in production in the former Soviet Union.
Knapp, D.H. [International Energy Agency, Paris (France)
Oil and OPEC: An analysis of United States oil dependency and the changing face of OPEC. Study project
Throughout the twentieth century, major oil companies have been the object of intense scrutiny, suspicion, and mistrust. In their heyday before World War II, they controlled over 90 percent of the world oil production. As the Second World War was coming to an end, it became clear that the United States would not longer continue to be a major exporter of oil and that the Middle East would be called upon to meet the rising needs of the world. In the 1960s and 1970s, the Middle Eastern oil-producing countries (OPEC) wrested more power from the major Western companies either through sweeping new agreements or through nationalization movements. Oil power catapulted these Third World countries into the international arena and into positions of great wealth and influence. Just as oil has enabled nations to accumulate wealth and power, it has also proved that it is a prize that can be overvalued and can lead to a country's demise. Oil imports are impairing or threaten to impair the national security of the United States. The U.S. finds itself more vulnerable to political or economic blackmail because of its reliance on foreign oil supplies.
Simmons, J.J.
A supply-demand model for OPEC oil-pricing policies
OPEC and its pricing policies have been subjected to constant international attention as well as criticism since 1973. Consumers find OPEC behavior irrational, while OPEC tries to justify its policies as rational and in accordance with the realities of the international oil market. The focus of this study is to contribute toward an analytical and empirical work on OPEC pricing behavior, and highlight the various factors believed to affect the future oil policies of OPEC member countries. After a survey of literature on the theoretical framework of world oil models in general, and OPEC models in particular, a linear econometric model for pricing OPEC oil is formulated which is a supply-demand equilibrium model comprising of supply, demand, and inflation-rate functions. Estimation of the behavioral equations are carried out by Ordinary and Two-Stage Least Square estimators. Econometric results from the estimation and simulation of the model seem to indicate that OPEC's pricing behavior is market-responsive and may best be explained by employing the theoretical framework of market-equilibrium condition.
Heiat, N.
The world oil market and OPEC behavior: The leak-producer price leader model
This is an economic study of the world's oil market in which OPEC plays the central role in determining the oil supply and price. Understanding OPEC's behavior is at the core of understanding the world's oil market. However, oil is a resource belonging to the family of natural resources known as exhaustible. We do not produce oil; we only extract and distribute a fixed amount of the resource over generations. Optimal extraction is a matter of concern to both suppliers and consumers. First, it is shown that using the traditional theory of producers behavior in the conventional commodity markets to explain extractors behavior in exhaustible resource markets is completely wrong. Second, current models of OPEC behavior are reviewed. Third, an alternative model is introduced. Previous authors have not directed their models to give explanations to the peculiar observations in oil market. This model divides the world's oil suppliers into: the free riders (non-OPEC oil producers), the OPEC hawks (a group within OPEC) and the leak-producer price leader (Saudi Arabia). Three factors, namely relatively big oil reserves, no other sources of income, and the avoidance of the so-called backstop technology make Saudi Arabia more interested in lower oil prices than are other oil extractors.
Aboalela, A.A.
U.S. Imports from OPEC Countries of Crude Oil and Petroleum ...
U.S. Imports from OPEC Countries of Crude Oil and Petroleum Products (Thousand Barrels) Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec; 1993: ...
U.S. Imports from OPEC Countries of Crude Oil and Petroleum Products (Thousand Barrels) Decade Year-0 Year-1 Year-2 Year-3 Year-4 Year-5 Year-6 Year-7 Year-8 Year-9 ...
OPEC and the United States. The political economy of oil supply
World oil markets have fluctuated widely during the decade from 1973 to 1983, resulting in major adjustments in patterns of consumption and in the structure of the energy trade worldwide. This study focuses on the role of OPEC as both a producer and a consumer of energy and examines how the role affects the complex relations between OPEC and the U.S. The authors think that the recent U.S shift to closer markets like Mexico and Venezuela and the resulting unfavorable balance of trade with the Middle East and Africa will, in the long run, hurt the U.S. They predict a resurgence of OPEC as a producer of oil, oil products, and petrochemicals within the next twenty years as well as an increasing sophistication in marketing strategies on the part of OPEC members.
Mallakh, R.E.; Poulson, B.
OPEC and the United States: The political economy of oil supply
World oil markets have fluctuated widely during the decade from 1973 to 1983, resulting in major adjustments in patterns of consumption and in the structure of the energy trade worldwide. This study focuses on the role of OPEC as both a producer and a consumer of energy and examines how that role affects the complex relations between OPEC and the U.S. The authors think that the recent U.S. shift to closer markets like Mexico and Venezuela and the resulting unfavorable balance of trade with the Middle East and Africa will, in the long run, hurt the U.S. They predict a resurgence of OPEC as a producer of oil, oil products, and petrochemicals within the next twenty years as well as an increasing sophistication in marketing strategies on the part of OPEC members.
Proposed currency composite approach to pricing OPEC oil: problems and possibilities
The primary purpose of this dissertation was to explore the nature, purposes, benefits, and barriers of establishing a currency basket for OPEC as an alternative to the use the dollar for international trade in oil. The study included the construction and evaluation of three alternative currency baskets and the evaluation of two other baskets for the protection of the real price of OPEC oil from foreign-exchange fluctuations between 1971 and 1980. A secondary objective was to assess the inflationary impact on the real price of oil. Finally, the purpose was to evaluate the changes of the terms of trade of OPEC during the same period. The findings of the research are as follows: During 1971-1980, inflation and the relative weakness of the dollar have reduced the real price of oil to OPEC. In spite of this, the terms of trade of OPEC have substantially improved. This was because OPEC increased its oil prices much more than sufficient to compensate for inflation and the fluctuation of foreign-exchange rates.
Shaaf, M.B.
OPEC the failing giant
This book discusses about OPEC and the world oil situation. The author contends that OPEC's failure to develop pricing formulas sensitive to fluctuations in the international oil market has made them highly vulnerable.
Ahrari, M.E.
Strategies for OPEC`s pricing and output decisions
This paper examines OPEC pricing and output strategies, both to provide an understanding of OPECs unwise price doubling in 1979-80 and also to analyze what strategy might serve it best for the future. We focus on the unavoidable uncertainty regarding the underlying parameters that characterize the world oil market (price elasticities, income growth rates), and the sensitivity of discounted OPEC revenue to changes in these parameters, for various pricing strategies. In 1979-80, OPEC chose a high-price strategy, which could have yielded good results (like many other price-paths) if the market`s underlying parameters had been more favorable. But the price elasticities of demand and non-OPEC supply were much higher than anticipated, so that OPEC did very poorly-not only in absolute terms, but also relative to what it could have achieved if it had set its price more cautiously. We search for a robustly optimal strategy for OPEC in the future, which will serve it well relative to other strategies, regardless of the true parameter values underlying the market (within some plausible range). We conclude that OPEC`s interests will be served best by a policy of moderate output growth, at a rate no faster than that of world income growth. This will require that OPEC slow its rate of output growth since 1985, cutting it at least in half. Slowing its output growth will allow OPEC gradually to regain the market share lost after its disastrous 1979-80 price doubling, but without jeopardizing its revenue, as might a policy of more rapid increases in output. This will yield a consistently good result for OPEC, relative to alternative strategies, over a fairly wide range of demand and supply conditions. 53 refs., 7 figs., 3 tabs.
Gately, D. [New York Univ., New York, NY (United States)
Statement from Energy Secretary Bodman on OPEC's Decision to Cut Crude Oil
Energy.gov (U.S. Department of Energy (DOE)) Indexed Site
Bodman on OPEC's Decision to Cut Bodman on OPEC's Decision to Cut Crude Oil Production Statement from Energy Secretary Bodman on OPEC's Decision to Cut Crude Oil Production October 19, 2006 - 9:17am Addthis "We continue to believe that it is best for oil producers and consumers alike to allow free markets to determine issues of supply, demand and price. Despite the recent downturn in crude oil prices, they remain at historically high levels, clearly indicating a global demand for petroleum products. And as past experience has shown, market intervention is not beneficial for producing or consuming nations. "While U.S. gasoline prices have fallen, crude inventories are high and our economy remains strong, we must reduce America's dependence on foreign energy sources, as President Bush has said time and again. To do so, we
Ten-year retrospective on OPEC and the world oil market
Following a review of the main events in the world oil market since 1973 and some of the major explanations of what happened and why, the author discusses projections for the next two decades and considers some implications of various theories of how decisions are made by OPEC. This includes the dominant theoretical approach that uses Hotelling's wealth-maximization model, the simulation approach of target-capacity-utilization pricing by OPEC, and the problem of modeling price behavior during disruptions. The final section discusses some of the important unresolved issues, such as supply and demand uncertainties, the best behavior for OPEC, and the dispute over OPEC's significance to events of the past decade. 31 references.
Non-OPEC oil supply gains to outpace demand in 1997
Rising oil supplies in 1997 will relax some of the market tightness that drove up crude prices last year. Worldwide demand for petroleum products in 1996 rose faster than anticipated and faster than supply from outside the Organization of Petroleum Exporting Countries. This increased demand for OPEC oil and pushed up prices for crude. At year end, the world export price of crude was up more than 25% from the same period a year earlier. Market conditions will change in 1997. While worldwide economic growth will continue to boost demand for energy and petroleum, non-OPEC petroleum supply will grow even more. Increases in North Sea and Latin American production will help boost non-OPEC output by 1.9 million b/d. And revenues from 1996 production gains will make additional investment possible in exploration and production. The paper discusses world economic growth, world oil demand, worldwide supply, supply outlook, prices and international drilling.
Beck, R.J.
OPEC and lower oil prices: Impacts on production capacity, export refining, domestic demand and trade balances
The East-West Center received a research grant from the US Department of Energy's Office of Policy, Planning, and Analysis to study the impact of lower oil prices on OPEC production capacity, on export refineries, and the petroleum trade. The project was later expanded to include balance-of-payments scenarios and impacts on OPEC domestic demand. The Department of Energy requested that the study focus on the Persian Gulf countries, as these countries have the largest share of OPEC reserves and production. Since then, staff members from the East-West Center have visited Iran, the United Arab Emirates, and Saudi Arabia and obtained detailed information from other countries. In addition, the East-West Center received from a number of large international oil companies and national governments valuable information on OPEC production capabilities. In order to safeguard the confidential nature of this information, these data have been aggregated in this report. The East-West Center considers the results presented to be the most up-to-date information and analysis available today. This report also provides a major reassessment of the export refining and economic competitiveness of Middle East refineries. As pioneers of the research on OPEC export refineries, the East-West Center has fully reevaluated the performance and outlook of these refineries as of the present. 21 figs., 20 tabs.
Fesharaki, F.; Fridley, D.; Isaak, D.; Totto, L.; Wilson, T.
Outlook for Non-OPEC Oil Supply in 2010-2011 (Released in the STEO January 2010)
Reports and Publications (EIA)
Two large categories define the world's producing countries of crude oil andother liquid fuels (hereafter liquids): those that are members of theOrganization of the Petroleum Exporting Countries (OPEC) and those that areoutside that group (non-OPEC). This article takes a closer look at the lattercategory.
Information Center
Structure of the world oil market and the role of OPEC
OPEC members have long been suspected of acting collusively in the market and the object of this dissertation is to estimate the degree of interdependence or the degree of collusion among the large producers in OPEC by analyzing their past output behavior. It is assumed that the oil industry in the non-Communist part of the world consists of a group of small producers acting as price takers and a group of large producers in OPEC setting the price in the market. Large producers may collude or act independently. In order to achieve the objective, a Nash-Cournot non-cooperative model of the world oil market is developed. This model assumes that the world oil industry is composed of a group of small producers acting as price takers (the fringe) and a group of large producers acting independently in the market. Each large producer maximizes his own sum of discounted profits while taking the sales paths of other large producers as well as the sales path of the fringe as given. The solution of the model leads to the optimal production path for an independent large producer, who operates in a market consisting of n independent large producers. This optimal production path, however, is applicable to individual large producers only if they all act independently in the market. Therefore, this optimal production path is modified into a general equation representing the optimal production path for an individual large producer in OPEC, whether he acts independently or colludes with other large producers.
Najafizadeh, A.
Outlook for Non-OPEC Oil Supply Growth in 2008-2009 (Released in the STEO February 2008)
In 2008-2009, EIA expects that non-OPEC petroleum supply growth will surpass that inrecent years because of the large number of new oil projects scheduled to come onlineduring the forecast period.
OPEC Revenues Fact Sheet
This report includes estimates of OPEC net oil export revenues, based on historical estimates and forecasts from the latest EIA Short-Term Energy Outlook.
Do OPEC Members Know Something the Market Doesn�t? �Fair Price � Pronouncements and the Market Price of Crude Oil
E-Print Network (OSTI)
OPEC producers, individually or collectively, often make statements regarding the �fair price � of crude oil. In some cases, the officials commenting are merely affirming the price prevailing in the crude oil market at the time. In many cases, however, we document that they explicitly disagree with the contemporaneous futures price. A natural question is whether these �fair price � pronouncements contain information not already reflected in market prices. To find the answer, we collect �fair price � statements made between 2000 and 2009 by officials from OPEC or OPEC member countries. Visually, the �fair price � series looks like a sampling discretely drawn (with a lag) from the daily futures market price series. Formally, we use several methodologies to establish that �fair price � pronouncements have little influence on the market price of crude oil and that they supply little or no new news to oil futures market participants.
Celso Brunetti; Bahattin B�y�k?ahin; Michel A. Robe; Kirsten R. Soneson; David Reiffen; Bob Buckley; Rasmus Fatum; Robert L. Losey; Jim Moser; Adam Sieminski; Phil Verlegger; Joe Konizeski
OPEC market to 1985
A forecasting system is developed for determining future imports of real goods and services by OPEC members. The forecasting system permits development of alternative forecasts as better and more accurate information becomes available. The information base of each OPEC country may be modified to generate different projections regarding future oil revenues.
Abolfathi, F.; Kenyon, G.; Hayes, M.D.; Hazelwood, L.A.; Crain, R.
OPEC Crude Oil Production 1998-2001 - U.S. Energy Information ...
The pullback in OPEC production in 1998 and 1999 in the face of increasing demand tightened the world petroleum balance and caused prices to rise.
Don't count OPEC out
Prediction of OPEC's demise may be premature since the US and the industrial world continue their reliance on Middle East oil. US dependence on imported oil could increase with economic recovery and present OPEC with new opportunities to manipulate prices enough to discourage non-OPEC production and conservation. Analysts predict that a new and stronger OPEC may emerge unless the people are unwilling to delay their own development just to keep the West hooked on cheap oil. 1 figure, 1 table. (DCK)
Eason, H.
OPEC 1991 results reflect hard times
This paper reports that low crude oil prices and economic tough times in industrial countries cause a lean 1991 for members of the Organization of Petroleum Exporting Countries. OPEC's 1991 annual report the member countries reported an overall loss of $12 billion in 1991 on oil revenues that fell 16.2%. Iraq and Kuwait were not included because of their unusual circumstances in the wake of the Persian Gulf war. Reduced oil revenues reflected a slide to $18.66/bbl in 1991 from $22.26/bbl in 1990 for the average price of OPEC basket crudes. As of last June 5 OPEC's basket crude price has averaged only $17.42/bbl this year, OPEC News Agency (Opecna) reported. First quarter 1992 prices averaged $16.77/bbl, compared wit $19.31/bbl in fourth quarter 1991. The average price jumped 52 cent/bbl the first week in June this year to $19.93/bbl, bouyed by Saudi Arabia's move at the end of May to shift its policy from price moderation to one in favor of higher prices, Opecna the. OPEC members increased production 1% in 1991 to an average 23.28 million b/d in spite of negligible production from Iraq and Kuwait and reduced production from Qatar.
OPEC as a non-state actor: formation and dynamics
Factors that have promoted the formation of OPEC and the dynamics of its confrontation with the multinational oil companies (MNOCs) are analyzed. The rise of OPEC is examined from the perspective of the growing literature on non-state actors within the international system. The central hypothesis is that OPEC emerged as a collective-bargaining instrument, but has become a non-state actor that impacts upon as well as serves the policies of its member-states. As a corollary it is assumed that the politics of oil in the 1960s can best be understood as the clash of two non-state actors - OPEC and MNOCs, both involved in changing relationships with their home governments. This study utilizes the non-state actor approach to explain the growing importance of OPEC within the international political and economic system. The study concludes that although OPEC did make structural changes in the international oil industry previously concentrated in the hands of the MNOCs, it did not press to the point that the international economic system was threatened. Moreover, OPEC proved to be a responsible international actor in a number of specific respects. It attempted to provide financial aid to those Third World countries adversely affected by the energy crisis of 1973-1974. OPEC members recycled their financial wealth in the international monetary system. On occasion it restrained some members from pushing for higher prices. This benefitting the Western industrial oil-consuming nations. As a result OPEC served as a stabilizing factor in the international oil industry.
Dredi, I.B.
OPEC takes a bow while non-OPEC calls intermission
OPEC's cuts in light crude prices are credited with calming oil market jitters and for saving consuming countries money. Non-OPEC North Sea, Mexico, and other oil exporters, accompanied by OPEC member Venequela in the case of its very heavy crudes, will be reacting individually to economic imperatives, and will be factors in the updated OPEC pricing structure. Citing Energey Detente interviews on spot and futures markets, the author compares value components of both heavy and light crudes and some of the dynamics involved in world oil prices. He develops a scenario of stabilized or reduced heavy oil prices that could stop the erosion of light oil prices and help to stabiliize the overall world oil market. 2 figures.
Lubricants Imports from Non OPEC
U.S. Imports by Country of Origin ... and Gabon withdrew from OPEC in July 1996. Crude oil and petroleum products are reported by the PAD District of entry.
As the world economy grows - OPEC holds the line
As economic indicators reflect the growth throughout the world following several years of stagnation, energy demand, particularly petroleum, is picking up as well. After enduring historically low oil prices, oil producers welcome the higher demand, but seek higher prices. To accomplish this, OPEC has adopted a long term fundamental strategy in contrast to reacting to short term market volatility in the past. This issue details regional oil demand and output around the world.
Non-OPEC supply to fill global 1996 demand gain
Excess capacity brought on by rapidly rising oil production from outside the Organization of Petroleum Exporting Countries, coupled with stabilization of output from the Commonwealth of Independent States, will hamper OPEC`s efforts to balance the oil market in 1996. World demand for oil is projected to move up sharply. But non-OPEC output will increase even more, challenging OPEC to reduce production quotas. This paper reviews data on supply, demand, and production from these non-OPEC countries and the overall effects it will have on OPEC operations and costs.
How many sisters. OPEC's new directions
OPEC's direction for the future is discussed in this article. Some points that will guide OPEC's thinking are: OPEC is still not certain of its oil's share in the energy market, OPEC will allow its unsolicited role as residual supplier to become the stabilizing factor in the oil market, and OPEC countries will continue to develop an integrated international industry, with the principal feature of this strategy being the need of OPEC's national oil companies to optimize crude oil production, refining and transporting operations by using overseas refining and product distribution networks. Issues are discussed that relate to a newly planned long-term strategy, including: protecting the organization's cohesion beyond 2000; increasing their oil and gas resource bases through aggressive exploration at home and abroad; production planning and quota management of demand increases in the market; price administration along previously agreed-upon market shares; avoidance of conflicting political questions other than oil issues; and avoidance of military issues within OPEC. OPEC members are moving from an investment strategy aimed at conserving and protecting the purchasing power of their oil revenues to one of increasing the value of that oil.
Ortiz, R.G.
Non-OPEC oil supply outages remain above year-ago level ...
Home; Browse by Tag; Most Popular Tags. electricity; oil/petroleum; liquid ... South Sudan has signed an agreement with Sudan on oil export fees and security ...
Alternative models of OPEC behavior
Since the 1973 oil price jump there has been considerable interest in the Organization of the Petroleum Exporting Countries (OPEC) and its role in the international oil market. However, most of the literature on this subject is mainly concerned with either a time-control problem in which the optimality and implication of certain market behavior is analyzed or a simulation of the oil market assuming a particular market behavior by OPEC members. Our objective in this preliminary research is to present a unified framework in which we construct models of viable alternative market behaviors for OPEC members assuming profit-maximization behavior. Each model will be specified as a system of nonlinear simultaneous equations, and for a particular functional forms specification, we present the estimates of the first two models considered.
Al-Sultan, A.M.
Interdependencies 1989, Part III: Focus on solidarity with OPEC
Several non-OPEC countries, and sometimes elements within countries, have been in dialogue with OPEC about oil market supply, demand, and pricing for the past few years. Recently, some have attended OPEC meetings as observers for the first time. Economists have asked, Will this strengthen OPEC make it into a true cartel Is free oil marketing threatened In this issue a remarkable paper addresses the evolution of relationships between OPEC and non-OPEC producers. This issue also presents the following: (1) ED refining netback data series for the US Gulf and West Coasts, Rotterdam, and Singapore as of July 7, 1989; and (2) ED fuel price/tax series for the countries of the Western Hemisphere, July 1989 edition. Includes paper by John Roberts, OPEC and non-OPEC Relations, March 1989. 2 figs., 5 tabs.
Non OPEC Net Imports of Crude Oil and Petroleum Products into the U.S.
... California crude oil to Pacific Rim countries. The Persian Gulf includes Bahrain, Iran, Iraq, Kuwait, Qatar, Saudi Arabia, and the United Arab Emirates.
Survival of OPEC, as viewed by a selected sample of OPEC's leaders
A questionnaire was designed and mailed to OPEC members, 60% of whom responded. Their answers, combined with the formation history of the Organization and its eventful life in the past decades were studied and treated in the descriptive historical format. In the first chapter the problem was defined and its background was described. This chapter formulated the research question as: Will OPEC in the opinion of OPEC ministers and directors continue to be an effective organization in the future as it has been in the past. What is the future of OPEC. The second chapter reviewed the literature. Two hypotheses were considered in this study: (1) Hypothesis 1 stated, OPEC members will continue to market their oil, determine proper price for it, and set fair quotas for each member as effectively in the future as in the past. (2) Hypothesis 2 stated, OPEC members will face difficulties in marketing their oil, determining proper oil prices, and setting fair quotas for each member; and the Organization will be weakened or totally destroyed in the future due to the conflicts among members and international pressure. Responding OPEC officials believed that OPEC is an effective organization and will remain so in the future. Their views were in support of hypothesis one. However, based on consideration of other factors, the research concluded that in the long run OPEC will most likely face difficulties in maintaining its solid and powerful operation and marketing strategies.
Assefi Soleimany, S.
OPEC at high noon 1974-1981
After 1973, oil consumption stagnated worldwide. Non-OPEC output increased, mostly in Alaska, Mexico, and the North Sea, but not because of the price rise. The cartel nations had to assume the whole burden of cutting back ...
Adelman, Morris Albert
OPEC versus the west: a robust equilibrium
Suppose that both OPEC and the West possess stocks of oil which can be extracted at constant and identical cost. Consumption takes place only in the West. Suppose, hypothetically, that the West behaves as a single agent and, more realistically, that OPEC does also. Each agent makes a strategic choice of the pattern of exploitation over time of its own reserve. The Nash equilibrium obtained is ''robust'' in that it is also a ''Stakelberg equilibrium'' in which each agent is ''right for the right reason.'' Further, the equilibrium obtained is equivalent to that obtained when Western oil companies constitute a competitive fringe to the OPEC monopoly. 4 figures, 12 references
Robson, A.J.
OPEC behavior: a test of alternative hypotheses
Since interpretations of past and future oil price patterns depends on the model chosen, the author tests and compares alternative theories of OPEC as a first step in validating the choice on any one model. The results show that among OPEC countries, the partial market-sharing cartel model is the only model not rejected by at least some of the 11 members and gives the best explanation of production. In comparison with 11 non-OPEC countries, the competitive model could not be rejected for 10 of the 11 non-OPEC producers. This raises the question of why, if OPEC is a cartel, Friedman's predictions have not come true, and introduces new questions for future research. 19 references, 3 tables.
Griffin, J.M.
The key to better times is Opec pricing discipline
According to the author, 1988 proved again that Opec's ability to control world oil markets in tenuous at best. Oil analysts had trouble determining direction of the cartel, with forecasts showing a wide range of possibilities for oil prices. In the last half of the year, concern about a long-term collapse in oil prices sent many U.S. producers to the sidelines with drilling activity languishing at 911 rigs running at the end of November. Most active rigs were looking for natural gas, further complicating U.S. oil reserve replenishment. Opec gradually lost control of world oil markets in 1988. Opec impotence will continue unless non-Opec producers cooperate to cut output, global oil demand increases significantly, or members finally begin to seriously address the critical issue of adhering strictly to production quotas. The author discusses the status of OPEC and U.S. petroleum in regard to current U.S. and worldwide economic conditions.
Crouse, P.C. (Philip C. Crouse and Associates, Inc., Dallas, TX (US))
OPEC production: Untapped reserves, world demand spur production expansion
To meet projected world oil demand, almost all members of the Organization of Petroleum Exporting Countries (OPEC) have embarked on ambitious capacity expansion programs aimed at increasing oil production capabilities. These expansion programs are in both new and existing oil fields. In the latter case, the aim is either to maintain production or reduce the production decline rate. However, the recent price deterioration has led some major OPEC producers, such as Saudi Arabia and Iran, to revise downward their capacity plans. Capital required for capacity expansion is considerable. Therefore, because the primary source of funds will come from within each OPEC country, a reasonably stable and relatively high oil price is required to obtain enough revenue for investing in upstream projects. This first in a series of two articles discusses the present OPEC capacity and planned expansion in the Middle East. The concluding part will cover the expansion plans in the remaining OPEC countries, capital requirements, and environmental concerns.
Ismail, I.A.H. (Organization of the Petroleum Exporting Countries, Vienna (Austria))
OPEC as an actor in world politics: a study in its internal and external dimensions
The OPEC oil price increases of the 1970s and their economic and political effects on the oil-importing and oil-exporting countries have called attention to OPEC as an actor in world politics. This study examines the internal and external aspects of OPEC in light of the following hypotheses: (1) the bargaining power of the major oil companies has been curtailed in favor of OPEC members; (2) potential economic differences and political conflicts among OPEC members raise no real threat to the survival of OPEC; (3) development of alternative sources of energy will not likely restrain OPEC's active role in world politics; and (4) the unbridled power of OPEC to increase oil prices will likely be restrained by the effects of these increases on oil-importing countries. In addition to testing these hypotheses, this study attempts to trace OPEC's origin and explores the role of Saudi Arabia as the residual OPEC supplier. Since the OPEC revolution of October 1973, numerous academic works and press reports have been published on OPEC. The author depended heavily on these sources. In addition, information supplied by some prominent energy institutions during a research trip to Vienna, Austria, and Washington, DC was also used. The findings of this study tend to support the preceding hypotheses.
Al-Hulwah, M.I.
Opec squabbling sparks surge in world production
In the second half of 1988 Opec member nations began on cheating on their quotas. The resultant 11% surge in Middle Eastern production propelled world output to an average of 58.5 MMbopd. This paper presents an analysis of major oil producing countries of the world and a listing, by country, of world crude oil and condensate production for 1987 and 1988.
OPEC Production Likely To Remain Low
4 4 Notes: With a background of some weakening demand from weakening economies (being pushed lower by high crude oil prices), OPEC has shown not only a a reluctance to increase production any time soon, but has actually decreased production. OPEC has attempted to reduce production by 3.5 million barrels per day so far this year. The last of these cuts is not to occur until September, which will affect consuming countries the most over the upcoming winter. Tightness in both European (Brent price) and Asian (Dubai price) markets are reflected in the recent strength seen in the marker crude oil for these regions. But with the effect of the 2nd OPEC production cuts just taking effect and the effect of the 3rd production cut yet to come, U.S. crude oil stocks are
OPEC's Dr. Subroto examines the market after Gulf war
This paper reports on a relatively strong oil market emerging from the Persian Gulf war according to an Opec spokesperson. Opec is expected to remain a viable force, perhaps more cohesive than before, no matter what happens to Kuwait and Iraq.
Finished Motor Gasoline Imports from OPEC
Is OPEC a cartel? Evidence from cointegration and causality tests
One would expect a carter to curb production in order to raise prices of its product as well as to share the market among its members. The Organization of Petroleum Exporting Countries (OPEC) is no exception, and blamed for the quadrupling of crude oil prices in 1974. However, OPEC could not prevent prices from falling in the 1980s, even after it adopted output rationing in 1982. The author addresses the question of whether OPEC was ever able to increase market price of oil by curbing production, or simply took advantage of high prices caused by political problems and conflicts between members. 17 refs., 1 fig.
Guelen, G. [Boston College, Chestnut Hill, MA (United States)
OPEC's fortunes ride with the high-flying US dollar
The strong US dollar insulates most of OPEC from painful losses in revenue despite the well-publicized OPEC price cut of March 1983. The steady rise of the dollar has largely reversed the impact of the $5-per-barrel cut in the marker crude oil price. This has helped to reduce internal pressures for further prices cuts. This link is due to three factors: (1) oil is denominated in dollars; (2) OPEC pays for most of its imported goods and services with other currencies; and (3) the dollar has risen 20-49% against most trading currencies since March 1983.
Stauffer, T.
OPEC production: Capital limitations, environmental movements may interfere with expansion plans
Obtaining capital is a critical element in the production expansion plans of OPEC member countries. Another issue that may impact the plans is the environmental taxes that may reduce the call on OPEC oil by 5 million b/d in 2000 and about 16 million b/d in the year 2010. This concluding part of a two-part series discusses the expansion possibilities of non-Middle East OPEC members, OPEC's capital requirements, and environmental concerns. Non-Middle East OPEC includes Algeria, Gabon, Indonesia, Libya, Nigeria, and Venezuela.
OPEC ducks quota issue amid glut worries
This paper reports that the Organization of Petroleum Exporting Countries has ducked the question of reestablishing quotas despite the looming prospect of a second quarter oil price slide. OPEC ministers meeting in Vienna late last month approved continuing free-for-all production in the first quarter and ordered the ministerial monitoring committee to tackle the question of second quarter production levels when it meets in Geneva Feb. 12. Oil markets responded to the lack of action by dropping futures prices.
The ghost of OPEC in energy security policy
Energy security policy continues to be haunted - at least within the halls of government - by fears of OPEC`s potential ability to curb oil supplies to the United States or to unexpectedly raise prices to economy-damaging levels. OPEC continues to exert (mainly psychological) influence in excess of its market role. Becaue OPEC`s continued existence skews the energy policy debate in the United States and in other oil-consuming countries, and because it complicates otherwise constructive relations between the US and the Arab world, the Clinton administration should confront OPEC and America`s energy security concerns directly. In its forthcoming energy-policy plan, the administration could declare the abolition of OPEC to be a goal of US foreign and trade policy. As a countermeasure, US energy policymakers should abandon the inflammatory frame of reference of energy security. No practical purpose has been served domestically or internationally by adherence to a policy that in the end has simply raised the economic cost of a vital commodity.
Stagliano, V.A.
Understanding Crude Oil Prices
2004. �OPEC�s Optimal Crude Oil Price,� Energy Policy 32(2),percent change in real oil price. Figure 3. Price of crude023 Understanding Crude Oil Prices James D. Hamilton June
Hamilton, James Douglas
2004. �OPEC�s Optimal Crude Oil Price,� Energy Policy 32(2),Figure 3. Price of crude oil contract maturing December ofbarrels per day. Monthly crude oil production Iran Iraq
Vehicle Technologies Office: Fact #109: December 13, 1999 OPEC and OPEC+
NLE Websites -- All DOE Office Websites (Extended Search)
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What to Watch: Iraq, OPEC and
6 of 26 6 of 26 Notes: When keeping an eye on petroleum prices, we watch inventories closely. Recall that inventories measure the balance between supply and demand, and thus signal pressure on stocks. For crude oil, world petroleum inventories are low, and Iraq is probably the largest wild card that could impact prices in the short term. While OPEC will continue to adjust production to support the price of crude oil, the world economy may work against the organization. A slower economy means lower demand, and more OPEC production cutbacks to support prices. We are almost through this winter, so for distillate and propane, we will be watching how low stocks are at the end of the winter, which will indicate how much extra build is needed to start next winter in good shape.
OPEC needs help from other exporters to balance market
For the past 5 years the Organization of Petroleum Exporting Countries has been telling oil producers around the world that it can no longer carry the burden of trying to balance supply and demand without outside help. Non-OPEC exporters have, on several occasions, examined the benefits of sharing the burden of production cuts, but rightly have been nervous of close cooperation with an unpredictable and undisciplined competitor. Cooperation will certainly depend on OPEC reaching its own production cutting agreement. That must be done in a way that given non-OPEC countries confidence that any new production and pricing pact will not fall apart during the first half of next year. OPEC exports to the developing world have been trimmed by the advent of new producers. In most of these countries local production only eliminates or reduces imports. Few are in the class of North Yemen where the initial flow could meet local demand and provide a surplus for export.
Vielvoye, R.
Politactics of international cartels: economic illusions, political realities, and OPEC
This research investigates the nature and strategy of international cartels to determine both what constitutes a cartel and the causes of OPEC's longevity. To achieve that end, the study examines the political and economic background that led to the Organization's creation and determined its evolution. The study analyzes the factors underlying changes in the oil market and in the outlook of the oil-producing nations for the purpose of drawing some conclusions concerning the manner in which the contemporary, quasi-cartelistic OPEC system operates, and to set out the far-reaching implications of its emergence. What were the circumstances which have thus far favored cartelization and sustained the cohesiveness and power of OPEC. It is argued that links within OPEC have been forged by a mixture of politics and economics. Economic considerations created OPEC and maintained it through its early years, but political necessity and solidarity helped later to cement the various divergent blocks together. Contrary to expectations, political conflicts among the major members failed to cripple or destroy OPEC. Political links helped override economic disagreements, while economic links helped overcome political ill will.
Daoudi, M.S.
Microsoft Word - STEO supplement non-OPEC supply Final-2.doc
08 08 1 February 2008 Short-Term Energy Outlook Supplement: Outlook for Non-OPEC Oil Supply Growth in 2008- 2009 1 Most oil market analysts, including EIA, have pointed to the slow growth in oil supply from countries that are not members of the Organization of the Petroleum Exporting Countries (OPEC) in recent years as a key cause of the current high oil price environment. The widening gap between growth in world oil consumption and non- OPEC oil supply has led to greater reliance upon production by OPEC and a drawdown in the Organization for Economic Cooperation and Development (OECD) commercial inventories. These conditions have contributed to upward pressure on world oil prices in recent years (see Why Are Oil Prices So High?, supplement to the November 2007 Short-
The outlook for US oil dependence
Market share OPEC lost in defending higher prices from 1979-1985 is being steadily regained and is projected to exceed 50% by 2000. World oil markets are likely to be as vulnerable to monopoly influence as they were 20 years ago, as OPEC regains lost market share. The U.S. economy appears to be as exposed as it was in the early 1970s to losses from monopoly oil pricing. A simulated 2-year supply reduction in 2005-6 boosts OPEC revenues by roughly half a trillion dollars and costs the U.S. economy an approximately equal amount. The Strategic Petroleum Reserve appears to be of little benefit against such a determined, multi-year supply curtailment either in reducing OPEC revenues or protecting the U.S. economy. Increasing the price elasticity of oil demand and supply in the U.S. and the rest of the world, however, would be an effective strategy.
Greene, D.L.; Jones, D.W.; Leiby, P.N.
OPEC Middle East plans for rising world demand amid uncertainty
The Middle Eastern members of the Organization of Petroleum Exporting Countries must plan for huge increases in oil production capacity yet wonder whether markets for the new output will develop as expected. With worldwide oil consumption rising and non-OPEC output likely to reach its resource limits soon, OPEC member countries face major gains in demand for their crude oil. To meet the demand growth, those with untapped resources will have to invest heavily in production capacity. Most OPEC members with such resources are in the Middle East. But financing the capacity investments remains a challenge. Some OPEC members have opened up to foreign equity participation in production projects, and others may eventually do so as financial pressures grow. That means additions to the opportunities now available to international companies in the Middle East. Uncertainties, however, hamper planning and worry OPEC. Chief among them are taxation and environmental policies of consuming-nation governments. This paper reviews these concerns and provides data on production, pricing, capital investment histories and revenues.
Ismail, I.A.H. [Organization of Petroleum Exporting Countries, Vienna (Austria)
As OPEC Ministers Meet, Secretary Chu Stresses the Importance of Energy
As OPEC Ministers Meet, Secretary Chu Stresses the Importance of As OPEC Ministers Meet, Secretary Chu Stresses the Importance of Energy Independence As OPEC Ministers Meet, Secretary Chu Stresses the Importance of Energy Independence March 15, 2009 - 12:00am Addthis Washington, DC - As OPEC ministers held a meeting in Vienna Sunday, U.S. Energy Secretary Steven Chu again stressed the need for energy independence and called for global cooperation on energy, economic and climate challenges. "While OPEC's actions are just one factor among many that go into the market price of oil, I'm pleased that there won't be further production cuts -- which could help to avoid oil price volatility," Secretary Chu said. "However, I continue to believe that we should stay focused on what our country can do to become energy independent -- ending our dependence on
The Outlook for U.S. Oil Dependence
Market share OPEC lost in defending higher prices from 1979-1985 is being steadily regained and is projected to exceed 50% by 2000. World oil markets are likely to be as vulnerable to monopoly influence as they were 20 years ago, as OPEC regains lost market share. The US economy appears to be as exposed as it was in the early 1970s to losses from monopoly oil pricing. A simulated 2-year supply reduction in 2005-6 boosts OPEC revenues by roughly half a trillion dollars and costs the US economy an approximately equal amount. The Strategic Petroleum Reserve appears to be of little benefit against such a determined, multi-year supply curtailment either in reducing OPEC revenues or protecting the US economy. Increasing the price elasticity of oil demand and supply in the US and the rest of the world, however, would be an effective strategy.
Greene, D.L.
Assessment of official development assistance from the OPEC capital-exporting countries (1974-1979)
The purpose of the study was to assess whether the benefits derived from Official Development Assistance (ODA) from the Organization of Petroleum Exporting Countries (OPEC) exceed the extra costs of imported oil paid by the Oil-Importing Developing Countries (OIDCs) since the fall of 1973. For purposes of analysis, the OIDCs were divided into four regions of Africa, Asia, the Middle East and Latin America. The additional oil expenditures that these four regions had to pay to OPEC were calculated. This was folowed by a derivation of estimates for the total grants disbursed by OPEC to the four regions. The results were then compared to the additional costs for imported oil previously derived. It was found that the additional costs for imported oil exceeded the benefits derived from the ODA of the OPEC capital-exporting countries for the Middle East, Asia and Latin America. In the case of Africa, however, the benefits more than equaled the costs. In conclusion, it was recommended that the area of joint ventures could provide excellent opportunities for the OPEC capital-exporting countries and the OIDCs to explore. However, before joint ventures between the OPEC capital-exporting countries and the OIDSs become an attractive option for channeling OPEC surpluses, there need to be intensive research in making such a co-operation feasible in the future.
Al-Riyami, S.A.
U.S. Imports from OPEC - Energy Information Administration
Vehicle Technologies Office: Fact #298: December 15, 2003 OPEC...
Coming from OPEC Share of U.S. Imported Petroleum Coming from the Persian Gulf Region Net Oil Imports (thousand barrels per day) 1973 49.7% 14.1% 6,025 1974 55.7% 17.6% 5,892 1975...
Most OPEC nations log output gains in 1990
This paper reports that total crude oil production by the members of the Organization of Petroleum Exporting Countries rose to 23.26 million b/d in 1990 from 21.34 million b/d in 1989, despite the lost production from Iraq and Kuwait during the second half. Those two were the only OPEC members not recording production increases for the year. According to the annual statistical bulletin issued by the OPEC secretariat late last month, the value of total OPEC petroleum exports also jumped markedly, to $147.44 billion from $114.28 billion in 1989. This enabled the organization to end the year with an estimated current account surplus of $13.77 billion, compared with the 1989 surplus of $4.34 billion.
World oil and geopolitics to the year 2010
This paper focuses on the interplay of market forces and politics in the world oil market projected to the year 2010. It argues that world oil demand will increase considerably, with Asian demand growing the fastest. Given that the growth of oil supply of producers outside the Organization of the Petroleum Exporting Countries (OPEC) will be trivial, the call on OPEC oil will increase substantially. Yet, given their declining per-capita oil revenues, OPEC members may not be able to make timely investments in required upstream projects. If this happens, the supply constraint will lead to higher prices and intensified international competition for Arabian/Persian Gulf oil. Thus, foreign investment will be needed increasingly in OPEC states if prices are to remain stable. But geopolitical and institutional barriers to foreign investment in many OPEC members hinder foreign investment. It is imperative that major players in the world oil market cooperate to reduce such barriers in time to ensure that supply corresponds to rising demand. 22 refs., 8 figs., 10 tabs.
Amirahmadi, H.
OPEC at thirty years; What have we learned
This paper is a review of the lessons learned concerning OPEC. It includes: the history of the formation of OPEC, OPEC and the energy crisis of the 1970's, models of the cartel, and pricing and output (production) policies.
Adelman, M.A. (Dept. of Economics and Energy Lab., Massachusetts Inst. of Technology, Cambridge, MA (US))
World Oil: Market or Mayhem?
The world oil market is regarded by many as a puzzle. Why are oil prices so volatile? What is OPEC and what does OPEC do? Where are oil prices headed in the long run? Is �peak oil� a genuine concern? Why did oil prices ...
Smith, James L.
Global Oil Geopolitics
Iran-Iraq War . Iranian revolution . Arab Oil Embargo . Asian financial crisis . capacity exhausted . Global financial collapse . 9-11 attacks . OPEC cuts targets 1.7 ...
Impact of market structure and political instability on the official price of OPEC crude (1972-83)
Within the empirical literature, political instability was either completely ignored or the assumption was made that its impact was significant. One of the major objectives of this study is to determine whether political instability had a significant impact on the oil market during the 1972-83 period. Secondly, there were very important changes that took place within the market - considerable reduction in the non-communist world's oil consumption, increase in production outside OPEC, reduced OPEC market share and capacity use, increased sale of oil directly by OPEC rather than through the oil multinationals, and nationalization of the asset of the latter within OPEC. Within the empirical literature some attention has been paid to the first four changes. The last two changes, however, have generally been assumed to be insignificant. Consequently, the second objective is to determine whether the change of the distribution of ownership within and direct marketing by OPEC itself have had a significant impact on the official price of OPEC crude. The third objective is improved specification of past models of the world oil market through consideration of the influences mentioned above. Results of the study show that political instability, contrary to popular opinion, did not have a significant impact on the market during the 1972-83 period.
Kendall, P.
Held Hostage: America and Its Allies Confront OPEC, 1973 - 1981
The oil shocks of the 1970s, initiated by the first Arab oil embargo in 1973, stunned the industrialized world. The Organization of Petroleum Exporting Countries (OPEC) controlled a resource that was vital to the national well-being and national security of America and its allies. In the United States, gas lines formed as Americans waited for increasingly costly and scarce fuel. Europeans realized that the energy shortages, which they originally believed to be short-term, might permanently change their lives. This dissertation places the historical debate about the effectiveness of domestic and foreign energy policy within the framework of the global transformations taking place at the end of the twentieth century. The collapse of the Bretton Woods system in 1971 and the advent of petrodollars on world currency markets, the emergence of the Soviet Union as an oil exporter, the rise of OPEC as a regulator of oil prices and the consequent decline in the power of the seven major multinational oil companies, and the growth of a global environmental movement, all contributed to the shifting interplay of forces confronting the United States and its allies in the late twentieth century and shaped the debate over national and international energy policy. America's efforts to work with its allies to develop a cohesive national and international energy policy fell victim to the struggle between political autonomy and interdependence in an era of globalization. The allied response to the Iranian hostage crisis and the Soviet invasion of Afghanistan highlighted these conflicts within the alliance.
Barr, Kathleen
Higher U.S. oil production in 2013 and 2014 means lower oil imports
U.S. Energy Information Administration (EIA) Indexed Site
Higher U.S. oil production in 2013 and 2014 means lower oil Higher U.S. oil production in 2013 and 2014 means lower oil imports U.S. crude oil production topped 7 million barrels per day in November and December for the first time in 20 years, and production is expected to keep rising over the next two years. The U.S. Energy Information Administration's new monthly forecast sees domestic crude oil output averaging 7.3 million barrels per day this year and climbing to 7.9 million barrels next year. Higher crude oil production means America will need less imported oil. U.S. net imports of crude oil and liquid fuels are forecast to drop to 6.0 million barrels per day in 2014, less than half the 12.5 million barrels per day level in 2005. That will push U.S. imports down to just 32 percent of domestic oil consumption, the lowest
OPEC aid and the challenge of development
The OPEC countries have been a significant source of aid for the developing countries since 1973. They have set up a large number of development aid institutions. One of the most prominent of these, the OPEC Fund for International Development, marked its tenth anniversary last year. This book examines not only how the original vision of the OPEC Fund's founders has been translated into practice, but also looks at the whole spectrum of aid from OPEC countries. It shows how OPEC aid is a unique phenomenon in the history of development co-operation. It discusses the effects of the development aid distributed by the collective agencies and by autonomous member states. It also describes how OPEC countries, apart from providing development assistance, have aimed at adopting a wide and innovative approach to the problems of developing countries. The book addresses a range of seminal issues of development - the scope for South-South Co-operation, the problems of North-South Dialogue and the implications of Third World debt.
Benamara, A.; Ifeagwu, S.
Vehicle Technologies Office: Fact #563: March 23, 2009 OPEC Petroleum
3: March 23, 3: March 23, 2009 OPEC Petroleum Imports to someone by E-mail Share Vehicle Technologies Office: Fact #563: March 23, 2009 OPEC Petroleum Imports on Facebook Tweet about Vehicle Technologies Office: Fact #563: March 23, 2009 OPEC Petroleum Imports on Twitter Bookmark Vehicle Technologies Office: Fact #563: March 23, 2009 OPEC Petroleum Imports on Google Bookmark Vehicle Technologies Office: Fact #563: March 23, 2009 OPEC Petroleum Imports on Delicious Rank Vehicle Technologies Office: Fact #563: March 23, 2009 OPEC Petroleum Imports on Digg Find More places to share Vehicle Technologies Office: Fact #563: March 23, 2009 OPEC Petroleum Imports on AddThis.com... Fact #563: March 23, 2009 OPEC Petroleum Imports In the 1970's, the U.S. imported more petroleum from OPEC than from
Who Are the Major Players Supplying the World Oil Market?
Energy in Brief article on the world supply of oil through ownership of national oil companies and, for some governments, their membership in OPEC.
OPEC influence grows with world output in next decade
World crude oil and condensate output will rise to 75 million bopd in 2004, concludes a recently released Petroconsultant study, entitled Worldwide Crude Oil 10-Year Forecast. It also projects that OPEC`s role in supplying demand will simultaneously grow to nearly 50% of total output. In reaching these conclusions, this report analyzed and predicted each of 94 significant producing nations for the 1995--2004 period. Output has been projected separately for the onshore and offshore sectors. Each nation, including the new republics of the former Soviet Union and individual emirates of the United Arab Emirates, is discussed within its regional and global framework; and key aspects of each of the seven major regions have been delineated. The study integrated full-cycle resource analysis, economics, infrastructure, politics, history, consumption levels and patterns, energy balances, and other pertinent data to cover both supply and demand pictures. The entire discovery and production history was used to frame exploration and development maturity. Future discovery potential has been estimated from largely geologic parameters.
Foreman, N.E. [Petroconsultants, Inc., Houston, TX (United States)
World oil flow steady in 1992; stable market ahead for 1993
World crude oil production in 1992 was virtually unchanged from 1991. Production last year averaged 59.96 million b/d, up only 17,000 b/d from 1991. Substantial production declines in the C.I.S. and U.S. were offset by increases among members of the Organization of Petroleum Exporting Countries and a number of other countries outside the OPEC sphere. Figures from the International Energy Agency (IEA) show world demand for petroleum products moved up 300,000 b/d to 66.9 million b/d. This included an addition to stocks of an estimated 1000,000 b/d. IEA predicts world demand will continue to rise in 1993 and OPEC output will advance to meet this higher level. Even though OPEC production is expected to be up for the year, seasonal swings in demand can cause price fluctuations. The paper describes OPEC production, non-OPEC production, oil prices, the world oil supply, Russian's decline, world demand, and the outlook for 1993.
First Factor Impacting Distillate Prices: Crude Oil Prices
8 8 Notes: World oil prices have tripled from their low point in December 1998 to August this year, pulling product prices up as well. But crude prices are expected to show a gradual decline as increased oil production from OPEC and others enters the world oil market. We won't likely see much decline this year, however, as prices are expected to end the year at about $30 per barrel. The average price of WTI was almost $30 per barrel in March, but dropped to $26 in April as the market responded to the additional OPEC production. However, prices strengthened again, averaging almost $32 in June, $30 in July, and $31 in August. The continued increases in crude oil prices indicate buyers are having trouble finding crude oil, bidding higher prices to obtain the barrels available.
Non-OPEC supply to test OPEC`s quota resolve in second half
The paper discusses the oil market, the worldwide outlook for demand, crude oil prices, petroleum product prices, natural gas prices, US outlook, US energy demand, sector demand, US natural gas consumption, US petroleum demand, motor gasoline, distillates, resid, LPG and other products, US petroleum supply, refining, imports, stocks, and Strategic Petroleum Reserve stocks.
Trade balance instability and the optimal exchange rate regime: The case of OPEC countries
The OPEC members have experienced wide fluctuations in their trade balances. This can be attributed to several factors: (1) heavy dependence of national income and export earnings on a single primary export-oil; (2) instability of price and world demand for oil; and (3) the exchange rate regime practiced in recent years. An exchange rate policy can be used to minimize the fluctuations in trade balance, given the changes in exchange rates of major international currencies. The purpose of this study is two fold; first, examine the effects of fluctuations in trade balance on the OPEC economies, and second, propose appropriate exchange rate regime for selected OPEC members. The study is divided into two parts. The first part demonstrates the impact of trade balance changes on national income and other macroeconomic variables using a Keynesian framework. The second part involves using conventional trade models to search for the appropriate exchange rate regime to minimize the fluctuations in trade balance of each selective country. The study's findings are: first, fluctuations in trade balances had negative effects on the economics of Algeria, Kuwait, Libya, Saudi Arabia, and the United Arab Emirates. Second, the current exchange rate regime of no sample country is optimal in minimizing trade balance fluctuations. Third, in contrast to expectations, U.S. dollar peg did not stabilize the trade balance of any OPEC member. Finally, the results show that the sample OPEC economies could have enjoyed faster - though with different degree - economic growth if they had pegged their currencies to the derived optimal exchange rate regime. These optimal exchange rate regimes are: the SDR for Algeria and the United Arab Emirates, the purchasing power parity for Libya and Saudi Arabia, and the real Yen for Kuwait.
Aljerrah, M.A.
World Oil Price Cases (released in AEO2005)
World oil prices in AEO2005 are set in an environment where the members of OPEC are assumed to act as the dominant producers, with lower production costs than other supply regions or countries. Non-OPEC oil producers are assumed to behave competitively, producing as much oil as they can profitability extract at the market price for oil. As a result, the OPEC member countries will be able effectively to set the price of oil when they can act in concert by varying their aggregate production. Alternatively, OPEC members could target a fixed level of production and let the world market determine the price.
Oil price; oil demand shocks; oil supply shocks; dynamic effects.
Abstract: Using a newly developed measure of global real economic activity, a structural decomposition of the real price of crude oil in four components is proposed: oil supply shocks driven by political events in OPEC countries; other oil supply shocks; aggregate shocks to the demand for industrial commodities; and demand shocks that are specific to the crude oil market. The latter shock is designed to capture shifts in the price of oil driven by higher precautionary demand associated with fears about future oil supplies. The paper quantifies the magnitude and timing of these shocks, their dynamic effects on the real price of oil and their relative importance in determining the real price of oil during 1975-2005. The analysis sheds light on the origin of the observed fluctuations in oil prices, in particular during oil price shocks. For example, it helps gauge the relative importance of these shocks in the build-up of the real price of crude oil since the late 1990s. Distinguishing between the sources of higher oil prices is shown to be crucial in assessing the effect of higher oil prices on U.S. real GDP and CPI inflation, suggesting that policies aimed at dealing with higher oil prices must take careful account of the origins of higher oil prices. The paper also quantifies the extent to which the macroeconomic performance of the U.S. since the mid-1970s has been driven by the external economic shocks driving the real price of oil as opposed to domestic economic factors and policies. Key words: JEL:
Lutz Kilian
Modeling of Energy Production Decisions: An Alaska Oil Case Study
and Weimer, D.L. (1984) Oil prices shock, market response,OPEC behavior and world oil prices (pp. 175-185) London:many decades. Recent high oil prices have caused oil-holding
Leighty, Wayne
World Oil Prices and Production Trends in AEO2008 (released in AEO2008)
AEO2008 defines the world oil price as the price of light, low-sulfur crude oil delivered in Cushing, Oklahoma. Since 2003, both above ground and below ground factors have contributed to a sustained rise in nominal world oil prices, from $31 per barrel in 2003 to $69 per barrel in 2007. The AEO2008 reference case outlook for world oil prices is higher than in the AEO2007 reference case. The main reasons for the adoption of a higher reference case price outlook include continued significant expansion of world demand for liquids, particularly in non- OECD countries, which include China and India; the rising costs of conventional non-OPEC supply and unconventional liquids production; limited growth in non-OPEC supplies despite higher oil prices; and the inability or unwillingness of OPEC member countries to increase conventional crude oil production to levels that would be required for maintaining price stability. EIA will continue to monitor world oil price trends and may need to make further adjustments in future AEOs.
Crude-oil market report
The crude oil market has been both quieter and thinner during the past few months. Various factors, including OPEC restraints, settlement of the British coal strike, and dollar exchange rates, have been stabilizing, although erratic output by Iran and the Soviet Union have caused fluctuations in prices. Higher gasoline prices have triggered a preference for sweet crudes and a possible shortage during the summer motoring season. Oil stocks appear to be at the bottom now, but restocking activities will probably not cause shortages. The author forecasts a continued weak market. 2 tables.
Vehicle Technologies Office: Fact #734: July 2, 2012 OPEC Countries
4: July 2, 2012 4: July 2, 2012 OPEC Countries Represent Less Than Half of U.S. Petroleum Imports to someone by E-mail Share Vehicle Technologies Office: Fact #734: July 2, 2012 OPEC Countries Represent Less Than Half of U.S. Petroleum Imports on Facebook Tweet about Vehicle Technologies Office: Fact #734: July 2, 2012 OPEC Countries Represent Less Than Half of U.S. Petroleum Imports on Twitter Bookmark Vehicle Technologies Office: Fact #734: July 2, 2012 OPEC Countries Represent Less Than Half of U.S. Petroleum Imports on Google Bookmark Vehicle Technologies Office: Fact #734: July 2, 2012 OPEC Countries Represent Less Than Half of U.S. Petroleum Imports on Delicious Rank Vehicle Technologies Office: Fact #734: July 2, 2012 OPEC Countries Represent Less Than Half of U.S. Petroleum Imports on Digg
Sanctions reduced Iran's oil exports and revenues in 2012 ...
A smaller decline in 2011 resulted mainly from declining production in aging fields. Iran remained the second-largest OPEC crude oil producer on ...
Crude Oil Outlook
July are likely to not be felt until the very end of August or early September. OPEC crude oil production cuts are not likely to be as great as their cuts in quotas. However, they...
Trends in oil production costs in the Middle East, elsewhere
This article focuses on the costs of oil production in the major areas of the world, including OPEC and non-OPEC countries. The question of production costs has become even more important since 1986, when the Saudis unilaterally undercut the oil price. Shaikh Yamani slashed oil prices in 1986 with three clearly articulated objectives: (1) to reduce conservation; (2) to stimulate global economic growth; and (3) to discourage non-OPEC energy supplies of all kinds. Here the authors address the last of those strategic objectives -- squeezing out non-OPEC oil -- by comparing oil production costs around the world. The analysis is framed with respect to five questions: How great is the variation in full costs of production within OPEC itself Are the costs of OPEC and non-OPEC producers radically different Are there producing areas today that are cost-constrained, meaning where E P activity is limited by high costs in relation to expected prices Has the Saudi market share strategy been successful in curbing non-OPEC oil development Is it probably, as is often bruited, that lack of capital for new E P projects might constrain future oil production, especially in the OPEC states
Stauffer, T.R. (Stauffer, (Thomas R.), Washington, DC (United States))
WTI Crude Oil Price: Base Case and 95% Confidence Interval
6 6 Notes: Spot WTI crude oil prices broke $35 and even $36 per barrel in November as anticipated boosts to world supply from OPEC and other sources did not show up in actual stocks data. The recent decline in prices seems to be more the result of an unraveling of speculative pressures than a change in underlying fundamentals. Prices had been running higher than supply/demand fundamentals would have indicated throughout the fall months as a result of rising Mideast tensions, concern over the adequacy of distillate supplies, and expectations of Iraqi supply interruptions. But Mideast tensions seemed to ease in December and the market appeared to perceive a quick return of Iraqi crude oil supplies at full capacity. Pledges by Saudi Arabia/OPEC to offset a longer term Iraqi
International Energy Outlook - World Oil Markets
World Oil Markets World Oil Markets International Energy Outlook 2004 World Oil Markets In the IEO2004 forecast, OPEC export volumes are expected to more than double while non-OPEC suppliers maintain their edge over OPEC in overall production. Prices are projected to rise gradually through 2025 as the oil resource base is further developed. Throughout most of 2003, crude oil prices remained near the top of the range preferred by producers in the Organization of Petroleum Exporting Countries (OPEC), $22 to $28 per barrel for the OPEC basket price. OPEC producers continued to demonstrate disciplined adherence to announced cutbacks in production. Throughout 2003, the upward turn in crude oil prices was brought about by a combination of three factors. First, a general strike against the Chavez regime resulted in a sudden loss of much of Venezuelas oil exports. Although the other OPEC producers agreed to increase their production capacities to make up for the lost Venezuelan output, the obvious strain on worldwide spare capacity kept prices high. Second, price volatility was exacerbated by internal conflict in Nigeria. Third, prospects for a return to normalcy in the Iraqi oil sector remained uncertain as residual post-war turmoil continued in Iraq.
Crude Oil Imports from Mauritania
Crude Oil Imports from Canada
Crude Oil Imports from Azerbaijan
OPEC and the Third World: the politics of aid
The OPEC states have been the only group of developing countries to acquire enough financial resources to assist other less-fortunate developing countries and to have an impact on international economic, financial, and political relations. This study can help to determine the degree to which common Third World goals affected the behavior of OPEC members, to establish the similarities and differences in their behavior as compared with that of the developed countries, and to illustrate the difficulties faced by developing countries in trying to act upon the international system and achieve their own national objectives. Separate chapters cover the historical framework of OPEC, and the politics, nature, and channels of OPEC aid. Case studies examine the policies of Iran and Saudi Arabia. 400 references, 101 tables.
Hunter, S.
OPEC or a basic problem in source networks
The problem of determining the achievable rate region for an arbitrary source network with one "helper" is still unsolved. Csisz�r and the author have shown that it reduces to the one-parameter entropy characterization problem (OPEC), treated in ...
J. Korner
Inscrutable OPEC? : behavioral tests of the cartel hypothesis
We show that standard statistical tests of OPEC behavior have very low power across a wide range of alternative hypotheses regarding market structure. Consequently, it is difficult, given the current availability and ...
World oil: Market or mayhem
The world oil market is regarded by many as a puzzle. Why are oil prices so volatile? What is OPEC and what does OPEC do? Where are oil prices headed in the long run? Is �peak oil � a genuine concern? Why did oil prices spike in the summer of 2008, and what role did speculators play? Any attempt to answer these questions must be informed and disciplined by economics. Such is the purpose of this essay: to illuminate recent developments in the world oil market from the perspective of economic theory.
James L. Smith; James L. Smith; Larry Debrock; Dwight Lee; John Parsons
Active hurricane season expected to shut-in higher amount of oil and natural gas production
Active hurricane season expected to shut-in higher amount of Active hurricane season expected to shut-in higher amount of oil and natural gas production An above-normal 2013 hurricane season is expected to cause a median production loss of about 19 million barrels of U.S. crude oil and 46 billion cubic feet of natural gas production in the Gulf of Mexico, according to the new forecast from the U.S. Energy Information Administration. That's about one-third more than the amount of oil and gas production knocked offline during last year's hurricane season. Government weather forecasts predict 13 to 20 named storms will form between June and the end of November, with 7 to 11 of those turning into hurricanes. Production outages in previous hurricane seasons were as high as 107 million barrels of crude oil
Nigeria`s oil production behavior: Tests of alternative hypotheses
The sudden quadrupling of world oil prices in 1973-1974 marked the beginning of several formal inquiries by economists into the production behavior of members of the Organization of the Petroleum Exporting Countries (OPEC). Interest in the organization was further heightened in 1979 when nominal oil prices further doubled. However, oil market analysts have differed in their evaluation of OPEC`s role in the determination of world oil prices. Most energy economists have modeled OPEC as a cartel. Morris Adelman has suggested that OPEC`s true nature lies somewhere between two polar cases of a dominant-firm industry and an imperfect, market-sharing cartel. In the former case, one large, dominant firm (i.e., Saudi Arabia) serves as the {open_quotes}swing producer,{close_quotes} allowing other cartel members and non-OPEC oil producers to produce whatever they wished, controlling the market price by itself through its own output adjustments. The latter case of an imperfect market-sharing cartel is a loose collusive arrangement in which all members agree on an acceptable price level and individual output shares for each producer. Adelman believes that OPEC wobbles between these two cases, depending upon market conditions.
Awokuse, T.O.; Jones, C.T.
9 9 Notes: Spot WTI prices broke $35 and even $36 per barrel in November as anticipated boosts to world supply from OPEC and other sources did not show up in actual stocks data. The recent decline in prices seems to be more the result of an unraveling of speculative pressures than a change in underlying fundamentals. Prices had been running higher than supply/demand fundamentals would have indicated throughout the fall months as a result of rising Mideast tensions, concern over the adequacy of distillate supplies, and expectations of Iraqi supply interruptions. But Mideast tensions seemed to ease in December and the market appeared to perceive a quick return of Iraqi crude oil supplies at full capacity. Pledges by Saudi Arabia/OPEC to offset a longer term Iraqi
World's 1993 oil flow slips; demand to move up in 1994
World crude oil production in 1993 was down slightly from the year before. Production averaged 59.752 million b/d, off 287,000 b/d from 1992, largely because of production declines in the Commonwealth of Independent States (C.I.S.) and US. Those declines were offset in part by increases among members of the Organization of Petroleum Exporting Countries as well as in regions such as the North Sea and other non-OPEC areas. International Energy Agency (IEA) figures show world demand for petroleum products fell 100,000 b/d in 1993 to average 67 million b/d for the year. This included a stock build estimated at 400,000 b/d. IEA expects world demand to move up this year. However, it is still doubtful whether OPEC production will have to expand to meet the higher level of consumption. That will depend on decisions about additions to stocks. The paper discusses OPEC production, OPEC quota, world liquids supply, world demand, and outlook for 1994.
Saudi Arabia's Oil Minister: Address to US independent producers
The issue of Energy Detente is designed to promote better understanding of the Organization of Petroleum Exporting Countries (OPEC) through its self-image and its view of the world. The OPEC News Agency coverage and other OPEC materials are tapped to illustrate some key points in a speech about energy security from Saudi Arabia's Oil Minister. This paper from His Excellency Ibrahim M. Nazer is offered in an effort to share his message from the world's largest oil exporter to the world's largest oil consumer. This issue also provides selected statistics and statements from OPEC, both to put Saudi Arabia's statements in context of its commitment to OPEC and to reveal the striking similarity between the country's and the organization's positions. This issue also contains the following: (1) ED Refining Netback Data Series for the U.S. Gulf and West Coasts, Rotterdam, and Singapore as of March 23, 1990; Hemisphere, March 1990 edition. 6 figs., 5 tabs.
Oil Market Simulation model: model documentation report (Task 13). Final report
This report documents the Oil Market Simulation (OMS) model as used by the Energy Information Administration (EIA) to provide forecasts of world oil prices. In addition, the OMS model is used to examine the market responses to changes in oil demand and supply. The current version of the model provides additional OMS simulation capabilities to its predecessor. It performs not only the price and production simulations as before, but also simulations that converge to a user-specified regional demand, supply, or import level. Free world countries are grouped into seven major oil demand regions and eight major oil supply regions. The OMS model consists of three parts: oil demand, non-OPEC oil supply, and OPEC pricing behavior. Regional oil demand in a given year is determined as a function of the average world oil price for the year, the regional level of economic activity for the year, and the oil demand in the previous year. Non-OPEC regional oil supply is specified as a function of world oil price and the regional oil supply in the previous period. OPEC pricing behavior is related to the OPEC capacity utilization rate; OPEC sets the oil price based on the percent utilization of its availabile production capacity and the world oil price in the previous time period. Besides the behavior rules of consumers, non-OPEC producers, and OPEC producers, the OMS model includes some regional demand and supply values that are determined exogenously. These user-determined demand and supply values include: (1) OPEC demand, (2) US Strategic Petroleum reserve fill rates, and (3) the net exports from Centrally Planned Economies. 19 refs., 7 figs., 10 tabs.
Total Crude Oil and Products Imports from OPEC
... Iran, Iraq, Kuwait, Qatar, Saudi Arabia, and United Arab Emirates. Totals may not equal sum of components due to independent rounding.
-No Data Reported; --= Not Applicable; NA = Not Available; W = Withheld to avoid disclosure of individual company data. Notes: *Countries listed under ...
Oil Dependence: The Value of R{ampersand}D
Over the past quarter century the United States` dependence on oil has cost its economy on the order of $5 trillion. Oil dependence is defined as economically significant consumption of oil, given price inelastic demand in the short and long run and given the ability of the OPEC cartel to use market power to influence oil prices. Although oil prices have been lower and more stable over the past decade, OPEC still holds the majority of the world`s conventional oil resources according to the best available estimates. OPEC`s share of the world oil market is likely to grow significantly in the future,restoring much if not all of their former market power. Other than market share, the key determinants of OPEC`s market power are the long and short run price elasticities of world oil demand and supply. These elasticities depend critically on the technologies of oil supply and demand, especially the technology of energy use in transportation. Research and development can change these elasticities in fundamental ways, and given the nature of the problem,the government has an important role to play in supporting such research.
Total Crude Oil and Products Imports from Persian Gulf
Total Crude Oil and Products Imports from Senegal
Oil and the American Way of Life: Don't Ask, Don't Tell
In the coming decades, US consumers will face a series of important decisions about oil. To make effective decisions, consumers must confront some disturbing answers to questions they would rather not ask. These questions include: is the US running out of oil, is the world running out of oil, is OPEC increasing its grip on prices, is the US economy reducing its dependence on energy, and will the competitive market address these issues in a timely fashion? Answers to these questions indicate that the market will not address these issues: the US has already run out of inexpensive sources of oil such that rising prices no longer elicit significant increases in supply. The US experience implies that within a couple of decades, the world oil market will change from increasing supply at low prices to decreasing supply at higher prices. As the world approaches this important turning point, OPEC will strengthen its grip on world oil prices. Contrary to popular belief, the US economy continues to be highly dependent on energy, especially inexpensive sources of energy. Together, these trends threaten to undermine the basic way in which the US economy generates a high standard of living.
Kaufmann, Robert (Boston University)
The role of OPEC in promoting economic and financial cooperation among developing countries
The phenomenon of OPEC aid has, thus, undergone a remarkable evolution in magnitude, in geographical coverage, in the number of channels of such assistance and in its role and impact. The essential feature of OPEC aid has been and continues to be that OPEC aid represents financial flows from one group of developing countries to another group of developing countries. It is, thus, a concrete manifestation of economic and financial cooperation among developing countries born of the natural solidarity which exists between OPEC Member Countries.
Abdulai, Y.S.
Prospects for world oil supply
Surprises lie ahead for world oil supplies, which are expected to increase rapidly throughout the 1990s before leveling off by the end of the century. The extent of this increase could be the major surprise of the decade. Large increases in the capacity in Gulf countries accompanied by smaller increases in the non-Middle East OPEC countries will be augmented by a gradual increase in non-OPEC capacity into the late 1990s. By 2000, declining capacity in the latter two areas will offset continued capacity increases in the Gulf countries. Overall capacity in the non-OPEC countries (excluding China, Eastern Europe, and the Soviet Union), is expected to increase by 1.1 million BOPD from the low point in the early 1990s to a mid 1990s peak. The increase will be led by a large increase in capacity from the United Kingdom and smaller contributions from the non-Middle East OPEC countries and Mexico. In the forecast, emphasis has been placed on a detailed evaluation of recent significant discoveries made in non-OPEC countries and non-Middle East OPEC countries since 1983, which when taken together, are expected to add 8 million BOPD new capacity as soon as 1995. These discoveries have taken place in both existing and evolving exploration hotspots that are expected to receive increasing industry emphasis in the 1990s.
Esser, R.W. (Cambridge Energy Research Associates, MA (United States))
The pyrolysis oil product can have an increased ester content and an increased stability when compared to a condensed pyrolysis oil product not ... Biomass and Biofuels;
Futures oil market outlook
We expect the broader expansion of global economic activity in 1995 to more than offset the anticipated slowdown in the US economic growth. This should result in worldwide oil demand growth in excess of 1 million barrels per day and firmer oil prices. This comes on the heels of nearly identical growth in 1994 and should be followed by an even larger increase in 1996. This year`s demand growth comes against a backdrop of flat OPEC production and an increase in non-OPEC supplies that will fall short of the expected increase in consumption. Some degree of political upheaval in at least a half dozen important oil exporting nations could also have implication for crude supplies. One major wildcard that remains for global oil markets is the status of the United Nations` sanctions on Iraqi exports and the timing of when these sanctions are to be eased or lifted completely.
Saucer, J. [Smith Barney, Houston, TX (United States)
Import policy effects on the optimal oil price
A steady increase in oil imports leaves oil importing countries increasingly vulnerable tofuture oil price shocks. Using a variation of the U.S. EIA`s oil market simulation model, equilibria displaying multiple price shocks is derived endogenously as a result of optimizing behavior on the part of OPEC. Here we investigate the effects that an oil import tariff and a petroleum stock release policy may have on an OPEC optimal price path. It is shown that while both policies can reduce the magnitude of future price shocks neither may be politically or technically feasible. 21 refs., 7 figs., 6 tabs.
Suranovic, S.M. [George Washington Univ., Washington, DC (United States)
http://blogs.universitybusiness.com/[7/14/2010 2:35:58 PM] Higher Ed's Help with Oil Spill Response
called "Oil and Water: The Gulf Oil Spill of 2010" centering on the Gulf's history and ecologyUB Buzz http://blogs.universitybusiness.com/[7/14/2010 2:35:58 PM] Higher Ed's Help with Oil Spill and universities across the country have been getting their hands dirty with the Gulf Coast oil spill
Rock, Chris
Crude Oil Imports from Singapore
An alternative model for OPEC stability: The carrot and stick approach
The Organization of the Petroleum Exporting Countries (OPEC) has gone through turbulent times since its inception in 1960. The decade of the 1970s represented the peak of its power; however, the 1980s and 1990s are characterized by the erosion of OPECs position. After a brief exposition of the principles of resource economics and their relevance to OPEC, we review oligopoly theory and its specific application to OPEC. A model of cartel behavior will then be presented and its relevance to OPEC will be emphasized. Our theory is that OPEC can use a trigger price strategy (a punishment phase when overproduction occurs, followed by a resumption phase of full compliance of the quota agreement) to stabilize output. An insurance policy scheme will be presented in combination with the trigger price strategy, the goal of which may improve the stability of OPEC. Finally, we shall show how the present organization may evolve over time into a much smaller entity by the late 1990s composed of the Gulf producers.
Akacem, M.; Fleisher, A.A. III [Metropolitan State College of Denver, CO (United States)
Strong demand growth seen for oil and gas in 1997--99
This paper provides historical information on worldwide crude oil productions from 1984 to present and makes predictions on future demand and refinery capacities. It provides information on oil reserves on a world scale and the pricing of these commodities. It breaks reserves, production and capacities down into OPEC and non-OPEC countries. It then provides general energy demand for both developed and developing countries in all energy forms.
Oil demand continues to grow in the U.S. and worldwide
Rising oil consumption is challenging the Organization of Petroleum Exporting Countries production quota--but not the group`s ability to meet demand. In the second half of 1995, the oil market will continue to need more oil from OPEC members than the group claims to be willing to produce with its quota at 24.52 million b/d. If the quota really limited supply, ingredients would be in place for a significant price hike. Growth in a non-OPEC production intensities temptations on OPEC members to cheat on quotas and has become a key factor in the market. OPEC producers have seen that if they don`t meet incremental demand at the current price, other producers will. OPEC eventually will have to raise its quota or acknowledge that the artificial production limit lacks meaning. At present, the only real limit to supply is production capacity, which remains in excess relative to demand and which has demonstrated its ability to grow both within and outside of OPEC when prices rise. The paper discusses worldwide trends, pressures on OPEC, world crude prices, US prices, natural gas prices, US energy demand, natural gas use, gas supply, US demand for petroleum products, imports, and inventories.
Tippee, B.; Beck, R.J.
Crude Oil, Heating Oil, and Propane Market Outlook
Oil, Heating Oil, and Propane Market Outlook Oil, Heating Oil, and Propane Market Outlook 8/13/01 Click here to start Table of Contents Crude Oil, Heating Oil, and Propane Market Outlook Short-Term World Oil Price Forecast Price Movements Related to Supply/Demand Balance OPEC Production Likely To Remain Low U.S. Reflects World Market Crude Oil Outlook Conclusions Distillate Prices Increase With Crude Oil Distillate Stocks on the East Coast Were Very Low Entering Last Winter Distillate Demand Strong Last Winter More Supply Possible This Fall than Forecast Distillate Fuel Oil Imports Could Be Available - For A Price Distillate Supply/Demand Balance Reflected in Spreads Distillate Stocks Expected to Remain Low Winter Crude Oil and Distillate Price Outlook Heating Oil Outlook Conclusion Propane Prices Follow Crude Oil
Vehicle Technologies Office: Fact #114: January 31, 2000 OPEC...
42% 62% Oil Reserves 78% 88% Natural Gas Reserves 44% 80% Vented and Flared Gas 73% 78% Oil production, US DOE Energy Information Administration, International Petroleum Monthly,...
International Energy Outlook 2001 - World Oil Markets
World Oil Markets World Oil Markets picture of a printer Printer Friendly Version (PDF) In the IEO2001 forecast, periodic production adjustments by OPEC members are not expected to have a significant long-term impact on world oil markets. Prices are projected to rise gradually through 2020 as the oil resource base is expanded. Crude oil prices remained above $25 per barrel in nominal terms for most of 2000 and have been near $30 per barrel in the early months of 2001. Prices were influenced by the disciplined adherence to announced cutbacks in production by members of the Organization of Petroleum Exporting Countries (OPEC). OPECs successful market management strategy was an attempt to avoid a repeat of the ultra-low oil price environment of 1998 and early 1999. Three additional factors contributed to the resiliency of oil prices in
An economist`s overview: Recent developments affecting future oil supply, prices
This article features a discussion of the production of crude oil in non-OPEC countries compared to OPEC countries and concludes that while OPEC has lost significant market share over a fifteen-year period, it has regained much of that loss over the past five years. Also included is refining netback data as of December 22th for the US Gulf Coast, US West Coast, Singapore, and Rotterdam. Prices and taxes (US$) for fuels in North and South America are also given.
Crude Oil and Gasoline Price Monitoring
What drives crude oil prices? What drives crude oil prices? November 13, 2013 | Washington, DC An analysis of 7 factors that influence oil markets, with chart data updated monthly and quarterly Crude oil prices react to a variety of geopolitical and economic events November 13, 2013 2 price per barrel (real 2010 dollars, quarterly average) Low spare capacity Iraq invades Kuwait Saudis abandon swing producer role Iran-Iraq War Iranian revolution Arab Oil Embargo Asian financial crisis U.S. spare capacity exhausted Global financial collapse 9-11 attacks OPEC cuts targets 1.7 mmbpd OPEC cuts targets 4.2 mmbpd Sources: U.S. Energy Information Administration, Thomson Reuters 0 20 40 60 80 100 120 140 1970 1975 1980 1985 1990 1995 2000 2005 2010 imported refiner acquisition cost of crude oil
Drewry: Mideast in firm control of world oil supplies for 1990s
Surging economic growth in the Far East will push up world crude oil demand steadily in the 1990s despite the current economic downturn. It will fall to members of the Organization of Petroleum Exporting Countries to meet that increased demand, given the expected decline in non-OPEC production. And because OPEC members in the Persian Gulf region are best positioned to meet the increase, the balance of power in oil markets will shift even more in favor of the Middle East. Seaborne oil exports from the Middle East will jump almost 30% by 1997 from 1991 levels. There will be a worldwide rise of 16% in the volume of seaborne crude oil trade, with a 29% hike in movements of refined products by tanker. Those are among the findings of a report by Drewry Shipping Consultants Ltd., London. Drewry said, It is expected that 1992 will be a low point in non-OPEC output and that production levels will recover steadily from 1993 onward, although not rapidly enough to match the anticipated rise in demand. Drewry estimates non-OPEC production in 1997 at 37.1 million b/d vs. 38.1 million b/d in 1991. With non-OPEC production falling by 2.6% between 1991 and 1997, OPEC producers will have the scope to increase their output by almost 32% over the same period.
U.S. Crude Oil Imports
Application of multi-layer recurrent neural network in chaotic time series prediction: a real case study of crude oil distillation capacity
A full customised case-oriented Multi-Layered Recurrent Neural Network (MLRNN) has been proposed to predict the Capacity of Crude Oil Distillation in OPEC Member Countries. Recurrent neural networks use feedback connections and have the potential to ...
Kaveh Khalili-Damghani; Soheil Sadi-Nezhad
Do oil producers act as [open quotes]oil[close quotes]igopolists
In this paper, I analyze an oligopoly model of exhaustible resource extraction and develop predictions about relative extraction patterns of different producers. Using the [open quotes]oil[close quotes]igopoly model of Loury, one can show that producers with large stocks produce a larger amount, but a smaller percentage, of their stocks than producers with small stocks. I extend Loury's model to cases where extraction costs differ among producers and where costs are a function of cumulative extraction. An increase in extraction costs for a producer causes it to produce less relative to its rivals. When extraction costs rise with cumulative extraction, producers with large reserves tend to have lower extraction costs and a smaller ratio of cumulative production to initial reserves than producers with small reserves. I test the predictions of the model using oil industry data and find that the empirical results are consistent with the predictions of [open quotes]oil[close quotes]igopoly theory. Producers with larger reserves extract a smaller share of their reserves and have lower production costs than producers with smaller reserves. This pattern holds for 73 countries with oil reserves during the time period 1970-1989, and for approximately 400 US oil companies in 1983 and 1984. The observed pattern of production for both OPEC and non-OPEC producers is consistent with [open quotes]oil[close quotes]igopoly theory. OPEC producers do not appear to restrain production given their level of reserves relative to non-OPEC producers. Thus, viewing the oil market as containing one dominant firm (OPEC) with a competitive fringe may be misleading. Further, the pattern of extraction observed in oil markets is inconsistent with the pattern predicted by competitive theory. 29 refs., 5 figs., 6 tabs.
Polasky, S. (Boston College, Chestnut Hill, MA (United States))
Do oil producers act as [open quote]oil[close quote]igopolists
In this paper, the author analyzes an oligopoly model of exhaustible resource extraction and develop predictions about relative extraction patterns of different producers. Using the [open quote]oil[close quote]igopoly model of Loury, one can show that producers with large stocks produce a larger amount, but a smaller percentage, of their stocks than producers with small stocks. The authors extend Loury's model to cases where extraction costs differ among producers and where costs are a function of cumulative extraction. An increase in extraction costs for a producer causes it to produce less relative to its rivals. When extraction costs rise with cumulative extraction, producers with large reserves tend to have lower extraction costs and a smaller ratio of cumulative production to initial reserves than producers with small reserves. The authors test the predictions of the model using oil industry data and find that the empirical results are consistent with the predictions of [open quotes]oil[close quotes]igopoly theory. Producers with larger reserves extract a smaller share of their reserves and have lower production costs than producers with smaller reserves. This pattern holds for 73 countries with oil reserves during the time period 1970-1989, and for approximately 400 US oil companies in 1983 and 1984. The observed pattern of production for both OPEC and non-OPEC producers is consistent with [open quote]oil[close quote]igopoly theory. OPEC producers do not appear to restrain production given their level of reserves relative to non-OPEC producers. Thus, viewing the oil market as containing one dominant firm (OPEC) with a competitive fringe may be misleading. Further, the pattern of extraction observed in oil markets is inconsistent with the pattern predicted by competitive theory. 29 refs., 5 figs., 6 tabs.
Statement from Energy Secretary Bodman on OPEC's Decision to...
determine issues of supply, demand and price. Despite the recent downturn in crude oil prices, they remain at historically high levels, clearly indicating a global demand for...
The oil policies of the Gulf Arab Nations
At its heart, Arab oil policy is inseparable from Arab economic and social policy. This holds whether we are talking about the Arab nations as a group or each separately. The seven Arab nations covered in this report-Bahrain, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates--participate in several organizations focusing on regional cooperation regarding economic development, social programs, and Islamic unity, as well as organizations concerned with oil policies. This report focuses on the oil-related activities of the countries that may reveal the de facto oil policies of the seven Persian Gulf nations. Nevertheless it should be kept in mind that the decision makers participating in the oil policy organizations are also involved with the collaborative efforts of these other organizations. Oil policies of five of the seven Arab nations are expressed within the forums of the Organization of Petroleum Exporting Countries (OPEC) and the Organization of Arab Petroleum Exporting Countries (OAPEC). Only Oman, among the seven, is not a member of either OAPEC or OPEC; Bahrain is a member of OAPEC but not of OPEC. OPEC and OAPEC provide forums for compromise and cooperation among their members. Nevertheless, each member state maintains its own sovereignty and follows its own policies. Each country deviates from the group prescription from time to time, depending upon individual circumstances.
Ripple, R.D.; Hagen, R.E.
Total Crude Oil and Products Imports from Iraq
Total Crude Oil and Products Imports from Malaysia
Total Crude Oil and Products Imports from Morocco
Total Crude Oil and Products Imports from All Countries
Fairness measures and importance weights for allocating quotas to OPEC member countries
The author examines the Organization of Petroleum Exporting Countries (OPEC) behavior by examining the strategic effects of of some of the decisions made by some of its core producers. The paper provides the theoretical background for fairness factors and degrees of fairness. A section is devoted to the estimation and validation of importance weights. Decisional efficiency measures are discussed and policy recommendations are given. 28 refs., 5 tabs.
Alsalem, A.S. [King Saud Univ. (Saudi Arabia); Sharma, S.C.; Troutt, M.D. [Southern Illinois Univ., Carbondale, IL (United States)
Oil prices in a new light
For a clear picture of how oil prices develop, the author steps away from the price levels to which the world is accustomed, and evaluates scientifically. What makes prices jump from one notch to another The move results from a political or economic shock or the perception of a particular position by the futures market and the media. The shock could range from a war or an assassination to a promise of cooperation among OPEC members (when believed by the market) or to speculation about another failure at an OPEC meeting. In the oil market, only a couple of factual figures can provide a floor to the price of oil. The cost of production of oil in the Gulf is around $2 to $3/bbl, and the cost of production of oil (capital and operating costs) in key non-OPEC areas is well under $10/bbl. With some adjustments for transport and quality, a price range of $13/bbl to $16/bbl would correspond to a reasonable sustainable floor price. The reason for prices above the floor price has been a continuous fear of oil supply interruptions. That fear kept prices above the floor price for many years. The fear factor has now almost fully disappeared. The market has gone through the drama of the Iranian Revolution, the Iran-Iraq war, the tanker war, the invasion of Kuwait, and the expulsions of the Iraqis. And still the oil flowed -- all the time. It has become abundantly clear that fears above the oil market were unjustified. Everyone needs to export oil, and oil will flow under the worst circumstances. The demise of the fear factor means that oil prices tend toward the floor price for a prolonged period.
Fesharaki, F. (East-West Center, Honolulu, HI (United States))
The Differential Effects of Oil Demand and Supply Shocks on the Global Economy
.6 11.7 51 3.7 World 81.5 100.0 39.0 100.0 1365 100.0 Source: Oil reserve and production data is from the British Petroleum Statistical Review of World Energy and oil export data is from the OPEC Annual Statistical Bulletin. For country groupings see... .g. the Organization of the Petroleum Exporting Countries (OPEC) member states). While the international business cycle is very important for the economic performance of commodity exporters, macroeconomic and political developments 1 in this group of countries also...
Cashin, Paul; Mohaddes, Kamiar; Raissi, Maziar; Raissi, Mehdi
OPEC Net Imports of Crude Oil and Petroleum Products into the U.S.
U.S. Imports from OPEC Countries of Crude Oil and ...
1,954: 1,765: 1985: 1,405: 1,220: 1,505: 1,928: 1,976: 1,690: 1,825: 1,740: 1,802: 1,958: 2,440: 2,430: 1986: 2,298: 1,807: 2,145: 2,576: 2,749: ...
Residual Fuel Oil, 0.31 to 1.00% Sulfur Imports from Non OPEC
Non-OPEC oil supply outages remain above year-ago level - Today in ...
Includes hydropower, solar, wind, geothermal, biomass and ethanol. Nuclear & Uranium. Uranium fuel, nuclear reactors, generation, spent fuel. Total Energy.
The bears come out for summer: A world awash in oil
In this issue, Energy Detente examines near term oil price and supply prospects. World oil prices have plunged over the last eight weeks to their lowest levels since 1991. This can be attributed to low world oil demand and bearish speculation on world oil markets that the on-again off-again oil export negotiations between Iraq and the United Nations may result in limited amounts of Iraqi crude being added to already swollen oil supplies. To recessionary economics in consuming countries, trends to raise taxes and reduce fuel price subsidies in many countries, and rising costs of environmental protection, producers also scrutinize a concerned Organization of Petroleum Exporting Countries (OPEC). OPEC's reactive potentials are heightened in a period of such market uncertainities.
Does Ownership Matter? The Performance and Efficiency of State Oil vs. Private Oil (1987-2006)
deflators; the annual average real-terms crude oil price and global refining margin (average of US Gulf Coast, North-West Europe and Singapore), sourced from the BP Statistical Review of World Energy; a dummy variable for countries with OPEC membership... the forms and degree of State Oil vs. Private Oil involvement. For the upstream, the most fundamental decision is between public or private ownership of the subsoil. As of today, the U.S. is the only country to have opted for private ownership � all...
Wolf, C
Have we run out of oil yet? Oil Peaking analysis from an optimist's perspective
4 4 (2006) 515-531 Have we run out of oil yet? Oil peaking analysis from an optimist's perspective $ David L. Greene à , Janet L. Hopson, Jia Li Oak Ridge National Laboratory, National Transportation Research Center, University of Tennessee, 2360 Cherahala Boulevard, Knoxville, TN 37932, USA Available online 27 December 2005 Abstract This study addresses several questions concerning the peaking of conventional oil production from an optimist's perspective. Is the oil peak imminent? What is the range of uncertainty? What are the key determining factors? Will a transition to unconventional oil undermine or strengthen OPEC's influence over world oil markets? These issues are explored using a model combining alternative world energy scenarios with an accounting of resource depletion and a market-based simulation of transition to unconventional oil resources. No political or
An Empirical Growth Model for Major Oil Exporters
119.7 124.7 1.9 23.3 5 Source: GDP data is from the IMF International Financial Statistics, oil export data is from OPEC Annual Statistical Bulletin, and oil reserve and production data is from the British Petroleum Statistical Review of World Energy... ) argue that it is the volatility of commodity prices rather than abundance per se, that drives the "resource curse" paradox. 3See, for example, Amuzegar (2008) and the British Petroleum Statistical Review of World Energy. 3 Figure 1: Oil Export Revenues...
Esfahani, Hadi Salehi; Mohaddes, Kamiar; Pesaran, M. Hashem
Diminishing importance of Middle East oil: its future implications. [Monograph
Long-term structural changes in the oil and energy markets and the reduced dependence of oil importers on Middle East production are the result of better energy-use efficiency, fuel substitution, and an increase in OPEC production. The decision by western countries to lower their demand and reduce stockpiles has had a significant impact on oil-exporting countries in terms of their spending, their economic development, and their aid programs. Political events and disruptions have also affected the Middle East's political, strategic, and economic future. (DCK)
Kanovsky, E.
Political Constraints on Government Cartelization: The Case of Oil Production Regulation in Texas and Saudi Arabia by
We examine government cartelization efforts in crude oil production. Texas and Saudi Arabia are alleged to act as swing producers to maintain the interstate (1933-1972) and OPEC (1973 on) oil cartels respectively. We analyze the political constraints that affected the ability of Texas and Saudi Arabia to act as residual producers within their respective cartels. In the case of Texas, political factors molded individual firm production quotas, advantaging high-cost producers and hence, reducing total cartel net profits. Further, Texas had limited range for adjusting total state production to maintain interstate output at levels consistent with target prices. Saudi Arabia�s role as swing producer within OPEC raises similar questions regarding how cartel output is shared among members, and the extent to which domestic economic and political pressures coming from various member countries may undermine the effectiveness of the cartel. OPEC �s coordination problem has been more difficult than that faced by the interstate cartel for a variety of reasons that we explore. Even so, they have not kept the OPEC members in general, and Saudi Arabia in particular, from exerting a strong influence on the level of world oil prices.
Gary D. Libecap; James L. Smith
Oil price, mean reversion and zone readjustments
Observing OPEC`s short-term price-output ceiling behavior during the late 1980s and 1990s, one can conclude that it attempts to stabilize the market price within a range of its announced target price by controlling the output ceiling. If the price moves within four to five dollars below the target price, it usually reduces the output ceiling and assigns new quotas to its member countries to keep the price close to the target price. In reality, OPEC established a band for the market price positioned round the target price by basically choosing suitable upper and lower limits for the output or, at least in soft markets, it places tolerance zone below the target price in order to restrict the discrepancy between the market price and the target price. The lower limit is particularly needed because it sets a price floor and ensures that the market price stays above the significantly lower marginal cost of oil production. If the limits of these zones are backed by a perfectly credible intervention policy, they can generate an expectations process that should turn the market prices around even before any intervention takes place. While OPEC in some sense observes the target zones for its prices, those zones are neither well defined nor vigorously defended. It can not always or may not be willing to maintain the price within the limits of the desired zone by cutting the output ceiling; it must sometimes readjust the target price and output ceiling, and thus create a new target zone to reflect the market`s new fundamentals. This is particularly true now because OPEC is losing market share to the other oil producers and is contemplating to shift the current band. Actual readjustments in the target price can be so large, as in 1980 and 1985, that the newmarket price must jump as well. They can occur when both the market price is near the limits of the band as well as when it is inside the band but still further away from those limits.
Hammoudeh, S. [Drexel Univ., Philadelphia, PA (United States)
Microsoft Word - high-oil-price.doc
Short Term Energy Outlook Short Term Energy Outlook 1 STEO Supplement: Why are oil prices so high? During most of the 1990s, the West Texas Intermediate (WTI) crude oil price averaged close to $20 per barrel, before plunging to almost $10 per barrel in late 1998 as a result of the Asian financial crisis slowing demand growth while extra supply from Iraq was entering the market for the first time since the Gulf War. Subsequently, as Organization of Petroleum Exporting Countries (OPEC) producers more closely adhered to a coordinated production quota and reduced output, crude oil prices not only recovered, but increased to about $30 per barrel as demand grew as Asian economies recovered. The most recent increase in crude oil prices began in 2004, when they almost doubled from 2003 levels, rising from about $30 per barrel at the end
Short-Term World Oil Price Forecast
4 4 Notes: This graph shows monthly average spot West Texas Intermediate crude oil prices. Spot WTI crude oil prices peaked last fall as anticipated boosts to world supply from OPEC and other sources did not show up in actual stocks data. So where do we see crude oil prices going from here? Crude oil prices are expected to be about $28-$30 per barrel for the rest of this year, but note the uncertainty bands on this projection. They give an indication of how difficult it is to know what these prices are going to do. Also, EIA does not forecast volatility. This relatively flat forecast could be correct on average, with wide swings around the base line. Let's explore why we think prices will likely remain high, by looking at an important market barometer - inventories - which measures the
The social costs to the US of monopolization of the world oil market, 1972--1991
The partial monopolization of the world oil market by the OPEC cartel has produced significant economic costs to the economies of the world. This paper reports estimates of the costs of monopolization of oil to the US over the period 1972--1991. Two fundamental assumptions of the analysis are, (1) that OPEC has acted as a monopoly, albeit with limited control, knowledge, and ability to act and, (2) that the US and other consuming nations could, through collective (social) action affect the cartel's ability to act as a monopoly. We measure total costs by comparing actual costs for the 1972--1991 period to a hypothetical more competitive'' world oil market scenario. By measuring past costs we avoid the enormous uncertainties about the future course of the world oil market and leave to the reader's judgment the issue of how much the future will be like the past. We note that total cost numbers cannot be used to determine the value of reducing US oil use by one barrel. They are useful for describing the overall size of the petroleum problem and are one important factor in deciding how much effort should be devoted to solving it. Monopoly pricing of oil transfers wealth from US oil consumers to foreign oil producers and, by increasing theeconomic scarcity of oil, reduces the economy's potential to produce. The actions of the OPEC cartel have also produced oil price shocks, both upward and downward, that generate additional costs because of the economy's inherent inability to adjust quickly to a large change in energy prices. Estimated total costs to the United States from these three sources for the 1972--1991 period are put at $4.1 trillion in 1990$($1.2 T wealth transfer, $0.8 T macroeconomic adjustment costs, $2.1 T potential GNP losses). The cost of the US's primary oil supply contingency program is small ($10 B) by comparison.
Greene, D.L.; Leiby, P.N.
The partial monopolization of the world oil market by the OPEC cartel has produced significant economic costs to the economies of the world. This paper reports estimates of the costs of monopolization of oil to the US over the period 1972--1991. Two fundamental assumptions of the analysis are, (1) that OPEC has acted as a monopoly, albeit with limited control, knowledge, and ability to act and, (2) that the US and other consuming nations could, through collective (social) action affect the cartel`s ability to act as a monopoly. We measure total costs by comparing actual costs for the 1972--1991 period to a hypothetical ``more competitive`` world oil market scenario. By measuring past costs we avoid the enormous uncertainties about the future course of the world oil market and leave to the reader`s judgment the issue of how much the future will be like the past. We note that total cost numbers cannot be used to determine the value of reducing US oil use by one barrel. They are useful for describing the overall size of the petroleum problem and are one important factor in deciding how much effort should be devoted to solving it. Monopoly pricing of oil transfers wealth from US oil consumers to foreign oil producers and, by increasing theeconomic scarcity of oil, reduces the economy`s potential to produce. The actions of the OPEC cartel have also produced oil price shocks, both upward and downward, that generate additional costs because of the economy`s inherent inability to adjust quickly to a large change in energy prices. Estimated total costs to the United States from these three sources for the 1972--1991 period are put at $4.1 trillion in 1990$($1.2 T wealth transfer, $0.8 T macroeconomic adjustment costs, $2.1 T potential GNP losses). The cost of the US`s primary oil supply contingency program is small ($10 B) by comparison.
Distillate and Crude Oil Price
fuel and residential heating oil prices on the East Coast is being driven by higher crude oil prices than last year and higher spreads. Crude oil is projected to average almost...
"Future of oil supplies"
Oil is so important that publishing reserve (even production) data has become a political act. Most of the dispute between the so-called pessimists (mainly retired geologists) and the optimists (mainly economists) is due to their using different sources of information and different definitions. The pessimists use technical (confidential) data, whereas the optimists use the political (published) data. OPEC quotas are based on the reserves, explaining why its members raised their reserves from 1986 to 1990, adding about 300 Gb of oil reserves when only about 10 Gb was actually discovered during this period. There is consensus on neither the reserve numbers, nor the definition of terms, such as oil, gas, conventional, unconventional, reserves. The latter term may variously refer to current proven values or backdated mean values. The US practice is completely different from that in the rest of the world, being conservative to satisfy bankers and the stockmarket. By contrast, the FSU practice was over-optimistic being based on the maximum theoretical recovery, free of technological or economic constraints. All published data have to be re-worked to be able to compare like with like. Unfortunately confidentiality and politics make it difficult to obtain valid data.
Jean Laherr�re; Les Pres Haut
Oil, turmoil, and Islam in the Middle East
The turmoil and strife of the Middle East raises serious questions about the security of the world's oil supply. The author argues that OPEC and OAPEC can no longer afford to impose indiscriminate price increases on the marketplace because they hurt not only themselves but oil poor Third World nations as well. The author analyzes the importance of Middle Eastern oil in world politics. He emphasizes that any consideration of the forces influencing development in the Middle East should take Islamic tradition into account. Each chapter is organized around a current Middle Eastern problem: oil politics in relation to international energy needs; the ramifications of the new oil wealth and power of the Middle East; The Iran-Iraq War; Muslim insurgency in Afghanistan; The Arab-Israel conflict; turmoil in Lebanon; Palestinian nationalism; and the Middle East as a superpower.
Sheikh, A.R.
The Social Costs to the U.S. of Monopolization of the World Oil Market, 1972-1991
The partial monopolization of the world oil market by the OPEC cartel has produced significant economic costs to the economies of the world. This paper reports estimates of the costs of monopolization of oil to the U.S. over the period 1972-1991. Two fundamental assumptions of the analysis are, (1) that OPEC has acted as a monopoly, albeit with limited control, knowledge, and ability to act and, (2) that the U.S. and other consuming nations could, through collective (social) action affect the cartel's ability to act as a monopoly. We measure total costs by comparing actual costs for the 1972-1991 period to a hypothetical ''more competitive'' world oil market scenario. By measuring past costs we avoid the enormous uncertainties about the future course of the world oil market and leave to the reader's judgment the issue of how much the future will be like the past. We note that total cost numbers cannot be used to determine the value of reducing U.S. oil use by one barrel. They are useful for describing the overall size of the petroleum problem and are one important factor in deciding how much effort should be devoted to solving it. Monopoly pricing of oil transfers wealth from US. oil consumers to foreign oil producers and, by increasing the economic scarcity of oil, reduces the economy's potential to produce. The actions of the OPEC Cartel have also produced oil price shocks, both upward and downward, that generate additional costs because of the economy's inherent inability to adjust quickly to a large change in energy prices. Estimated total costs to the United States from these three sources for the 1972-1991 period are put at $4.1 trillion in 1990$ ($1.2 T wealth transfer, $0.8 T macroeconomic adjustment costs, $2.1 T potential GNP losses). The cost of the US's primary oil supply contingency program is small ($10 B) by comparison.
OPEC spare capacity in the first quarter of 2012 at lowest ...
The U.S. Energy Information Administration (EIA) estimates that global spare crude oil production capacity averaged about 2.4 million barrels per day (bbl/d) during ...
Oman: World Oil Report 1991
This paper reports that for the sixth consecutive year, Oman should retain its title as the biggest driller in the Middle East in 1991. An accelerated program in 1990 pushed production to an all-time record 700,000 bpd late in the year. Although not a member of Opec, Oman has cooperated with the group in restraining output as needed to support oil prices. Petroleum Development Oman (PDO), a partnership of the government (60%), Royal Dutch Shell (34%), Total (4%) and Partex (2%), remains by far the biggest producer. This year, PDO will begin work on its $500-million effort to boost production from its Lekhwair field from a current 24,000 bpd to 110,000 bpd by 1994. Last year, PDO also drilled 15 horizontal wells, most of which were successful in increasing per well production compared to conventional vertical holes. The horizontal program has been continued this year with two rings.
Sensitivity analysis of world oil prices. Analysis report AR/IA/79-47
An analysis of the impact of the political disruption in Iran on the world oil market is presented. During the first quarter of 1979, this disruption caused a loss of approximately 5 million barrels per day (MMBD) of oil production available for export from Iran to the rest of the world. This loss of production and the political climate in Iran have caused much speculation concerning future Iranian oil production and total Organization of Petroleum Exporting Countries (OPEC) oil production in the nearterm and midterm. The analysis describes these issues in terms of two critical factors: the world oil price and the level of OPEC oil production in the nearterm and midterm. A detailed comparison of the Central Intelligence Agency (CIA) and Energy Information Agency (EIA) forecasting models of world oil prices is presented. This comparison consists of examining reasons for differences in the price forecasts of the CIA model by using CIA assumptions within the EIA model. The CIA and EIA model structures and major parameters are also compared. It is important to note that this analysis is not all encompassing. In particular, the analysis does not provide data on crude oil prices in the spot market, but does provide information on the average crude oil price; and does not permit rationing of oil, since the market is forced to clear only through changes in oil prices. Throughout this paper, world oil prices are defined in terms of real 1978 dollars per barrel of crude oil delivered to the East Coast of the United States net of any import fees.
Rodekohr, M.; Cato, D.
Have We Run Out of Oil Yet? Oil Peaking Analysis from an Optimist's Perspective
This study addresses several questions concerning the peaking of conventional oil production from an optimist's perspective. Is the oil peak imminent? What is the range of uncertainty? What are the key determining factors? Will a transition to unconventional oil undermine or strengthen OPEC's influence over world oil markets? These issues are explored using a model combining alternative world energy scenarios with an accounting of resource depletion and a market-based simulation of transition to unconventional oil resources. No political or environmental constraints are allowed to hinder oil production, geological constraints on the rates at which oil can be produced are not represented, and when USGS resource estimates are used, more than the mean estimate of ultimately recoverable resources is assumed to exist. The issue is framed not as a question of "running out" of conventional oil, but in terms of the timing and rate of transition from conventional to unconventional oil resources. Unconventional oil is chosen because production from Venezuela's heavy-oil fields and Canada's Athabascan oil sands is already underway on a significant scale and unconventional oil is most consistent with the existing infrastructure for producing, refining, distributing and consuming petroleum. However, natural gas or even coal might also prove to be economical sources of liquid hydrocarbon fuels. These results indicate a high probability that production of conventional oil from outside of the Middle East region will peak, or that the rate of increase of production will become highly constrained before 2025. If world consumption of hydrocarbon fuels is to continue growing, massive development of unconventional resources will be required. While there are grounds for pessimism and optimism, it is certainly not too soon for extensive, detailed analysis of transitions to alternative energy sources.
Greene, David L [ORNL; Hopson, Dr Janet L [University of Tennessee, Knoxville (UTK); Li, Jia [University of Tennessee, Knoxville (UTK)
Soviet Union oil sector outlook grows bleaker still
This paper reports on the outlook for the U.S.S.R's oil sector which grows increasingly bleak and with it prospects for the Soviet economy. Plunging Soviet oil production and exports have analysts revising near term oil price outlooks, referring to the Soviet oil sector's self-destructing and Soviet oil production in a freefall. County NatWest, Washington, citing likely drops in Soviet oil production and exports (OGJ, Aug. 5, p. 16), has jumped its projected second half spot price for West Texas intermediate crude by about $2 to $22-23/bbl. Smith Barney, New York, forecasts WTI postings at $24-25/bbl this winter, largely because of seasonally strong world oil demand and the continued collapse in Soviet oil production. It estimates the call on oil from the Organization of Petroleum Exporting Countries at more than 25 million b/d in first quarter 1992. That would be the highest level of demand for OPEC oil since 1980, Smith Barney noted.
Crude Oil Watch - Energy Information Administration
Spot market crude oil prices continued higher last week despite light trading volume due to Hurricane Floyd. ... Guide, Oil and Gas Journal, Wall Street Journal.
Retail Heating Oil and Diesel Fuel Prices
Because of the higher projected crude oil prices and because of increased tightening in the Northeast heating oil market since the last Outlook, we ...
Oilgopoly: a general equilibrium model of the oil-macroeconomy nexus
Saudi Arabia is the largest player in the world oil market. It maintains ample spare capacity, restricts investment in developing reserves, and its output is negatively correlated with other OPEC producers. While this behavior does not �t into the perfect competition paradigm, we show that it can be rationalized as that of a dominant producer with competitive fringe. We build a quantitative general equilibrium model along these lines which is capable of matching the historical volatility of the oil price, competitive and non-competitive oil output, and of generating the observed comovement among the oil price, oil quantities, and U.S. GDP. We use our framework to answer questions on which available models are silent: (1) What are the proximate determinants of the oil price and how do they vary over the cycle? (2) How large are oil pro�ts and what losses do they imply for oil-importers? (3) What do di�erent fundamental shocks imply for the comovement of oil prices and GDP? (4) What are the general equilibrium e�ects of taxes on oil consumption or oil production? We �nd, in particular, that the existence of an oil production distortion does not necessarily justify an oil consumption tax di�erent from zero. 1
Anton Nakov Y; Banco De Espa�a; Galo Nu�o; Banco De Espa�a
Why solar oil shale retorting produces more oil
DOE Green Energy (OSTI)
A solar oil shale retorting process may produce higher oil yield than conventional processing. High oil yield is obtained for three reasons: oil carbonization inside of the shale is reduced, oil cracking outside of the shale is reduced, and oil oxidation is essentially eliminated. Unique capabilities of focused solar energy produce these advantages. An increase in yield will reduce the cost of mining and shale transportation per barrel of oil produced. These cost reductions may justify the increased processing costs that will probably be associated with solar oil shale retorting.
Aiman, W.R.
WTI Crude Oil Prices Are Expected To Remain Relatively High Through At
5 5 Notes: As we just saw, one of the primary factors impacting gasoline price is the crude oil price. This graph shows monthly average spot West Texas Intermediate crude oil prices. Spot WTI crude oil prices broke $36 per barrel in November briefly as anticipated boosts to world supply from OPEC and other sources did not show up in actual stocks data. Crude oil prices are expected to be about $30 per barrel for the rest of this year, but note the uncertainty bands on this projection. They give an indication of how difficult it is to know what these prices are going to do. Also, EIA does not forecast volatility. This relatively flat forecast could be correct on average, with wide swings around the base line. With the EIA forecast for crude prices staying high this year,
Higher Education
Higher Education Higher Education Explore the multiple dimensions of a career at LANL: work with brilliant minds in an inclusive environment rich in intellectual vitality and...
International Energy Outlook 2011 - Energy Information Administration
Liquid fuels Unconventional Total Reference High Oil Price Low Oil Price Non-OPEC conventional OPEC conventional (million barrels per day) U.S. Energy Information ...
Crude Oil
Barrels) Product: Crude Oil Liquefied Petroleum Gases Distillate Fuel Oil Residual Fuel Oil Still Gas Petroleum Coke Marketable Petroleum Coke Catalyst Petroleum Coke Other...
OIL PRODUCTION Enhanced Oil Recovery (EOR) is a term applied to methods used for recovering oil from a petroleum reservoir beyond that recoverable by primary and secondary methods....
A global perspective on energy markets and economic integration.
What will be the effect of Iraqi domestic instability on Iraqi oil production Negotiations for Iranian nuclear technology on Iranian oil supplies Saudi commitment to expanded oil production President Putin's policies on Russian oil and natural gas supplies President Chavez's policies on Venezuelan oil supplies Instability in Nigeria Higher oil prices on world economic growth Effect of economic growth on oil demand in China, India, U.S., etc. Higher oil prices on non-OPEC oil supplies
Baker, Arnold Barry
Oil Independence: Achievable National Goal or Empty Slogan?
Oil independence has been a goal of U.S. energy policy for the past 30 years yet has never been rigorously defined. A rigorous, measurable definition is proposed: to reduce the costs of oil dependence to less than 1% of GDP in the next 20 to 25 years, with 95% probability. A simulation model incorporating the possibility of future oil supply disruptions and other sources of uncertainty is used to test whether two alternative energy policy strategies, Business as Usual and an interpretation of the strategy proposed by the National Commission on Energy Policy (NCEP), can achieve oil independence for the United States. Business as Usual does not produce oil independence. The augmented NCEP strategy comes close to achieving oil independence for the U.S. economy within the next 20-25 years but more is needed. The success of the strategy appears to be robust regardless of how the Organization of the Petroleum Exporting Countries (OPEC) responds to it. Expected annual savings are estimated to exceed $250 billion per year by 2030.
Greene, David L [ORNL; Leiby, Paul Newsome [ORNL; Patterson, Philip D [U.S. Department of Energy, Office of Planning, Budget and Analysis; Plotkin, Steven E [Argonne National Laboratory (ANL); Singh, Margaret K [Argonne National Laboratory (ANL)
EIA - AEO2010 - World oil prices and production trends in AEO2010
World oil prices and production trends in AEO2010 World oil prices and production trends in AEO2010 Annual Energy Outlook 2010 with Projections to 2035 World oil prices and production trends in AEO2010 In AEO2010, the price of light, low-sulfur (or sweet) crude oil delivered at Cushing, Oklahoma, is tracked to represent movements in world oil prices. EIA makes projections of future supply and demand for total liquids, which includes conventional petroleum liquidssuch as conventional crude oil, natural gas plant liquids, and refinery gainin addition to unconventional liquids, which include biofuels, bitumen, coal-to-liquids (CTL), gas-to-liquids (GTL), extra-heavy oils, and shale oil. World oil prices can be influenced by a multitude of factors. Some tend to be short term, such as movements in exchange rates, financial markets, and weather, and some are longer term, such as expectations concerning future demand and production decisions by the Organization of the Petroleum Exporting Countries (OPEC). In 2009, the interaction of market factors led prompt month contracts (contracts for the nearest traded month) for crude oil to rise relatively steadily from a January average of $41.68 per barrel to a December average of $74.47 per barrel [38].
Kerosene Imports from OPEC
Oil shale commercialization study
Ninety four possible oil shale sections in southern Idaho were located and chemically analyzed. Sixty-two of these shales show good promise of possible oil and probable gas potential. Sixty of the potential oil and gas shales represent the Succor Creek Formation of Miocene age in southwestern Idaho. Two of the shales represent Cretaceous formations in eastern Idaho, which should be further investigated to determine their realistic value and areal extent. Samples of the older Mesozonic and paleozoic sections show promise but have not been chemically analyzed and will need greater attention to determine their potential. Geothermal resources are of high potential in Idaho and are important to oil shale prospects. Geothermal conditions raise the geothermal gradient and act as maturing agents to oil shale. They also might be used in the retorting and refining processes. Oil shales at the surface, which appear to have good oil or gas potential should have much higher potential at depth where the geothermal gradient is high. Samples from deep petroleum exploration wells indicate that the succor Creek shales have undergone considerable maturation with depth of burial and should produce gas and possibly oil. Most of Idaho's shales that have been analyzed have a greater potential for gas than for oil but some oil potential is indicated. The Miocene shales of the Succor Creek Formation should be considered as gas and possibly oil source material for the future when technology has been perfectes. 11 refs.
Warner, M.M.
STEO September 2012 - oil production
oil production forecast to rise almost 700,000 bpd this oil production forecast to rise almost 700,000 bpd this year, help cut U.S. petroleum imports U.S. crude oil production is expected to average 6.3 million barrels per day in 2012. That's up nearly 700,000 barrels per day from last year and the highest annual oil output since 1997 says the U.S. Energy Information Administration in its new monthly short-term energy outlook for September. EIA analyst Sam Gorgen explains: "Higher oil supplies, especially from North Dakota and Texas, boosted U.S. oil production. The number of on-shore drilling rigs targeting oil nationwide has increased by around 200 so far this year to just under 1,400 rigs." Higher domestic oil production will help cut U.S. petroleum imports. The share of total U.S.
Education » Education » Higher Education Higher Education Explore the multiple dimensions of a career at LANL: work with brilliant minds in an inclusive environment rich in intellectual vitality and opportunities for growth. Contact Education Janelle Vigil-Maestas Community Programs Office (505) 665-4329 Email "The partnership between LANL and regional colleges creates opportunities for students like me to attain challenging and rewarding careers." - Sherry Salas Bachicha Higher Education Resources for Undergraduates, Graduates & Postdocs Opportunities LANL Foundation Scholarships LANL Post Doc Program Programs Certificate in Environmental Monitoring (pdf) Community College Institute (CCI) (pdf) Computer Science and Information Technology Pipeline Program (ADIT/HPC Division) (pdf)
Muslim oil and gas periphery; the future of hydrocarbons in Africa, southeast Asia and the Caspian. Master`s thesis
This thesis is a study of the contemporary political, economic, and technical developments and future prospects of the Muslim hydrocarbon exporters of Africa, Southeast Asia, and the Caspian. The established Muslim oil and gas periphery of Africa and Southeast Asia has four members in the Organization of Petroleum Exporting Countries (OPEC) and is systemically increasing its production of natural gas. I analyze US government and corporate policies regarding the countries and the major dilemmas of the Muslim hydrocarbon periphery. The first chapter provides a selective overview of global energy source statistics; the policies, disposition and composition of the major hydrocarbon production and consumption players and communities; a selective background of OPEC and its impact on the globe; and a general portrait of how the Muslim periphery piece fits into the overall Muslim oil and gas puzzle. Chapter two analyzes the established Muslim oil and gas periphery of Africa and Southeast Asia asking the following questions: What are the major political, economic, and technical trends and dilemmas affecting these producer nations. And what are the United States` policies and relationships with these producers. Chapter three asks the same questions as chapter two, but with regard to the newly independent states of the Caspian Sea. I probe the regional petroleum exploration and transportation dilemmas in some detail.
Crockett, B.D.
Increasing Gas Prices: Good Economics, but Bad Public Relations Rising gasoline prices captured the attention of the press and politicians in recent months,
, on a willingness to pay basis. Absent a higher pump price, the public faces implicit gas rationing whereby gas a rerun of the unhappy events during the two OPEC-induced oil price spikes in 1973-74 and 1979-80. Why did boosted the demand for oil products. Second, the major oil companies did not build new oil refineries
Ahmad, Sajjad
Quarterly OPEC spare crude oil capacity and WTI spot prices ,,, Year,Quarter,OPEC spare capacity (million barrels per day),WTI price (real 2010 dollars) ...
August 6, 1999 August 6, 1999 Highlights World Oil Markets/Prices Prices. World oil prices for the remainder of 1999 and all of 2000 are now forecasted to be $2-$3 per barrel higher than they were in last month's forecast (Figure 1). This reflects a change in our assumptions concerning OPEC crude oil production. Previously, we had expected compliance with OPEC agreed cuts to peak in May or June 1999, before falling as higher prices triggered more production. Although we still expect this to occur, we have delayed the timing and are now forecasting that OPEC compliance will be relatively strong throughout the summer, before declining much more gradually than we had earlier forecasted. Increased compliance with cuts in OPEC production will not only keep prices from falling in the near-term but they should also reduce
Oil and Oil Derivatives Compliance Requirements
... for international connection of oiled residues discharge ... C to + 163�C, fuels, lubricating oils and hydraulic ... fuel of gas turbine, crude oil, lubricating oil ...
CRUDE OIL PRICE FLUCTUATIONS AND SAUDI ARABIAN BEHAVIOUR by
The responsibility for the contents of the working paper rests with the author, not the Institute. Since working papers are of a preliminary nature, it may be useful to contact the author of a particular working paper about results or caveats before referring to, or quoting, a paper. Any comments on working papers should be sent directly to the author. CRUDE OIL PRICE FLUCTUATIONS AND SAUDI ARABIAN BEHAVIOUR* This study seeks to explain why crude oil prices fluctuate, the main cause being the quota regime, which characterises the OPEC agreements. Given that the Saudi oil supply is inelastic in the short term, a shock in the oil market is accommodated by an immediate price change. In contrast, a dominant firm behaviour in the long term causes an output change, which is accompanied by a smaller price change. This explains why oil prices overshoot. The results of a general equilibrium model applied to Saudi Arabia support this analysis. They also indicate that Saudi Arabia does not have any incentive in altering the crude oil market equilibrium with either positive or negative supply shocks; and that its behaviour is asymmetric in the presence of world demand shocks, having an incentive (disincentive) in intervening if a negative (positive) demand shock hits the crude oil market. A second set of simulations is designed to understand what might be a correct OECD policy to lower prices. A tax cut would worsen the situation, whereas policies which can increase the price elasticity of demand seem to be very effective. * I have benefited from discussions with Christiane Kasten, Bodo Steiner and Manfred Wiebelt. All errors are my responsibility.
Roberto A. De Santis; Roberto A. De Santis
Energy & Financial Markets - U.S. Energy Information Administration (EIA) -
OPEC OPEC Crude oil production by the Organization of the Petroleum Exporting Countries (OPEC) is an important factor that affects oil prices. This organization seeks to actively manage oil production in its member countries by setting production targets. Historically, crude oil prices have seen increases in times when OPEC production targets are reduced. OPEC production often acts to balance the oil market. Cuts in OPEC production targets tend to lead to price increases. This chart shows changes in OPEC production targets compared to changes in oil prices. Reductions in OPEC production targets often lead to increases in oil prices. OPEC member countries produce about 40 percent of the world's crude oil. Equally important to global prices, OPEC's oil exports represent about 60
Pledges by Saudi Arabia/OPEC to offset a longer term Iraqi disruption added to a market sense of oversupply. Relatively mild weather in Europe allowed distillate ...
WTI Crude Oil Price: Potential for Volatility Around Base Case
Vehicle Technologies Office: Fact #193: December 3, 2001 Oil...
the Persian Gulf, and the United States Notes: Current OPEC members include Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates,...
Microsoft Word - Highlights.doc
8 8 1 January 2008 Short-Term Energy Outlook January 8, 2008 Release Highlights This edition of the Short-Term Energy Outlook (STEO) includes forecasts through 2009. Global oil markets will likely remain tight through 2008, then ease moderately in 2009. EIA projects that world oil demand will continue to grow faster than oil supply outside of the Organization of the Petroleum Exporting Countries (OPEC) in 2008, leaving OPEC and inventories to offset the upward pressure on prices. In 2009, higher non-OPEC production and planned additions to OPEC capacity should relieve some of the tightness in the market. As a result, the level of surplus production capacity is projected to grow from its current
Microsoft Word - appa.docx
Annual Energy Outlook 2012 (EIA)
energy crops, natural gas, coal, extra-heavy oil, bitumen (oil sands), and kerogen (oil shale, not to be confused with shale oiltight oil). Includes both OPEC and non-OPEC...
Residential Heating Oil Prices
This chart highlights residential heating oil prices for the current and This chart highlights residential heating oil prices for the current and past heating season. As you can see, prices have started the heating season, about 40 to 50 cents per gallon higher than last year at this time. The data presented are from EIA's State Heating Oil and Propane Program. We normally collect and publish this data twice a month, but given the low stocks and high prices, we started tracking the prices weekly. These data will also be used to determine the price trigger mechanism for the Northeast Heating Oil Reserve. The data are published at a State and regional level on our web site. The slide is to give you some perspective of what is happening in these markets, since you probably will get a number of calls from local residents about their heating fuels bills
December 1997 (Released December 8, 1997) December 1997 (Released December 8, 1997) Energy Information Administration Energy Information Administration/Short-Term Energy Outlook -- December 1997 Overview Prices Crude Oil. Higher OPEC oil production quotas, agreed to over the Thanksgiving weekend, along with the lessened uncertainty that Iraq's oil-for-food deal with the United Nations will be significantly interrupted have resulted in expected crude oil prices somewhat lower than those projected last month. OPEC agreed to raise their crude oil production ceiling from 25.033 million barrels per day to 27.500 million barrels per day, an increase of just under 10 percent. However, OPEC crude oil production is not expected to increase by 10 percent since many countries are already producing at maximum capacity. Bottom line: Even if Iraqi crude oil production remains constant ,
NETL: Oil & Natural Gas Projects
a component that can efficiently operate at temperatures of 275oC can greatly extend the exploration and operations of the oil industry to deeper reservoirs with higher...
Oil reserves
As of March 1988, the Strategic Petroleum Reserve inventory totaled 544.9 million barrels of oil. During the past 6 months the Department of Energy added 11.0 million barrels of crude oil to the SPR. During this period, DOE distributed $208 million from the SPR Petroleum Account. All of the oil was purchased from PEMEX--the Mexican national oil company. In FY 1988, $164 million was appropriated for facilities development and management and $439 million for oil purchases. For FY 1989, DOE proposes to obligate $173 million for facilities development and management and $236 million for oil purchases. DOE plans to postpone all further drawdown exercises involving crude oil movements until their effects on cavern integrity are evaluated. DOE and the Military Sealift Command have made progress in resolving the questions surrounding nearly $500,000 in payments for demurrage charges.
PIA - Northeast Home Heating Oil Reserve System (Heating Oil...
Northeast Home Heating Oil Reserve System (Heating Oil) PIA - Northeast Home Heating Oil Reserve System (Heating Oil) PIA - Northeast Home Heating Oil Reserve System (Heating Oil)...
Consumer Winter Heating Oil Costs
5 5 Notes: Using the Northeast as a regional focus for heating oil, the typical oil-heated household consumes about 680 gallons of oil during the winter, assuming that weather is "normal." The previous three winters were warmer than average and generated below normal consumption rates. Last winter, consumers saw large increases over the very low heating oil prices seen during the winter of 1998-1999 but, outside of the cold period in late January/early February they saw relatively low consumption rates due to generally warm weather. Even without particularly sharp cold weather events this winter, we think consumers are likely to see higher average heating oil prices than were seen last winter. If weather is normal, our projections imply New England heating oil
Non-OPEC Non-OPEC Oil production from countries outside the Organization of the Petroleum Exporting Countries (OPEC) currently represents about 60 percent of world oil production. Key centers of non-OPEC production include North America, regions of the former Soviet Union, and the North Sea. EIA expects strong growth in non-OPEC production in 2014 and 2015. This chart shows that net increases in non-OPEC production were very small from 2005 to 2008. This lack of additional supplies from non-OPEC countries contributed to tighter markets in this period. In contrast to OPEC oil production, which is subject to central coordination, non-OPEC producers make independent decisions about oil production. Also, in contrast to OPEC, where oil production is mostly in the hands of national oil companies (NOCs), international or investor-owned
Supply, disposition, and stocks of all oils by P. A. D. districts and imports into the United States, by country, final 1978
Final annual US supply, disposition, and stocks are detailed for: all oils, petroleum products, crude oil, selected natural gas plant liquids, and net unfinished oils for each of five P.A.D. (Petroleum Administration for Defense) Districts for 1978. Petroleum products include motor gasoline, aviation gasoline, jet engine fuels, ethane, liquefied gases, kerosene, distillate fuel oil, residual fuel oil, petrochemical feedstocks, naphthas, lubricants, wax, coke, asphalt, and other products. Also given is the percentage of refinery yields based on crude and net unfinished oil rerun. Imports of petroleum products and of crude oil into the United States are shown by country and continent, with US totals and subtotals for each P.A.D. District. OPEC (Organization of Petroleum Exporting Countries) members are indicated. Data are reported in barrels per day. An accompanying map indicates the US P.A.D. Districts. A brief narrative discusses salient statistics. Prior to the 1978 annual issue, this report was entitled Supply Demand, and Stocks of All Oils by P.A.D. Districts and Imports into the United States, by Country. 1 figure, 6 tables.
International Energy Outlook 2006 - World Oil Markets
Oil Markets Oil Markets International Energy Outlook 2006 Chapter 3: World Oil Markets In the IEO2006 reference case, world oil demand increases by 47 percent from 2003 to 2030. Non-OECD Asia, including China and India, accounts for 43 percent of the increase. In the IEO2006 reference case, world oil demand grows from 80 million barrels per day in 2003 to 98 million barrels per day in 2015 and 118 million barrels per day in 2030. Demand increases strongly despite world oil prices that are 35 percent higher in 2025 than in last years outlook. Much of the growth in oil consumption is projected for the nations of non-OECD Asia, where strong economic growth is expected. Non-OECD Asia (including China and India) accounts for 43 percent of the total increase in world oil use over the projection period.
0 0 Highlights International Oil Markets International Oil Supply: This forecast assumes that OPEC 10 (Organization of Petroleum Exporting Countries excluding Iraq) crude oil production will be 25.2 million barrels per day in the second quarter, 0.9 million barrels per day above first quarter production levels (Figure 1). This is about 0.5 million barrels per day above their production target of 24.69 million barrels per day. The forecast then assumes another 0.1 million barrels per day increase in OPEC 10 crude oil production in the third quarter and an additional 0.5 million barrel per day increase in the fourth quarter of 2000. If OPEC fails to increase production in the third or fourth quarters of 2000 as assumed in this forecast, higher oil prices would be expected.
EIA - Annual Energy Outlook 2008 (Early Release)- Energy Prices Section
Prices Prices Annual Energy Outlook 2008 (Early Release) Energy Prices EIA has raised the reference case path for world oil prices in AEO2008 (although the upward adjustment is smaller than the last major adjustment, introduced in AEO2006). In developing its current oil price outlook, EIA explicitly considered four factors: (1) expected growth in world liquids consumption; (2) the outlook for conventional oil production in countries outside the Organization of the Petroleum Exporting Countries (non-OPEC producers); (3) growth in unconventional liquids production; and (4) OPEC behavior. Global economic growth has been strong over the past few years, despite high oil prices; and it now appears that, in the mid-term, the cost of non-OPEC conventional oil and unconventional liquids will be higher than previously assumed. As a result, in the AEO2008 reference case, OPEC and non-OPEC production volumes and total world liquids production are similar to those in the AEO2007 reference case, but the oil prices are higher.4
Modeling the Oil Transition: A Summary of the Proceedings of the DOE/EPA Workshop on the Economic and Environmental Implications of Global Energy Transitions
The global energy system faces sweeping changes in the next few decades, with potentially critical implications for the global economy and the global environment. It is important that global institutions have the tools necessary to predict, analyze and plan for such massive change. This report summarizes the proceedings of an international workshop concerning methods of forecasting, analyzing, and planning for global energy transitions and their economic and environmental consequences. A specific case, it focused on the transition from conventional to unconventional oil and other energy sources likely to result from a peak in non-OPEC and/or global production of conventional oil. Leading energy models from around the world in government, academia and the private sector met, reviewed the state-of-the-art of global energy modeling and evaluated its ability to analyze and predict large-scale energy transitions.
Greene, David L [ORNL
Short-Term Energy Outlook - U.S. Energy Information Administration ...
Crude oil, gasoline, heating oil, diesel, propane, ... Middle East OPEC Total U.S. Crude Oil and Liquid Fuels Supply Field Production U.S. Crude Oil ...
Groundwater and Wastewater Remediation Using Agricultural Oils
agricultural oils to stimulate endogenous microbes which accelerates the cleanup.� The oils tested include canola oil, grapeseed oil, coconut oil, corn oil, cottonseed oil, olive oil, palm oil, palm kernel oil, peanut oil, ...
PIA - Northeast Home Heating Oil Reserve System (Heating Oil) PIA - Northeast Home Heating Oil Reserve System (Heating Oil) PIA - Northeast Home Heating Oil Reserve System (Heating...
OIl Speculation
Investor Flows and the 2008 BoomBust in Oil Prices Kenneth J. Singleton 1 August 10, 2011 1 Graduate School of Business, Stanford University, firstname.lastname@example.com. This research...
Pentanes Plus Imports from OPEC
MTBE (Oxygenate) Imports from OPEC
Crude Oil Exports
Notes: Crude oil exports are restricted to: (1) crude oil derived from fields under the State waters of Alaska's Cook Inlet; (2) Alaskan North Slope crude oil; (3) ...
3. Crude Oil Statistics
3. Crude Oil Statistics The United States had 21,371 million barrels of crude oil proved reserves as of December 31, 2004. Crude oil proved reserves ...
Heavy Oil Projects
Select Reports from Heavy Oil Projects Project Number Performer Title Heavy Oil Recovery US (NIPERBDM-0225) BDM-Oklahoma, Inc. Feasibility Study of Heavy Oil Recovery in the...
5 World Oil Trends WORLD OIL TRENDS
5 World Oil Trends Chapter 1 WORLD OIL TRENDS INTRODUCTION In considering the outlook for California's petroleum supplies, it is important to give attention to expecta- tions of what the world oil market. Will world oil demand increase and, if so, by how much? How will world oil prices be affected
U.S. Crude Oil Inventory Outlook
9 9 Notes: Consistent with OECD inventories, U.S. inventories are low. They have been well below the normal range for over one year. Crude oil stocks in the United States, while tending to increase of late toward more normal levels, remain well below average. At the end of December, crude oil stocks were near 289 million barrels, about 4% below the 5-year average, and slightly higher than at the end of 1999. The latest weekly data, for the week ending January 19, show U.S. crude oil stocks at 286 million barrels, just about a million barrels above their level a year ago. Near-term tightness in U.S. crude oil markets have kept current prices above forward prices, reflecting current strength in crude oil demand relative to supply. Relatively strong U.S. oil demand next year should keep crude oil
Reverse combustion oil-shale retorting
Oil shale was retorted in a laboratory retort with the flame front and gas flow moving concurrently and countercurrently. Results indicate countercurrent flow produced a lower oil yield and a higher heating value of the retort gas than concurrent flow. Energy recovery from the oil shale was essentially the same when the retorting was done with either concurrent or countercurrent flame and gas movement. Laboratory results are compared with large scale retorts operated under similar conditions.
Jacobson, I.A. Jr.; Dockter, L.
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2 2 1 Short-Term Energy Outlook June 2002 Overview World Oil Markets: May marked the third consecutive month that the OPEC basket price averaged above $22 per barrel, the lower end of OPEC's target range for the OPEC basket price. The OPEC basket price has been above $22 per barrel since March 8, and is projected to remain within the target range throughout the forecast period, with prices rising at end-2002 and early 2003 before declining again in mid-2003. The price of West Texas Intermediate (WTI) was almost $1 per barrel higher in May than in April, averaging $27.04 per barrel (Figure 1). Summer Motor Gasoline Update: Retail average regular grade motor gasoline prices declined by just one cent in May. This follows a substantial 30-cent increase between February and April. Last month's counter-
Oil | Department of Energy
Oil Oil Oil Prices, 2000-2008 For the first time since 1995, U.S. oil production has surpassed imports. Explore the trend with our interactive chart. |...
of oil yields from enhanced oil recovery
oil yields from enhanced oil recovery (EOR) and CO oil yields from enhanced oil recovery (EOR) and CO 2 storage capacity in depleted oil reservoirs. The primary goal of the project is to demonstrate that remaining oil can be economically produced using CO 2 -EOR technology in untested areas of the United States. The Citronelle Field appears to be an ideal site for concurrent CO 2 storage and EOR because the field is composed of sandstone reservoirs
Abstract Oil prices, associated with bouts of inflation and economic instability over the last 30 years, have been rising in recent months. We argue that the inflationary consequences of a rise in oil prices depend upon the policy response of the monetary authorities. They can ameliorate the short term impacts on output, but only at the cost of higher inflation. In the short term the size and distribution of output effects from an increase in oil prices depends on the intensity of oil use in production and on the speed at which oil producers spend their revenue. In the medium term higher oil prices change the terms of trade between the OECD and the rest of the world and hence reduce the equilibrium level of output in the OECD. In this paper we first discuss oil market developments and survey previous studies on the impacts of increases in oil prices. We then use our model, NiGEM, to evaluate the impact of temporary and permanent oil price increases on the world economy under various policy responses, and also analyse the impact of a decline in the speed of oil revenue recycling. 1 This paper has benefited from inputs from a number of colleagues at the Institute, and we would like to thank
Ray Barrell; Olga Pomerantz
EIA Oil price timeline
Crude oil, gasoline, heating oil, diesel, propane, ... Sales, revenue and prices, power plants, fuel use, stocks, generation, trade, demand & emissions.
Vehicle Technologies Office: 2003 Archive
2003 298 OPEC and Persian Gulf Share of U.S. Imports December 15, 2003 297 Imported Crude Oil: Where Does It Come From? December 8, 2003 296 Crude Oil Production: OPEC, the...
Method for retorting oil shale
DOE Patents (OSTI)
The recovery of oil from oil shale is provided in a fluidized bed by using a fluidizing medium of a binary mixture of carbon dioxide and 5 steam. The mixture with a steam concentration in the range of about 20 to 75 volume percent steam provides an increase in oil yield over that achievable by using a fluidizing gas of carbon dioxide or steam alone when the mixture contains higher steam concentrations. The operating parameters for the fluidized bed retorted are essentially the same as those utilized with other gaseous fluidizing mediums with the significant gain being in the oil yield recovered which is attributable solely to the use of the binary mixture of carbon dioxide and steam. 2 figs.
Shang, Jer-Yu; Lui, A.P.
Heating Oil Outlook - U.S. Energy Information Administration (EIA)
Heating Oil Outlook Conclusion. Distillate stocks are likely to be higher than last year, but still relatively low Prices likely to average a little lower than last ...
Heading off the permanent oil crisis
The 1996 spike in gasoline prices was not a signal of any fundamental worldwide shortage of crude oil. But based on a review of many studies of recoverable crude oil that have been published since the 1950s, it looks as though such a shortfall is now within sight. With world demand for oil growing at 2 percent per year, global production is likely to peak between the years 2007 and 2014. As this time approaches, we can expect prices to rise markedly and, most likely, permanently. Policy changes are needed now to ease the transition to high-priced oil. Oil production will continue, though at a declining rate, for many decades after its peak, and there are enormous amounts of coal, oil sands, heavy oil, and oil shales worldwide that could be used to produce liquid or gaseous substitutes for crude oil, albeit at higher prices. But the facilities for making such synthetic fuels are costly to build and environmentally damaging to operate, and their use would substantially increase carbon dioxide emissions (compared to emissions from products made from conventional crude oil). This paper examines ways of heading of the impending oil crisis. 8 refs., 3 figs.
MacKenzie, J.J. [World Resources Inst., Washington, DC (United States)
Measuring Energy Security: Can the United States Achieve Oil Independence?
Stochasticsimulationofthedirecteconomiccostsofoildependenceinanuncertainfutureisproposed as ausefulmetricofoildependence.Themarketfailurefromwhichthesecostsariseisimperfect competitionintheworldoilmarket,chieflyasaconsequenceoftheuseofmarketpowerbythe OrganizationofthePetroleumExportingCountries(OPEC)cartel.Oildependencecostscanbe substantial.ItisestimatedthatoildependencecoststotheUSeconomyin2008willexceed$500 billion.Othercosts,suchasmilitaryexpendituresorforeignpolicyconstraintsaredeemedtobelargely derivativeoftheactualorpotentialeconomiccostsofoildependence.Theuseofquantifiableeconomic costs asasecuritymetricleadstoameasurabledefinitionofoilindependence,oroilsecurity,whichcan be usedtotesttheabilityofspecificpoliciestoachieveoilindependenceinanuncertainfuture.
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Northeast Home Heating Oil Reserve System Heating Oil, PIA Office...
Northeast Home Heating Oil Reserve System Heating Oil, PIA Office of Fossil Energy Headquaters Northeast Home Heating Oil Reserve System Heating Oil, PIA Office of Fossil Energy...
Jamaica - U.S. Energy Information Administration (EIA)
Crude oil, gasoline, heating oil, diesel, ... What is shale gas and why is it important? ... OPEC Revenues Fact Sheet; World Oil Transit Chokepoints;
Ecuador - U.S. Energy Information Administration (EIA)
Ecuador is the fifth-largest South American oil producer and a leading source of crude oil imports for ... Central & South America OPEC. ... Crude Oil Production
A Methodology to Assess the Reliability of Hydrogen-based Transportation Energy Systems
40 Figure 11. OPEC share of global crude oil41 Figure 12. Persian Gulf share of global crude oil44 Figure 15. Distribution of global crude oil
McCarthy, Ryan
Investor Investor Flows and the 2008 Boom/Bust in Oil Prices Kenneth J. Singleton 1 August 10, 2011 1 Graduate School of Business, Stanford University, email@example.com. This research is the outgrowth of a survey paper I prepared for the Air Transport Association of America. I am grateful to Kristoffer Laursen for research assistance and to Kristoffer and Stefan Nagel for their comments. Abstract This paper explores the impact of investor flows and financial market conditions on returns in crude-oil futures markets. I begin by arguing that informational frictions and the associated speculative activity may induce prices to drift away from "fundamental" values and show increased volatility. This is followed by a discussion of the interplay between imperfect infor- mation about real economic activity, including supply, demand, and inventory accumulation, and speculative
Because of the higher projected crude oil prices and because of Because of the higher projected crude oil prices and because of increased tightening in the Northeast heating oil market since the last Outlook, we now expect prices this winter for residential heating oil deliveries to peak at $1.52 per gallon in January. This is significantly above the monthly peak reached last winter. Because these figures are monthly averages, we expect some price movements for a few days to be above the values shown on the graph. This winter's expected peak price would be the highest on record in nominal terms, eclipsing the high set in February 2000. However, in real (constant dollar) terms, both of these prices remain well below the peak reached in March 1981, when the average residential heating oil price was $1.29 per gallon, equivalent to over $2.50 per gallon today.
Fluidized-bed pyrolysis of oil shale: oil yield, composition, and kinetics
A quartz isothermal fluidized-bed reactor has been used to measure kinetics and oil properties relevant to surface processing of oil shale. The rate of oil formation has been described with two sequential first-order rate equations characterized by two rate constants, k/sub 1/ = 2.18 x 10/sup 10/ exp(-41.6 kcal/RT) s/sup -1/ and k/sub 2/ = 4.4 x 10/sup 6/ exp(-29.7 kcal/RT) s/sup -1/. These rate constants together with an expression for the appropriate weighting coefficients describe approximately 97/sup +/% of the total oil produced. A description is given of the results of different attempts to mathematically describe the data in a manner suitable for modeling applications. Preliminary results are also presented for species-selective kinetics of methane, ethene, ethane and hydrogen, where the latter is clearly distinguished as the product of a distinct intermediate. Oil yields from Western oil shale are approximately 100% Fischer assay. Oil composition is as expected based on previous work and the higher heating rates (temperatures) inherent in fluidized-bed pyrolysis. Neither the oil yield, composition nor the kinetics varied with particle size between 0.2 and 2.0 mm within experimental error. The qualitatively expected change in oil composition due to cracking was observed over the temperature range studied (460 to 540/sup 0/C). Eastern shale exhibited significantly faster kinetics and higher oil yields than did Western shale.
Richardson, J H; Huss, E B; Ott, L L; Clarkson, J E; Bishop, M O; Taylor, J R; Gregory, L J; Morris, C J
Western oil shale conversion using the ROPE copyright process
Western Research Institute (WRI) is continuing to develop the Recycle Oil Pyrolysis and Extraction (ROPE) process to recover liquid hydrocarbon products from oil shale, tar sand, and other solid hydrocarbonaceous materials. The process consists of three major steps: (1) pyrolyzing the hydrocarbonaceous material at a low temperature (T {le} 400{degrees}C) with recycled product oil, (2) completing the pyrolysis of the residue at a higher temperature (T > 400{degrees}C) in the absence of product oil, and (3) combusting the solid residue and pyrolysis gas in an inclined fluidized-bed reactor to produce process heat. Many conventional processes, such as the Paraho and Union processes, do not use oil shale fines (particles smaller than 1.27 cm in diameter). The amount of shale discarded as fines from these processes can be as high as 20% of the total oil shale mined. Research conducted to date suggests that the ROPE process can significantly improve the overall oil recovery from western oil shale by processing the oil shale fines typically discarded by conventional processes. Also, if the oil shale fines are co-processed with shale oil used as the heavy recycle oil, a better quality oil will be produced that can be blended with the original shale oil to make an overall produce that is more acceptable to the refineries and easier to pipeline. Results from tests conducted in a 2-inch process development unit (PDU) and a 6-inch bench-scale unit (BSU) with western oil shale demonstrated a maximum oil yield at temperatures between 700 and 750{degrees}F (371 and 399{degrees}C). Test results also suggest that the ROPE process has a strong potential for recovering oil from oil shale fines, upgrading shale oil, and separating high-nitrogen-content oil for use as an asphalt additive. 6 refs., 10 figs., 11 tabs.
Cha, C.Y.; Fahy, L.J.; Grimes, R.W.
Chemically enhanced oil recovery stages a comeback
Nobody knows how much petroleum is left in the ground; estimates range from one trillion to four trillion barrels. Current global production of petroleum is about 85 million barrels/day (bbl/d), or more than 30 billion bbl/year. OPEC (the Organization of t
Three general categories of products from the Estonia Kukersite kerogen oil were defined: pure compounds, broad range concentrates, and sweet refinery feedstock. Product development and market research center on these three categories. Further attempts were made to identify and test chemical approaches for producing lower alkyl resorcinols (what the market requires) from higher alkyl resorcinols. The approaches and process conditions tested have not yet produced satisfactory results. Progress was made to interest industry in the phenolic products producible. A sample of oil from the Galoter retort was received from Estonia and characterization of this sample was initiated. The sample was batch extracted and results of yields and selectivity are reported.
James W. Bunger, Ph.D.; Christopher P. Russell, Ph.D.; Donald E. Cogswell, M.S.
by the residual quantity of oil that never gets produced.order to purchase a quantity Q barrels of oil at a price P tD t Q t Q t+1 Quantity Figure 5. Monthly oil production for
World Production of Crude Oil, NGPL, and Other Liquids, andWorld Production of Crude Oil, NGPL, and Other Liquids, andProduction of Crude Oil, NGPL, and Other Liquids, and Re?
China's Global Oil Strategy
is an important oil source for China, yet unlike itsthe United States as a major oil source outside the volatileto be a critical source of oil, and one that is almost
Thomas, Bryan G
Natural Gas, Heating Oil and Gasoline,� NBER Working Paper.2006. �China�s Growing Demand for Oil and Its Impact on U.S.and Income on Energy and Oil Demand,� Energy Journal 23(1),
Oil Spills and Wildlife
Oil Spills and Wildlife Name: jess Location: NA Country: NA Date: NA Question: what are some effects of oil spills on plants? Replies: The effects of oil spills over the last...
Michael T. Klare, Blood and Oil: The Dangers of America�sDowns and Jeffrey A. Bader, �Oil-Hungry China Belongs at BigChina, Africa, and Oil,� (Council on Foreign Relations,
Reduce Oil Dependence Costs
Reduce Oil Dependence Costs U.S. Petroleum Use, 1970-2010 Nearly 40% of the oil we use is imported, costing us roughly 300 billion annually. Increased domestic oil production from...
interpretations of China�s foreign oil strategy. Argumentsof aspects of China�s foreign oil activities, they do notits largest directly-run foreign oil project. Supplying 10
nations began to seek out oil reserves around the world. 3on the limited global oil reserves and spiking prices. Manyto the largest proven oil reserves, making up 61 percent of
EOR boosts Twofreds oil production. [Enhanced oil recovery
Higher crude oil prices have spurred enhanced oil recovery action in Twofreds field in west Texas. Houston Natural Gas Corporation's (HNG) Fossil Fuels Corporation has a fieldwide waterflood and miscible CO/sub 2/ enhanced recovery program under way. HNG is alternating water injection with injection of CO/sub 2/ and inert gases to boost oil yield from ca. 4392 productive acres. Cumulative production since tertiary recovery began is 1.4 million bbl. HNG is injecting an average of 8 to 10 MMCFD of CO/sub 2/. CO/sub 2/ source is Oasis Pipeline Company's Mi Vida treating plant near Pecos, Texas. The CO/sub 2/ is extracted from gas produced by wells that tap the deep Ordovician Ellenburger in the area.
EIA Report 9/1/08 - Hurricane Impacts on U.S. Oil & Natural Gas Energy
, 4:00 pm See current , 4:00 pm See current U.S. Oil and Natural Gas Market Impacts Prices NYMEX Futures Prices (for October delivery) (2pm) 9/1/2008 8/29/2008 change Week Ago 8/25/2008 Year Ago 8/31/2007 WTI Crude Oil ($/Bbl) 111.16 115.46 -4.30 115.11 73.98 Gasoline RBOB* (c/gal) 275.10 285.42 -10.32 280.69 196.45 Heating Oil (c/gal) 309.24 319.19 -9.95 317.90 205.74 Natural Gas ($/MMBtu) 7.98 8.36 -0.38 7.94 6.46 OPEC Basket ($Bbl) NA 111.23 NA 110.61 69.60 *RBOB = Reformulated Blendstock for Oxygenate Blending (RBOB), the base gasoline that needs to be blended with some type of oxygenate, now usually ethanol, to be turned into finished reformulated gasoline (RFG). Ethanol is not blended into the gasoline mixture until just before the gasoline is shipped to the retail stations. Petroleum As of 12:30 pm EDT (11:30 am CDT), August 31, the Minerals Management
China�s domestic oil supply will peak, and demand Robertpeak will come around 2020, 24 and that by this point, China�s demand Oil
5. Monthly oil production for Iran, Iraq, and Kuwait, inday. Monthly crude oil production Iran Iraq Kuwait Figure 6.Arabia PRODUCTION QUOTA Iran PRODUCTION QUOTA Venezuela
Crude Oil Affects Gasoline Prices
Crude Oil Affects Gasoline Prices. WTI Crude Oil Price. Retail Gasoline Price. Source: Energy Information Administration
Biochemically enhanced oil recovery and oil treatment
This invention relates to the preparation of new, modified organisms, through challenge growth processes, that are viable in the extreme temperature, pressure and pH conditions and salt concentrations of an oil reservoir and that are suitable for use in microbial enhanced oil recovery. The modified microorganisms of the present invention are used to enhance oil recovery and remove sulfur compounds and metals from the crude oil. 62 figures.
Premuzic, E.T.; Lin, M.
This invention relates to the preparation of new, modified organisms, through challenge growth processes, that are viable in the extreme temperature, pressure and pH conditions and salt concentrations of an oil reservoir and that are suitable for use in microbial enhanced oil recovery. The modified microorganisms of the present invention are used to enhance oil recovery and remove sulfur compounds and metals from the crude oil.
Premuzic, Eugene T. (East Moriches, NY); Lin, Mow (Rocky Point, NY)
The report describes primarily the results of combustion tests carried out with a soy methyl ester (SME) that can be considered as a biofuel that does not quite meet the ASTM D 6751-02 specifications for biodiesel. The tests were performed in a residential boiler and a commercial boiler. Blends of the SME in distillate fuel (home heating fuel or equivalently, ASTM No.2 fuel oil) were tested in both the boilers. Similar tests had been conducted in a previous project with ASTM biodiesel blends and hence provided a comparison. Blends of the SME in ASTM No.6 oil (residual oil) were also tested in the commercial boiler using a different burner. Physical properties of the blends (in both the petroleum based fuels) were also measured. It was found that the SME blends in the distillate burned, not surprisingly, similarly to biodiesel blends. Reductions in NOx with blending of the SME were the most significant finding as before with biodiesel blends. The blends in No.6 oil also showed reductions in NOx in the commercial boiler combustion tests, though levels with No.6 blends are higher than with No.2 blends as expected. A significant conclusion from the physical property tests was that even the blending of 10% SME with the No.6 oil caused a significant reduction in viscosity, which suggests a potential direction of application of such blends.
Too early to tell on $100 oil
Presentation to: Presentation to: April 8, 2008 Lehman Brothers oil outlook: Stronger signals of weaker prices Adam Robinson What's driving oil markets today? u Not the short run: Oil prices go up every time the US economy gets worse u It's tempting to argue that the rise in oil prices now is simply a continuation of past trends - The cost of F&D continues to march up - Demand in China growing faster with no signs of slowdown - Upstream and downstream supply bottlenecks are permanent u We think current price may be rising despite improvements on these fronts u Yes, in the short run, weak dollar and inflation fears can push prices higher, but these are likely to dissipate by the end of the year u We may be on the verge of a turning point in prices - Possibly the peak oil price comes this summer at $110-$120
Spot Distillate & Crude Oil Prices
5 5 Notes: Retail distillate prices follow the spot distillate markets, and crude oil prices have been the main driver behind distillate spot price increases until recently. Crude oil rose about 36 cents per gallon from its low point in mid February 1999 to the middle of January 2000. Over this same time period, New York Harbor spot heating oil had risen about 42 cents per gallon, reflecting both the crude price rise and a return to a more usual seasonal spread over the price of crude oil. The week ending January 21, heating oil spot prices in the Northeast spiked dramatically to record levels, closing on Friday at $1.26 per gallon -- up 50 cents from the prior week. Gulf Coast prices were not spiking, but were probably pulled slightly higher as the New York Harbor market began to
Algeria: World Oil Report 1991
This paper reports that Algeria is positioned to achieve important, new natural gas markets. Over half of its hydrocarbon income is from exports of gas and derived products, liquified petroleum gas (LPG) and condensates, which are not subject to Opec quotas. Officials are moving away from inflexible past policies and are becoming vastly more realistic now that foreign investment laws have been liberalized and there is a need to attract foreign investors. Sonatrach must address three key issues to consolidate recent progress. Sales to existing customers in Europe, like Italy, must be expanded; new customers and markets need to found: and U.S. liquified natural gas (LNG) markets must be revived.
Subject is oil shale
The article reviews the current financial, legislative and regulatory problems of oil shale development. 2 refs.
Due, M.J.C.
Eco Oil 4
This article describes the processes, challenges, and achievements of researching and developing a biobased motor oil.
Brett Earl; Brenda Clark
EIA revises up forecast for U.S. 2013 crude oil production by...
EIA revises up forecast for U.S. 2013 crude oil production by 70,000 barrels per day The forecast for U.S. crude oil production keeps going higher. The U.S. Energy Information...
U.S. crude oil imports drop to lowest level since 1999 as ...
U.S. crude oil imports during 2011 fell to their lowest level in twelve years and were down 12% from their peak in 2005, as higher domestic oil ...
Nearly 69% of U.S. crude oil imports originated from five ...
The combination of lower total U.S. crude oil imports and higher crude oil shipments from the top five foreign suppliers boosted their market share to about 69% of ...
U.S. crude oil imports during 2011 fell to their lowest level in twelve years and were down 12% from their peak in 2005, as higher domestic oil production and ...
Oil Oil Oil Oil Prices, 2000-2008 For the first time since 1995, U.S. oil production has surpassed imports. Explore the trend with our interactive chart. | Graphic by Daniel Wood, Energy Department. For the first time since 1995, U.S. oil production has surpassed imports. Explore the trend with our interactive chart. | Graphic by Daniel Wood, Energy Department. Oil is used for heating and transportation -- most notably, as fuel for gas-powered vehicles. America's dependence on foreign oil has declined in recent years, but oil prices have increased. The Energy Department supports research and policy options to increase our domestic supply of oil while ensuring environmentally sustainable supplies domestically and abroad, and is investing in research, technology and
Oil Dependencies and Peak Oil's Effects on Oil Consumption.
?? During the year of 2007, the world has experienced historically high oil prices both in nominal and in real terms, which has reopened discussions� (more)
Tekin, Josef
Word Pro - Untitled1
9 Landed Costs of Crude Oil Imports From Selected Countries Total, 1973-2011 By Selected Country, 2011 By Selected OPEC Country, 1973-2011 By Selected Non-OPEC Country,...
3 Table 5.19 Landed Costs of Crude Oil Imports From Selected Countries, 1973-2011 (Dollars 1 per Barrel) Year Persian Gulf 3 Selected OPEC 2 Countries Selected Non-OPEC 2 Countries...
6 Table 21. F.O.B. a Costs of Imported Crude Oil by Selected Country (Dollars per Barrel) Year Month Selected Countries Persian Gulf b Total OPEC c Non OPEC Angola Colombia Mexico...
Vsd Oil Free Air Compressor, Vsd Oil Free Air Compressor ...
Vsd Oil Free Air Compressor, You Can Buy Various High Quality Vsd Oil Free Air Compressor Products from Global Vsd Oil Free Air Compressor Suppliers ...
Oil Free Vsd Air Compressor, Oil Free Vsd Air Compressor ...
Oil Free Vsd Air Compressor, You Can Buy Various High Quality Oil Free Vsd Air Compressor Products from Global Oil Free Vsd Air Compressor Suppliers ...
Crude Oil, Heating Oil, and Propane Outlook Briefing for the State Heating Oil and Propane Program Conference Asheville, NC Mike Burdette Petroleum Division, Energy ...
Table of Contents. Crude Oil, Heating Oil, and Propane Market Outlook. Short-Term World Oil Price Forecast . Price Movements Related to Supply/Demand Balance
Crude Oil, Heating Oil, and Propane Market Outlook Briefing for the State Heating Oil and Propane Program Conference Wilmington, DE by Douglas MacIntyre
??An oil-life algorithm to calculate the remaining percentage of oil life is presented as a means to determine the right time to change the oil� (more)
Bommareddi, Anveshan
Oil-Well Fire Fighting
... Oil Well Fire Fighting. NIST fire Research NIST Fire Research 2 Oil Well Fire Fighting RoboCrane Model Oil Well Fire Fighting Working Model.
Fuel Oil Use in Manufacturing
and residual fuel oils. Distillate fuel oil, the lighter product, is also used for heating of homes and commercial buildings. Residual oil is a much denser, heavier product...
South Africa - U.S. Energy Information Administration (EIA)
What is shale gas and ... OPEC Revenues Fact Sheet; World Oil ... South Africa has the second largest crude oil refinery system in Africa and imports the ...
Turkey - U.S. Energy Information Administration (EIA)
What is shale gas and why is ... OPEC Revenues Fact Sheet; World Oil Transit ... Concurrent with Turkey's economic expansion, its crude oil consumption has increased ...
What is shale gas and why is it important? ... OPEC Revenues Fact Sheet; World Oil Transit ... Oil and gas development and export is central to Azerbaijan's economic ...
Ghana - U.S. Energy Information Administration (EIA)
What is shale gas and why is it important? ... OPEC Revenues Fact Sheet; World Oil Transit Chokepoints; Country Analysis Note. After discovering the Jubilee oil field ...
... YES">World oil prices fell further on Tuesday, despite a new hurricane powering towards oil facilities in the Gulf of Mexico, and as OPEC pledged to ...
MAIN TASK and NOVELTY DETECTION SUBTASK Task ...
Apparatus for distilling shale oil from oil shale
An apparatus for distilling shale oil from oil shale comprises: a vertical type distilling furnace which is divided by two vertical partitions each provided with a plurality of vent apertures into an oil shale treating chamber and two gas chambers, said oil shale treating chamber being located between said two gas chambers in said vertical type distilling furnace, said vertical type distilling furnace being further divided by at least one horizontal partition into an oil shale distilling chamber in the lower part thereof and at least one oil shale preheating chamber in the upper part thereof, said oil shale distilling chamber and said oil shale preheating chamber communication with each other through a gap provided at an end of said horizontal partition, an oil shale supplied continuously from an oil shale supply port provided in said oil shale treating chamber at the top thereof into said oil shale treating chamber continuously moving from the oil shale preheating chamber to the oil shale distilling chamber, a high-temperature gas blown into an oil shale distilling chamber passing horizontally through said oil shale in said oil shale treating chamber, thereby said oil shale is preheated in said oil shale preheating chamber, and a gaseous shale oil is distilled from said preheated oil shale in said oil shale distilling chamber; and a separator for separating by liquefaction a gaseous shale oil from a gas containing the gaseous shale oil discharged from the oil shale preheating chamber.
Shishido, T.; Sato, Y.
lingering oil has remained [15]. In addition to a higher likelihood of exposure, a number of natural history Valdez oil. However, the spatial correspondence between elevated CYP1A induction and history of contaminaCYTOCHROME P4501A BIOMARKER INDICATION OF OIL EXPOSURE IN HARLEQUIN DUCKS UP TO 20 YEARS AFTER
Microsoft PowerPoint - GlobalOilEcon.ppt
Globalization, Oil Prices and Globalization, Oil Prices and U.S. Economic Activity Stephen Brown Federal Reserve Bank of Dallas 2008 Energy Conference U.S. Energy Information Administration Globalization, Oil Price Shocks and U.S. Economic Activity Nathan Balke, Stephen Brown, Mine Yücel March 31, 2008 I. Introduction. What are the economic consequences to the United States of an increase in the oil price? Conventional thinking: oil supply shock * Higher oil price * Slower GDP growth * Increased price level Real oil price and recessions (shaded) Index, 1982 = 100 0 30 60 90 120 150 48 51 54 57 60 63 66 69 72 75 78 81 84 87 90 93 96 99 02 05 Empirical evidence of a negative relationship is mixed: For: Mork and Hall (1980), Hamilton (1983, 2003), Balke, Brown, and Yücel (2002), Hamilton and Herrera (2004),
Quarterly oil report: Third quarter, 1987. [CA
The volumes of petroleum fuels supplied to California in the fourth quarter of 1987 increased 1.6 percent from year ago levels. The increase is the result of increased unleaded gasoline and residual fuel oil use. Other fourth quarter results show that all product imports remained higher than year ago levels, but most were below the previous quarter except unleaded gasoline. Unleaded gasoline imports were higher, exports were reduced and stocks drawn down in the fourth quarter compared to the previous quarter to meet increased demand for unleaded fuel. Demand for low sulfur fuel oil increased toward the end of the quarter because natural gas sales to electric utilities were curtailed.
Experimental study of oil yields and properties of light and medium Venezuelan crude oils under steam and steam-propane distillation
Six experimental runs were carried out to study the yields for a light crude oil (34.2�API) and an intermediate crude oil (25.1�API) under steam distillation and steam-propane distillation. Yields, were measured at five temperatures, 110, 150, 200, 250, and 300�C at slightly superheated conditions. A propane:steam mass ratio of 5:100 was used for the steam-propane distillation runs. For the 34.2�API crude oil, weight yields are very similar for steam and steam-propane distillation, about 54% weight of original oil. However for the 25.1�API crude oil, weight yield for steam-propane distillation, 63%, is significantly higher than for steam distillation, 42% weight of original oil. The results indicate that propane has a stronger distillation effect on the intermediate oil than on the light oil. This is possibly due to the following reasons: (1) lesser amount of light fractions in the intermediate oil that enhance the separation of components in the oil caused by the concentration gradient, (2) the solvent effect of the propane on paraffinic fractions, these being more abundant in the intermediate than in the light oil, and (3) the propane is inducing a cracking of the oil at the higher temperatures and pressure. The positive effect of propane on distillation of the intermediate oil is also evident from the fact that the residual oil is highly viscous (due most likely to asphaltene precipitation), while lighter fractions have been distilled off.
Plazas Garcia, Joyce Vivia
Industrial Uses of Vegetable Oils
Industrial Uses of Vegetable Oils offers new insights into these important (and growing) products of vegetable oils, while also covering developments in biodegradable grease, vegetable oils-based polyols, and the synthesis of surfactants from vegetable oil
Oil and Gas Supply Module
Onshore Lower 48 Oil and Gas Supply Submodule, Offshore Oil and Gas Supply Submodule, Oil Shale Supply Submodule, and Alaska Oil and Gas Supply Submodule. A detailed description of...
The Legacy of Oil Spills
When a 1979 exploratory oil well blew out and leaked oil foraddicted to oil directly causes spills as well as globalmagnitudes of past oil spills. They are well aware of the
Trevors, J. T.; Saier, M. H.
7 7 Notes: Spot WTI prices broke $35 and even $36 per barrel in November as anticipated boosts to world supply from OPEC and other sources failed to find much realization in actual stocks data. The idea that stocks are still languishing at below-normal levels is particularly persuasive when one views current levels (for key consuming regions) relative to "normal" values which account for the long-term trend in OECD stocks. We believe that monthly average WTI prices will stay around $30 per barrel for the first part of 2001. This is a noticeable upward shift in our projected average prices from even a month ago. The shift reflects greater emphasis on the lack of stock builds and less emphasis on the assumption that supply from OPEC and non-OPEC suppliers may be exceeding demand by 1-2
Oil and Gas Exploration
Metals Industrial Minerals Oil and Gas Geothermal Exploration Development Mining Processing Nevada, oil and gas, and geothermal activities and accomplishments in Nevada: production statistics, exploration and development including drilling for petroleum and geothermal resources, discoveries of ore
Tingley, Joseph V.
Palm oil pundit speaks
Dorab E. Mistry, director of Godrej International Ltd. in Mumbai, India, spoke about palm oil on March 15, 2010, during the 2010 Annual Convention of the National Institute of Oilseed Products in Palm Springs, California, USA. Palm oil pundit speaks ...
Oil and Plants
Oil and Plants Name: Matt Location: NA Country: NA Date: NA Question: If you could please tell me exactly what motor oil (unused) does to plants, and the effects. Does it...
21, 2008. Ying, Wang. � China, Venezuela firms to co-developApril 21, �China and Venezuela sign oil agreements. � Chinaaccessed April 21, �Venezuela and China sign oil deal. � BBC
well below unity accounts for the broad trends we see in the share of oil purchases in totalWells. � Middle panel: percent of U.S. total crude oil
What Drives the Oil-Dollar Correlation?
Preliminary- comments welcome, please do not quote Oil prices and the US Dollar tend to move together: while the correlation between the WTI spot price and the US Dollar trade-weighted exchange rate has historically �uctuated between positive and negative values, it turned persistently negative in recent years. What explains this comovement? This paper investigates the relationship between oil prices and the US Dollar nominal e�ective exchange rate using a structural model that is fully identi�ed by exploiting the heteroskedasticity in the data, following Rigobon (2003). We control for e�ects of US and global economic developments on oil prices and exchange rates by including measures of the surprise component of economic news releases. The results indicate that higher oil prices depreciate the Dollar both in the short run and over longer horizons. We also �nd that that Dollar depreciation is associated with higher oil prices in the short run. US short-term interest rates explain much of the long-run variation in oil prices and and the Dollar exchange rate.
Christian Grisse
Physical and mechanical properties of bituminous mixtures containing oil shales
Rutting of bituminous surfaces on the Jordanian highways is a recurring problem. Highway authorities are exploring the use of extracted shale oil and oil shale fillers, which are abundant in Jordan. The main objectives of this research are to investigate the rheological properties of shale oil binders (conventional binder with various percentages of shale oil), in comparison with a conventional binder, and to investigate the ability of mixes to resist deformation. The latter is done by considering three wearing course mixes containing three different samples of oil shale fillers--which contained three different oil percentages--together with a standard mixture containing limestone filler. The Marshall design method and the immersion wheel tracking machine were adopted. It was concluded that the shale oil binders displayed inconsistent physical properties and therefore should be treated before being used. The oil shale fillers have provided mixes with higher ability to resist deformation than the standard mix, as measured by the Marshall quotients and the wheel tracking machine. The higher the percentages of oil in the oil shale fillers, the lower the ability of the mixes to resist deformation.
Katamine, N.M.
SRC Residual fuel oils
Coal solids (SRC) and distillate oils are combined to afford single-phase blends of residual oils which have utility as fuel oils substitutes. The components are combined on the basis of their respective polarities, that is, on the basis of their heteroatom content, to assure complete solubilization of SRC. The resulting composition is a fuel oil blend which retains its stability and homogeneity over the long term.
Tewari, Krishna C. (Whitehall, PA); Foster, Edward P. (Macungie, PA)
Oil Peak or Panic?
In this balanced consideration of the peak-oil controversy, Gorelick comes down on the side of the optimists.
Biodiesel production using waste frying oil
Research highlights: {yields} Waste sunflower frying oil is successfully converted to biodiesel using lipase as catalyst. {yields} Various process parameters that affects the conversion of transesterification reaction such as temperature, enzyme concentration, methanol: oil ratio and solvent are optimized. {yields} Inhibitory effect of methanol on lipase is reduced by adding methanol in three stages. {yields} Polar solvents like n-hexane and n-heptane increases the conversion of tranesterification reaction. - Abstract: Waste sunflower frying oil is used in biodiesel production by transesterification using an enzyme as a catalyst in a batch reactor. Various microbial lipases have been used in transesterification reaction to select an optimum lipase. The effects of various parameters such as temperature, methanol:oil ratio, enzyme concentration and solvent on the conversion of methyl ester have been studied. The Pseudomonas fluorescens enzyme yielded the highest conversion. Using the P. fluorescens enzyme, the optimum conditions included a temperature of 45 deg. C, an enzyme concentration of 5% and a methanol:oil molar ratio 3:1. To avoid an inhibitory effect, the addition of methanol was performed in three stages. The conversion obtained after 24 h of reaction increased from 55.8% to 63.84% because of the stage-wise addition of methanol. The addition of a non-polar solvent result in a higher conversion compared to polar solvents. Transesterification of waste sunflower frying oil under the optimum conditions and single-stage methanol addition was compared to the refined sunflower oil.
Charpe, Trupti W. [Chemical Engineering Department, Institute of Chemical Technology, Matunga, Mumbai 400 019 (India); Rathod, Virendra K., E-mail: email@example.com [Chemical Engineering Department, Institute of Chemical Technology, Matunga, Mumbai 400 019 (India)
World Oil Prices in AEO2007 (released in AEO2007)
Over the long term, the AEO2007 projection for world oil pricesdefined as the average price of imported low-sulfur, light crude oil to U.S. refinersis similar to the AEO2006 projection. In the near term, however, AEO2007 projects prices that are $8 to $10 higher than those in AEO2006.
Gourmet and Health-Promoting Specialty OilsChapter 11 Camellia Oil and Tea Oil
Gourmet and Health-Promoting Specialty Oils Chapter 11 Camellia Oil and Tea Oil Health Nutrition Biochemistry eChapters Health - Nutrition - Biochemistry Press Downloadable pdf of Chapter 11 Camellia Oil and T
Using Oils As Pesticides
Petroleum and plant-derived spray oils show increasing potential for use as part of Integrated Pest Management systems for control of soft-bodied pests on fruit trees, shade trees, woody ornamentals and household plants. Sources of oils, preparing oils for use, application and precautions are discussed.
Bogran, Carlos E.; Ludwig, Scott; Metz, Bradley
Exploiting heavy oil reserves
the behaviour of oil and gas prices and the fruits of future exploration. The rate of technological progress. How optimistic are you that the North Sea remains a viable source of oil and gas? A) Our new researchNorth Sea investment potential Exploiting heavy oil reserves Beneath the waves in 3D Aberdeen
Levi, Ran
Biochemical upgrading of oils
A process for biochemical conversion of heavy crude oils is provided. The process includes contacting heavy crude oils with adapted biocatalysts. The resulting upgraded oil shows, a relative increase in saturated hydrocarbons, emulsions and oxygenates and a decrease in compounds containing in organic sulfur, organic nitrogen and trace metals. Adapted microorganisms which have been modified under challenged growth processes are also disclosed.
Premuzic, Eugene T. (East Moriches, NY); Lin, Mow S. (Rocky Point, NY)
A process for biochemical conversion of heavy crude oils is provided. The process includes contacting heavy crude oils with adapted biocatalysts. The resulting upgraded oil shows, a relative increase in saturated hydrocarbons, emulsions and oxygenates and a decrease in compounds containing organic sulfur, organic nitrogen and trace metals. Adapted microorganisms which have been modified under challenged growth processes are also disclosed. 121 figs.
Premuzic, E.T.; Lin, M.S.
to a �negative� storage cost for oil in the form of a bene?tin levels. oil for more than your costs, that is, if P t+1 QSaudi oil, and M S the Saudi�s marginal cost of production.
9 9 Notes: Because of the higher projected crude oil prices and because of increased tightening in the Northeast heating oil market since the last Outlook, we now expect prices this winter for residential heating oil deliveries to peak at about $1.52 per gallon in January. This is significantly above the monthly peak reached last winter. Because these figures are monthly averages, we expect some price movements for a few days to be above the values shown on the graph. This winter's expected peak price would be the highest on record in nominal terms, eclipsing the high set in February 2000. However, in real (constant dollar) terms, both of these prices remain well below the peak reached in March 1981, when the average residential heating oil price was $1.29 per gallon, equivalent to over $2.50 per gallon today.
Utah Heavy Oil Program
The Utah Heavy Oil Program (UHOP) was established in June 2006 to provide multidisciplinary research support to federal and state constituents for addressing the wide-ranging issues surrounding the creation of an industry for unconventional oil production in the United States. Additionally, UHOP was to serve as an on-going source of unbiased information to the nation surrounding technical, economic, legal and environmental aspects of developing heavy oil, oil sands, and oil shale resources. UHOP fulGilled its role by completing three tasks. First, in response to the Energy Policy Act of 2005 Section 369(p), UHOP published an update report to the 1987 technical and economic assessment of domestic heavy oil resources that was prepared by the Interstate Oil and Gas Compact Commission. The UHOP report, entitled 'A Technical, Economic, and Legal Assessment of North American Heavy Oil, Oil Sands, and Oil Shale Resources' was published in electronic and hard copy form in October 2007. Second, UHOP developed of a comprehensive, publicly accessible online repository of unconventional oil resources in North America based on the DSpace software platform. An interactive map was also developed as a source of geospatial information and as a means to interact with the repository from a geospatial setting. All documents uploaded to the repository are fully searchable by author, title, and keywords. Third, UHOP sponsored Give research projects related to unconventional fuels development. Two projects looked at issues associated with oil shale production, including oil shale pyrolysis kinetics, resource heterogeneity, and reservoir simulation. One project evaluated in situ production from Utah oil sands. Another project focused on water availability and produced water treatments. The last project considered commercial oil shale leasing from a policy, environmental, and economic perspective.
J. Bauman; S. Burian; M. Deo; E. Eddings; R. Gani; R. Goel; C.K. Huang; M. Hogue; R. Keiter; L. Li; J. Ruple; T. Ring; P. Rose; M. Skliar; P.J. Smith; J.P. Spinti; P. Tiwari; J. Wilkey; K. Uchitel
NETL: Oil & Natural Gas Technologies Reference Shelf - Presentation
horizontal drilling and hydraulic fracturing so as to improve the recovery factor of this unconventional crude oil resource from the current 1% to a higher level. The success of...
Higher powers in gravitation
We consider the Friedmann-Robertson-Walker cosmologies of theories of gravity that generalize the Einstein-Hilbert action by replacing the Ricci scalar R with some function f(R). The general asymptotic behavior of these cosmologies is found, at both early and late times, and the effects of adding higher and lower powers of R to the Einstein-Hilbert action is investigated. The assumption that the highest powers of R should dominate the Universe's early history, and that the lowest powers should dominate its future is found to be inaccurate. The behavior of the general solution is complicated, and while it can be the case that single powers of R dominate the dynamics at late times, it can be either the higher or lower powers that do so. It is also shown that it is often the lowest powers of R that dominate at early times, when approach to a bounce or a Tolman solution are generic possibilities. Various examples are considered, and both vacuum and perfect fluid solutions are investigated.
Clifton, Timothy [Department of Astrophysics, University of Oxford, Oxford, OX1 3RH (United Kingdom)
Effect of pretreating of host oil on coprocessing. Final report
A petroleum vacuum resid (1,000 F+) was pretreated by catalytic hydrogenation and hydrocracking reactions and the pretreated resids (host oils) were then coprocessed with coal. The fraction of coal converted to soluble products and the yield of pentane-soluble oils were determined after coprocessing. The phenolic oxygen concentration of the oil product provided a means for estimating the fraction of coal liquids in the products; oils originating from coal had much higher concentrations of phenolic oxygen than those originating from petroleum. Resids that were pretreated by mild temperature hydrogenation reactions, where cracking was suppressed, became better host oils; when these pretreated resids were coprocessed with coal, more of the mixture was converted to tetrahydrofuran-soluble products. Depending on the pretreatment, the pentane-soluble oil yields following thermal coprocessing were either significantly lower or slightly higher than the oil yields obtained with untreated resid. The yield of oils was strongly affected by the concentration of coal in the feed. The presence of small amounts, less than 33% of coal, enhanced the conversion of petroleum resid to oils during coprocessing, although the increases were small. 91 refs.
Wender, I.; Tierney, J.W.
Industrial Oil Products Newsletter April 2013
Read the Industrial Oil Products Newsletter April 2013. Industrial Oil Products Newsletter April 2013 Industrial Oil Products Newsletter April 2013 ...
Crude Oil Analysis Database
DOE Data Explorer (OSTI)
The composition and physical properties of crude oil vary widely from one reservoir to another within an oil field, as well as from one field or region to another. Although all oils consist of hydrocarbons and their derivatives, the proportions of various types of compounds differ greatly. This makes some oils more suitable than others for specific refining processes and uses. To take advantage of this diversity, one needs access to information in a large database of crude oil analyses. The Crude Oil Analysis Database (COADB) currently satisfies this need by offering 9,056 crude oil analyses. Of these, 8,500 are United States domestic oils. The database contains results of analysis of the general properties and chemical composition, as well as the field, formation, and geographic location of the crude oil sample. [Taken from the Introduction to COAMDATA_DESC.pdf, part of the zipped software and database file at http://www.netl.doe.gov/technologies/oil-gas/Software/database.html] Save the zipped file to your PC. When opened, it will contain PDF documents and a large Excel spreadsheet. It will also contain the database in Microsoft Access 2002.
Shay, Johanna Y.
Acidity of biomass fast pyrolysis bio-oils
The use of the TAN method for measuring the acidity of biomass fast pyrolysis bio-oil was evaluated. Suggestions for carrying out the analysis have been made. The TAN method by ASTM D664 or D3339 can be used for measuring the acidity of fast pyrolysis bio-oils and their hydrotreating products. The main difference between the methods is that ASTM D664 is specified for higher TAN values than ASTM D3339. Special focus should be placed on the interpretation of the TAN curves because they differ significantly from those of mineral oils. The curve for bio-oils is so gentle that the automatic detection may not observe the end point properly and derivatization should be used. The acidity of fast pyrolysis bio-oils is mainly derived (60-70%) from volatile acids. Other groups of compounds in fast pyrolysis bio-oils that influence acidity include phenolics, fatty and resin acids, and hydroxy acids.
Oasmaa, Anja; Elliott, Douglas C.; Korhonen, Jaana
Science Taking Higher
4, 1997 4, 1997 Number 7 f Science Taking Higher Profile in Capital continued on page 8 INSIDE 2 Computers and Accelerators 4 Inventions 6 Sloan Digital Sky Survey upon the Clinton Administration and the 105th Congress to increase the nation's investment in scientific research and education. This awareness of science issues emanating from the nation's capital has heartened many of those toiling in the country's laboratories and universities; however, researchers interviewed for this article also said they are closely observing how the rhetoric translates into increased funding as the appropriations process plays out. "I see these [initiatives] as demonstrations of the underlying support of basic science in the community and in Congress," said Jeffrey Photo courtesy
World Oil Prices in AEO2006 (released in AEO2006)
World oil prices in the AEO2006 reference case are substantially higher than those in the AEO2005 reference case. In the AEO2006 reference case, world crude oil prices, in terms of the average price of imported low-sulfur, light crude oil to U.S. refiners, decline from current levels to about $47 per barrel (2004 dollars) in 2014, then rise to $54 per barrel in 2025 and $57 per barrel in 2030. The price in 2025 is approximately $21 per barrel higher than the corresponding price projection in the AEO2005 reference case.
Crude Oil Watch April 19, 2000 Energy Information Administration Office of Oil & Gas A large stockbuild in crude oil inventories contributed to blunt crude oil inputs ...
Quarter,Call on OPEC (World oil demand - non-opec supply - opec ngls) 1Q 2010,28.81365001 2Q 2010,29.30122054 3Q 2010,30.50944263 4Q 2010,29.94627992 1Q 2011,30 ...
Production of hydraulic oil from Baku crudes
The demand for low-pour oils for use in hydraulic systems is considerably greater than the possible production volume. The base stocks for hydraulic oils - AMG-10, MGE-10A, RM, and RMTs - are obtained by sulfuric acid treatment. In the interest of improving the ecological aspects of hydraulic oil production, sulfuric acid treatment is being replaced by hydroprocessing. The work described here was aimed at determining the feasibility of obtaining hydraulic oil of the RM type from lube distillate fractions of the mixed low-wax crudes processed in the Baku Azerneftyag Petroleum Refinery. This oil is intended for use in hydraulic systems of automatic control apparatus, mainly in flight vehicles operating in the North. Stringent requirements are imposed on its solid point and viscosity. solid point no higher than -60{degrees}C. viscosity w higher than 350 mm{sup 2}/sec at -40{degrees}C. The lube fractions used as starting materials had viscosities of 2.77 and 16.84 mm{sup 2}/sec at 50{degrees}C, with respective flash points of 85{degrees} and 168{degrees}C. As another starting material we used a gasoil cut with a viscosity of 4.4 mm{sup 2}/sec at 50{degrees}C and a flash point of 134{degrees}C.
Samedova, F.I.; Kasumova, A.M.; Alieva, V.M.
Investigation and development of alternative methods for shale oil processing and analysis. Final technical report, October 1979--April 1983
Oil shale, a carbonaceous rock which occurs abundantly in the earth`s crust, has been investigated for many years as an alternate source of fuel oil. The insoluble organic matter contained in such shales is termed {open_quotes}Kerogen{close_quotes} from the Greek meaning oil or oil forming. The kerogen in oil shale breaks down into oil-like products when subjected to conditions simulating destructive distillation. These products have been the subject of extensive investigations by several researchers and many of the constituents of shale oil have been identified. (1) Forsman (2) estimates that the kerogen content of the earth is roughly 3 {times} 10{sup 15} tons as compared to total coal reserves of about 5 {times} 10{sup 12}. Although the current cost per barrel estimate for commercial production of shale oil is higher than that of fossil oil, as our oil reserves continue to dwindle, shale oil technology will become more and more important. When oil shale is heated, kerogen is said to undergo chemical transformation to usable oil in two steps (3): Kerogen (in oil shale) 300-500{degrees}C bitumen. Crude shale oil and other products. The crude shale oil so obtained differs from fossil oil in that: (1) kerogen is thought to have been produced from the aging of plant matter over many years; (2) shale oil has a higher nitrogen content than fossil oil; (3) non-hydrocarbons are present to a much greater extent in shale oil; and (4) the hydrocarbons in shale oil are much more unsaturated than those in fossil oil (petroleum).
Evans, R.A.
Shale oil: process choices
The four broad categories of shale-oil processing are discussed. All of these processes share the basic function of retorting oil-shale rock at high temperature so that the kerogen material in the rocks is thermally decomposed to shale oil and gaseous products. The technologies and the organizations working on their development are: solids-to-solids heating, The Oil Shale Co. (TOSCO) and Lurgi-Rhur; gas-to-solids heating with internal gas combustion, U. S. Bureau of Mines, Development Engineering Inc. and Union Oil of California; gas-to-solid heating with external heat generation, Development Engineering, Union Oil, Petrobas, and Institute of Gas Technology; and in-situ retorting, Occidental Petroleum Corp. The TOSCO II process is considered proven and on the verge of commercialization. (BLM)
Process of treating oil shale
A process of destructively distilling oil shale is described consisting in subjecting the oil shale containing aluminum to the action of heat and pressure to destructively distill it and separate the light oil constituents. Chlorine gas is simultaneously passed through the hot oil shale countercurrent to the direction of movement of the oil shale.
Egloff, G.
2 World Oil Market
www.eia.gov Crude oil prices react to a variety of geopolitical and economic events price per barrel (real 2010 dollars, quarterly average) 140 120 imported refiner acquisition cost of crude oil WTI crude oil price Global financial collapse 100 80 60 U.S. spare capacity exhausted Iran-Iraq War Saudis abandon swing producer role Asian financial crisis 9-11 attacks Low spare capacity
Adam Sieminski Administrator; Adam Sieminski; Adam Sieminski
Feasibility study of heavy oil recovery in the Appalachian, Black Warrior, Illinois, and Michigan basins
This report is one of a series of publications assessing the feasibility of increasing domestic heavy oil production. Each report covers select areas of the United States. The Appalachian, Black Warrior, Illinois, and Michigan basins cover most of the depositional basins in the Midwest and Eastern United States. These basins produce sweet, paraffinic light oil and are considered minor heavy oil (10{degrees} to 20{degrees} API gravity or 100 to 100,000 cP viscosity) producers. Heavy oil occurs in both carbonate and sandstone reservoirs of Paleozoic Age along the perimeters of the basins in the same sediments where light oil occurs. The oil is heavy because escape of light ends, water washing of the oil, and biodegradation of the oil have occurred over million of years. The Appalachian, Black Warrior, Illinois, and Michigan basins' heavy oil fields have produced some 450,000 bbl of heavy oil of an estimated 14,000,000 bbl originally in place. The basins have been long-term, major light-oil-producing areas and are served by an extensive pipeline network connected to refineries designed to process light sweet and with few exceptions limited volumes of sour or heavy crude oils. Since the light oil is principally paraffinic, it commands a higher price than the asphaltic heavy crude oils of California. The heavy oil that is refined in the Midwest and Eastern US is imported and refined at select refineries. Imports of crude of all grades accounts for 37 to >95% of the oil refined in these areas. Because of the nature of the resource, the Appalachian, Black Warrior, Illinois and Michigan basins are not expected to become major heavy oil producing areas. The crude oil collection system will continue to degrade as light oil production declines. The demand for crude oil will increase pipeline and tanker transport of imported crude to select large refineries to meet the areas' liquid fuels needs.
Olsen, D.K.; Rawn-Schatzinger, V.; Ramzel, E.B.
This report is one of a series of publications assessing the feasibility of increasing domestic heavy oil production. Each report covers select areas of the United States. The Appalachian, Black Warrior, Illinois, and Michigan basins cover most of the depositional basins in the Midwest and Eastern United States. These basins produce sweet, paraffinic light oil and are considered minor heavy oil (10{degrees} to 20{degrees} API gravity or 100 to 100,000 cP viscosity) producers. Heavy oil occurs in both carbonate and sandstone reservoirs of Paleozoic Age along the perimeters of the basins in the same sediments where light oil occurs. The oil is heavy because escape of light ends, water washing of the oil, and biodegradation of the oil have occurred over million of years. The Appalachian, Black Warrior, Illinois, and Michigan basins` heavy oil fields have produced some 450,000 bbl of heavy oil of an estimated 14,000,000 bbl originally in place. The basins have been long-term, major light-oil-producing areas and are served by an extensive pipeline network connected to refineries designed to process light sweet and with few exceptions limited volumes of sour or heavy crude oils. Since the light oil is principally paraffinic, it commands a higher price than the asphaltic heavy crude oils of California. The heavy oil that is refined in the Midwest and Eastern US is imported and refined at select refineries. Imports of crude of all grades accounts for 37 to >95% of the oil refined in these areas. Because of the nature of the resource, the Appalachian, Black Warrior, Illinois and Michigan basins are not expected to become major heavy oil producing areas. The crude oil collection system will continue to degrade as light oil production declines. The demand for crude oil will increase pipeline and tanker transport of imported crude to select large refineries to meet the areas` liquid fuels needs.
Improved oil refinery operations and cheaper crude oil to help...
Improved oil refinery operations and cheaper crude oil to help reduce gasoline prices U.S. gasoline prices are expected to fall as more oil refineries come back on line and crude...
Oil from rock
The article discusses first the Green River Formation oil shale projects in the western United States from which conservative estimates have suggested an output of 400,000 to 600,000 bbl/day of crude shale oil by 1990. The western reserves recoverable with present technology are said to exceed 600 billion (10/sup 9/) bbl. Three major considerations could limit the large-scale development of shale oil: availability of water, environmental factors, and socio-economic considerations. Water is used to obtain and process the crude shale oil, and additional water is needed to cool the spent shale and to establish new vegetation on top of it. Nitrogenous compounds and arsenic in crude shale oil are among potential pollutants. Spent shale contains salts that are potentially leachable, as well as organic pyrolytic products. Retorting oil shales may release more CO/sub 2/ through decomposition of carbonate minerals that will subsequently be generated by burning the oil produced. Topographic effects of oil shale mining may raise socio-economic problems. Next the article discusses the conversion of coal to liquid by pyrolysis or hydrogenation, including the Gulf solvent refined coal (SRC) and the Exxon (EDS) liquefaction processes. Also described in the South African SASOL process for producing synthetic fuel from coal. A parallel account is included on the estimated complete cycle of United States and of worldwide crude oil production, forecasting depletion within less than a century. 11 refs.
Walters, S.
Crude Oil Price Forecast
We believe crude oil prices will strengthen somewhat, but prices will rise much more slowly than they fell, and they are expected to remain lower in ...
Oil And The Macroeconomy.
?? This paper examines the oil price-macro economy relationship by means of analyzing the impact ofoil price on Industrial production, real effective exchange rate, long� (more)
Al-Ameri, Leyth
-No Data Reported; --= Not Applicable; NA = Not Available; W = Withheld to avoid disclosure of individual company data. Notes: Crude oil exports are ...
California Crude Oil Prices
... of different quality crudes vary over time based on the value the market places on such quality attributes. A heavy crude oil has more heavy, ...
Crude Oil Prices
Information AdministrationPetroleum Marketing Annual 1999 41 Table 21. Domestic Crude Oil First Purchase Prices (Dollars per Barrel) - Continued Year Month PAD District II...
Oil and Gas (Indiana)
Energy.gov (U.S. Department of Energy (DOE))
This division of the Indiana Department of Natural Resources provides information on the regulation of oil and gas exploration, wells and well spacings, drilling, plugging and abandonment, and...
Information AdministrationPetroleum Marketing Annual 2000 41 Table 21. Domestic Crude Oil First Purchase Prices (Dollars per Barrel) - Continued Year Month PAD District II...
Information AdministrationPetroleum Marketing Annual 1998 41 Table 21. Domestic Crude Oil First Purchase Prices (Dollars per Barrel) - Continued Year Month PAD District II...
Information AdministrationPetroleum Marketing Annual 2001 41 Table 21. Domestic Crude Oil First Purchase Prices (Dollars per Barrel) - Continued Year Month PAD District II...
Residual Fuel Oil Exports
Oil spill response resources
Pollution has become one of the main problems being faced by humanity. Preventing pollution from occurring might be the best idea but is not possible in this fast developing world. So the next best thing to do would be to respond to the pollution source in an effective manner. Oil spills are fast becoming pollution sources that are causing the maximum damage to the environment. This is owing to the compounds that are released and the way oil spreads in both water and land. Preventing the oil spill would be the best option. But once the oil has been spilled, the next best thing to do is to respond to the spill effectively. As a result, time becomes an important factor while responding to an oil spill. Appropriate response to contain and cleanup the spill is required to minimize its potential damage to the ecosystem. Since time and money play a very important role in spill response, it would be a great idea if decisions can be made in such a way that a quick response can be planned. The first part of this study deals with the formation of an 'Oil Spill Resources Handbook', which has information on all the important Oil Spill Contractors. The second and the main part of the study, deals with creating a database in Microsoft Access of the Oil Spill Contractors. The third portion of the study deals with planning an oil spill response using a systems approach.
Muthukrishnan, Shankar
Industry analysts and academics agree that China�s domestic oil supply will peak, and demand Robert Ebel, China�s Energy
disruptions, and the peak in U.S. oil production account foroil increased 81.1% (logarithmically) between January 1979 and the peak
Oil and Gas Air Heaters
Most conventional air heaters adopt indirect heat transfer, which uses combustion gases to indirectly heat fresh air by heating surfaces to generate hot air used for material drying and dehumidification. We call them indirect air heaters. However, they have a higher manufacturing cost and lower thermal efficiency, especially when high temperature air is needed. For this reason, a direct air heater applicable for or feed and industrial raw products is put forward, which has advantages such as less production cost, smaller dimensions and higher thermal efficiency. Their design, working principles, characteristics, structure and applications are presented in this article, and brief comparisons are made between the indirect and direct air heater. Finally, the relation of hot-air temperature, oil or gas consumption and fresh airflow is determined based on energy equilibrium.
Kou, G.; Wang, H.; Zhou, J.
Microsoft Word - Highlights Bullets Final.doc
4 4 1 Short-Term Energy Outlook July 2004 Oil Market Developments (Figures 1 to 5) U.S. spot prices for crude oil (West Texas Intermediate (WTI)), while currently down from the highs above $40 per barrel seen in early June, continue to fluctuate in the upper $30's despite general improvement in crude oil inventories and increases in output by key OPEC producers, including Saudi Arabia. OPEC (excluding Iraq) crude oil production in June was 27.1 million barrels per day, 800,000 barrels per day higher than May levels and only about 1 million barrels per day below capacity. The overall level of petroleum inventories both in the United States and in the rest of the industrialized world remains below normal, particularly when seen in
Relaxation studies on oil, pressboard and oil impregnated pressboard.
??In this thesis, a laboratory relaxation study with FDS and RVM was carried out for a period of 3 years with the fabricated oil (OIL),� (more)
Cao, Hongyan.
NETL: Oil & Natural Gas Projects: Shale Oil Upgrading Utilizing...
Companies providing oil samples of at least five (5) gallons include Chevron, Oil Shale Exploration Company (OSEC), and Red Leaf Resources, Inc. Background Work performed...
NETL: Oil and Natural Gas: Enhanced Oil Recovery
that have unconventional characteristics (e.g., oil in fractured shales, kerogen in oil shale, bitumen in tar sands) constitute an enormous potential domestic supply of energy....
Determination of Aluminum Rolling Oil and Machinery Oil Residues ...
Presentation Title, Determination of Aluminum Rolling Oil and Machinery Oil Residues on Aluminum Sheet and Foil by Using Elemental Analysis and Fourier �...
Conventional Gasoline Imports from Non OPEC
Other Oxygenates Imports from Non OPEC
MTBE (Oxygenate) Imports from Non OPEC
U.S. Imports from Non OPEC
U.S. Imports from OPEC
When keeping an eye on petroleum prices, we watch inventories closely. Recall that inventories measure the balance between supply and demand, and thus signal pressure ...
Handbook of Australasian Edible Oils
This book highlights various aspects of Australasian edible oils. Handbook of Australasian Edible Oils Food Science Health Nutrition Biochemistry Food Science & Technology Health - Nutrition - Biochemistry Soft Bound Books Oils and Fats Specialist
NETL: Oil & Natural Gas Events
Home > Technologies > Oil and Natural Gas Supply > Events Oil and Natural Gas Supply Events The following is a listing of events of interest to the oil and natural gas community....
010-0527-5 The Legacy of Oil Spills J. T. Trevors & M. H.workers were killed, and oil has been gushing out everday. It is now June, and oil continues to spew forth into
7 of 18 Notes: Using the Northeast as an appropriate regional focus for heating oil, the typical oil-heated household consumes about 680 gallons of oil during the winter, assuming...
Costs of U.S. Oil Dependence: 2005 Update
For thirty years, dependence on oil has been a significant problem for the United States. Oil dependence is not simply a matter of how much oil we import. It is a syndrome, a combination of the vulnerability of the U.S. economy to higher oil prices and oil price shocks and a concentration of world oil supplies in a small group of oil producing states that are willing and able to use their market power to influence world oil prices. Although there are vitally important political and military dimensions to the oil dependence problem, this report focuses on its direct economic costs. These costs are the transfer of wealth from the United States to oil producing countries, the loss of economic potential due to oil prices elevated above competitive market levels, and disruption costs caused by sudden and large oil price movements. Several enhancements have been made to methods used in past studies to estimate these costs, and estimates of key parameters have been updated based on the most recent literature. It is estimated that oil dependence has cost the U.S. economy $3.6 trillion (constant 2000 dollars) since 1970, with the bulk of the losses occurring between 1979 and 1986. However, if oil prices in 2005 average $35-$45/bbl, as recently predicted by the U.S. Energy Information Administration, oil dependence costs in 2005 will be in the range of $150-$250 billion. Costs are relatively evenly divided between the three components. A sensitivity analysis reflecting uncertainty about all the key parameters required to estimate oil dependence costs suggests that a reasonable range of uncertainty for the total costs of U.S. oil dependence over the past 30 years is $2-$6 trillion (constant 2000 dollars). Reckoned in terms of present value using a discount rate of 4.5%, the costs of U.S. oil dependence since 1970 are $8 trillion, with a reasonable range of uncertainty of $5 to $13 trillion.
Petroleum Marketing Annual, 1987
In world crude oil markets, 1987 was a year of limited recovery and relative stability after the dramatic price slide of early 1986. Both foreign and domestic crude thereafter, ending the year somewhat higher than a year ago. In contrast, product wholesale markets remained relatively stable throughout the year, while retail prices sustained a fairly steady increase. As has been the case for over a decade, major price movements in international oil markets generally reflected responses to actual or perceived changes in the policies of the Organization of Petroleum Exporting Countries (OPEC) and/or its members. The year began with prices on an upward trend, in reaction to the December 1986 OPEC meeting in which the members resolved to return to an official pricing structure (a departure from the market-based pricing of 1986), and to reduce output quotas. Prices continued to rise until August, when evidence of continued OPEC overproduction appeared to outweigh market optimism, triggering a gradual slide that lasted the remainder of the year. Even with the downturn in the fourth quarter, crude oil markets in 1987, as measured by refiner acquisition costs, finished the year above year-end 1986 levels, and considerably above the lows reached in mid-1986. OPEC's struggle to maintain stable prices and production levels in 1987 reflected the organization's difficulties in reaching and enforcing agreements among its politically and economically diverse membership. 11 figs., 49 tabs.
Menhaden Fish Oil
Physical Characteristics of Oils, Fats, and Waxes Menhaden Oil Specific Gravity (SG) 15.5/15.5�C. . . . . . . . . . . . . . .0.912� 0.930 25/25�C Other SG Refractive Index (RI) 25�C 40�C Other RI. . . . . . . . . . . . . . . (65) 1
Refining of shale oil
The refining of shale oil is reviewed to assess the current state-of-the-art, especially as to the avaiability of technology suitable for operation on a commercial scale. Oil shale retorting processes as they affect the quality of the crude shale oil for refining, exploratory research on the character and refining of shale oil, and other published refining background leading to the present status are discussed. The initial refining of shale oil requires the removal of a large concentration of nitrogen, an added step not required for typical petroleum crude oils, and recently published estimates show that the total cost of refining will be high. Specific technoloy is reported by industry to be technically proven and available for commercial-scale refining. Although the refining will be more costly than that of petroleum, the viability of a shale oil industry will also be affected greatly by the technology and costs of producing the crude shale oil, environmental costs, and future price and tax treatment, and these are outside the scope of this study of refining.
Lanning, W.C.
Oil price analysis
The transport has been in the whole history of mankind the basic and determining mover of the human society shape. It determined not only the position of towns, but also their inner design and it was also last but not least the basic element of the economic ... Keywords: GDP, deposit, fuels, history, market equilibrium, oil, oil reserves, price
Zdenek Riha; Viktorie Jirova; Marek Honcu
Edible Oils Package
Contains four (4) titles regarding frying and edible oils. Edible Oils Package Food Science & Technology Health - Nutrition - Biochemistry Value Packages 1766A8D5F05863694E128DE1C47D07C3 This Value Package includes: ...
Industrial Uses of Vegetable OilsChapter 3 Vegetable Oil-Based Engine Oils: Are They Practical?
Industrial Uses of Vegetable Oils Chapter 3 Vegetable Oil-Based Engine Oils: Are They Practical? Processing eChapters Processing Press Downloadable pdf of Chapter 3 Vegetable Oil-Based Engine Oils: Are They Practi
Balancing oil and environment... responsibly.
Balancing Oil and Environment�Responsibly As the price of oil continues to skyrocket and global oil production nears the brink, pursuing unconventional oil supplies, such as oil shale, oil sands, heavy oils, and oils from biomass and coal has become increasingly attractive. Of particular significance to the American way is that our continent has significant quantities of these resources. Tapping into these new resources, however, requires cutting-edge technologies for identification, production, processing and environmental management. This job needs a super hero or two for a job of this size and proportion�
Weimer, Walter C.; Teske, Lisa
Oil and Natural Gas - Search
Search Search NETL Oil and Natural Gas Document Information Oil & Natural Gas Document Repository Results will be shown in two categories. "Document Database Results" provides...
Peak oil: diverging discursive pipelines.
??Peak oil is the claimed moment in time when global oil production reaches its maximum rate and henceforth forever declines. It is highly controversial as� (more)
Doctor, Jeff
Heavy crude oil recovery
The oil crisis of the past decade has focused most of the attention and effort of researchers on crude oil resources, which are accepted as unrecoverable using known technology. World reserves are estimated to be 600-1000 billion metric tons, and with present technology 160 billion tons of this total can be recovered. This book is devoted to the discussion of Enhanced Oil Recovery (EOR) techniques, their mechanism and applicability to heavy oil reservoirs. The book also discusses some field results. The use of numerical simulators has become important, in addition to laboratory research, in analysing the applicability of oil recovery processes, and for this reason the last section of the book is devoted to simulators used in EOR research.
Okandan, E.
oil | OpenEI
Open Energy Info (EERE)
oil oil Dataset Summary Description This dataset comes from the Energy Information Administration (EIA), and is part of the 2011 Annual Energy Outlook Report (AEO2011). This dataset is table 134, and contains only the reference case. The data is broken down into Crude oil, dry natural gas. Source EIA Date Released April 26th, 2011 (3 years ago) Date Updated Unknown Keywords 2011 AEO EIA end-of-year reserves gas oil Data application/vnd.ms-excel icon AEO2011: Oil and Gas End-of-Year Reserves and Annual Reserve Additions- Reference Case (xls, 58.4 KiB) Quality Metrics Level of Review Peer Reviewed Comment Temporal and Spatial Coverage Frequency Annually Time Period 2008-2035 License License Open Data Commons Public Domain Dedication and Licence (PDDL) Comment Rate this dataset
7 7 Notes: Because of the higher projected crude oil prices and because of increased tightening in the Northeast heating oil market since the last Outlook, we have raised expected peak prices this winter for residential heating oil deliveries to $1.55 per gallon (January) compared to $1.43 per gallon in last month's projections. This is significantly above the monthly peak reached last winter. Because these figures are monthly averages, we expect some price movements for a few days to be above the values shown on the graph. Primary distillate inventories in the United States failed to rise significantly in November despite some speculation that previous distributions into secondary and tertiary storage would back up burgeoning production and import volumes into primary storage that month. Average
Geology of Kuparuk River Oil Field, Alaska
The Kuparuk River Oil Field is located on the Alaskan Arctic North Slope in the Colville-Prudhoe Trough ca. 25 miles west of the Prudhoe Bay Field. The 23 API crude is similar in type to that in the Prudhoe Bay Field. However, the Kuparuk Reservoir is in early Cretaceous clastics of the Kuparuk River Formation, stratigraphically higher than at Prudhoe. The origin of the oil is believed to be predominantly from the Jurassic Kingak formation with migration occurring along the basal Cretaceous unconformity. The dominant trapping mechanism is stratigraphic pinch-out and truncation of the reservoir at an intraformational unconformity along the southern and western flanks of a southeast plunging antiform. Structural dip closure exists along the northern and eastern flanks with a tilted oil-water contact at ca. 6675 ft subsea. The reservoir sandstones occur within cleaning and coarsening-upward sequences which are interpreted as shallow-marine and sublittoral in origin.
Hardwick, P.; Carman, G.R.
Corrosivity Of Pyrolysis Oils
Pyrolysis oils from several sources have been analyzed and used in corrosion studies which have consisted of exposing corrosion coupons and stress corrosion cracking U-bend samples. The chemical analyses have identified the carboxylic acid compounds as well as the other organic components which are primarily aromatic hydrocarbons. The corrosion studies have shown that raw pyrolysis oil is very corrosive to carbon steel and other alloys with relatively low chromium content. Stress corrosion cracking samples of carbon steel and several low alloy steels developed through-wall cracks after a few hundred hours of exposure at 50 C. Thermochemical processing of biomass can produce solid, liquid and/or gaseous products depending on the temperature and exposure time used for processing. The liquid product, known as pyrolysis oil or bio-oil, as produced contains a significant amount of oxygen, primarily as components of water, carboxylic acids, phenols, ketones and aldehydes. As a result of these constituents, these oils are generally quite acidic with a Total Acid Number (TAN) that can be around 100. Because of this acidity, bio-oil is reported to be corrosive to many common structural materials. Despite this corrosive nature, these oils have the potential to replace some imported petroleum. If the more acidic components can be removed from this bio-oil, it is expected that the oil could be blended with crude oil and then processed in existing petroleum refineries. The refinery products could be transported using customary routes - pipelines, barges, tanker trucks and rail cars - without a need for modification of existing hardware or construction of new infrastructure components - a feature not shared by ethanol.
Keiser, James R [ORNL; Bestor, Michael A [ORNL; Lewis Sr, Samuel Arthur [ORNL; Storey, John Morse [ORNL
Progress in the production of hot-gas filtered biocrude oil at NREL
Progress in the production of hot-gas filtered biocrude oils from a dry hybrid poplar feedstock in the NREL vortex ablative pyrolysis reactor is discussed. In particular, adjusting the pyrolysis severity in the vortex reactor and the cracking severity in the char baghouse resulted in increased oil yields of very low-ash and low-alkali biocrude oils. The viscosity of these oils meets the requirements for American Society for Testing and Materials (ASTM) No.4 fuel oils. Increasing the water content to 30% decreased the viscosity by half, but not enough to meet the viscosity requirement for ASTM No.2 fuel oil. Viscosity contours for water and methanol dilution are shown. The addition of water or methanol or both to make a more consistent product may be advantageous. Aging studies of this low-alkali oil showed a slower increase in viscosity with time equal to one-third the rate of a biocrude oil with higher alkali contents. It appears that removal of the char fines results in a more stable oil. In fact, after 24 hours at 90 C, the viscosity of this low-ash biocrude oil was lower than that seen previously for the unaged sample of higher ash oil. It is concluded that the removal of char fines to produce a premium biocrude oil will be even more important than was previously supposed.
Diebold, J.P.; Scahill, J.W.; Czernik, S.; Phillips, S.D.; Feik, C.J.
Fuel Oil Prepared by Blending Heavy Oil and Coal Tar
The effect of temperature, harmonic ration, surfactant and shearing to fuel oil prepared by blending heavy oil and coal tar were detailedly studied. The results show that the viscosity of the blended oil increases gradually with the increase of harmonic ... Keywords: coal tar, heavy oil, blending, surfactant
Guojie Zhang; Xiaojie Guo; Bo Tian; Yaling Sun; Yongfa Zhang
An informal description of Standard OIL and Instance OIL
An informal description of Standard OIL and Instance OIL 28 November 2000 Sean Bechhofer (1) Jeen to be specified in some language. This paper introduces the newest version of OIL the ontology inference layer of the DAML language, with working name DAML-OIL, was proposed in a message to the rdf-logic mailing list
Ohlbach, Hans Jürgen
Synthetic crude oils carcinogenicity screening tests. Progress report, September 15, 1979-March 15, 1980
Four crude oils (H Coal-Fuel Oil Mode, Occidental in situ Shale Oil, Exxon Donor Solvent Liquid, and SRC II) which were distilled into four fractions (naphtha, mid-distillate, gas oil and residue) for analysis and biological screening testing during the last report period were tested for mutagenicity by the Ames test and for tumor initiating activity by an initiation/promotion (skin painting) test. Substantial agreement exists between Ames and skin painting results. Low boiling naphtha fractions of the 4 crude oils showed little or no mutagenicity or tumor initiating activity by the two tests used. The higher boiling fractions (gas oils and residues) and the crude oils themselves were mutagenic and exhibited tumor initiation activity. The coal derived fractions were more active by both tests than the shale oil fractions.
Calkins, W.H.; Deye, J.F.; King, C.F.; Hartgrove, R.W.; Krahn, D.F.
Synthetic crude oils carcinogenicity screening tests. Progress report, February 15-September 15, 1979
Four crude oils (Southern Louisiana Crude Petroleum, H Coal Syncrude, Paraho Crude Shale Oil and Geokinetics in situ Shale Oil) which were distilled into four fractions (naphtha, mid-distillate, gas oil and residue) for analysis and biological screening testing during the first report period were tested for mutagenicity by the Ames test and for tumor initiating activity by an initiation/promotion (skin painting) test. Substantial agreement exists between Ames and skin painting results. Low boiling fractions of the 4 crude oils showed little or no mutagenicity or tumor activity by the two tests used. The higher boiling fractions (mid gas oils and residues) and the crude oils themselves showed positive mutagenicity and tumor initiation activity. The coal derived fractions were more potent by both tests while the shale oil fractions showed greater activity than the petroleum fractions but considerably less than the coal syncrude.
mid-January, 2000. WTI crude oil price rose about $17 per mid-January, 2000. WTI crude oil price rose about $17 per barrel or 40 cents per gallon from its low point in mid February 1999 to January 17, 2000. Over this same time period, New York Harbor spot heating oil had risen about 42 cents per gallon, reflecting both the crude price rise and the beginning of a return to a more usual seasonal spread over the price of crude oil. The week ending January 21, distillate spot prices in the Northeast spiked dramatically to record levels, closing on Friday at $1.26 per gallon -- up 50 cents from the prior week. Gulf Coast prices were not spiking, but were probably pulled higher as the New York Harbor market began to draw on product from other areas. They closed at 83 cents per gallon, an increase of 11 cents from the prior Friday. Crude oil had risen about 4 cents from
Peak Oil Netherlands Foundation (PONL) was founded in May 2005 by a group of citizens who are concerned about the effects of a premature peak in oil and other fossil fuels production. The main aims of
leverage and extend conventional oil and natural gas development for unconventional resource development high demand and higher potential for CO2 in existing oilfield tertiary enhanced oil recovery (EOR operations from merely commercial oil production operations to carbon storage operations requires
Keeling, Stephen L.
Table 5.2 Crude Oil Production and Crude Oil Well ...
Table 5.2 Crude Oil Production and Crude Oil Well Productivity, 1954-2011: Year: Crude Oil Production: Crude Oil Well 1 Productivity: 48 States 2: ...
South Dakota Residual Fuel Oil Adj Sales/Deliveries to Oil Company ...
Referring Pages: Adjusted Sales of Residual Fuel Oil for Oil Company Use ; Adjusted Sales of Residual Fuel Oil for Oil Company Use ; South Dakota Adjusted Distillate ...
Oil shale data book
The Oil Shale Data Book has been prepared as a part of its work under DOE Management Support and Systems Engineering for the Naval Oil Shale Reserves Predevelopment Plan. The contract calls for the preparation of a Master Development Plan for the Reserves which comprise some 145,000 acres of oil shale lands in Colorado and Utah. The task of defining the development potential of the Reserves required that the resources of the Reserves be well defined, and the shale oil recovery technologies that are potentially compatible with this resource be cataloged. Additionally, processes associated with shale oil recovery like mining, materials handling, beneficiation, upgrading and spent shale disposal have also been cataloged. This book, therefore, provides a ready reference for evaluation of appropriate recovery technologies and associated processes, and should prove to be valuable for many oil shale activities. Technologies that are still in the process of development, like retorting, have been treated in greater detail than those that are commercially mature. Examples of the latter are ore crushing, certain gas clean-up systems, and pipeline transportation. Emphasis has been on documenting available design information such as, maximum module size, operation conditions, yields, utility requirements, outlet gas compositions, shale oil characteristics, etc. Cost information has also been included where available.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 CHAPTER 1: WORLD OIL TRENDS Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Onshore Oil Production . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Offshore Oil Production
Outlook for U.S. shale oil and gas
shale oil and gas shale oil and gas IAEE/AEA Meeting January 4, 2014 | Philadelphia, PA By Adam Sieminski, EIA Administrator Key insights on drilling productivity and production trends Adam Sieminski, IAEE/AEA January 4, 2014 2 * The U.S. has experienced a rapid increase in natural gas and oil production from shale and other tight resources * Six tight oil and shale gas plays taken together account for nearly 90% of domestic oil production growth and virtually all domestic natural gas production growth over the last 2 years * Higher drilling efficiency and new well productivity, rather than an increase in the rig count, have been the main drivers of recent production growth * Steep legacy production decline rates are being offset by growing
Higher Education Tuition Assistance And
of Tables 1. Summary Statistics for W.Va. Public Higher Education Graduates Receiving PROMISE and HEGP .................................................................................................1 Summary Data For PROMISE Scholarship And West Virginia Higher Education Grant Recipients................................................................................................................13 Appendix I: Detailed Description Of Employment Data .........................................14
Mohaghegh, Shahab
Pyrolysis of oil shale: the effects of thermal history on oil yield
The effect of thermal history on the oil yield of a powdered, 22-gallon-per-ton Colorado shale was studied by heating to test temperature at Fischer assay rate (12/sup 0/C/min), holding a test temperature for varying times up to 33 d, and finally heating to 500/sup 0/C at 12/sup 0/C/min. Test temperatures covered the range of 150 to 450/sup 0/C. Both autogenous (self-generated) and inert sweep gas atmospheres were used. Under autogenous atmospheres at test temperatures of 250/sup 0/C or below, yields obtained were 100 percent of Fischer assay. Heating at 300 to 425/sup 0/C resulted in yield losses, maximizing at 19 percent after a 33-d exposure at 350/sup 0/C. Yield losses are accompanied by increased char in the retorted shale and by production of oil that is lower in density and nitrogen content, and higher in hydrogen. In the inert gas sweep experiments, increasing flow rates gave increased oil yields, approaching 100 percent assay. This is attributed to reduced thermal degradation of oil in the retort. The total yield appears to be determined by the temperature-time exposure of the liberated oil and is not affected by the thermal history of the kerogen. The results indicate that the high gas sweep rates planned for in-situ retorting will be advantageous to oil yield. (auth)
Stout, N.D.; Koskinas, G.J.; Raley, J.H.; Santor, S.D.; Opila, R.J.; Rothman, A.J.
Tenth oil recovery conference
The Tertiary Oil Recovery Project is sponsored by the State of Kansas to introduce Kansas producers to the economic potential of enhanced recovery methods for Kansas fields. Specific objectives include estimation of the state-wide tertiary oil resource, identification and evaluation of the most applicable processes, dissemination of technical information to producers, occasional collaboration on recovery projects, laboratory studies on Kansas applicable processes, and training of students and operators in tertiary oil recovery methods. Papers have been processed separately for inclusion on the data base.
Sleeper, R. (ed.)
OpenEI - oil
/0 en AEO2011: Oil and Gas /0 en AEO2011: Oil and Gas End-of-Year Reserves and Annual Reserve Additions http://en.openei.org/datasets/node/805 This dataset comes from the Energy Information Administration (EIA), and is part of the 2011 Annual Energy Outlook Report (AEO2011). This dataset is table 134, and contains only the reference case. The data is broken down into Crude oil, dry natural gas.
Feasibility study of heavy oil recovery in the Midcontinent region (Kansas, Missouri, Oklahoma)
This report is one of a series of publications assessing the feasibility/constraints of increasing domestic heavy oil production. Each report covers a select area of the United States. The Midcontinent (Kansas, Nssouri, Oklahoma) has produced significant oil, but contrary to early reports, the area does not contain the huge volumes of heavy oil that, along with the development of steam and in situ combustion as oil production technologies, sparked the area`s oil boom of the 1960s. Recovery of this heavy oil has proven economically unfeasible for most operators due to the geology of the formations rather than the technology applied to recover the oil. The geology of the southern Midcontinent, as well as results of field projects using thermal enhanced oil recovery (TEOR) methods to produce the heavy oil, was examined based on analysis of data from secondary sources. Analysis of the performance of these projects showed that the technology recovered additional heavy oil above what was produced from primary production from the consolidated, compartmentalized, fluvial dominated deltaic sandstone formations in the Cherokee and Forest City basins. The only projects producing significant economic and environmentally acceptable heavy oil in the Midcontinent are in higher permeability, unconsolidated or friable, thick sands such as those found in south-central Oklahoma. There are domestic heavy oil reservoirs in other sedimentary basins that are in younger formations, are less consolidated, have higher permeability and can be economically produced with current TEOR technology. Heavy oil production from the carbonates of central and wester Kansas has not been adequately tested, but oil production is anticipated to remain low. Significant expansion of Midcontinent heavy oil production is not anticipated because the economics of oil production and processing are not favorable.
Olsen, D.K.; Johnson, W.I.
Market assessment for shale oil
This study identified several key issues on the cost, timeliness, and ease with which shale oil can be introduced into the United States' refining system. The capacity of the existing refining industry to process raw shale oil is limited by the availability of surplus hydrogen for severe hydrotreating. The existing crude oil pipeline system will encounter difficulties in handling raw shale oil's high viscosity, pour point, and contaminant levels. The cost of processing raw shale oil as an alternate to petroleum crude oil is extremely variable and primarily dependent upon the percentage of shale oil run in the refinery, as well as the availability of excess hydrogen. A large fraction of any shale oil which is produced will be refined by the major oil companies who participate in the shale oil projects and who do not anticipate problems in processing the shale oil in their refineries. Shale oil produced for sale to independent refiners will initially be sold as boiler fuel. A federal shale oil storage program might be feasible to supplement the Strategic Petroleum Reserve. Based on refinery configurations, hydrogen supply, transportation systems, and crude availability, eleven refineries in Petroleum Administration for Defense Districts (PADDs) 2A and 2B have been identified as potential processors of shale oil. Based on refining technology and projected product demands to the year 2000, shale oil will be best suited to the production of diesel fuel and jet fuel. Tests of raw shale oil in boilers are needed to demonstrate nitrogen oxide emissions control.
Oil Speculation by Jussi Keppo
Oil Speculation by Jussi Keppo July 8, 2008 The increase in the oil spot price seems to be mainly, the surplus oil capacity decreased from 5 million barrels a day to 2 million barrels a day. There seems, i.e., they are long in these markets. Here I focus on oil and I have simple points
Keppo, Jussi
Production of low oil content potato chips using vacuum frying
Vacuum frying was used as an alternative technique to develop low oil content potato chips. The effect of oil temperature (118, 132, 144?C) and vacuum pressure (84.66, 91.43, 98.20 kPa) on the drying rate and oil absorption of potato chips and on the product quality attributes such as shrinkage, color, and texture was investigated. Furthermore, vacuum fried potato chips (98.20 kPa and 144?C) were compared to potato chips fried under atmospheric conditions (165 and 192?C). During vacuum frying, oil temperature and vacuum pressure had a significant effect on the drying rate and oil absorption rate of potato chips. However, these two parameters had no significant effect on the final moisture and oil content of potato chips. Potato chips fried at lower vacuum pressure and higher temperature had less volume shrinkage. Color was not significantly affected by the oil temperature and vacuum pressure. Hardness values increased with increasing oil temperature and decreasing vacuum levels. A higher drying and oil absorption rate was obtained when atmospheric frying was compared to vacuum frying. Potato chips fried under vacuum conditions (29 in Hg and 144?C) had more volume shrinkage than potato chips fried under atmospheric conditions (165 and 192?C). The vacuum fried potato chips were slightly harder and lighter in color than the potato chips fried under atmospheric conditions. It was concluded that vacuum frying is a process that could be used to produce potato chips with lower oil content and desirable color and texture.
Garayo, Jagoba
Oil and Gas Supply Module Oil and Gas Supply Module This page inTenTionally lefT blank 119 U.S. Energy Information Administration | Assumptions to the Annual Energy Outlook 2013 Oil and Gas Supply Module The NEMS Oil and Gas Supply Module (OGSM) constitutes a comprehensive framework with which to analyze crude oil and natural gas exploration and development on a regional basis (Figure 8). The OGSM is organized into 4 submodules: Onshore Lower 48 Oil and Gas Supply Submodule, Offshore Oil and Gas Supply Submodule, Oil Shale Supply Submodule[1], and Alaska Oil and Gas Supply Submodule. A detailed description of the OGSM is provided in the EIA publication, Model Documentation Report: The Oil and Gas Supply Module (OGSM), DOE/EIA-M063(2011), (Washington, DC, 2011). The OGSM provides
Oil Oil Fossil Energy Study Guide: Oil Pet roleum-or cr ude oil-is a fossil fuel that is found in large quantities beneath the Earth's sur face and is often used as a fuel or raw material in the chemical indust r y. It is a smelly, yellow-to-black liquid and is usually found in underg round areas called reser voirs. If you could look down an oil well and see oil where Nature created it, you might be surprised. You wouldn't see a big underground lake, as a lot of people think. Oil doesn't exist in deep, black pools. In fact, an underground oil formation-an "oil reservoir"-looks very much like any other rock formation. Oil exists in this underground formation as tiny droplets trapped inside the open spaces, called "pores," inside rocks. Th
LOOKING DOWN AN OIL WELL LOOKING DOWN AN OIL WELL Ever wonder what oil looks like underground, down deep, hundreds or thousands of feet below the surface, buried under millions of tons of rock and dirt? If you could look down an oil well and see oil where nature created it, you might be surprised. You wouldn't see a big underground lake, as a lot of people think. Oil doesn't exist in deep, black pools. In fact, an underground oil formation-called an "oil reservoir" -looks very much like any other rock formation. It looks a lot like...well, rock. Oil exists underground as tiny droplets trapped inside the open spaces, called "pores," inside rocks. Th e "pores" and the oil droplets can be seen only through a microscope. Th e droplets cling to the rock, like drops of water cling
Field development options for a waterflooded heavy-oil reservoir
Battrum Unit 4 is a moderately heavy-oil reservoir in Saskatchewan producing under waterflood from a thin sand. This paper describes a history match of previous field behavior and systematically analyzes through the use of numerical simulation the potential benefits to production of further waterflooding (with and without infill drilling), steamflooding, and horizontal drilling. It is found that the remaining oil recovery potential of a steamflood with horizontal well is significantly higher than that of any of the waterflood options.
Kasraie, M. (Petroleum Recovery Inst., Calgary, Alberta (Canada)); Sammon, P.H. (Computer Modelling Group, Calgary, Alberta (Canada)); Jespersen, P.J. (Sceptre Resources Ltd., Calgary, Alberta (United States))
Oil Market Assessment
Logo Oil Market Assessment - September Logo Oil Market Assessment - September 12, 2001 EIA Home Page Based on Energy Information Administration (EIA) contacts and trade press reports, overall U.S. and global oil supplies appear to have been minimally impacted by yesterday's terrorist attacks on the World Trade Center and the Pentagon. Rumors of scattered closures of U.S. refineries, pipelines, and terminals were reported, and Louisiana Offshore Oil Port operations were partially suspended. While the NYMEX and New York Harbor were temporarily closed, operations are expected to resume soon. Most, if not all petroleum industry infrastructure is expected to resume normal operations today or in the very near term. Prices at all levels (where markets were open) posted increases yesterday, but many prices fell today, as initial reactions
Oil & Natural Gas Technology
Res., 104(B10), 22985-23003. Collett, T.S. (1992), Potential of gas hydrates outlined, Oil Gas J., 90(25), 84-87. 70 Cook, A.E., Goldberg, D., and R.L. Kleinberg (2008),...
Crude Oil Price Cycles
The heating oil and diesel price runups in late January were made even more problematic by coming on top of the high side of the latest crude market cycle.
a key area for discoveries, had no significant impact on the National total in 2002. Operators replaced 112 ... 51 4,444 73 12 27 67 61 107 15 13 Crude Oil Proved ...
20.86 20.67 20.47 20.24 20.32 19.57 See footnotes at end of table. 21. Domestic Crude Oil First Purchase Prices Energy Information Administration Petroleum Marketing Annual...
19.11 18.73 18.63 17.97 18.75 18.10 See footnotes at end of table. 21. Domestic Crude Oil First Purchase Prices Energy Information Administration Petroleum Marketing Annual...
Coastal Region Onshore ... Los Angeles Basin Onshore. . . 330 0 31 24 31 26 3 0 0 16 319 ... the net loss of proved reserves of crude oil in 2003.
Total OECD Oil Stocks
5 Notes: OECD oil inventory levels are not expected to rise sufficiently during the rest of the year to match the average levels seen prior to the wide swings since 1995. This...
The heating oil and diesel fuel price runups in late January were made even more problematic by coming on top of the high side of the latest crude market cycle. Over the past 10...
Industrial Oil Products Division
A forum for professionals involved in research, development, engineering, marketing, and testing of industrial products and co-products from fats and oils, including fuels, lubricants, coatings, polymers, paints, inks, cosmetics, dielectric fluids, and ad
21, 2008. �China signs $2bn Iran oil deal. � Al Jazeera (11of its partnerships: Sudan, Iran and Venezuela. An analysiss $400 million contract with Iran may omit information about
Sound Oil Company
Sound Oil Company Sound Oil Company file:///C|/Documents%20and%20Settings/blackard/Desktop/EIA/LEE0152.HTM[11/29/2012 2:30:44 PM] DECISION AND ORDER OF THE DEPARTMENT OF ENERGY Application for Exception Name of Petitioner: Sound Oil Company Date of Filing: August 16, 1994 Case Number: LEE-0152 On August 16, 1994, Sound Oil Company (Sound) of Seattle Washington, filed an Application for Exception with the Office of Hearings and Appeals of the Department of Energy. In its Application, Sound requests that it be relieved of the requirement that it file the Energy Information Administration's (EIA) form entitled "Resellers'/Retailers' Monthly Petroleum Product Sales Report" (Form EIA-782B). As explained below, we have determined that the Application for Exception should be denied.
Oil Price Volatility
Speculation and Oil Price Volatility Speculation and Oil Price Volatility Robert J. Weiner Robert J. Weiner Professor of International Business, Public Policy & Professor of International Business, Public Policy & Public Administration, and International Affairs Public Administration, and International Affairs George Washington University; George Washington University; Membre Associ Membre Associ é é , GREEN, Universit , GREEN, Universit é é Laval Laval EIA Annual Conference Washington Washington 7 April 2009 7 April 2009 1 FACTORS DRIVNG OIL PRICE VOLATILITY FACTORS DRIVNG OIL PRICE VOLATILITY ► ► Market fundamentals Market fundamentals . . Fluctuations in supply, Fluctuations in supply, demand, and market power demand, and market power Some fundamentals related to expectations of Some fundamentals related to expectations of
Winter Crude Oil and
4 4 Notes: While the relatively low stock forecast (although not as low as last winter) adds some extra pressure to prices, the price of crude oil could be the major factor affecting heating oil prices this winter. The current EIA forecast shows residential prices averaging $1.29 this winter, assuming no volatility. The average retail price is about 7 cents less than last winter, but last winter included the price spike in November 2000, December 2000, and January 2001. Underlying crude oil prices are currently expected to be at or below those seen last winter. WTI averaged over $30 per barrel last winter, and is currently forecast to average about $27.50 per barrel this winter. As those of you who watch the markets know, there is tremendous uncertainty in the amount of crude oil supply that will be available this winter. Less
Shale Oil Production Performance from a Stimulated Reservoir Volume
The horizontal well with multiple transverse fractures has proven to be an effective strategy for shale gas reservoir exploitation. Some operators are successfully producing shale oil using the same strategy. Due to its higher viscosity and eventual 2-phase flow conditions when the formation pressure drops below the oil bubble point pressure, shale oil is likely to be limited to lower recovery efficiency than shale gas. However, the recently discovered Eagle Ford shale formations is significantly over pressured, and initial formation pressure is well above the bubble point pressure in the oil window. This, coupled with successful hydraulic fracturing methodologies, is leading to commercial wells. This study evaluates the recovery potential for oil produced both above and below the bubble point pressure from very low permeability unconventional shale oil formations. We explain how the Eagle Ford shale is different from other shales such as the Barnett and others. Although, Eagle Ford shale produces oil, condensate and dry gas in different areas, our study focuses in the oil window of the Eagle Ford shale. We used the logarithmically gridded locally refined gridding scheme to properly model the flow in the hydraulic fracture, the flow from the fracture to the matrix and the flow in the matrix. The steep pressure and saturation changes near the hydraulic fractures are captured using this gridding scheme. We compare the modeled production of shale oil from the very low permeability reservoir to conventional reservoir flow behavior. We show how production behavior and recovery of oil from the low permeability shale formation is a function of the rock properties, formation fluid properties and the fracturing operations. The sensitivity studies illustrate the important parameters affecting shale oil production performance from the stimulated reservoir volume. The parameters studied in our work includes fracture spacing, fracture half-length, rock compressibility, critical gas saturation (for 2 phase flow below the bubble point of oil), flowing bottom-hole pressure, hydraulic fracture conductivity, and matrix permeability. The sensitivity studies show that placing fractures closely, increasing the fracture half-length, making higher conductive fractures leads to higher recovery of oil. Also, the thesis stresses the need to carry out the core analysis and other reservoir studies to capture the important rock and fluid parameters like the rock permeability and the critical gas saturation.
Chaudhary, Anish Singh
Oil in Tennessee
Oil is the single most dominant force in the ''energy outlook'' and will continue to be throughout the foreseeable generations. Tennesseans now spend about $10 billion annually to satisfy energy needs; nearly half of that is for oil-based products. Most of the petroleum products sold are in the form of motor fuel, but a third of these products are made up of other categories, such as aviation and jet fuels, heating fuels, and lubricants. Baseline industry data is supplied.
Lamp, R.; Forester, C. (ed.)
Biocatalysis in Oil Refining
Biocatalysis in Oil Refining focuses on petroleum refining bioprocesses, establishing a connection between science and technology. The micro organisms and biomolecules examined for biocatalytic purposes for oil refining processes are thoroughly detailed. Terminology used by biologists, chemists and engineers is brought into a common language, aiding the understanding of complex biological-chemical-engineering issues. Problems to be addressed by the future R&D activities and by new technologies are described and summarized in the last chapter.
Borole, Abhijeet P [ORNL; Ramirez-Corredores, M. M. [BP Global Fuels Technology
HIGHER EDUCATION AND DEVELOPMENT The Evolving Role of Higher Education
Higher, especially university level, education has a distinctly important role in the education system and in the knowledge acquisition system in general. However, the deteriorating state of higher education in Arab countries, particularly in quality, has become one of the hallmarks of underdevelopment by contemporary criteria. If such deterioration were to continue, it is feared that higher education would become a mechanism for perpetuating the backwardness of Arab countries in the 21 st century.
Nader Fergany
Mexico: World Oil Report 1991
This paper reports that state oil company Pemex appears to be in the middle of a mini-renaissance. Senior management proudly points to several areas of improvement, including a major reduction in the power of petroleum labor unions; a structural reorganization of the company into profit and cost centers; a significant trimming of foreign and domestic debt; and the growing readmittance of foreign investment and technology. Effects of these policy successes already are quantifiable and impressive. Restricting the unions' power has allowed Pemex to break the old habit of employing too many people and paying them too much. Indeed, the workforce has shrunk 30% to just below 150,000. Under the guidance of Finance Director Ernesto Marcos, Pemex has whittled its foreign debt to $5.6 billion from a 1982 high of $20 billion. Furthermore, the extra income provided by higher oil prices during the Persian Gulf war allowed Pemex in December to completely pay off its domestic debt, which has been nearly 2.5 trillion pesos (about $850 million) in the first quarter of 1990.
Maciej, H. (Canadian Petroleum Association, Calgary, AB (Canada))
Oil recovery process
An on-site, in-line process and system is claimed for recovering oil from oil-bearing subterranean formations which involves the production, modification, dilution and injection of a polymer solution, preferably consisting essentially of an aqueous solution of a partially hydrolyzed polyacrylamide, having injectivity and mobility properties capable of meeting the specific permeability requirements of substantially any subterranean formation to be achieved. The polymer solutions prepared by the process and system can be used as drive fluids for displacing oil (secondary polymer flood) in an oil-bearing formation, as mobility buffers to follow micellar dispersion floods in the conjoint presence of chemical reagents in other chemical floods (e.g., surfactant, caustic, etc.), or they can follow a water flood. The solutions can also be used to promote pipelining of high viscosity crude oil. Irrespective of the use to which the solutions are put, the process and system enable the polymer solutions to be customized, or tailor-made, so to speak, to meet the performance demands of the environment in which they are to be used, whether it be an oil-bearing formation or a pipeline.
Argabright, P.A.; Rhudy, J.S.
Chemically enhanced oil recovery
Yet when conducted according to present state of the art, chemical flooding (i.e., micellar/polymer flooding, surfactant/polymer flooding, surfactant flooding) can mobilize more residual crude oil than any other method of enhanced oil recovery. It also is one of the most expensive methods of enhanced oil recovery. This contribution will describe some of the technology that comprises the state of the art technology that must be adhered to if a chemical flood is to be successful. Although some of the efforts to reduce cost and other points are discussed, the principle focus is on technical considerations in designing a good chemical flooding system. The term chemical flooding is restricted here to methods of enhanced oil recovery that employs a surfactant, either injected into the oil reservoir or generated in situ, primarily to reduce oil-water interfacial tension. Hence, polymer-water floods for mobility or profile control, steam foams, and carbon dioxide foams are excluded. Some polymer considerations are mentioned because they apply to providing mobility control for chemical flooding systems.
Nelson, R.C.
Romania - U.S. Energy Information Administration (EIA)
OPEC Revenues Fact Sheet; World Oil Transit Chokepoints; ... A moratorium on shale gas exploration had been in place, but expired in December 2012 without being renewed.
Highly Efficient eDiscovery Using Adaptive Search Criteria ...
... example of 'buy the rumor, sell the fact' was seen Friday when Crude Oil futures sold off on confirmation of OPEC production cuts.�� �.HOLIDAY ...
Highlights - Energy Information Administration
forecasting increasing oil prices for the remainder of 1999 and remaining at relatively high levels throughout 2000. Of course, if OPEC production in 2000 exceeds this
India - U.S. Energy Information Administration (EIA)
What is shale gas and why is it important? ... OPEC Revenues Fact Sheet; World Oil Transit Chokepoints; ... India�s economic growth is driving its energy consumption
Peru - U.S. Energy Information Administration (EIA)
OPEC Revenues Fact Sheet; World Oil Transit Chokepoints; ... economic growth, and the ... Shale gas has not been previously developed in Peru and Maple Energy is ...
Ukraine - U.S. Energy Information Administration (EIA)
OPEC Revenues Fact Sheet; World Oil Transit ... Recent discoveries of shale gas deposits in Ukraine provide the country with a possible ... (Btu per 2005 U.S ...
National Petroleum Council | Department of Energy
points: Fundamentally tight market conditions have caused dramatic increases in the price of oil; a slowing of energy demand in OECD countries has prompted OPEC to call for...
Symbolism in California�s Early Market for Hybrid Electric Vehicles
drilling in the Arctic National Wildlife Refuge (ANWR).opposed any exploration in ANWR because of the environmentalnoting that oil from ANWR would reduce US dependence on OPEC
Heffner, Reid R.; Kurani, Kenneth S; Turrentine, Tom
Hong Kong - U.S. Energy Information Administration (EIA)
South China Sea; Special Topics; Emerging East Africa Energy; OPEC Revenues Fact Sheet; World Oil Transit Chokepoints; Overview data for Hong Kong
Recognising Textual Entailment Focusing on Non-Entailing ...
... 48 Indonesia has revisited its OPEC membership, but decided to stay on to maintain high-level relations with big- time oil powers like Saudi Arabia. ...
Bayesian Inference with Node Aggregation for Information ...
... Policies of the US Government 85 Official Corruption in any government 88 Crude Oil Price Trends 89 Downstream investing by OPEC members 90 ...
Egypt - Analysis - U.S. Energy Information Administration (EIA)
Egypt is the largest oil producer in Africa that is not a member of the Organization of the Petroleum Exporting Countries (OPEC), and the second largest natural gas ...
Projects Gallery
... the two World Wars and the OPEC oil supply disruptions. ... about the cooling in the years 1940-1970. ... so the data seem to demand a monotonically ...
Microsoft Word - Highlightsfinal.doc
Arabia, Angola, Kuwait, and the United Arab Emirates. The pace of consumption growth, inventory trends, and oil prices will influence OPEC members' production strategy for the...
Conclusions - Energy Information Administration
Low U.S. Crude Oil Inventory Levels. Low OECD Days Supply Increased Risk for Volatility. OPEC? Production Levels? Price Band? Cohesion? Previous slide:
EIA - International Energy Outlook 2007 - Petroleum and Other...
In 2004, OPEC produced 41 percent of the world's liquids supply. High oil prices, new exploration and production technologies, aggressive cost-reduction programs by industry,...
Iran - Analysis - U.S. Energy Information Administration (EIA)
Exploration and production. Iran's crude oil production fell dramatically in 2012, and, although it remained the second-largest OPEC producer on average during the ...
EIA estimates that Organization of the Petroleum Exporting Countries (OPEC), not including Iran, earned about $982 billion in net oil export revenues in 2012, a 5 ...
chapter 3 american social and economic developments - Springer
eliminate fraud and waste without cutting the meat and muscle out of our ..... AND ENCOURAGES FRAUD ...... investment in oil production outside OPEC.
Will lecture on: Unconventional Oil and Gas
are not yet resolved. Ten years ago this category comprised heavy oil, oil shale, coal bed methane, tight gas, and economic aspects of gas shale and tight oil development. The role of oil shale in the emerging energy applied research on heavy oil, gas hydrate, gas shale, tight oil, and oil shale reservoirs. He advises
Schuster, Assaf
NETL: News Release - Providing Solutions for the Nation's Independent Oil
May 22, 2003 May 22, 2003 Providing Solutions for the Nation's Independent Oil Producers Six New Projects Selected for Grants in DOE's "Technology Development with Independents" Program TULSA, OK - The U.S. Department of Energy has added six new projects to its "Technology Development with Independents" program. The program is intended to assist small independent oil producers in testing higher-risk technologies that could keep oil flowing from thousands of U.S. fields. Independent oil and gas producers operate the majority of wells in the United States. More than ever this segment of the oil and gas industry plays a major role in the recovery of our Nation's domestic oil and gas resources. Since the program began in 1995, over 57 projects have been initiated by small independent operators in 19 different states. Independent operators have contributed more than 70% of the investment needed for these projects. Sharing the risks and expenses has resulted in innovative methods and technologies which have boosted oil production and prevented the premature shut down of some of the nation's most endangered oil fields.
Oil shale of the Uinta Basin, northeastern Utah
The Tertiary rocks, which occupy the interior of the Uinta basin, have been subdivided into four formations: Wasatch, Green River, Bridger, and Uinta. The division is based on stratigraphic and paleontologic evidence. Hydrocarbon materials have been found in all four formations, although bedded deposits (asphaltic sandstone and oil shale) are known only in the Wasatch and Green River. Veins of gilsonite, elaterite, ozocerite, and other related hydrocarbons cut all the Tertiary formation of the Uinta basin. Good oil shale (Uinta basin of Utah) is black or brownish black except on weathered surfaces, where it is blue-white or white. It is fine grained, slightly calcareous, and usually free from grit. It is tough and in thin-bedded deposits remarkably flexible. Although oil shale consists of thin laminae, this is not apparent in some specimens until after the rock has been heated and the oil driven off. Freshly broken oil shale gives off a peculiar odor similar to that of crude petroleum. Oil shale contains a large amount of carbonaceous matter (largely remains of lower plants, including algae), which is the source of the distillation products. Thin splinters of oil shale will burn with a very sooty flame and give off an asphaltic odor. Lean specimens of oil shale have a higher specific gravity than rich specimens and are generally heavier than coal.
Winchester, D.E.
Oil/gas collector/separator for underwater oil leaks
An oil/gas collector/separator for recovery of oil leaking, for example, from an offshore or underwater oil well. The separator is floated over the point of the leak and tethered in place so as to receive oil/gas floating, or forced under pressure, toward the water surface from either a broken or leaking oil well casing, line, or sunken ship. The separator is provided with a downwardly extending skirt to contain the oil/gas which floats or is forced upward into a dome wherein the gas is separated from the oil/water, with the gas being flared (burned) at the top of the dome, and the oil is separated from water and pumped to a point of use. Since the density of oil is less than that of water it can be easily separated from any water entering the dome.
Henning, Carl D. (Livermore, CA)
Process for preparing lubricating oil from used waste lubricating oil
A re-refining process is described by which high-quality finished lubricating oils are prepared from used waste lubricating and crankcase oils. The used oils are stripped of water and low-boiling contaminants by vacuum distillation and then dissolved in a solvent of 1-butanol, 2-propanol and methylethyl ketone, which precipitates a sludge containing most of the solid and liquid contaminants, unspent additives, and oxidation products present in the used oil. After separating the purified oil-solvent mixture from the sludge and recovering the solvent for recycling, the purified oil is preferably fractional vacuum-distilled, forming lubricating oil distillate fractions which are then decolorized and deodorized to prepare blending stocks. The blending stocks are blended to obtain a lubricating oil base of appropriate viscosity before being mixed with an appropriate additive package to form the finished lubricating oil product.
Whisman, Marvin L. (Bartlesville, OK); Reynolds, James W. (Bartlesville, OK); Goetzinger, John W. (Bartlesville, OK); Cotton, Faye O. (Bartlesville, OK)
This invention is comprised of an oil/gas collector/separator for recovery of oil leaking, for example, from an offshore or underwater oil well. The separator is floated over the point of the leak and tethered in place so as to receive oil/gas floating, or forced under pressure, toward the water surface from either a broken or leaking oil well casing, line, or sunken ship. The separator is provided with a downwardly extending skirt to contain the oil/gas which floats or is forced upward into a dome wherein the gas is separated from the oil/water, with the gas being flared (burned) at the top of the dome, and the oil is separated from water and pumped to a point of use. Since the density of oil is less than that of water it can be easily separated from any water entering the dome.
Henning, C.D.
Carbon Dioxide Enhanced Oil Recovery Untapped Domestic Energy...
targeting unconventional oil resources such as extra heavy oil, oil and tar sands, oil shale, and oil in unconventional reservoirs (like the fractured Bakken Shale of North...
0 0 1 Winter Fuels Outlook: 2000-2001 Introduction This winter--defined as the period from October 2000 to March 2001--is expected to bring with it significantly higher heating bills than those seen last winter. The main reasons for this outcome are: 1) expected space-heating fuels requirements larger than those of last winter, the warmest on record; 2) inventories of key heating fuels-- especially heating oil--below normal and substantially below those of the outset of the winter of 1999-2000, and 3) crude-oil prices at relatively high levels. Because of the brisk recovery of Asian economies and continued robust growth in the U.S., neither the production increases announced by OPEC since last winter nor efforts by non-OPEC sources to increase output have been able to stem the increase in crude oil prices.
Bakken Shale Oil Production Trends
As the conventional reservoirs decrease in discovering, producing and reserving, unconventional reservoirs are more remarkable in terms of discovering, development and having more reserve. More fields have been discovered where Barnett Shale and Bakken Shale are the most recently unconventional reservoir examples. Shale reservoirs are typically considered self-sourcing and have very low permeability ranging from 10-100 nanodarcies. Over the past few decades, numerous research projects and developments have been studied, but it seems there is still some contention and misunderstanding surrounding shale reservoirs. One of the largest shale in the United State is the Bakken Shale play. This study will describe the primary geologic characteristics, field development history, reservoir properties,and especially production trends, over the Bakken Shale play. Data are available for over hundred wells from different companies. Most production data come from the Production Data Application (HDPI) database and in the format of monthly production for oil, water and gas. Additional 95 well data including daily production rate, completion, Pressure Volume Temperature (PVT), pressure data are given from companies who sponsor for this research study. This study finds that there are three Types of well production trends in the Bakken formation. Each decline curve characteristic has an important meaning to the production trend of the Bakken Shale play. In the Type I production trend, the reservoir pressure drops below bubble point pressure and gas releasingout of the solution. With the Type II production trend, oil flows linearly from the matrix into the fracture system, either natural fracture or hydraulic fracture. Reservoir pressure is higher than the bubble point pressure during the producing time and oil flows as a single phase throughout the production period of the well. A Type III production trend typically has scattering production data from wells with a different Type of trend. It is difficult to study this Type of behavior because of scattering data, which leads to erroneous interpretation for the analysis. These production Types, especially Types I and II will give a new type curve matches for shale oil wells above or below the bubble point.
Tran, Tan
Shale oil cracking. 2. Effect on oil composition
Results from spectroscopic investigations are presented that demonstrate the effect of oil cracking on shale oil composition. Techniques used include infrared spectroscopy, capillary column gas chromatography/mass spectroscopy and /sup 13/C nuclear magnetic resonance. We show that cracking causes an increase in aromatic and alkene content of the oil. We compare our results for oils prepared in the laboratory with oils prepared in the TOSCO-II semi-works and in modified and true-in-situ combustion retorts. We demonstrate that the napthalene/2-methyl-naphthalene ratio is a good indicator of cracking conditions in an oil shale retort.
Burnham, A.K.; Sanborn, R.H.; Crawford, R.W.; Newton, J.C.; Happe, J.A.
Total Crude Oil and Petroleum Products Exports
Oils and Fats World Market Update 2011
Archive of the Oils and Fats World Market Update 2011 Oils and Fats World Market Update 2011 Izmir, Turkey Oils and Fats World Market Update 2011 ...
Oils and Fats World Market Update 2013
Archive of AOCS Oils and Fats World Market Update 2013 Oils and Fats World Market Update 2013 Kiev, Ukraine Oils and Fats World Market Update 2013 ...
Deepwater Oil & Gas Resources | Department of Energy
Deepwater Oil & Gas Resources Deepwater Oil & Gas Resources The United States has significant natural gas and oil reserves. But many of these resources are increasingly harder to...
Oil Prices and Long-Run Risk.
??I show that relative levels of aggregate consumption and personal oil consumption provide anexcellent proxy for oil prices, and that high oil prices predict low� (more)
during oil shale retorting: retort water and gas condensate.commercial oil shale plant, retort water and gas condensateunique to an oil shale retort water, gas condensate, and
Fox, J.P.
United Oil Company | Open Energy Information
United Oil Company Jump to: navigation, search Name United Oil Company Place Pittsburgh, Pennsylvania Product Vegetable-Oil producer Biodiesel producer based in Pittsburgh, PA...
1 1 U.S. Energy Information Administration | Assumptions to the Annual Energy Outlook 2012 Oil and Gas Supply Module The NEMS Oil and Gas Supply Module (OGSM) constitutes a comprehensive framework with which to analyze crude oil and natural gas exploration and development on a regional basis (Figure 8). The OGSM is organized into 4 submodules: Onshore Lower 48 Oil and Gas Supply Submodule, Offshore Oil and Gas Supply Submodule, Oil Shale Supply Submodule[1], and Alaska Oil and Gas Supply Submodule. A detailed description of the OGSM is provided in the EIA publication, Model Documentation Report: The Oil and Gas Supply Module (OGSM), DOE/EIA-M063(2011), (Washington, DC, 2011). The OGSM provides crude oil and natural gas short-term supply parameters to both the Natural Gas Transmission and Distribution Module and the Petroleum
North Carolina No 2 Fuel Oil / Heating Oil Sales/Deliveries to ...
North Carolina No 2 Fuel Oil / Heating Oil Sales/Deliveries to Industrial Consumers (Thousand Gallons)
North Carolina No 2 Fuel Oil / Heating Oil Sales/Deliveries to Commercial Consumers (Thousand Gallons)
Exploring the use of a higher octane gasoline for the U.S. light-duty vehicle fleet
This thesis explores the possible benefits that can be achieved if U.S. oil companies produced and offered a grade of higher-octane gasoline to the consumer market. The octane number of a fuel represents how resistant the ...
Chow, Eric W
Use of waste oils to improve densified refuse derived fuels. Final report
The preparation and properties of densified refuse-derived fuel (d-RDF) had previously been studied. The objectives of this study were the reduction of the power consumption and increase in the throughput of the densifier, increase in the calorific value and of the resistance of the d-RDF to weathering during outdoor storage. It was believed that these objectives might be achieved by adding waste oils to RDF just before densification. The majority of such oil from local sources includes spent crankcase oils with a high content of lead. In the work reported here, office wastes were shredded, air classified, and reshredded prior to feeding to an animal feed densifier. Water was added to the densifier feed in order to investigate a range of moisture contents. Waste oil (from a local dealer) was pumped through spray nozzles onto the densifier feed at controlled flows so as to investigate a range of oil contents. It is observed that over the practical range of waste oil contents, the savings in power consumption with increasing oil content are small. The addition of waste oil (up to 15 wt %) to the feed did not cause noticeable improvements in throughput rates. As expected, the calorific value of the fuel increases in proportion to the amount of waste oil. Pellets containing 13 wt % oil resulted in having a 20% higher calorific content. Increased waste oil levels in RDF led to reduction in pellet lengths and densities. The addition of waste oil to RDF did not improve pellet water repellency.
Development of miscella refining process for cottonseed oil-isopropyl alcohol system: laboratory-scale evaluations
A technologically feasible cottonseed oil-isopropyl alcohol (IPA) miscella refining process was developed to produce high quality cottonseed oil. Individual steps necessary to refine cottonseed oil-IPA miscella were determined and improved. These were: 1) homogenization of the cottonseed oil-IPA miscella with caustic solution; 2) centrifugation; 3) separation of miscella layers; 4) desolventization, 5) water washing and drying; and 6) bleaching. In neutralization, the miscella was mixed with 20 Be' caustic solution (50% excess) by using a Sonolator for 15 times. The refined oils from both the bottom and top layers were water washed using 12.5% and 20% (w/w) hot water, respectively. The water washing efficiently recovered the oil from the top layer miscella and reduced the soap and phosphorus content. The water washed and dried oils from the bottom and top layers were treated with 0.5% and 4% (w/w) acid activated bleaching clay, respectively. Good quality refined and bleached oil was obtained. However, the quality of the bleached oil produced from bottom layer was better than that from the top layer. Comparative experiments with both IPA and hexane systems showed that the new refining process developed in this study could produce a higher quality refined oil from the cottonseed oil-IPA miscella than from the cottonseed oil-hexane miscella.
Chau, Chi-Fai
The Role of Inventories and Speculative Trading in the Global Market for Crude Oil
We develop a structural model of the global market for crude oil that for the first time explicitly allows for shocks to the speculative demand for oil as well as shocks to the flow demand and flow supply. The forward-looking element of the real price of oil is identified with the help of data on oil inventories. The model estimates rule out explanations of the 2003-08 oil price surge based on unexpectedly diminishing oil supplies and based on speculative trading. Instead, we find that this surge was caused by fluctuations in the flow demand for oil driven by the global business cycle. There is evidence, however, that speculative demand shifts played an important role during earlier oil price shock episodes including 1979, 1986, and 1990. We also show that, even after accounting for the role of inventories in smoothing oil consumption, our estimate of the short-run price elasticity of oil demand is much higher than traditional estimates from dynamic models that do not account for price endogeneity. We conclude that additional regulation of oil markets would not have prevented the 2003-08 oil price surge.
Lutz Kilian; Dan Murphy
Shale oil cracking. 1. Kinetics
Experiments were conducted to determine kinetics for thermal cracking of shale oil vapor over shale. Cracking temperatures of 504 to 610/sup 0/C and residence times of 2 to 11 seconds were used. A first-order Arrhenius rate expression and stoichiometry were obtained. Also observed were changes in the oil quality. Cracking decreased the H/C ratio, increased the nitrogen content, and decreased the pour point of the oil. Gas-phase oil cracking is contrasted to liquid-phase oil coking as a loss mechanism in oil-shale retorting.
Burnham, A.K.; Taylor, J.R.
Oil Price Shocks and Inflation
Oil prices have risen sharply over the last year, leading to concerns that we could see a repeat of the 1970s, when rising oil prices were accompanied by severe recessions and surging inflation. This Economic Letter examines the historical relationship between oil price shocks and inflation in light of some recent research and goes on to discuss what the recent jump in oil prices might mean for inflation in the future. Figure 1 Inflation and the relative price of oil The historical record Figure 1 plots the price of oil relative to the core personal consumption expenditures price index (PCEPI) together with the core PCEPI inflation
unknown authors
Abandoned oil fields in Oklahoma
Data are presented for approximately 165 abandoned oil fields in Oklahoma that have produced 10,000 or more barrels of oil prior to abandonment. The following information is provided for each field: county; DOE field code; field name; AAPG geologic province code; discovery date of field; year of last production, if known; discovery well operator; proven acreage; formation thickness; depth of field; gravity of oil production; calendar year; yearly field oil production; yearly field gas production; cumulative oil production; cumulative gas production; number abandoned fields in county; cumulative production of oil from fields; and cumulative production of gas from fields. (ATT)
Chism, J.
Method for extracting an oil content from oil shale. [ultrasonic waves
A method is disclosed for extracting an oil content from oil shale by compressing powdery grains of oil shale while applying ultrasonic waves to these powdery grains to separate the oil content from the powdery grains of oil shale.
Lee, J.
Abandoned Texas oil fields
Data for Texas abandoned oil fields were primarily derived from two sources: (1) Texas Railroad Commission (TRRC), and (2) Dwight's ENERGYDATA. For purposes of this report, abandoned oil fields are defined as those fields that had no production during 1977. The TRRC OILMASTER computer tapes were used to identify these abandoned oil fields. The tapes also provided data on formation depth, gravity of oil production, location (both district and county), discovery date, and the cumulative production of the field since its discovery. In all, the computer tapes identified 9211 abandoned fields, most of which had less than 250,000 barrel cumulative production. This report focuses on the 676 abandoned onshore Texas oil fields that had cumulative production of over 250,000 barrels. The Dwight's ENERGYDATA computer tapes provided production histories for approximately two-thirds of the larger fields abandoned in 1966 and thereafter. Fields which ceased production prior to 1966 will show no production history nor abandonment date in this report. The Department of Energy hopes the general availability of these data will catalyze the private sector recovery of this unproduced resource.
MECS Fuel Oil Tables
: Actual, Minimum and Maximum Use Values for Fuel Oils and Natural Gas : Actual, Minimum and Maximum Use Values for Fuel Oils and Natural Gas Year Distillate Fuel Oil (TBtu) Actual Minimum Maximum Discretionary Rate 1985 185 148 1224 3.4% 1994 152 125 1020 3.1% Residual Fuel Oil (TBtu) Actual Minimum Maximum Discretionary Rate 1985 505 290 1577 16.7% 1994 441 241 1249 19.8% Natural Gas (TBtu) Actual Minimum Maximum Discretionary Rate 1985 4656 2702 5233 77.2% 1994 6141 4435 6758 73.4% Source: Energy Information Administration, Office of Energy Markets and End Use, 1985 and 1994 Manufacturing Energy Consumption Surveys. Table 2: Establishments That Actually Switched Between Natural Gas and Residual Fuel Oil Type of Switch Number of Establishments in Population Number That Use Original Fuel Percentage That Use Original Fuel Number That Can Switch to Another Fuel Percentage That Can Switch to Another Fuel Number That Actually Made a Switch Percentage That Actually Made a Switch
Assessing Transformation of Trace Metals and Crude Oil in Mississippi and Louisiana Coastal Wetlands in Response to the Deepwater Horizon Oil Spill
resulting in the release of about 5 million barrels of crude oil into the environment. Coastal wetlands are particularly susceptible to oil contamination because they are composed largely of fine-grained sediments, which have a high capacity to adsorb oil and associated metals. Microbial activities may be enhanced by an increase in amounts of organic matter and subsequently influence the biogeochemical cycling of trace metals. This research assesses the levels of oil and trace metals, along with associated biogeochemical changes, in six coastal marshes in Mississippi and Louisiana. Total digestion analysis of wetland sediments shows higher concentrations of certain
Jeffrey Paul Keevan
Enhanced Oil Recovery and Other Oil Resources projects
Enhanced Oil Recovery and Other Oil Resources Enhanced Oil Recovery and Other Oil Resources Enhanced Oil Recovery and Other Oil Resources CO2 EOR | Other EOR & Oil Resources | Environmental | Completed Oil Projects Project Number Project Name Primary Performer DE-FE0013723 Development of Nanoparticle-Stabilized Foams To Improve Performance of Water-less Hydraulic Fracturing The University of Texas at Austin DE-FE0010799 Small Molecular Associative Carbon Dioxide (CO2) Thickeners for Improved Mobility Control University of Pittsburgh DE-FE0006011 Development of Real Time Semi-autonomous Geophysical Data Acquisition and Processing System to Monitor Flood Performance White River Technologies DE-FE0005979 Nanoparticle-stabilized CO2 Foam for CO2 EOR Application New Mexico Institute of Mining and Technology
Table 2. Principal tight oil plays: oil production and proved...
"Other tight oil plays (e.g. Monterey, Woodford)",,,24,253 "All U.S. tight oil plays",,,228,3628 "Note: Includes lease condensate." "Source: U.S. Energy...
from Tucum Oil via an Alkaline Route
Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. A simple, fast, and complete route for the production of methylic and ethylic biodiesel from tucum oil is described. Aliquots of the oil obtained directly from pressed tucum (pulp and almonds) were treated with potassium methoxide or ethoxide at 40 ? Cfor 40 min. The biodiesel form was removed from the reactor and washed with 0.1 M HCl aqueous solution. A simple distillation at 100 ? C was carried out in order to remove water and alcohol species from the biodiesel. The oxidative stability index was obtained for the tucum oil as well as the methylic and ethylic biodiesel at 6.13, 2.90, and 2.80 h, for storage times higher than 8 days. Quality control of the original oil and of the methylic and ethylic biodiesels, such as the amount of glycerin produced during the transesterification process, was accomplished by the TLC, GC-MS, and FT-IR techniques. The results obtained in this study indicate a potential biofuel production by simple treatment of tucum, an important Amazonian fruit. 1.
Characterization Of Methylic; Ethylic Biodiesels; Marcelo Firmino De Oliveira; Andressa Tironi Vieira; Ant�nio Carlos Ferreira Batista; Hugo De Souza Rodrigues; Nelson Ramos Stradiotto
Oil backstreaming in turbomolecular and oil diffusion pumps
State of the art turbomolecular pumps have oil vapor backstreaming rates too low to measure by classical methods (AVS method
Louis Maurice; Pierre Duval; Guy Gorinas
DAG in Oil Laboratory Proficiency Testing
Lab proficiency testing for DAG in Oil to determine Total DAG.Samples include canola oil and soybean oil. DAG in Oil Laboratory Proficiency Testing Laboratory Proficiency Program (LPP) aocs applicants certified chemist chemists Lab laboratories Laborato
Single Cell Oils: Microbial and Algal Oils, 2nd EditionChapter 16 Nutritional Aspects of Single Cell Oils: Applications of Arachidonic Acid and Docosahexaenoic Acid Oils
Single Cell Oils: Microbial and Algal Oils, 2nd Edition Chapter 16 Nutritional Aspects of Single Cell Oils: Applications of Arachidonic Acid and Docosahexaenoic Acid Oils Biofuels and Bioproducts and Biodiesel Biofuels - Bioproducts ...
Crude Oil, Heating Oil, and Propane Market Outlook 2001
This PowerPoint presentation provides an early look at the crude oil, heating oil, and propane market outlooks for the winter of 2001/02. It was given by Doug MacIntyre at the 2001 State Heating Oil and Propane Program Conference held in Wilmington, DE on August 13, 2001.
Crude Oil, Heating Oil, and Propane Market Outlook 2003
This PowerPoint presentation provides an early look at the crude oil, heating oil, and propane market outlooks for the winter of 2003/04. It was given at the 2003 State Heating Oil and Propane Program Conference held in Asheville, NC on August 11, 2003.
This PowerPoint presentation provides an early look at the crude oil, heating oil, and propane market outlooks for the winter of 2002/03. It was given at the 2002 State Heating Oil and Propane Program Conference held in Kennebunkport, ME on August 12, 2002.
REVIEW PAPER Biodeterioration of crude oil and oil derived
, oil pipelines, industrial systems of water cooling, systems of water preparation for pump- ing specific problem such as microbial contamination of stored crude oil and petroleum products. The Russian lubricants (technical vaselines, rope and gun oil) made of petroleum HCs are readily affected by fungi
Appanna, Vasu
Used Oil and Filter Disposal Used Oil: Create a segregated storage area or container. Label the container "Waste Oil Only".
Used Oil and Filter Disposal Used Oil: Create a segregated storage area or container. Label the container "Waste Oil Only". Maintain a written log to document all amounts and types of oil added to the container. No solvents, oil contaminated with solvents, PCBs, non-petroleum based oils, or any other
Yener, Aylin