Energy Briefing:
Global Crude Oil Demand & Supply
Yardeni Research, Inc.
November 6, 2015
Dr. Edward Yardeni
516-972-7683 eyardeni@yardeni.com
Debbie Johnson
480-664-1333 djohnson@yardeni.com
Please visit our sites at www.yardeni.com blog.yardeni.com
thinking outside the box
Table Of Contents Table Of Contents Table Of Contents
Crude Oil Price 1
World Oil Demand & Supply 2-3
Oil Demand/Supply Ratio 4
Oil Supply: OPEC & Non-OPEC 5
Crude Oil Output 6
Oil Demand: World 7
Oil Demand: World, OECD, Non-OECD 8-9
Oil Demand: G7 10-12
Oil Demand: Europe 13
Oil Demand: Asia, OPEC, Middle East 14
Oil Demand: Asia 15-16
Oil Demand: FSU & Eastern Europe 17
Oil Demand: Latin America 18-19
Oil Supply: OPEC 20-21
Oil Supply: Non-OPEC Americas 22
Oil Supply: Non-OPEC Europe 23
Oil Supply: Non-OPEC Africa/Middle East 24
Oil Supply: Non-OPEC Asia 25
Oil Supply: Big Producers 26
Oil Demand 27-28
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 30 50 70 90 110 130 150 170
30 50 70 90 110 130 150 170
11/6
CRUDE OIL FUTURES PRICES*
(dollars per barrel)
Brent Crude Oil Price
West Texas Intermediate Crude Oil Price
* Nearby futures price.
Source: Haver Analytics.
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Figure 1.
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
-20 -10 0 10 20 30
-20 -10 0 10 20 30
11/6
CRUDE OIL FUTURES PRICES*
(dollars per barrel)
Spread between Brent and WTI Crude Oil Nearby Futures
* Nearby futures price.
Source: Haver Analytics.
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Figure 2.
Crude Oil Price
Figure 3.
94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 66
68 70 72 74 76 78 80 82 84 86 88 90 92 94 96
66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96
WORLD CRUDE OIL SUPPLY*
Sep (million barrels per day, 12-month average)Source of Data
Oil Market Intelligence (OMI) US Department of Energy (DOE)
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94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 66
68 70 72 74 76 78 80 82 84 86 88 90 92 94 96
66 68 70 72 74 76 78 80 82 84 86 88 90 92 94
96
WORLD CRUDE OIL DEMAND & SUPPLY*
Sep(million barrels per day, 12-month average)
Supply (DOE) Oil Demand (OMI)
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94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17
65 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95 97
65 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95 97
WORLD CRUDE OIL DEMAND & SUPPLY*
Sep (million barrels per day, 12-month average)Supply (OMI) Oil Demand (OMI)
Source: Oil Market Intelligence and Department of Energy.
*Supply and demand data are not strictly comparable since they are based on different sources and on estimates.
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World Oil Demand & Supply
Figure 4.
94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 66
68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98
66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98
WORLD CRUDE OIL SUPPLY*
Sep (million barrels per day)Source of Data
Oil Market Intelligence (OMI) US Department of Energy (DOE)
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94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 60
65 70 75 80 85 90 95 100
60 65 70 75 80 85 90 95 100
Sep
WORLD CRUDE OIL DEMAND & SUPPLY*
(million barrels per day)
Supply (DOE) Oil Demand (OMI)
yardeni.com
94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17
60 65 70 75 80 85 90 95 100
60 65 70 75 80 85 90 95 100
Sep
WORLD CRUDE OIL DEMAND & SUPPLY*
(million barrels per day)
Supply (OMI) Oil Demand (OMI)
*Supply and demand data are not strictly comparable since they are based on different sources and on estimates.
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World Oil Demand & Supply
94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 1.00 1.02 1.04 1.06 1.08 1.10 1.12
1.00 1.02 1.04 1.06 1.08 1.10 1.12
Sep
WORLD CRUDE
OIL DEMAND/SUPPLY RATIO*
* 12-month average of world crude oil demand as a ratio of 12-month average of world crude supply Source: Oil Market Intelligence.
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Figure 5.
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
-75 -60 -45 -30 -15 0 15 30 45 60 75 90 105 120 135
1.00 1.01 1.02 1.03 1.04 1.05 1.06 1.07
Sep
WORLD CRUDE OIL DEMAND/SUPPLY RATIO & BRENT CRUDE OIL PRICE
Brent Crude Oil Futures Price**
(yearly percent change) Oil Demand/Supply Ratio*
* 12-month average of world crude oil demand as a ratio of 12-month average world crude supply.
** Nearby futures price.
Source: Oil Market Intelligence and Financial Times.
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Figure 6.
Oil Demand/Supply Ratio
93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58
24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58
Sep
CRUDE OIL OUTPUT: OPEC & NON-OPEC (OMI Data)
Sep (million barrels per day)Non-OPEC (56.9)
OPEC (39.1)
Source: Oil Market Intelligence.
yardeni.com
Figure 7.
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 15 25 35 45 55 65
15 25 35 45 55 65
Apr Apr
CRUDE OIL OUTPUT: OPEC & NON-OPEC (DOE Data)
(million barrels per day)Non-OPEC
Total OPEC
Source: US Department of Energy.
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Figure 8.
Oil Supply: OPEC & Non-OPEC
84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 12 16 20 24 28 32 36 40
12 16 20 24 28 32 36
40
CRUDE OIL OUTPUT: OPEC (OMI vs. DOE data)
Sep(million barrels per day)
OMI DOE
Source: US Department of Energy and Oil Market Intelligence.
yardeni.com
Figure 9.
92 94 96 98 00 02 04 06 08 10 12 14 16 18
38 40 42 44 46 48 50 52 54 56 58 60 62
38 40 42 44 46 48 50 52 54 56 58 60 62
Sep
CRUDE OIL OUTPUT: NON-OPEC (OMI vs. DOE data)
(million barrels per day)OMI DOE
Source: US Department of Energy and Oil Market Intelligence.
yardeni.com
Figure 10.
Crude Oil Output
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96
60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94
96
CRUDE OIL DEMAND
Sep(million barrels per day, 12-month average)
World (94.8)
Source: Oil Market Intelligence.
yardeni.com
Figure 11.
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 -4 -3 -2 -1 0 1 2 3 4 5
-4 -3 -2 -1 0 1 2 3 4 5
Sep
CRUDE OIL DEMAND
(yearly percent change in 12-month average)
World (1.9)
Source: Oil Market Intelligence.
yardeni.com
Figure 12.
Oil Demand: World
93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 20 25 30 35 40 45 50 55
20 25 30 35 40 45 50 55
Sep
CRUDE OIL DEMAND
(million barrels per day, 12-month average)
OECD-34 (46.1) Non-OECD* (48.7)
* Total excluding OECD-34 Source: Oil Market Intelligence.
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Figure 13.
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 -6 -4 -2 0 2 4 6 8 10
-6 -4 -2 0 2 4 6 8 10
Sep Sep
CRUDE OIL DEMAND
(yearly percent change in 12-month average)
OECD-34 (0.9) Non-OECD* (2.9)
Source: Oil Market Intelligence.
* Total excluding OECD-34.
yardeni.com
Figure 14.
Oil Demand: World, OECD, Non-OECD
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 27 30 33 36 39 42 45 48 51 54 57 60
27 30 33 36 39 42 45 48 51 54 57 60
Sep Sep
CRUDE OIL DEMAND
(million barrels per day, 12-month average)
Old World:
US, Western Europe, & Japan New World:
Total World Minus US, Western Europe, & Japan
Source: Oil Market Intelligence.
yardeni.com
Figure 15.
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 -8 -6 -4 -2 0 2 4 6 8
-8 -6 -4 -2 0 2 4 6 8
Sep
CRUDE OIL DEMAND
(yearly percent change in 12-month average)
Old World:
US, Western Europe, & Japan New World:
Total World Minus US, Western Europe, & Japan
Source: Oil Market Intelligence.
yardeni.com
Figure 16.
Oil Demand: World, OECD, Non-OECD
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 30 32 34 36 38
30 32 34 36 38
Sep
CRUDE OIL DEMAND
(million barrels per day, 12-month average)
OECD G7* (32.9)
Source: Oil Market Intelligence.
* Canada, France, Germany, Italy, Japan, United Kingdom, United States, and US territories.
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Figure 17.
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 12 13 14 15 16 17 18 19 20 21 22
12 13 14 15 16 17 18 19 20 21 22
Sep
Sep
CRUDE OIL DEMAND
(million barrels per day, 12-month average)
United States (19.4)
Western Europe (13.6)
Source: Oil Market Intelligence.
yardeni.com
Figure 18.
Oil Demand: G7
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 3.8 4.0 4.2 4.4 4.6 4.8 5.0 5.2 5.4 5.6 5.8 6.0
3.8 4.0 4.2 4.4 4.6 4.8 5.0 5.2 5.4 5.6 5.8 6.0
Sep
CRUDE OIL DEMAND
Japan (4.3) (million barrels per day, 12-month average)
Source: Oil Market Intelligence.
yardeni.com
Figure 19.
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 1.4 1.6 1.8 2.0 2.2 2.4 2.6
1.4 1.6 1.8 2.0 2.2 2.4 2.6
Sep
CRUDE OIL DEMAND
(million barrels per day, 12-month average)
Canada (2.4)
Source: Oil Market Intelligence.
yardeni.com
Figure 20.
Oil Demand: G7
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 11 12 13 14 15
11 12 13 14 15
Sep
CRUDE OIL DEMAND
(million barrels per day, 12-month average)
Europe Big 4*
Plus Japan (11.1)
Source: Oil Market Intelligence.
* France, Germany, Italy, and the UK.
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Figure 21.
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 .8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0 3.2
.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0 3.2
Sep
CRUDE OIL DEMAND
(million barrels per day, 12-month average)
Germany (2.4) France (1.7) Italy (1.3) UK (1.5) Spain (1.2)
Source: Oil Market Intelligence.
yardeni.com
Figure 22.
Oil Demand: G7
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 4.0 4.2 4.4 4.6 4.8 5.0 5.2 5.4 5.6 5.8 6.0 6.2 6.4
4.0 4.2 4.4 4.6 4.8 5.0 5.2 5.4 5.6 5.8 6.0 6.2 6.4
Sep
CRUDE OIL DEMAND
(million barrels per day, 12-month average)
Other EU* (5.5)
* Austria, Belgium, Denmark, Finland, Greece, Ireland, Luxembourg, Netherlands, Portugal, Spain, and Sweden.
Source: Oil Market Intelligence.
yardeni.com
Figure 23.
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 1.4 1.6 1.8 2.0 2.2 2.4
1.4 1.6 1.8 2.0 2.2 2.4
Sep
CRUDE OIL DEMAND
(million barrels per day, 12-month average)
Other OECD Europe* (2.3)
* Czech Republic, Hungary, Norway, Poland, Slovak Republic, Switzerland, and Turkey.
Source: Oil Market Intelligence.
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Figure 24.
Oil Demand: Europe
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 0 5 10 15
0 5 10 15
Sep
CRUDE OIL DEMAND
(millions of barrels per day, 12-month avg)
Asia Excluding China, South Korea, & Japan (13.0)
Source: Oil Market Intelligence.
yardeni.com
Figure 25.
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 8.5 9.0 9.5 10.0
2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 8.5 9.0 9.5 10.0
Sep
Sep
CRUDE OIL DEMAND
(million barrels per day, 12-month average)
OPEC*
Middle East
* Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Neutral Zone, Nigeria, Qatar, Saudi Arabia, UAE, and Venezuela.
Source: Oil Market Intelligence.
yardeni.com
Figure 26.
Oil Demand: Asia, OPEC, Middle East
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 1.6 2.2 2.8 3.4 4.0 4.6 5.2 5.8 6.4 7.0 7.6 8.2 8.8 9.4 10.0 10.6 11.2
1.6 2.2 2.8 3.4 4.0 4.6 5.2 5.8 6.4 7.0 7.6 8.2 8.8 9.4 10.0 10.6 11.2
CRUDE OIL DEMAND
Sep(million barrels per day, 12-month average)
China (10.7)
Source: Oil Market Intelligence.
yardeni.com
Figure 27.
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 .8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0 3.2 3.4 3.6 3.8 4.0 4.2
.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0 3.2 3.4 3.6 3.8 4.0 4.2
CRUDE OIL DEMAND
Sep(12-month average, million barrels per day)
India (4.1)
Source: Oil Market Intelligence.
yardeni.com
Figure 28.
Oil Demand: Asia
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 .7 .8 .9 1.0 1.1 1.2 1.3
.7 .8 .9 1.0 1.1 1.2 1.3
Sep
CRUDE OIL DEMAND
(million barrels per day, 12-month average)
Australia & New Zealand (1.2)
Source: Oil Market Intelligence.
yardeni.com
Figure 29.
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 .4 .6 .8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6
.4 .6 .8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6
Sep
CRUDE OIL DEMAND
(million barrels per day, 12-month average)
South Korea (2.4)
Source: Oil Market Intelligence.
yardeni.com
Figure 30.
Oil Demand: Asia
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 3 4 5 6 7 8 9 10
3 4 5 6 7 8 9 10
Sep
CRUDE OIL DEMAND
(million barrels per day, 12-month average)
Former Soviet Union (4.8)
Source: Oil Market Intelligence.
yardeni.com
Figure 31.
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 .5 .6 .7 .8 .9 1.0 1.1 1.2
.5 .6 .7 .8 .9 1.0 1.1 1.2
Sep
CRUDE OIL DEMAND
(million barrels per day, 12-month average)
Eastern Europe* (0.7)
* Albania, Bosnia Herzegovenia, Bulgaria, Croatia, Cyprus, Former Yugoslav Republic Of Macedonia, Gibraltar, Malta, Romania, Federal Republic of Yugoslavia, Slovenia, Former Yugoslavia.
yardeni.com
Figure 32.
Oil Demand: FSU & Eastern Europe
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 2.9 3.1 3.3 3.5 3.7 3.9 4.1 4.3 4.5 4.7 4.9 5.1 5.3 5.5 5.7 5.9 6.1 6.3 6.5 6.7 6.9
2.9 3.1 3.3 3.5 3.7 3.9 4.1 4.3 4.5 4.7 4.9 5.1 5.3 5.5 5.7 5.9 6.1 6.3 6.5 6.7 6.9
CRUDE OIL DEMAND
Sep(million barrels per day, 12-month average)
Latin America* (6.6)
* Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, El Salvador, Guatemala, Haiti, Honduras, Jamaica, Nantilles, Nicaragua, Panama, Paraguay, Peru, Trinidad, Uruguay, Venezuela, Other Latin America.
Source: Oil Market Intelligence.
yardeni.com
Figure 33.
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 .0 .5 1.0 1.5
.0 .5 1.0 1.5
Sep
CRUDE OIL DEMAND
(million barrels per day, 12-month average)
Latin America
Excluding Mexico and Brazil (1.3)
Source: Oil Market Intelligence.
yardeni.com
Figure 34.
Oil Demand: Latin America
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 1.3 1.5 1.7 1.9 2.1 2.3 2.5 2.7 2.9 3.1 3.3 3.5 3.7
1.3 1.5 1.7 1.9 2.1 2.3 2.5 2.7 2.9 3.1 3.3 3.5 3.7
Sep
CRUDE OIL DEMAND
(million barrels per day, 12-month average)
Brazil (3.4)
Source: Oil Market Intelligence.
yardeni.com
Figure 35.
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 1.5 1.6 1.7 1.8 1.9 2.0 2.1 2.2 2.3
1.5 1.6 1.7 1.8 1.9 2.0 2.1 2.2 2.3
Sep
CRUDE OIL DEMAND
(million barrels per day, 12-month average)
Mexico (2.0)
Source: Oil Market Intelligence.
yardeni.com
Figure 36.
Oil Demand: Latin America
Figure 37.
95 97 99 01 03 05 07 09 11 13 15 17
24 26 28 30 32 34 36 38 40 42
Sep
CRUDE OIL SUPPLY: OPEC
(million barrels per day)95 97 99 01 03 05 07 09 11 13 15 17 .0
.1 .2 .3 .4
Sep
DUBAI
95 97 99 01 03 05 07 09 11 13 15 17
1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0 3.2
ABU DHABI
Sep95 97 99 01 03 05 07 09 11 13 15 17
.6 .8 1.0 1.2 1.4 1.6
Sep
INDONESIA
95 97 99 01 03 05 07 09 11 13 15 17
.2 .4 .6 .8 1.0 1.2 1.4
Sep
ALGERIA
95 97 99 01 03 05 07 09 11 13 15 17
1.8 2.2 2.6 3.0 3.4 3.8 4.2 4.6
Sep
IRAN
95 97 99 01 03 05 07 09 11 13 15 17
.5 .7 .9 1.1 1.3 1.5 1.7 1.9 2.1 2.3
Sep
ANGOLA
Source: Oil Market Intelligence.
95 97 99 01 03 05 07 09 11 13 15 17 .0
.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0
IRAQ
Sepyardeni.com
Oil Supply: OPEC
Figure 38.
95 97 99 01 03 05 07 09 11 13 15 17
0 1 2 3 4
Sep
KUWAIT
(million barrels per day)
95 97 99 01 03 05 07 09 11 13 15 17 .2
.3 .4 .5 .6 .7 .8 .9
Sep
QATAR
95 97 99 01 03 05 07 09 11 13 15 17
-.4 .0 .4 .8 1.2 1.6 2.0
Sep
LIBYA
95 97 99 01 03 05 07 09 11 13 15 17
6 8 10 12
Sep
SAUDI ARABIA
95 97 99 01 03 05 07 09 11 13 15 17
-.1 .0 .1 .2 .3 .4 .5 .6 .7 .8
Sep
NEUTRAL ZONE
95 97 99 01 03 05 07 09 11 13 15 17
1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0 3.2
U.A.E.
Sep95 97 99 01 03 05 07 09 11 13 15 17
1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8
Sep
NIGERIA
Source: Oil Market Intelligence.
95 97 99 01 03 05 07 09 11 13 15 17 0
1 2 3 4
Sep
VENEZUELA
yardeni.com
Oil Supply: OPEC
Figure 39.
95 97 99 01 03 05 07 09 11 13 15 17
40 42 44 46 48 50 52 54 56 58 60
CRUDE OIL SUPPLY: NON-OPEC
Sep (million barrels per day)95 97 99 01 03 05 07 09 11 13 15 17 1.6
2.0 2.4 2.8 3.2 3.6 4.0
CANADA
Sep95 97 99 01 03 05 07 09 11 13 15 17
.2 .4 .6 .8 1.0 1.2
Sep
OTHER AMERICAS
95 97 99 01 03 05 07 09 11 13 15 17
.4 .5 .6 .7 .8 .9 1.0 1.1 1.2 Sep
COLUMBIA
95 97 99 01 03 05 07 09 11 13 15 17
2 4 6 8 10 12
Sep
NON-OPEC NGLs
95 97 99 01 03 05 07 09 11 13 15 17
1.4 1.8 2.2 2.6 3.0 3.4 3.8 4.2 4.6
Sep
MEXICO
95 97 99 01 03 05 07 09 11 13 15 17
.4 .5 .6 .7 .8 .9 1.0
Sep
ARGENTINA
95 97 99 01 03 05 07 09 11 13 15 17 3
4 5 6 7 8 9 10 11
UNITED STATES
Sepyardeni.com
95 97 99 01 03 05 07 09 11 13 15 17
.3 .6 .9 1.2 1.5 1.8 2.1 2.4 2.7 3.0
BRAZIL
SepSource: Oil Market Intelligence.
Oil Supply: Non-OPEC Americas
Figure 40.
95 97 99 01 03 05 07 09 11 13 15 17
2 3 4 5 6 7 8
Sep
EUROPE
(million barrels per day)
95 97 99 01 03 05 07 09 11 13 15 17 .3
.4 .5 .6 .7 .8 .9
Sep
OTHER EUROPE
95 97 99 01 03 05 07 09 11 13 15 17
1.8 2.2 2.6 3.0 3.4 3.8 4.2 4.6 5.0 5.4 5.8 6.2 6.6 7.0
Sep
NORTH SEA
95 97 99 01 03 05 07 09 11 13 15 17 .1
.2 .3 .4 .5
Aug
OTHER NORTH SEA
95 97 99 01 03 05 07 09 11 13 15 17
1.1 1.3 1.5 1.7 1.9 2.1 2.3 2.5 2.7 2.9 3.1 3.3 3.5 3.7
Sep
NORWAY
Source: Oil Market Intelligence.
95 97 99 01 03 05 07 09 11 13 15 17 0
1 2 3
Sep
UNITED KINGDOM
yardeni.com
Oil Supply: Non-OPEC Europe
Figure 41.
95 97 99 01 03 05 07 09 11 13 15 17
3.0 3.5 4.0 4.5 5.0
Sep
AFRICA/MIDDLE EAST
(million barrels per day)95 97 99 01 03 05 07 09 11 13 15 17 1.0
1.2 1.4 1.6 1.8 2.0 2.2
Sep
OTHER AFRICA/MIDDLE EAST
95 97 99 01 03 05 07 09 11 13 15 17
.5 .6 .7 .8 .9 1.0
Sep
EGYPT
95 97 99 01 03 05 07 09 11 13 15 17 .15
.20 .25 .30 .35 .40
Sep
GABON
95 97 99 01 03 05 07 09 11 13 15 17
.6 .7 .8 .9 1.0 1.1
Sep
OMAN
Source: Oil Market Intelligence.
95 97 99 01 03 05 07 09 11 13 15 17 -.1
.0 .1 .2 .3 .4 .5 .6 .7 .8
Sep
SYRIA
yardeni.com
Oil Supply: Non-OPEC Africa/Middle East
Figure 42.
95 97 99 01 03 05 07 09 11 13 15 17
10 12 14 16 18 20 22
ASIA
Sep(million barrels per day)
95 97 99 01 03 05 07 09 11 13 15 17 .3
.4 .5 .6 .7 .8
Sep
MALAYSIA
95 97 99 01 03 05 07 09 11 13 15 17
5 6 7 8 9 10 11 12
Sep
RUSSIA
95 97 99 01 03 05 07 09 11 13 15 17
.5 .6 .7 .8 .9 1.0 1.1 1.2
Sep
OTHER ASIA
95 97 99 01 03 05 07 09 11 13 15 17
.2 .3 .4 .5 .6 .7 .8 .9
Sep
AUSTRALIA
95 97 99 01 03 05 07 09 11 13 15 17
2.9 3.1 3.3 3.5 3.7 3.9 4.1 4.3 4.5
Sep
CHINA
95 97 99 01 03 05 07 09 11 13 15 17
.5 .6 .7 .8 .9
Sep
INDIA
Source: Oil Market Intelligence.
yardeni.com
Oil Supply: Non-OPEC Asia
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 5.5 6.5 7.5 8.5 9.5 10.5 11.5 12.5 13.5 14.5
5.5 6.5 7.5 8.5 9.5 10.5 11.5 12.5 13.5 14.5
Sep Sep
CRUDE OIL OUTPUT: UNITED STATES & CANADA vs. SAUDI ARABIA
(million barrels per day)
Saudi Arabia (10.2) US + Canada (13.5)
Source: Oil Market Intelligence.
yardeni.com
Figure 43.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17
4.5 5.5 6.5 7.5 8.5 9.5 10.5 11.5 12.5 13.5 14.5
4.5 5.5 6.5 7.5 8.5 9.5 10.5 11.5 12.5 13.5 14.5
Sep Sep
CRUDE OIL OUTPUT: UNITED STATES & CANADA vs. RUSSIA
(million barrels per day)
Russia (10.6) US + Canada (13.5)
Source: Oil Market Intelligence.
yardeni.com
Figure 44.
Oil Supply: Big Producers
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 6.6 6.8 7.0 7.2 7.4 7.6 7.8 8.0 8.2 8.4 8.6 8.8 9.0
6.6 6.8 7.0 7.2 7.4 7.6 7.8 8.0 8.2 8.4 8.6 8.8 9.0
Sep
CRUDE OIL DEMAND
(million barrels per day, 12-month average)
Europe Big 4* (6.8)
Source: Oil Market Intelligence.
* France, Germany, Italy, and UK.
yardeni.com
Figure 45.
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 -5 0 5 10 15 20
-5 0 5 10 15 20
Sep
CRUDE OIL DEMAND
(yearly percent change)China (5.9)
Source: Oil Market Intelligence.
yardeni.com
Figure 46.
Oil Demand
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 -5 0 5 10 15 20 25 30
-5 0 5 10 15 20 25 30
Sep
CRUDE OIL DEMAND
(yearly percent change)India (6.5)
Source: Oil Market Intelligence.
yardeni.com