Petroleum related reference information
Note: I will be adding to this as I go along.
bpd = barrels per day
One barrel of crude = 42 gallons
The United States makes up 5% of the world population yet consumes ~25% of the daily global production of petroleum.
The world consumes 84.6 million bpd = 58,750 barrels/min or 30.88 billion barrels/year [Source: IEA, 2006-10, 86 million bpd is projected demand for 2007]
The US consumes 21.6 million bpd = 15,000 barrels/min or 7.9 billion barrels/year
The US imports 15 million bpd
The US Strategic Petroleum Reserve contains 727 milliion barrels of oil, which, given the 12 million bpd imported, gives the US 60 days of oil independence in case of emergency.
Canada is the largest supplier of US crude.
U.S. petroleum reserves accounted for as much as 3% of all known world reserves in 2004. That percentage places U.S. reserves at about 340 billion barrels of oil.
58% of all petroleum burned in the US comes from abroad. Source: U.S. Energy Information Administration 2005 Annual Report.
Two thirds of the world's oil is controlled by OPEC and most of that can be found in the Middle East.
Nigeria, Africa's oil heavyweight with 36 billion barrels of reserves, boasts one-seventh of Saudi Arabia's bounty. Still, African crude has its advantages. It is light and low in sulfur — well-suited to pollutant-sensitive U.S. refineries. Its reservoirs are closer.
Americans already get more oil from Africa than from Saudi Arabia. By 2015, oil experts say, African states will supply one-quarter of U.S. imports, up from 15 percent today. The United States quietly signaled this shift in 2002, when the State Department declared African oil a "strategic national interest," meaning in diplomatic code that U.S. troops may intervene to protect it.
According to the World Bank, 80 percent of Nigeria's $340 billion in oil revenue has been pocketed by 1 percent of the population — a cast of thugs who include the world's most venal politicians and generals. Oil is rotting Africa's frail democracies.
Americans consume about 2.3 billion gallons of gasoline each year simply idling in traffic. That equals the annual oil output of Equatorial Guinea, Africa's most promising new petro-state.
Dubai also has 117-billion cubic metres of natural gas reserves. Source: GulfNews.com
According to industry sources, Dubai has two billion barrels of oil reserves, and the daily production does not exceed 90,000 barrels. Source: GulfNews.com
Iraq has a 400,000 bpd capacity oil transit line to Turkey which is a popular sabotage target.
Iraq's daily production of oil is 2.5 million bpd.
Iraqi oil minister, Shahristani, said plans are under way to raise Iraq's oil production to between 2.9 million and 3 million b/d by the end of the current year, and raise it by 500,000 b/d annually by 2010. "Therefore, Iraq's oil production will rise to 4.5 million b/d by the end of the current (Iraqi) government in 2010," Shahristani said.
The surge in Iraq's production will be realized through the utilization of domestic resources and without any foreign involvement, he said. Any hike in the country's national oil production using foreign oil companies will raise production above and over the projected output. "If the agreements with international oil companies on the development of oil fields are signed, Iraq's oil production will rise to 6 to 8 million b/d," Shahristani said, without giving any timeframe for this target.
It was also agreed Iran would receive 100,000 b/d of Iraqi oil to refine at Abadan and Kermanshah refineries, of which Iraq would receive 2 million liters of kerosene among other derivatives.
Russia pumped 9.68 million barrels of oil a day during the second quarter, more than any other nation, according to the International Energy Agency in Paris. Saudi Arabia was No. 2 with 9.01 million barrels
Each $1 increase in the price of a barrel of oil boosts Exxon Mobil's per-share earnings by 1.5 percent, according to Citigroup Inc. estimates.
Exxon Mobil, which pumps more oil than every member of OPEC except Saudi Arabia and Iran, is expected to have profit of $37.5 billion this year, based on the average estimate from 14 analysts surveyed by Thomson Financial. That would surpass last year's $36.1 billion, a record for any company in U.S. history
Shares of Exxon Mobil rose 38 cents to $70.21 in New York Stock Exchange composite trading. The stock has climbed 25 percent in 2006.
Exxon sold its 25 percent stake in Venezuela's Quiamare-La Ceiba oil field to Repsol YPF SA in December 2005 rather than convert its operating contract to a joint venture with Petroleos de Venezuela.
Tillerson also noted that Exxon Mobil plans to increase production in Nigeria at a time when other oil companies are idling wells because of militant attacks and sabotage.
ExxonMobil's Nigerian output will probably increase to 600,000 barrels of oil a day from 500,000, Tillerson said. The fact much of the company's operations in Nigeria are offshore has helped, he said.
ExxonMobil's deepwater Erha field will drive much of the gain in production. The field began producing earlier this year.
Energy cooperation is the cornerstone of the burgeoning relationship between the world’s second-largest consumer [China] and fifth largest exporter [Venezuela].
Venezuela currently supplies China with around 160,000 bpd of crude — out of total Chinese imports of nearly 3 million bpd — and has said it aims to more than triple that by 2009.
The US gets around 12% of its imports from Venezuela.
NEW YORK, Aug 30 (Reuters) - U.S. crude oil imports hit their second-highest level on record last week, averaging 11.2 million barrels per day, as shipments to the West Coast peaked due to output problems in Alaska, the U.S. Energy Information Administration said Wednesday.
Todayn [August 2006], we consume 85 million barrels of oil a day, according to the U.S. Energy Information Administration (EIA). By 2030, the world will devour 118 million barrels a day, as China and India emerge as economic superpowers.
Oil discoveries plummeted to 5 billion barrels in 2005 from 90 billion barrels in 1964. ~Colin Campbell
