August 2011 CERI Commodity Report Crude Oil · CERI Commodity Report - Crude Oil Page 2 building the pipeline would not increase global supply. The latter assumes that the resources

August 2011

CERI Commodity Report — Crude Oil

Relevant • Independent • Objective

CERI Commodity Report – Crude Oil

Editor-in-Chief: Dinara Millington ([email protected])

About CERI The Canadian Energy Research Institute is an independent, not-for-profit research establishment created through a partnership of industry, academia, and government in 1975. Our mission is to provide relevant, independent, objective economic research in energy and related environmental issues. We strive to build bridges between scholarship and policy, combining the insights of scientific research, economic analysis, and practical experience. In doing so, we broaden the knowledge of young researchers in areas related to energy, the economy, and the environment while honing their expertise in a range of analytical techniques.

For more information about CERI, please visit our website at www.ceri.ca.

shipments from other countries, however, this depends on a wide range of market conditions. These displaced crudes may go to other destinations more easily than Canadian crudes, though some, like Venezuelan heavy crudes might find it difficult because they require specialized refining capacity, as do Canadian heavy crudes. While Western Canada has limited access to the Pacific Coast to transport oil sands production, there have been a number of pipeline project proposals to build needed capacity, namely Enbridge’s Gateway project and Kinder Morgan’s Trans Mountain expansion and extension. If these were to start transporting oil, Canadian crudes could access other destinations by sea, especially in Asia, thus diversifying its markets by increasing export destinations. The commercial feasibility of such pipelines is still unclear, but some have claimed a pipeline in a western direction could be economic if larger oil shipments to the US were not possible.3 In fact, a report prepared for the US Department of Energy says:

“if pipeline projects to the BC coast are built, they are likely to be utilized. This is because of the relatively short marine distances to major northeast Asia markets, future expected growth there in refining capacity and increasing ownership interests by Chinese companies, especially in oil sands production. Such increased capacity would alter global crude trade patterns. Western Canadian Sedimentary Basin (WCSB) crudes would be “lost” from the USA, going instead to Asia. There they would displace the world’s balancing crude oils, Middle Eastern and African predominantly OPEC grades, which would in turn move to the USA. The net effect would be substantially higher U.S. dependency on crude oils from those sources versus scenarios where capacity to move WCSB crudes to Asia was limited.”4

Generally speaking, crude prices are driven by global market fundamentals: supply and demand. Increased supply from any part of the world could potentially contribute to a decrease in prices, all other things being equal. Consequently, building any new pipeline could lower the cost of oil and refined petroleum products in associated markets if it results in lower transport or refining costs. Not

Keystone XL Controversy On July 26, 2011, the US House of Representatives approved a bill that sets a November 1, 2011 deadline for the US administration to decide on TransCanada’s application for a cross-border permit for its proposed Keystone XL pipeline project.1 The Keystone XL pipeline proposal has been one of the primary focuses of the North American energy industry and the environmental community. On one hand, proponents point out that increased crude volumes via the Keystone XL pipeline could reduce the US dependence on oil imports from less reliable foreign sources and provide economic benefits, such as job creation or preservation. On the other hand, the opponents, primarily environmental groups and affected communities along the route, object on the grounds that the project supports “dirty” Canadian oil sands development, potentially poses an environmental risk to groundwater, and promotes continued US dependence on hydrocarbons.2

Implications on Crude Prices If the Keystone XL gets approved, the current pipeline capacity out of Western Canada will be expanded by 700,000 bpd, potentially to 900,000 bpd. Canadian supplies, once they reach Gulf of Mexico refiners, will be expected to compete with other heavy crudes such as those from Mexico and Venezuela. It is difficult to say how this competition will play out, but it may happen through reallocating discounts or premiums on crude oils from various sources. Since oil sands volumes currently can only be transported to Canadian and US refineries, it could be possible for Canadian crude to “push out” waterborne

CERI Commodity Report - Crude Oil

Page 2

building the pipeline would not increase global supply. The latter assumes that the resources would be trapped without the pipeline. Some have argued that Canadian oil sands production would be the same regardless of whether the Keystone XL pipeline is built or not.5 Specifically, the “Keystone XL Assessment – No Expansion Update” report confirmed prior conclusions of the earlier version6 of that report, which basically states that the Keystone XL pipeline is not required to meet the needs of growing oil sands production levels. The study goes on to say that over time rail, barge, tanker and upgrading could potentially be able to provide at least 2 MMbpd of capacity to export WCSB crude oils, assuming no pipeline capacity expansions at all beyond what currently exists in 2011. Then, the pipeline itself may not make a significant enough contribution to increasing global oil supply. However, if an alternative transport route to market—for instance, via a pipeline to the West coast and then tanker to Asia—raises transport costs thereby depressing netbacks below an economically accepted threshold, it could prevent certain marginal oil sands projects from being built. The possibility of these alternative scenarios, including pipeline access to the Pacific Coast, rail, barge, tanker and upgrading depends largely on complex assumptions about oil market structure and economics.

Lost Benefits if Keystone XL Pipeline Project Cancelled Besides increasing energy security for the US, there exist economic benefits to the US (and Canada) that could be lost if the Keystone XL does not get built. While the economic impacts from construction and operation of the Keystone XL pipeline are not directly captured, a recently published study by CERI7 estimates that if the project is cancelled, Canada would forego $197 billion over the 2010-2020 period in additional GDP due to oil sands production not being shipped via Keystone XL. The US would forego $46 billion over 10 years in additional GDP, with 43 percent lost to PADD II, 22 percent lost to PADD I, 16 percent lost to PADD V, 12 percent lost to PADD III, and 7 percent lost to PADD IV. In terms of employment, over the 10-year period, Canada would lose out on a total of 1.2 million person years of employment creation. The US total of lost employment would be 0.5 million person years. PADD II would lose 43 percent of that total, followed by PADD I (23 percent), PADD V (15 percent), PADD III (12 percent), and PADD IV (7 percent).

Bottom Line The pipeline controversy is misguided. The successful completion of this pipeline will increase the supply of oil coming into the US, and economic impacts are quite significant to just simply ignore, especially given high unemployment in the US. The increased supply would also most likely decrease the crude price and the price of refined products such as gasoline, which will be a welcomed relief for consumers. In regards to emissions, the size of the environmental impacts of oil sands development, in absolute terms and when compared to other conventional crudes, is the subject of various and sometimes conflicting studies.8 Some opponents argue that Keystone XL will expand access to new markets, thus supporting “dirty” oil sands development. However, if oil sands production volumes are redirected somewhere else, for example to Asia, cancelling the Keystone XL project may not necessarily limit the oil sands development. The argument should not be about whether to let the pipeline be approved or not, but of a larger dimension than just a pipeline. If the goal is to reduce emissions, then the answer lies on the demand side, starting with the transportation sector, which is the largest consumer of crude oil. Demand-side management practices could be implemented instead of trying to limit the supply and thus force change in the behaviour of consumers. New technological advancements in developing hybrid and/or electric vehicles could be encouraged, supported and widely accepted. Endnotes 1Snow, Nick. “US House passes bill to expedite Keystone XL permit decision”, Oil & Gas Journal, Volume 109, Issue 31. 2Arguments about GHG emissions of oil sands production are based on some degree on the belief that limiting pipeline capacity to US markets may limit output from oil sands. 3Welsch, Edward. “TransCanada: Oil Sands Exports Will Go to Asia if Blocked in U.S.” Dow Jones Newswires, June 2010. 4EnSys Energy & Systems, Inc. “Keystone XL Assessment: Final Report”. Prepared for the U.S. Department of Energy Office of Policy & International Affairs. December 23, 2010, p.118. 5Ibid. Prepared for the U.S. Department of Energy & the U.S. Department of State. August 12, 2011 6Ibid. Prepared for the U.S. Department of Energy Office of Policy & International Affairs, December 23, 2010. 7Canadian Energy Research Institute. “A Decade of Staged Oil Sands Growth (2010-2020)”, August 2011. 8IHS CERA Inc. “Oil Sands, Greenhouse Gases, and US Oil Supply, Getting the Numbers Right”, Natural Resources Defense Council. “Setting the Record Straight: Lifecycle Emissions of Tar Sands”, November 2010.


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Page 7

World Supply and Demand Balance (MMbpd)

OPEC Crude Oil Production (MMbpd)

WTI Price Projections ($US/barrel)

2009 2010 2011 2012 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

World Demand 85.5 88.2 89.3 90.7 84.5 84.4 85.7 86.4 86.8 87.4 89.0 89.7 89.0 88.1 89.8 90.2

OECD 45.6 46.2 45.8 45.6 46.6 44.6 45.1 46.0 45.9 45.3 46.6 46.7 46.3 44.6 45.9 46.4

non-OECD 39.9 42.1 43.5 45.1 37.8 39.8 40.6 40.3 40.8 42.1 42.4 43.0 42.7 43.5 43.9 43.9

World Supply 85.7 87.5 88.3 88.5 84.9 85.2 85.9 86.5 86.7 87.0 87.8 88.3 88.5 87.4 88.0 89.2

Non-OPEC 51.6 52.6 52.8 53.8 50.9 51.3 51.8 52.3 52.2 52.5 52.6 53.1 52.7 52.2 52.6 53.7

OPEC NGLs 4.9 5.3 5.9 6.3 4.8 4.8 5.0 5.1 5.2 5.2 5.5 5.6 5.8 5.8 5.9 6.0

OPEC Crude 26.7 27.1 27.0 26.8 29.2 29.1 29.1 29.1 29.3 29.3 29.7 29.6 30.0 29.4 29.5 29.5

Supply - Demand10.2 -0.8 -1.0 -2.2 0.4 0.8 0.2 0.2 -0.1 -0.4 -1.3 -1.4 -0.5 -0.7 -1.8 -1.1

OECD

Stocks (MMbbls) 2698 2744 2760 2774 2664 2682 2762 2742 2664 2631 2677 2591

Days Cover 58 62 61 60 58 59 59 59 58 59 58 56

2009 2010 2011 2012 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12

High Price Case 99.55 96.33 100.10 99.00 99.00 99.00 91.00

Reference Case 61.92 79.45 94.43 90.33 77.81 76.05 85.13 94.49 102.22 91.00 90.00 90.00 90.00 91.00

Low Price Case 76.93 81.33 77.35 76.50 76.50 76.50 91.00

Sustainable

Capacity Jun-11 Jul-11 Aug-11 Jun-11 Jul-11 Aug-11

Saudi Arabia 10.85 9.80 9.70 9.80 1.75 1.65 1.75

Iran 4.00 3.65 3.53 3.51 0.31 0.19 0.17

UAE 2.85 2.50 2.50 2.53 0.28 0.28 0.31

Kuwait 2.65 2.49 2.51 2.53 0.27 0.29 0.31

Qatar 0.90 0.82 0.82 0.82 0.09 0.09 0.09

Nigeria 2.60 2.28 2.26 2.32 0.61 0.59 0.65

Libya 1.75 0.08 0.06 0.00 -1.39 -1.41 -1.47

Algeria 1.43 1.26 1.28 1.28 0.06 0.08 0.08

Ecuador 0.49 0.50 0.49 0.49 0.07 0.06 0.06

OPEC-11 32.12 27.49 27.44 27.58 0.18 0.13 0.27

Iraq1 2.50 2.72 2.65 2.68

Total OPEC 34.62 30.21 30.09 30.26

Production Over (+)/Under (-) Target


Page 8

Data Appendix


Page 9

NYMEX Light Sweet Crude IPE Brent Crude Oil

Last 3 Day Avg. When 12-Month Spread

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

2008 104.42 103.36 104.97 104.36 0.202009 58.61 58.58 55.69 63.97 -1.782010 77.20 77.37 78.28 81.19 -0.91

2Q 2010 77.57 77.73 80.98 84.16 -1.343Q 2010 76.04 76.17 75.99 78.37 -0.714Q 2010 78.61 78.77 79.50 82.28 -0.901Q 2011 90.75 89.32 88.54 92.18 -1.402Q 2011 104.63 103.29 104.65 106.69 -0.75

Yr-on-Yr Chg. 34.9% 32.9% 29.2% 26.8%

Aug-10 77.44 76.66 75.79 77.74 -0.50Sep-10 73.46 74.44 78.26 80.26 -0.41Oct-10 73.52 74.01 74.42 77.97 -1.18Nov-10 80.56 80.61 80.25 82.99 -0.92Dec-10 81.74 81.70 83.83 85.89 -0.61Jan-11 89.82 88.88 87.25 89.16 -0.55Feb-11 88.86 90.37 90.54 93.38 -0.95Mar-11 93.57 88.71 87.84 94.02 -2.71Apr-11 104.00 102.47 101.11 103.82 -1.19May-11 111.45 108.91 107.66 109.49 -0.55Jun-11 98.44 98.48 105.16 106.76 -0.51Jul-11 93.26 93.74 98.82 100.68 -0.52Aug-11 97.50 96.89 95.25 96.21 -0.49

Yr-on-Yr Chg. 25.9% 26.4% 25.7% 23.8%

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

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

NYMEX Unleaded Gasoline NYMEX Heating Oil

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

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

2008 258.2 259.6 260.2 264.2 -0.5 292.2 293.7 295.1 299.3 -0.12009 165.0 164.0 160.6 166.3 -0.6 162.6 161.4 161.8 175.0 -2.32010 210.3 209.5 208.8 203.7 -0.4 210.7 210.2 210.3 220.1 -1.8

2Q 2010 224.2 221.8 222.6 215.6 -0.3 214.4 212.0 212.4 222.7 -1.73Q 2010 201.9 203.4 204.5 189.8 2.1 200.6 202.6 203.6 215.3 -2.34Q 2010 213.8 211.9 208.1 201.5 1.7 226.0 225.0 223.6 233.3 -1.91Q 2011 255.8 252.8 245.1 248.7 -5.0 273.9 270.9 262.5 268.5 -0.72Q 2011 324.1 320.2 312.0 298.0 2.8 313.4 310.3 307.2 313.3 -1.3

Yr-on-Yr Chg. 44.6% 44.4% 40.2% 38.2% 46.1% 46.4% 44.6% 40.7%

Aug-10 210.7 208.9 206.1 189.2 0.2 204.3 202.5 200.7 212.9 -2.7Sep-10 188.9 192.4 199.4 188.1 5.5 199.4 202.1 205.4 217.2 -2.3Oct-10 204.5 199.6 194.5 189.1 0.3 224.4 218.7 211.3 221.8 -1.9Nov-10 210.5 210.7 211.0 204.8 1.6 222.0 223.4 226.1 236.2 -1.8Dec-10 226.5 225.3 218.7 210.8 3.1 231.7 233.0 233.5 241.8 -1.9Jan-11 245.3 241.2 235.8 235.2 1.1 254.4 251.7 248.7 254.7 -1.2Feb-11 249.1 244.3 244.2 248.0 -1.5 274.7 269.7 260.9 265.8 -0.4Mar-11 273.0 272.9 255.2 263.0 -14.6 292.6 291.1 277.7 285.1 -0.6Apr-11 310.8 307.3 299.7 290.5 -0.5 309.0 305.7 304.5 313.6 -1.2May-11 346.5 343.8 326.8 312.4 3.2 325.6 324.0 320.6 329.8 -1.4Jun-11 315.0 309.7 309.6 291.0 5.7 305.6 301.0 296.4 296.5 -1.2Jul-11 303.2 297.7 295.1 273.7 4.2 293.3 289.3 297.7 307.4 -1.5Aug-11 311.3 312.4 309.9 284.1 5.0 309.6 309.5 307.7 316.8 -1.2

Yr-on-Yr Chg. 47.8% 49.6% 50.3% 50.1% 51.6% 52.8% 53.3% 48.8%

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

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

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

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


Page 10

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

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

Arab Lgt Dubai Oman Brent Ekofisk Urals1T.J. Light C.Limon Oriente Isthmus Bonny Lgt Minas

2008 75.35 75.58 76.04 78.24 79.81 75.52 76.40 80.65 67.36 76.29 81.63 81.772009 72.41 73.86 74.05 73.63 74.44 72.58 72.99 75.34 67.42 72.88 75.44 77.942010 78.28 78.54 78.77 80.17 80.78 78.12 77.86 79.43 72.56 77.75 81.53 83.05

2Q 2010 77.83 79.80 79.97 79.96 80.99 77.92 77.98 79.87 71.96 77.87 81.93 86.113Q 2010 74.36 73.53 73.75 76.87 77.22 74.50 73.75 75.21 68.85 73.64 77.37 77.284Q 2010 84.84 84.29 84.46 86.95 87.06 84.69 82.65 84.00 78.16 82.54 87.95 88.051Q 2011 103.46 101.94 102.22 106.13 107.57 102.99 98.91 103.70 94.70 98.80 108.96 107.802Q 2011 111.94 110.17 110.55 116.61 118.46 113.52 110.71 112.54 104.11 110.60 118.73 120.46

Yr-on-Yr Chg. 43.8% 38.1% 38.2% 45.8% 46.3% 45.7% 42.0% 40.9% 44.7% 42.0% 44.9% 39.9%

Jul-10 74.70 73.62 73.80 77.99 78.22 75.74 76.36 77.91 70.31 76.25 78.20 75.90Aug-10 72.35 71.39 71.57 73.78 74.27 70.67 71.43 72.69 65.78 71.32 74.62 75.65Sep-10 76.02 75.58 75.89 78.85 79.18 77.08 73.46 75.03 70.46 73.35 79.28 80.30Oct-10 81.25 79.89 80.16 82.90 82.77 80.89 78.79 81.21 75.81 78.68 83.87 82.25Nov-10 81.90 82.31 82.49 83.68 83.89 82.23 79.38 80.10 74.16 79.27 84.82 84.47Dec-10 91.37 90.67 90.72 94.28 94.52 90.94 89.79 90.69 84.50 89.68 95.16 97.42Jan-11 94.75 92.48 92.58 96.86 97.22 92.82 89.14 90.83 83.38 89.03 98.24 100.24Feb-11 104.55 103.88 104.37 106.94 108.51 104.69 99.06 105.80 94.74 98.95 109.60 107.59Mar-11 111.07 109.46 109.70 114.59 116.99 111.47 108.53 114.47 105.99 108.42 119.04 115.58Apr-11 120.89 118.09 118.52 125.27 126.67 121.05 119.72 122.58 115.04 119.61 127.49 129.54May-11 107.58 106.06 106.75 112.59 114.73 110.10 107.70 109.81 102.01 107.59 114.73 116.79Jun-11 107.36 106.35 106.39 111.97 113.97 109.40 104.70 105.24 95.27 104.59 113.98 115.05Jul-11 115.46 111.98 112.22 118.27 120.26 116.91 111.06 115.19 106.63 110.94 120.01 124.25

Yr-on-Yr Chg. 54.6% 52.1% 52.1% 51.6% 53.7% 54.4% 45.4% 47.9% 51.7% 45.5% 53.5% 63.7%

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

United States Canada

ANS1Lost Hills Kern R. WTI WTS GCS Okla. Sw. Kans. Sw. Mich. So. Wyo. Sw. ELS2 HH3

2008 84.15 77.18 68.79 77.10 70.15 72.52 77.10 76.08 69.85 67.72 75.24 63.832009 60.21 71.86 64.48 69.37 64.02 62.37 69.37 68.31 61.37 63.40 70.03 65.552010 72.17 79.71 72.52 76.52 71.52 69.52 76.52 75.42 68.52 71.18 75.26 69.13

2Q 2010 74.94 76.03 68.10 72.92 67.92 65.92 72.92 71.92 64.92 68.21 73.32 67.953Q 2010 70.28 77.97 69.75 73.42 68.42 66.42 73.42 72.17 65.42 67.35 71.62 65.464Q 2010 73.42 86.82 78.87 82.00 77.00 75.00 82.00 80.92 74.00 77.11 79.36 70.981Q 2011 88.20 107.28 98.90 93.17 89.83 87.83 94.83 93.83 86.83 88.87 30.25 26.322Q 2011 106.51 115.47 105.97 98.42 93.42 91.42 98.42 97.33 90.42 93.06 106.52 92.73

Yr-on-Yr Chg. 42.1% 51.9% 55.6% 35.0% 37.5% 38.7% 35.0% 35.3% 39.3% 36.4% 45.3% 36.5%

Jul-10 70.55 79.60 71.85 75.50 70.50 68.50 75.50 74.25 67.50 69.30 71.51 67.63Aug-10 70.14 76.10 67.95 71.75 66.75 64.75 71.75 70.50 63.75 65.52 72.78 66.94Sep-10 70.14 78.20 69.45 73.00 68.00 66.00 73.00 71.75 65.00 67.24 70.56 61.78Oct-10 71.38 83.15 75.10 78.00 73.00 71.00 78.00 77.00 70.00 73.18 73.47 60.86Nov-10 70.66 84.85 77.10 80.25 75.25 73.25 80.25 79.00 72.25 75.51 79.75 73.36Dec-10 78.21 92.45 84.40 87.75 82.75 80.75 87.75 86.75 79.75 82.63 84.92 78.80Jan-11 85.74 93.45 84.90 80.50 80.50 78.50 85.50 84.50 77.50 80.28 83.93 75.53Feb-11 85.74 107.45 99.30 94.50 89.50 87.50 94.50 93.50 86.50 87.88 1.11 0.93Mar-11 93.11 120.95 112.50 104.50 99.50 97.50 104.50 103.50 96.50 98.44 1.16 1.02Apr-11 93.11 127.55 117.75 110.50 105.50 103.50 110.50 109.50 102.50 104.43 115.57 98.15May-11 110.06 113.75 104.45 97.00 92.00 90.00 97.00 96.25 89.00 92.09 104.21 92.93Jun-11 116.36 105.10 95.70 87.75 82.75 80.75 87.75 86.25 79.75 82.66 99.92 87.19Jul-11 108.33 111.15 100.65 92.25 87.25 85.25 92.25 91.25 84.25 87.20 99.57 87.50

Yr-on-Yr Chg. 53.6% 39.6% 40.1% 22.2% 23.8% 24.5% 22.2% 22.9% 24.8% 25.8% 39.2% 29.4%

Notes: 1. ANS is Delivered price on US West Coast. 2. Edmonton Light Sweet. 3. Hardisty Heavy. Posted prices are based on price at the end of each month. Sources:

Oil & Gas Journal; Natural Resources Canada.

Notes: 1. Urals is Delivered price at Mediterranean. Contract prices are based on prices at the end of each month. Source: Weekly Petroleum Status Report.


Page 11

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

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

Spot Prices Differentials

WTI Brent Dubai Urals Basket1WTI-Brent WTI-Dubai WTI-Urals WTI-Basket

2008 100.06 97.26 94.18 94.76 94.45 2.80 5.88 5.30 5.612009 61.92 61.67 61.91 61.22 61.06 0.25 0.01 0.70 0.862010 79.45 79.50 78.08 78.29 77.45 -0.05 1.37 1.16 2.00

2Q 2010 77.81 78.24 78.07 76.86 76.53 -0.43 -0.26 0.95 1.283Q 2010 76.05 76.86 73.88 75.55 73.76 -0.81 2.17 0.50 2.294Q 2010 85.13 86.46 84.39 85.30 83.88 -1.33 0.74 -0.17 1.251Q 2011 94.49 105.43 100.90 102.67 101.27 -10.94 -6.41 -8.18 -6.782Q 2011 102.22 117.04 110.62 113.75 112.18 -14.82 -8.40 -11.53 -9.96

Yr-on-Yr Chg. 31.4% 49.6% 41.7% 48.0% 46.6%

Jun-10 75.29 74.85 73.99 74.37 72.95 0.44 1.30 0.92 2.34Jul-10 76.32 75.64 72.49 73.80 72.51 0.68 3.83 2.52 3.81Aug-10 76.62 77.15 74.09 75.45 74.15 -0.53 2.53 1.17 2.47Sep-10 75.17 77.79 75.12 77.38 74.63 -2.62 0.05 -2.21 0.54Oct-10 81.89 82.74 80.22 81.53 79.86 -0.85 1.67 0.36 2.03Nov-10 84.20 85.33 83.65 84.74 82.83 -1.13 0.55 -0.54 1.37Dec-10 89.08 91.36 89.05 89.64 88.56 -2.28 0.03 -0.56 0.52Jan-11 89.38 96.54 92.52 93.72 92.83 -7.16 -3.14 -4.34 -3.45Feb-11 89.57 103.76 100.24 101.48 100.29 -14.19 -10.67 -11.91 -10.72Mar-11 102.99 114.60 108.71 111.50 109.84 -11.61 -5.72 -8.51 -6.85Apr-11 109.89 123.49 116.00 119.38 118.09 -13.60 -6.11 -9.49 -8.20May-11 101.22 114.55 108.38 110.96 109.94 -13.33 -7.16 -9.74 -8.72Jun-11 96.21 114.04 107.77 111.67 109.04 -17.83 -11.56 -15.46 -12.83

Yr-on-Yr Chg. 27.8% 52.4% 45.7% 50.2% 49.5%

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

Light, Saudi Arabia Light and Venezuela Tia Juana Light. Spot prices are average daily prices over a specific timeframe. Source: International Energy Agency (IEA) Oil

Market Report.

Notes: 1. Edmonton Light Sweet. 2. Hardisty Heavy. Based on contract prices at the end of each month. Sources: EIA Weekly Petroleum Status Report: Oil & Gas Journal; Natural Resources Canada.

Light vs. Heavy Sweet vs. Sour

Arab Lt Arab Hv Diff. Isthmus Maya Diff. ELS1 HH2Diff. GCS WTS Diff.

2008 75.35 70.86 4.49 76.29 68.50 7.79 75.24 63.83 11.41 72.52 70.15 2.382009 72.41 70.79 1.62 72.88 67.26 5.61 70.03 65.55 4.47 62.37 64.02 -1.652010 78.28 75.91 2.37 77.75 70.09 7.66 75.26 69.13 6.14 69.52 71.52 -2.00

2Q 2010 77.83 75.35 2.48 77.87 69.02 8.85 73.32 67.95 5.38 65.92 67.92 -2.003Q 2010 74.36 71.89 2.47 73.64 66.59 7.05 71.62 65.46 6.16 66.42 68.42 -2.004Q 2010 84.84 81.94 2.90 82.54 74.71 7.84 79.36 70.98 8.38 75.00 77.00 -2.001Q 2011 103.46 99.34 4.12 98.80 90.24 8.56 89.27 77.67 11.60 87.83 89.83 -2.002Q 2011 111.94 106.69 5.25 110.60 102.48 8.12 106.52 92.73 13.79 91.42 93.42 -2.00

Yr-on-Yr Chg. 43.8% 41.6% 42.0% 48.5% 45.3% 36.5% 38.7% 37.5%

Aug-10 72.35 69.85 2.50 71.32 64.42 6.90 72.78 66.94 5.84 64.75 66.75 -2.00Sep-10 76.02 73.82 2.20 73.35 67.00 6.35 70.56 61.78 8.79 66.00 68.00 -2.00Oct-10 81.25 78.75 2.50 78.68 71.85 6.83 73.47 60.86 12.60 71.00 73.00 -2.00Nov-10 81.90 78.85 3.05 79.27 71.67 7.60 79.75 73.36 6.38 73.25 75.25 -2.00Dec-10 91.37 88.22 3.15 89.68 80.60 9.08 84.92 78.80 6.12 80.75 82.75 -2.00Jan-11 94.75 91.00 3.75 89.03 80.66 8.37 83.93 75.53 8.40 78.50 80.50 -2.00Feb-11 104.55 100.30 4.25 98.95 90.96 7.99 84.68 70.84 13.84 87.50 89.50 -2.00Mar-11 111.07 106.72 4.35 108.42 99.11 9.31 99.34 86.74 12.60 97.50 99.50 -2.00Apr-11 120.89 115.84 5.05 119.61 109.35 10.26 115.57 98.15 17.42 103.50 105.50 -2.00May-11 107.58 102.33 5.25 107.59 99.82 7.77 104.21 92.93 11.28 90.00 92.00 -2.00Jun-11 107.36 101.91 5.45 104.59 98.26 6.33 99.92 87.19 12.73 80.75 82.75 -2.00Jul-11 115.46 111.11 4.35 110.94 104.05 6.89 99.57 87.50 12.08 85.25 87.25 -2.00Aug-11 105.61 101.46 4.15 99.39 94.65 4.74 95.92 81.03 14.89 76.00 78.00 -2.00

Yr-on-Yr Chg. 46.0% 45.3% 39.4% 46.9% 31.8% 21.0% 17.4% 16.9%


Page 12

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

NY Harbor, Barges Rotterdam, Barges Singapore, Cargoes

Gasoline1No. 2 H.O. Resid.2 Gasoline1

Gasoil Resid.3 Gasoline1Gasoil Resid.3

2008 103.11 120.22 73.64 99.25 122.69 72.42 103.27 120.25 79.122009 69.90 69.15 55.23 70.73 68.90 54.44 70.38 69.13 58.432010 87.84 89.37 70.58 88.98 89.28 69.66 88.41 89.55 73.23

2Q 2010 87.15 87.96 69.24 89.12 89.05 68.39 87.45 89.42 72.573Q 2010 82.69 85.28 68.39 84.26 86.62 67.04 82.49 86.27 69.884Q 2010 94.75 98.45 73.96 94.58 97.43 73.49 95.14 97.43 76.861Q 2011 110.64 118.14 89.04 111.05 117.69 87.93 113.49 119.30 93.132Q 2011 126.02 127.42 100.90 127.12 127.93 98.40 124.89 130.05 103.24

Yr-on-Yr Chg. 44.6% 44.9% 45.7% 42.6% 43.7% 43.9% 42.8% 45.4% 42.3%

Jun-10 84.12 85.41 66.69 85.22 86.74 65.72 83.26 85.67 69.21Jul-10 83.78 83.14 67.11 84.00 84.70 65.81 82.42 84.69 69.36Aug-10 81.74 84.83 68.55 84.39 86.35 68.08 82.52 87.14 70.49Sep-10 82.61 87.90 69.51 84.39 88.80 67.28 82.55 87.04 69.83Oct-10 90.07 94.21 72.01 91.20 94.83 71.37 89.71 92.86 74.01Nov-10 93.72 97.29 73.52 92.81 96.30 73.51 93.21 96.52 76.84Dec-10 100.15 103.55 76.23 99.81 101.21 75.59 102.09 102.61 79.60Jan-11 102.85 109.37 79.11 103.21 106.61 79.89 106.38 108.19 83.90Feb-11 106.56 116.14 88.73 108.22 115.88 88.16 111.84 117.46 94.50Mar-11 120.79 127.41 97.92 120.32 128.90 94.72 120.97 130.41 100.08Apr-11 133.13 134.20 104.44 132.26 135.69 101.04 129.97 138.01 106.24May-11 126.78 124.00 97.28 128.39 124.04 96.36 124.82 126.61 100.87Jun-11 118.83 124.51 101.13 121.77 125.11 98.09 120.33 125.95 102.66

Yr-on-Yr Chg. 41.3% 45.8% 51.6% 42.9% 44.2% 49.3% 44.5% 47.0% 48.3%

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

NY Harbor US Gulf Los Angeles

Gasoline1No. 2 H.O. Distill. Gasoline1

Jet Fuel Distill. Gasoline1Distill.

2008 201.78 230.23 167.08 203.27 228.36 169.96 221.40 189.372009 196.58 189.77 193.59 192.64 192.32 191.28 206.52 195.212010 209.23 212.48 219.41 205.11 214.61 215.59 220.97 220.41

2Q 2010 208.67 209.20 217.60 204.97 212.13 214.20 222.57 218.973Q 2010 196.90 202.83 212.10 195.03 207.20 208.83 217.60 215.074Q 2010 226.57 234.33 239.27 216.53 234.13 234.07 230.80 240.871Q 2011 261.47 280.27 287.10 258.67 286.10 282.50 278.60 290.032Q 2011 301.23 303.83 312.00 298.30 313.27 308.23 309.63 319.83

Yr-on-Yr Chg. 44.4% 45.2% 43.4% 45.5% 47.7% 43.9% 39.1% 46.1%

Jul-10 199.50 197.90 206.60 197.30 201.90 204.20 228.10 210.40Aug-10 194.30 201.60 212.20 192.80 208.30 209.30 217.80 216.10Sep-10 196.90 209.00 217.50 195.00 211.40 213.00 206.90 218.70Oct-10 216.40 224.20 230.10 207.10 224.80 225.20 225.90 233.80Nov-10 224.40 232.00 237.70 211.50 232.30 232.40 224.50 238.50Dec-10 238.90 246.80 250.00 231.00 245.30 244.60 242.00 250.30Jan-11 244.80 260.40 264.20 239.00 261.90 260.10 244.70 261.50Feb-11 255.80 277.00 284.00 251.10 283.90 279.30 275.80 285.30Mar-11 283.80 303.40 313.10 285.90 312.50 308.10 315.30 323.30Apr-11 317.80 319.60 327.10 313.60 326.70 323.10 337.30 338.70May-11 302.40 295.20 303.50 302.40 308.50 300.10 305.50 313.40Jun-11 283.50 296.70 305.40 278.90 304.60 301.50 286.10 307.40Jul-11 302.10 306.80 317.00 297.50 313.10 311.70 294.80 311.60

Yr-on-Yr Chg. 51.4% 55.0% 53.4% 50.8% 55.1% 52.6% 29.2% 48.1%

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

Report.

Notes: 1. Regular unleaded gasoline. 2. High Sulfur (3.0%) Residual Fuel Oil. 3. High Sulfur (3.5%) Residual Fuel Oil. Spot prices are based on average daily prices over a specific timeframe. Source: IEA Oil Market Report.


Page 13

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

OECD Non-OECD OPEC World

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

Demand

2006 25.4 15.7 8.5 49.5 15.1 9.9 4.0 29.1 4.0 2.4 6.4 85.1

2007 25.5 15.4 8.4 49.3 16.1 10.8 4.2 31.1 4.2 2.5 6.7 87.1

2008 24.2 15.4 8.1 47.6 16.2 11.5 4.2 31.9 4.3 2.6 7.0 86.5

2009 23.3 14.7 7.7 45.6 17.0 11.4 4.2 32.6 4.5 2.7 7.3 85.5

2010 23.8 14.6 7.8 46.2 18.3 11.9 4.5 34.7 4.7 2.8 7.5 88.3

2Q 2009 22.9 14.4 7.3 44.6 17.2 11.5 3.9 32.6 4.5 2.7 7.3 84.4

3Q 2009 23.3 14.6 7.2 45.1 17.2 12.0 4.1 33.3 4.5 2.7 7.3 85.7

4Q 2009 23.5 14.5 8.0 46.0 17.7 11.3 4.1 33.1 4.5 2.7 7.3 86.4

1Q 2010 23.5 14.3 8.2 46.0 17.8 11.1 4.4 33.3 4.7 2.8 7.5 86.9

2Q 2010 23.7 14.3 7.3 45.3 18.5 11.9 4.3 34.7 4.7 2.8 7.5 87.4

3Q 2010 24.2 14.9 7.6 46.7 17.9 12.6 4.6 35.1 4.7 2.8 7.5 89.2

4Q 2010 23.9 14.8 8.1 46.8 19.1 11.9 4.6 35.6 4.7 2.8 7.5 89.9

1Q 2011 23.8 14.2 8.3 46.3 20.3 18.0 4.5 42.8 0.0 0.0 0.0 89.1

2Q 2011 23.2 14.1 7.1 44.3 20.6 18.6 4.5 43.7 0.0 0.0 0.0 88.2

Supply

2006 14.2 5.3 0.6 21.4 7.4 8.5 12.3 29.0 24.2 10.1 34.3 85.5

2007 13.8 5.0 0.6 20.7 7.4 8.1 12.8 29.1 23.7 10.7 34.9 85.8

2008 13.3 4.8 0.6 20.0 7.5 8.1 12.8 29.2 24.5 10.4 35.6 86.8

2009 13.6 4.6 0.7 20.0 7.5 8.3 13.3 29.9 23.0 10.5 34.1 85.6

2010 14.1 4.2 0.6 20.1 7.8 8.4 13.5 30.6 23.5 10.7 34.8 87.4

2Q 2009 13.5 4.5 0.6 19.8 7.5 8.3 13.3 29.9 23.0 9.8 33.4 85.3

3Q 2009 13.7 4.3 0.7 19.8 7.6 8.3 13.4 30.2 23.0 9.8 33.5 85.9

4Q 2009 13.7 4.6 0.6 20.1 7.6 8.4 13.5 30.4 23.0 10.0 33.8 86.5

1Q 2010 13.9 4.5 0.6 20.3 7.7 8.3 13.5 30.3 23.1 10.2 34.1 86.6

2Q 2010 14.1 4.2 0.6 20.1 7.8 8.4 13.5 30.6 23.1 10.2 34.0 87.1

3Q 2010 14.1 3.8 0.6 19.7 7.8 8.4 13.5 30.6 23.6 10.5 34.6 87.7

4Q 2010 14.4 4.2 0.6 20.4 7.9 8.4 13.6 30.8 23.9 10.8 35.2 88.3

1Q 2011 14.4 4.1 0.5 20.2 7.9 8.5 13.7 31.2 24.8 10.4 35.8 88.6

2Q 2011 14.2 3.9 0.6 19.7 7.6 8.3 13.6 30.5 25.4 9.3 35.2 87.6

Balance

2006 -11.2 -10.4 -7.9 -28.1 -7.7 -1.4 8.3 -0.1 20.2 7.8 27.9 0.4

2007 -11.7 -10.4 -7.8 -28.6 -8.7 -2.7 8.6 -2.0 19.5 8.3 28.2 -1.3

2008 -10.9 -10.6 -7.5 -27.6 -8.7 -3.4 8.6 -2.7 20.2 7.9 28.7 0.3

2009 -9.7 -10.1 -7.0 -25.6 -9.5 -3.1 9.1 -2.7 18.5 7.8 26.8 0.1

2010 -9.7 -10.4 -7.2 -26.1 -10.5 -3.5 9.0 -4.1 18.7 8.0 27.3 -0.9

2Q 2009 -9.4 -9.9 -6.7 -24.8 -9.7 -3.2 9.4 -2.7 18.5 7.2 26.1 0.9

3Q 2009 -9.6 -10.3 -6.5 -25.3 -9.6 -3.7 9.3 -3.2 18.5 7.1 26.3 0.2

4Q 2009 -9.8 -9.9 -7.4 -25.9 -10.1 -2.9 9.4 -2.8 18.4 7.4 26.5 0.1

1Q 2010 -9.6 -9.8 -7.6 -25.7 -10.1 -2.8 9.1 -2.9 18.3 7.5 26.5 -0.3

2Q 2010 -9.6 -10.1 -6.7 -25.2 -10.7 -3.5 9.2 -4.0 18.4 7.4 26.5 -0.3

3Q 2010 -10.1 -11.1 -7.0 -27.0 -10.1 -4.2 8.9 -4.4 18.8 7.8 27.1 -1.5

4Q 2010 -9.5 -10.6 -7.5 -26.4 -11.2 -3.5 9.0 -4.7 19.2 8.0 27.6 -1.6

1Q 2011 -9.4 -10.1 -7.8 -26.1 -12.4 -9.5 9.2 -11.6 24.8 10.4 35.8 -0.5

2Q 2011 -9.0 -10.2 -6.5 -24.6 -13.0 -10.3 9.1 -13.2 25.4 9.3 35.2 -0.6

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

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

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

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

Source: IEA Oil Market Report.


Page 14

B2: World Petroleum Production (million barrels per day)


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

2008 13.94 4.75 0.65 19.33 7.43 8.56 12.82 28.82 24.54 10.41 35.64 83.792009 13.60 4.55 0.65 18.81 7.55 8.32 13.28 29.16 23.01 10.49 34.08 82.052010 14.13 4.18 0.61 18.92 7.80 8.45 13.55 29.80 23.46 10.74 34.81 83.53

2Q 2010 14.05 4.18 0.62 18.84 7.70 8.46 13.53 29.69 23.13 10.19 34.01 82.543Q 2010 14.09 3.76 0.61 18.47 7.84 8.53 13.55 29.90 23.56 10.52 34.64 83.014Q 2010 14.44 4.22 0.58 19.24 7.92 8.51 13.66 30.09 23.90 10.77 35.18 84.511Q 2011 14.43 4.11 0.52 19.05 7.87 8.59 13.67 30.13 24.80 10.44 35.75 84.932Q 2011 14.19 3.90 0.56 18.65 7.70 8.42 13.61 29.72 25.42 9.34 35.21 83.58

Yr-on-Yr Chg. 1.0% -6.7% -9.7% -1.0% 0.0% -0.5% 0.6% 0.1% 9.9% -8.4% 3.5% 1.3%

Jun-10 14.03 3.76 0.63 18.42 7.81 8.49 13.59 29.88 23.15 10.24 34.02 82.32Jul-10 14.01 3.93 0.63 18.57 7.69 8.50 13.64 29.84 23.35 10.51 34.42 82.83Aug-10 14.17 3.57 0.62 18.36 7.78 8.51 13.54 29.83 23.33 10.46 34.41 82.60Sep-10 14.05 3.77 0.66 18.49 7.89 8.43 13.33 29.65 23.40 10.46 34.36 82.50Oct-10 14.29 4.24 0.59 19.11 7.82 8.42 13.69 29.93 23.82 10.54 34.96 84.00Nov-10 14.48 4.19 0.58 19.25 7.95 8.57 13.71 30.24 23.74 10.53 34.81 84.30Dec-10 14.32 4.15 0.54 19.01 7.84 8.50 13.74 30.09 23.93 10.67 35.05 84.15Jan-11 14.34 4.26 0.53 19.13 7.91 8.64 13.68 30.22 24.62 10.67 35.87 85.22Feb-11 14.31 4.07 0.52 18.90 7.87 8.64 13.69 30.19 24.96 10.37 35.82 84.91Mar-11 14.57 3.96 0.51 19.03 7.87 8.63 13.67 30.17 24.98 9.48 34.97 84.17Apr-11 14.57 4.12 0.51 19.20 7.77 8.30 13.63 29.68 24.87 9.43 34.82 83.70May-11 13.96 3.73 0.58 18.27 7.68 8.42 13.63 29.73 25.24 9.29 34.99 82.99Jun-11 14.04 3.87 0.58 18.48 7.64 8.52 13.57 29.73 26.11 9.34 35.84 84.05

Yr-on-Yr Chg. 0.1% 2.9% -7.9% 0.3% -2.2% 0.4% -0.1% -0.5% 12.8% -8.8% 5.3% 2.1%

R/P Ratio213.8 10.3 20.2 13.3 12.2 19.1 25.8 20.4 78.0 57.2 71.7 41.0

B3: OECD Commercial Petroleum Stocks (million barrels)

North America Europe Asia-Pacific OECD

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

2008 466 684 1,300 343 575 992 163 174 407 972 1,432 2,6982009 470 695 1,309 333 574 972 161 161 383 963 1,431 2,6642010 471 706 1,327 323 554 947 158 163 390 952 1,422 2,664

1Q 2010 503 673 1,318 331 568 973 165 158 386 998 1,399 2,6772Q 2010 511 712 1,378 343 567 979 166 168 405 1,020 1,447 2,7623Q 2010 504 731 1,396 319 558 942 156 178 403 978 1,467 2,7424Q 2010 471 706 1,327 323 554 947 158 163 390 952 1,422 2,6641Q 2011 498 653 1,296 323 565 954 160 155 383 981 1,374 2,633

Yr-on-Yr Chg. -0.9% -3.0% -1.6% -2.3% -0.5% -2.0% -3.0% -2.0% -0.8% -1.7% -1.8% -1.6%

May-10 502 699 1,356 359 568 997 167 167 404 1,027 1,433 2,757Jun-10 511 712 1,378 343 567 979 166 168 405 1,020 1,447 2,762Jul-10 503 735 1,395 334 563 966 171 169 409 1,008 1,468 2,771Aug-10 502 739 1,401 349 566 983 162 177 409 1,013 1,481 2,793Sep-10 504 731 1,396 319 558 942 156 178 403 978 1,467 2,742Oct-10 515 709 1,389 337 557 960 158 182 410 1,010 1,448 2,759Nov-10 490 703 1,355 322 556 947 165 179 415 977 1,438 2,716Dec-10 471 706 1,327 323 554 947 158 163 390 952 1,422 2,664Jan-11 480 704 1,329 334 589 993 160 168 402 974 1,461 2,725Feb-11 491 671 1,304 325 572 964 157 162 391 974 1,405 2,660Mar-11 498 653 1,296 323 565 954 160 155 383 981 1,374 2,633Apr-11 506 650 1,309 312 560 938 168 168 410 986 1,377 2,656May-11 510 665 1,328 314 565 945 164 169 408 988 1,399 2,680

Yr-on-Yr Chg. 1.6% -4.9% -2.1% -12.5% -0.4% -5.3% -1.6% 1.3% 0.9% -3.9% -2.4% -2.8%

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

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

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

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


Page 15

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

Non-Persian Gulf OPEC-11 OPEC-11

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

2008 9.19 3.90 2.59 2.60 0.85 2.35 1.95 1.72 1.36 1.85 0.50 28.85 27.75 2.382009 8.16 3.74 2.27 2.28 0.80 2.67 1.82 1.55 1.24 1.73 0.47 26.72 27.75 2.432010 8.40 3.70 2.31 2.30 0.80 2.52 2.08 1.55 1.25 1.73 0.47 27.11 27.75 2.36

2Q 2010 8.23 3.75 2.30 2.30 0.79 2.24 1.96 1.56 1.24 1.81 0.00 26.64 24.85 2.353Q 2010 8.45 3.69 2.33 2.30 0.80 2.23 2.15 1.56 1.26 1.71 0.00 26.93 24.85 2.344Q 2010 8.57 3.67 2.33 2.30 0.81 2.36 2.21 1.56 1.27 1.61 0.00 27.17 24.85 2.431Q 2011 8.83 3.63 2.48 2.36 0.82 2.52 2.14 1.13 1.27 1.61 0.50 27.29 24.85 2.662Q 2011 9.17 3.65 2.48 2.45 0.82 2.51 2.25 0.12 1.26 1.55 0.50 26.74 24.85 2.67

Yr-on-Yr Chg. 11.4% -2.7% 7.8% 6.3% 3.8% 12.1% 14.8% -92.3% 1.6% -14.4% #DIV/0! 0.4% 13.6%

Jun-10 8.25 3.75 2.29 2.31 0.78 2.23 1.98 1.58 1.25 1.78 0.45 26.65 24.85 2.35Jul-10 8.28 3.68 2.36 2.30 0.80 2.23 2.16 1.56 1.26 1.70 0.47 26.80 24.85 2.38Aug-10 8.38 3.70 2.32 2.31 0.79 2.23 2.14 1.56 1.26 1.77 0.46 26.91 24.85 2.33Sep-10 8.28 3.68 2.31 2.30 0.80 2.23 2.15 1.55 1.27 1.65 0.46 26.68 24.85 2.52Oct-10 8.60 3.65 2.33 2.30 0.80 2.21 2.20 1.56 1.27 1.68 0.47 27.07 24.85 2.41Nov-10 8.50 3.68 2.29 2.29 0.82 2.19 2.18 1.56 1.27 1.66 0.47 26.91 24.85 2.42Dec-10 8.60 3.68 2.32 2.32 0.82 2.20 2.26 1.56 1.27 1.62 0.48 27.12 24.85 2.45Jan-11 8.80 3.66 2.44 2.31 0.82 2.21 2.24 1.58 1.27 1.68 0.48 27.48 24.85 2.66Feb-11 8.90 3.68 2.48 2.35 0.82 2.20 2.16 1.39 1.28 1.60 0.50 27.35 24.85 2.73Mar-11 8.91 3.55 2.52 2.43 0.82 2.49 2.01 0.45 1.26 1.63 0.51 26.55 24.85 2.62Apr-11 8.80 3.60 2.51 2.41 0.81 2.52 2.22 0.20 1.28 1.58 0.50 26.42 24.85 2.60May-11 9.00 3.70 2.42 2.44 0.82 2.49 2.25 0.08 1.24 1.57 0.50 26.51 24.85 2.68Jun-11 9.70 3.65 2.50 2.49 0.82 2.53 2.28 0.08 1.26 1.50 0.50 27.31 24.85 2.72

Yr-on-Yr Chg. 17.6% -2.7% 9.2% 7.8% 5.1% 13.5% 15.2% -94.9% 0.8% -15.7% 11.1% 2.5% 15.7%

Quotas38.05 3.34 2.22 2.22 0.73 1.99 1.67 1.47 1.20 1.52 0.43 24.85

Over/Under420.5% 9.3% 12.6% 12.2% 12.3% 27.1% 36.5% -94.6% 5.0% -1.3% 16.3% 9.9%

Persian Gulf

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

of latest month. Source: IEA Oil Market Report.

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

North America Europe Asia-Pacific OECD

Input Util. Margin1Input Util. Margin2

Input Util. Margin3Input Util.

2008 17.4 83.2 0.61 13.2 84.4 4.29 6.7 80.0 -2.08 37.3 83.02009 17.3 82.6 -1.54 12.2 78.2 1.30 6.4 76.4 -3.23 35.9 79.92010 17.7 84.2 -2.10 12.4 79.4 2.28 6.6 78.0 -2.41 36.6 81.4

1Q 2010 17.0 81.1 -0.80 12.1 77.6 2.65 6.7 80.3 -2.22 35.9 79.82Q 2010 18.2 86.9 -1.48 12.3 78.8 2.80 6.2 74.1 -3.26 36.7 81.73Q 2010 18.1 86.5 -2.47 12.8 82.4 1.19 6.5 77.8 -1.67 37.5 83.54Q 2010 17.3 82.4 -3.66 12.3 79.0 2.47 6.7 80.0 -2.50 36.3 80.81Q 2011 17.1 81.6 -4.83 12.2 78.0 0.62 6.8 81.4 -1.84 36.1 80.3

Yr-on-Yr Chg. 0.5% 500.8% 0.5% -76.5% 1.5% -16.8% 0.7%

May-10 18.2 86.7 -1.25 11.9 76.5 3.30 6.2 73.5 -2.77 36.3 80.7Jun-10 18.4 87.7 -0.78 13.0 83.2 3.29 5.9 70.5 -2.73 37.3 82.9Jul-10 18.6 88.7 -1.89 13.0 83.1 0.78 6.2 73.8 -1.52 37.8 84.0Aug-10 18.1 86.5 -2.72 12.9 82.6 1.06 6.8 80.5 -1.27 37.8 84.0Sep-10 17.7 84.5 -2.79 12.7 81.3 1.73 6.6 78.9 -2.23 37.0 82.4Oct-10 16.6 79.4 -3.02 11.6 74.5 2.82 6.4 75.6 -1.97 34.6 77.0Nov-10 17.3 82.6 -3.87 12.7 81.3 2.65 6.8 80.5 -2.49 36.8 81.8Dec-10 17.9 85.2 -4.08 12.7 81.2 1.94 7.0 83.8 -3.05 37.6 83.6Jan-11 17.4 82.8 -4.22 12.6 80.6 1.15 7.0 83.1 -2.22 36.9 82.1Feb-11 16.6 79.3 -5.44 12.2 78.0 0.18 7.1 84.4 -1.75 35.9 79.8Mar-11 17.3 82.6 -4.82 11.7 75.3 0.54 6.5 76.7 -1.56 35.5 79.0Apr-11 17.2 82.0 -4.13 11.6 74.2 -0.13 6.5 76.9 -2.12 35.2 78.3May-11 17.3 82.5 -1.67 11.9 76.5 1.23 6.0 71.9 -1.96 35.3 78.5

Yr-on-Yr Chg. -4.8% 33.6% -0.1% -63% -2.1% -29.2% -2.8%

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

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


Page 16

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

United States1East Mid-West

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

2008 7.71 19.41 11.04 0.20 0.13 5.83 -5.70 1.02 4.97 -3.952009 8.91 18.64 9.69 0.16 0.11 5.62 -5.51 1.73 4.71 -2.972010 9.48 19.15 9.46 0.05 0.12 5.61 -5.48 2.01 4.86 -2.84

1Q 2010 9.31 18.82 9.32 0.03 0.11 5.68 -5.58 1.91 4.70 -2.792Q 2010 9.41 19.01 10.06 0.65 0.11 5.48 -5.37 1.97 4.80 -2.833Q 2010 9.50 19.50 9.85 0.21 0.13 5.56 -5.44 2.06 4.98 -2.924Q 2010 9.72 19.26 8.59 -0.69 0.15 5.69 -5.54 2.11 4.95 -2.831Q 2011 9.59 19.08 8.71 -0.29 0.13 5.74 -5.61 2.16 4.73 -2.58

Yr-on-Yr Chg. 3.0% 1.4% -6.6% 25.7% 1.0% 12.7% 0.6%

May-10 9.45 18.83 9.73 0.62 0.11 5.28 -5.17 1.96 4.76 -2.80Jun-10 9.41 19.29 10.32 0.51 0.12 5.60 -5.48 2.03 4.94 -2.91Jul-10 9.41 19.31 10.07 0.51 0.12 5.60 -5.48 2.03 4.94 -2.92Aug-10 9.52 19.69 9.97 0.16 0.14 5.57 -5.42 2.07 5.04 -2.97Sep-10 9.56 19.51 9.52 -0.02 0.13 5.53 -5.40 2.07 4.95 -2.88Oct-10 9.60 18.94 8.69 -0.36 0.13 5.42 -5.29 2.09 4.98 -2.89Nov-10 9.70 19.07 8.54 -0.67 0.17 5.55 -5.37 2.13 4.86 -2.72Dec-10 9.85 19.76 8.54 -1.04 0.15 6.11 -5.96 2.12 5.01 -2.89Jan-11 9.53 19.12 9.27 0.32 0.13 5.82 -5.69 2.15 4.73 -2.57Feb-11 9.45 18.87 7.93 -1.07 0.14 5.61 -5.47 2.12 4.77 -2.65Mar-11 9.78 19.25 8.93 -0.13 0.12 5.79 -5.67 2.19 4.70 -2.51Apr-11 9.69 18.61 8.69 0.22 0.12 5.37 -5.26 2.14 4.63 -2.49May-11 9.85 18.36 9.03 0.93 0.14 5.01 -4.87 2.17 4.61 -2.43

Yr-on-Yr Chg. 4.3% -2.5% -7.2% 28.2% -5.1% 11.2% -3.2%

% of Total2 100.0% 100.0% 1.4% 27.3% 22.1% 25.1%

South-Central North-West West

Supply Demand Balance Supply Demand Balance Supply Demand Balance

2008 4.33 4.90 -0.56 0.65 0.68 -0.03 1.58 3.04 -1.462009 4.85 4.82 0.03 0.68 0.65 0.03 1.54 2.83 -1.302010 5.13 5.14 0.00 0.74 0.65 0.09 1.47 2.90 -1.43

1Q 2010 5.06 5.01 0.05 0.72 0.61 0.11 1.52 2.81 -1.292Q 2010 5.14 5.13 0.01 0.74 0.65 0.09 1.45 2.95 -1.513Q 2010 5.12 5.28 -0.15 0.75 0.70 0.04 1.44 2.98 -1.554Q 2010 5.22 5.13 0.09 0.76 0.64 0.12 1.48 2.85 -1.371Q 2011 5.12 5.18 -0.05 0.77 0.66 0.11 1.41 2.77 -1.36

Yr-on-Yr Chg. 1.3% 3.3% 6.7% 8.0% -7.0% -1.5%

May-10 5.21 5.19 0.01 0.75 0.61 0.14 1.43 2.99 -1.56Jun-10 5.12 5.04 0.07 0.74 0.70 0.04 1.41 3.01 -1.60Jul-10 5.12 5.06 0.05 0.74 0.70 0.04 1.41 3.01 -1.60Aug-10 5.14 5.42 -0.28 0.76 0.72 0.04 1.41 2.95 -1.54Sep-10 5.12 5.35 -0.22 0.75 0.69 0.06 1.49 3.00 -1.51Oct-10 5.15 5.02 0.14 0.75 0.64 0.10 1.48 2.89 -1.40Nov-10 5.17 5.21 -0.05 0.76 0.62 0.14 1.47 2.84 -1.37Dec-10 5.33 5.15 0.18 0.76 0.65 0.11 1.49 2.84 -1.34Jan-11 5.18 5.26 -0.08 0.76 0.64 0.12 1.31 2.68 -1.37Feb-11 4.95 5.02 -0.07 0.76 0.67 0.09 1.48 2.80 -1.32Mar-11 5.24 5.25 -0.02 0.78 0.67 0.11 1.46 2.84 -1.38Apr-11 5.21 5.12 0.09 0.77 0.63 0.14 1.46 2.87 -1.40May-11 5.33 5.27 0.05 0.79 0.66 0.13 1.42 2.82 -1.40

Yr-on-Yr Chg. 2.3% 1.6% 6.0% 8.0% -0.8% -5.8%

% of Total2 54.1% 28.7% 8.0% 3.6% 14.4% 15.3%

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

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

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


Page 17

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

Finished Petroleum Products NGLs Petroleum

Gasoline Jet Fuel Distil. Resid. Total1 Total Total2

2008 8.92 1.46 3.81 0.62 17.11 1.97 19.042009 8.98 1.40 3.62 0.50 16.62 2.15 18.732010 9.03 1.43 3.81 0.54 16.95 2.18 19.15

1Q 2010 8.65 1.38 3.79 0.56 16.31 2.47 18.822Q 2010 9.20 1.44 3.70 0.53 17.12 1.87 19.013Q 2010 9.27 1.48 3.82 0.52 17.43 2.04 19.504Q 2010 8.99 1.40 3.94 0.57 16.93 2.33 19.261Q 2011 8.60 1.36 3.94 0.60 16.47 2.55 19.08

Yr-on-Yr Chg. -0.6% -1.6% 4.1% 7.0% 1.0% 3.5% 1.4%

May-10 9.22 1.42 3.64 0.51 16.95 1.87 18.83Jun-10 9.28 1.51 3.76 0.51 17.43 1.88 19.29Jul-10 9.28 1.51 3.76 0.51 17.43 1.89 19.31Aug-10 9.37 1.49 3.80 0.48 17.56 2.10 19.69Sep-10 9.16 1.45 3.89 0.57 17.31 2.13 19.51Oct-10 9.09 1.43 3.77 0.51 16.83 2.11 18.94Nov-10 8.90 1.40 3.88 0.63 16.90 2.21 19.07Dec-10 8.97 1.38 4.17 0.57 17.07 2.67 19.76Jan-11 8.41 1.36 3.97 0.62 16.37 2.74 19.12Feb-11 8.65 1.34 3.87 0.63 16.35 2.52 18.87Mar-11 8.75 1.39 3.99 0.55 16.69 2.40 19.25Apr-11 8.76 1.45 3.69 0.60 16.53 2.08 18.61May-11 8.78 1.43 3.66 0.48 16.43 2.00 18.36

Yr-on-Yr Chg. -4.7% 0.5% 0.6% -7.0% -3.0% 7.2% -2.5%

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

Source: EIA Petroleum Supply Monthly.

C3: US Petroleum Stocks (million barrels)

Petroleum Stocks1Crude Oil Finished Products

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

2008 182 234 1,148 30 141 1,735 1,026 98 38 146 36 3682009 192 249 1,164 31 139 1,776 1,052 86 43 165 38 3752010 173 262 1,182 34 143 1,794 1,059 63 43 164 41 357

1Q 2010 180 242 1,187 33 138 1,779 1,082 82 42 146 41 3642Q 2010 193 262 1,209 34 140 1,839 1,089 72 45 158 42 3693Q 2010 192 270 1,218 33 143 1,857 1,087 70 47 167 40 3674Q 2010 173 262 1,182 34 143 1,794 1,059 63 43 164 41 3571Q 2011 163 256 1,174 34 141 1,770 1,089 61 40 149 37 336

Yr-on-Yr Chg. -9.2% 6.1% -1.0% 3.4% 2.2% -0.6% 0.7% -25.8% -4.5% 1.7% -8.5% -7.8%

May-10 190 260 1,195 36 142 1,823 1,085 75 45 150 46 371Jun-10 193 262 1,209 34 140 1,839 1,089 72 45 158 42 369Jul-10 193 262 1,209 34 140 1,839 1,089 72 45 158 42 369Aug-10 200 268 1,217 32 140 1,857 1,082 72 47 170 39 375Sep-10 192 270 1,218 33 143 1,857 1,087 70 47 167 40 367Oct-10 188 262 1,218 33 144 1,846 1,092 66 44 162 41 353Nov-10 186 261 1,199 34 146 1,826 1,077 66 44 162 41 352Dec-10 173 262 1,182 34 143 1,794 1,059 63 43 164 41 357Jan-11 178 262 1,188 35 141 1,803 1,074 69 41 162 39 361Feb-11 176 259 1,164 35 139 1,773 1,077 68 39 154 35 346Mar-11 163 256 1,174 34 141 1,770 1,089 61 40 149 37 336Apr-11 160 257 1,180 35 144 1,776 1,096 55 39 143 39 326May-11 169 262 1,193 35 146 1,805 1,096 57 41 145 37 331

Yr-on-Yr Chg. -11.5% 0.9% -0.2% -2.5% 2.7% -1.0% 1.0% -24.3% -7.3% -3.7% -19.1% -10.7%

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

685 million barrels of oil in the Strategic Petroleum Reserve. 3. Total includes other finished petroleum products. All stocks are closing levels for respective reporting

period. Source: EIA Petroleum Supply Monthly.


Page 18

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

OPEC

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

2008 2.46 1.30 2.15 0.86 1.69 2.40 12.87 1.19 1.53 0.99 5.90 2.372009 2.26 0.95 1.84 0.37 1.39 1.73 9.90 1.05 1.01 0.79 4.70 1.692010 2.34 0.83 1.56 0.30 1.60 1.76 9.46 0.95 1.12 1.00 4.79 1.75

1Q 2010 2.30 0.79 1.59 0.56 1.51 1.67 9.32 0.98 1.00 0.95 4.68 1.672Q 2010 2.38 0.88 1.57 0.37 1.65 1.98 10.06 0.97 1.24 1.07 5.20 1.983Q 2010 2.35 0.87 1.59 0.21 1.74 1.78 9.85 0.95 1.12 1.08 4.98 1.784Q 2010 2.33 0.77 1.47 0.05 1.52 1.61 8.59 0.91 1.12 0.92 4.29 1.561Q 2011 2.54 0.70 1.43 0.18 1.49 1.61 8.71 1.01 1.11 0.94 4.52 1.59

Yr-on-Yr Chg. 10.4% -11.2% -9.9% -68.5% -1.5% -4.0% -6.6% 3.0% 10.4% -0.7% -3.4% -5.2%

May-10 2.33 1.08 1.52 0.35 1.64 1.72 9.73 1.09 1.10 1.01 4.91 1.72Jun-10 2.54 0.78 1.55 0.26 1.69 2.20 10.32 0.90 1.35 1.10 5.39 2.20Jul-10 2.52 0.78 1.55 0.26 1.69 1.97 10.07 0.90 1.12 1.10 5.02 1.97Aug-10 2.31 0.91 1.65 0.33 1.68 1.66 9.97 0.98 1.13 0.98 4.92 1.66Sep-10 2.22 0.93 1.59 0.05 1.85 1.70 9.52 0.99 1.09 1.16 5.02 1.70Oct-10 2.16 0.84 1.48 0.08 1.45 1.58 8.69 0.92 1.12 0.87 4.19 1.48Nov-10 2.33 0.81 1.56 -0.11 1.50 1.69 8.54 0.91 1.14 0.85 4.40 1.65Dec-10 2.52 0.66 1.38 0.19 1.61 1.56 8.54 0.89 1.09 1.04 4.28 1.56Jan-11 2.58 0.82 1.62 0.22 1.59 1.71 9.27 1.02 1.10 0.99 4.75 1.69Feb-11 2.62 0.59 1.21 0.03 1.39 1.45 7.93 0.98 1.11 0.95 4.35 1.43Mar-11 2.43 0.70 1.47 0.28 1.50 1.66 8.93 1.04 1.11 0.88 4.46 1.64Apr-11 2.36 0.44 1.62 0.20 1.42 1.71 8.69 0.96 1.11 0.91 4.38 1.68May-11 2.21 0.70 1.55 0.28 1.32 1.87 9.03 0.98 1.19 0.83 4.46 1.81

Yr-on-Yr Chg. -5.4% -34.8% 1.8% -22.1% -19.6% 8.7% -7.2% -10.2% 8.8% -17.2% -9.2% 5.4%

% of Total3 24.4% 7.8% 17.2% 3.0% 14.6% 20.7% 100.0% 10.9% 13.2% 9.2% 49.4% 20.1%

Region of Origin

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

Petroleum Supply Monthly.

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

PAD District U.S. Major Producers

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

2008 0.02 0.53 2.70 0.36 1.34 4.95 0.68 0.65 0.20 1.07 1.162009 0.02 0.58 3.06 0.35 1.27 5.27 0.63 0.63 0.20 1.08 1.512010 0.02 0.65 3.18 0.35 1.24 5.44 0.62 0.62 0.18 1.12 1.65

1Q 2010 0.02 0.60 3.11 0.36 1.34 5.42 0.69 0.63 0.18 1.10 1.742Q 2010 0.02 0.61 3.17 0.34 1.23 5.37 0.63 0.60 0.18 1.08 1.653Q 2010 0.02 0.66 3.18 0.35 1.18 5.40 0.57 0.61 0.18 1.11 1.624Q 2010 0.02 0.72 3.24 0.37 1.22 5.56 0.59 0.62 0.18 1.18 1.601Q 2011 0.02 0.76 3.35 0.37 1.21 5.71 0.58 0.63 0.19 1.23 1.61

Yr-on-Yr Chg. 22.8% 26.8% 7.5% 4.8% -9.5% 5.3% -16.5% -0.2% 4.6% 12.5% -7.1%

Mar-10 0.02 0.59 3.23 0.34 1.26 5.43 0.64 0.62 0.16 1.07 1.70Apr-10 0.02 0.57 3.03 0.32 1.17 5.10 0.59 0.58 0.18 1.02 1.59May-10 0.02 0.63 3.24 0.35 1.26 5.50 0.65 0.62 0.19 1.11 1.70Jun-10 0.02 0.63 3.24 0.34 1.26 5.50 0.64 0.62 0.19 1.10 1.68Jul-10 0.02 0.61 3.14 0.33 1.22 5.32 0.62 0.60 0.18 1.07 1.62Aug-10 0.02 0.66 3.14 0.34 1.12 5.29 0.52 0.60 0.17 1.10 1.60Sep-10 0.02 0.72 3.27 0.37 1.20 5.59 0.56 0.64 0.19 1.18 1.63Oct-10 0.02 0.71 3.24 0.37 1.16 5.51 0.54 0.63 0.18 1.16 1.63Nov-10 0.02 0.73 3.21 0.37 1.24 5.57 0.61 0.63 0.18 1.19 1.57Dec-10 0.02 0.72 3.27 0.37 1.24 5.62 0.62 0.62 0.18 1.21 1.60Jan-11 0.02 0.71 3.14 0.36 1.19 5.41 0.59 0.60 0.18 1.09 1.53Feb-11 0.02 0.81 3.63 0.40 1.36 6.23 0.68 0.68 0.21 1.37 1.75Mar-11 0.02 0.75 3.27 0.36 1.08 5.48 0.46 0.61 0.18 1.25 1.56

Yr-on-Yr Chg. 42.4% 27.0% 1.4% 6.8% -14.5% 0.9% -27.6% -1.0% 12.5% 17.0% -8.3%

R/P Ratio35.7 8.6 9.3 15.5 17.2 11.2 21.1 14.3 7.1 12.0 7.0

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

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


Page 19

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

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

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

2008 1.33 77.4 3.22 87.7 7.01 83.2 0.54 88.1 2.76 86.2 14.86 84.32009 1.25 77.9 3.21 87.1 7.30 86.1 0.55 87.6 2.62 81.8 14.93 84.82010 1.14 82.4 3.34 89.7 7.66 89.0 0.55 88.4 2.63 82.2 15.32 87.4

1Q 2010 1.10 79.1 3.20 85.9 6.99 81.1 0.51 82.3 2.52 78.3 14.32 81.52Q 2010 1.22 87.5 3.35 89.9 7.95 92.1 0.55 87.9 2.58 80.3 15.65 89.03Q 2010 1.18 84.1 3.43 92.2 7.79 90.3 0.57 91.8 2.60 80.9 15.57 88.54Q 2010 1.05 78.6 3.37 90.9 7.94 92.5 0.57 91.6 2.81 89.4 15.73 90.51Q 2011 1.00 63.0 3.32 89.3 7.32 84.7 0.54 86.4 2.49 79.6 14.67 82.9

Yr-on-Yr Chg. -9.9% 4.0% 4.8% 5.1% -1.3% 2.4%

May-10 1.23 88.0 3.42 91.9 7.86 91.1 0.53 84.6 2.45 76.1 15.48 88.0Jun-10 1.25 89.3 3.47 93.3 7.92 91.8 0.57 92.1 2.66 82.6 15.87 90.2Jul-10 1.25 89.3 3.47 93.3 7.92 91.8 0.57 92.1 2.66 82.6 15.87 90.2Aug-10 1.21 86.3 3.48 93.4 7.85 91.0 0.54 87.3 2.56 79.6 15.64 88.9Sep-10 1.07 76.8 3.35 89.8 7.60 88.1 0.60 95.8 2.59 80.5 15.21 86.5Oct-10 0.83 59.3 3.09 82.9 7.45 86.3 0.54 86.2 2.55 79.3 14.45 82.1Nov-10 0.92 65.8 3.28 88.1 7.73 89.6 0.55 88.1 2.65 82.2 15.13 86.0Dec-10 1.40 115.9 3.73 102.0 8.63 101.5 0.62 100.5 3.22 108.3 17.59 103.8Jan-11 1.05 66.4 3.37 90.5 7.69 89.0 0.53 84.5 2.39 76.4 15.03 84.9Feb-11 0.98 62.0 3.33 89.5 6.81 78.7 0.55 88.6 2.45 78.3 14.12 79.8Mar-11 0.96 60.6 3.28 88.0 7.47 86.4 0.54 86.1 2.63 84.0 14.87 84.0Apr-11 0.96 59.3 3.26 87.7 7.48 86.5 0.49 79.2 2.53 81.0 14.73 83.1May-11 1.15 71.2 3.33 89.5 7.64 88.4 0.56 90.1 2.44 78.1 15.13 85.3

Yr-on-Yr Chg. -6.3% -2.6% -2.7% 6.6% -0.3% -2.3%

% of Total1 7.6% 22.0% 50.5% 3.7% 16.2% 100.0%

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

C7: US Refinery Margins ($US per barrel)

NY Harbor Chicago US Gulf Los Angeles

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

2008 9.88 9.85 9.73 12.252009 3.62 5.28 5.06 12.572010 5.49 6.42 7.53 14.47

2Q 2010 5.92 9.12 9.04 16.693Q 2010 4.97 7.82 7.53 16.174Q 2010 6.73 5.91 8.85 14.661Q 2011 5.62 13.93 20.41 18.642Q 2011 10.07 26.80 24.52 18.30

Yr-on-Yr Chg. 70.2% 193.8% 171.1% 9.6%

Jul-10 5.67 7.41 6.71 18.16Aug-10 4.24 6.61 6.71 16.35Sep-10 5.00 9.44 9.17 13.99Oct-10 6.80 4.87 8.01 14.66Nov-10 6.29 6.18 8.41 13.95Dec-10 7.11 6.67 10.14 15.38Jan-11 6.36 9.59 14.69 13.36Feb-11 5.00 15.28 24.00 21.20Mar-11 5.50 16.93 22.55 21.36Apr-11 7.89 24.42 25.26 23.46May-11 13.09 30.07 23.85 17.27Jun-11 9.24 25.90 24.45 14.16Jul-11 12.24 28.93 27.94 14.17

Yr-on-Yr Chg. 115.9% 290.4% 316.4% -22.0%

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

Source: Oil and Gas Journal.


Page 20

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

Canada East West

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

2007 3.25 1.84 1.42 0.00 0.40 1.14 -0.74 2.86 0.70 2.162008 3.21 1.77 1.48 0.03 0.37 1.09 -0.72 2.84 0.68 2.172009 3.23 1.68 1.59 0.04 0.30 1.04 -0.74 2.93 0.64 2.290.00 0.00 0.00

2Q 2009 3.13 1.64 1.52 0.04 0.35 1.01 -0.67 2.78 0.63 2.153Q 2009 3.19 1.69 1.48 -0.02 0.31 1.05 -0.74 2.88 0.64 2.244Q 2009 3.37 1.64 1.75 0.02 0.35 1.01 -0.66 3.02 0.63 2.391Q 2010 3.35 1.75 1.69 0.08 0.40 1.08 -0.67 2.95 0.67 2.282Q 2010 3.35 1.69 1.69 0.03 0.37 1.06 -0.70 2.98 0.62 2.36

Yr-on-Yr Chg. 7.0% 2.8% 10.8% 5.8% 4.8% 7.1% -0.4%

Jun-09 3.20 1.64 1.58 0.03 0.33 1.00 -0.67 2.87 0.64 2.23Jul-09 3.32 1.81 1.50 -0.01 0.37 1.12 -0.75 2.95 0.69 2.25Aug-09 3.13 1.72 1.35 -0.07 0.28 1.07 -0.79 2.86 0.65 2.21Sep-09 3.13 1.55 1.60 0.02 0.29 0.96 -0.67 2.84 0.59 2.25Oct-09 3.27 1.59 1.64 -0.05 0.31 0.98 -0.66 2.96 0.61 2.35Nov-09 3.49 1.59 1.94 0.04 0.35 0.98 -0.63 3.15 0.61 2.54Dec-09 3.34 1.75 1.66 0.07 0.39 1.08 -0.69 2.95 0.67 2.28Jan-10 3.27 1.75 1.53 0.01 0.40 1.08 -0.68 2.87 0.67 2.20Feb-10 3.46 1.71 1.86 0.11 0.40 1.06 -0.66 3.05 0.65 2.41Mar-10 3.33 1.77 1.68 0.12 0.41 1.09 -0.67 2.92 0.69 2.23Apr-10 3.29 1.60 1.81 0.13 0.38 1.01 -0.63 2.90 0.59 2.32May-10 3.38 1.68 1.68 -0.02 0.37 1.06 -0.69 3.01 0.62 2.39Jun-10 3.38 1.78 1.57 -0.02 0.35 1.12 -0.77 3.03 0.67 2.36

Yr-on-Yr Chg. 5.7% 8.6% -0.7% 5.4% 11.1% 5.7% 4.8%

% of Total1 100.0% 100.0% 10.3% 62.6% 89.7% 37.4%

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

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

D3: Canada Petroleum Stocks (million barrels)

Finished Products NGLs Petrol.

Gasoline Distil. Resid. Total1 Total Total2

2008 0.72 0.54 0.11 1.73 0.55 2.282009 0.74 0.51 0.09 1.70 0.53 2.232010 0.75 0.55 0.09 1.79 0.54 2.33

4Q 2009 0.73 0.54 0.08 1.68 0.60 2.281Q 2010 0.70 0.53 0.11 1.71 0.60 2.312Q 2010 0.78 0.53 0.09 1.79 0.46 2.253Q 2010 0.78 0.54 0.07 1.84 0.49 2.324Q 2010 0.75 0.58 0.10 1.83 0.59 2.42

Yr-on-Yr Chg. 3.9% 8.4% 20.0% 9.1% -2.2% 6.1%

Feb-10 0.71 0.59 0.12 1.78 0.60 2.38Mar-10 0.71 0.49 0.11 1.69 0.57 2.26Apr-10 0.77 0.49 0.10 1.70 0.44 2.14May-10 0.78 0.55 0.09 1.79 0.48 2.27Jun-10 0.79 0.55 0.09 1.88 0.46 2.34Jul-10 0.80 0.50 0.07 1.80 0.43 2.24Aug-10 0.79 0.56 0.07 1.87 0.53 2.40Sep-10 0.75 0.57 0.08 1.83 0.50 2.33Oct-10 0.73 0.55 0.08 1.77 0.55 2.32Nov-10 0.76 0.57 0.10 1.82 0.60 2.43Dec-10 0.77 0.63 0.10 1.90 0.61 2.51Jan-11 0.70 0.56 0.11 1.74 0.61 2.35Feb-11 0.72 0.60 0.10 1.81 0.61 2.42

Yr-on-Yr Chg. 2.1% 2.1% -13.9% 1.7% 1.8% 1.7%

Finished Products Crude Oil Petrol.

Gasoline Distil. Resid. Total1 Total Total2

2008 14.2 17.1 3.1 70.3 71.9 142.22009 15.5 15.8 2.6 65.8 76.5 142.32010 19.2 16.7 3.3 54.5 100.5 155.0

4Q 2009 15.5 15.8 2.6 65.8 76.5 142.31Q 2010 18.1 15.4 3.0 56.7 85.2 141.92Q 2010 15.4 14.4 3.4 51.1 89.1 140.13Q 2010 17.4 17.0 3.7 55.6 95.8 151.44Q 2010 19.2 16.7 3.3 54.5 100.5 155.0

Yr-on-Yr Chg. 23.7% 5.6% 25.8% -17.2% 31.4% 8.9%

Feb-10 17.0 15.8 3.0 55.3 78.7 134.1Mar-10 18.1 15.4 3.0 56.7 85.2 141.9Apr-10 16.2 14.3 3.5 52.5 89.7 142.2May-10 14.4 13.3 3.4 49.1 90.3 139.3Jun-10 15.4 14.4 3.4 51.1 89.1 140.1Jul-10 16.2 15.5 3.1 53.3 89.9 143.2Aug-10 17.3 16.4 3.0 55.0 94.7 149.7Sep-10 17.4 17.0 3.7 55.6 95.8 151.4Oct-10 17.6 16.1 3.2 53.4 97.2 150.6Nov-10 18.2 16.5 3.3 54.1 100.5 154.6Dec-10 19.2 16.7 3.3 54.5 100.5 155.0Jan-11 19.5 16.3 3.7 55.3 100.5 155.9Feb-11 19.8 16.1 3.3 55.3 100.5 155.8

Yr-on-Yr Chg. 16.4% 1.7% 10.0% -0.1% 27.7% 16.2%

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

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


Page 21

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

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

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

Non-OPEC OPEC Imports

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

2008 26 24 112 141 497 177 23 64 34 347 113 8442009 26 13 107 98 490 132 48 66 25 297 92 7872010 26 12 97 72 454 113 75 69 27 323 109 777

4Q 2009 7 11 132 118 514 173 14 56 0 247 61 7611Q 2010 28 18 138 101 506 97 67 70 6 267 97 7732Q 2010 31 13 87 47 411 127 69 70 48 362 119 7733Q 2010 36 9 89 91 486 103 88 90 42 350 117 8374Q 2010 7 6 73 50 411 125 76 45 11 314 102 725

Yr-on-Yr Chg. 0.3% -44.2% -45.0% -57.9% -20.0% -27.6% 456.8% -19.7% #DIV/0! 27.1% 68.2% -4.7%

Feb-10 13 15 133 115 432 131 117 76 0 324 76 756Mar-10 39 32 192 70 597 69 32 68 17 214 97 812Apr-10 31 2 124 43 407 123 82 69 58 370 107 777May-10 44 34 102 76 511 121 39 70 41 311 111 822Jun-10 20 5 34 23 314 137 86 71 44 404 138 719Jul-10 46 4 88 117 473 135 46 135 35 384 168 856Aug-10 16 4 128 121 523 118 137 38 41 381 86 904Sep-10 45 21 51 35 464 56 82 97 50 286 97 749Oct-10 0 5 50 67 432 136 51 0 0 187 0 619Nov-10 13 6 80 0 356 103 110 69 33 403 157 759Dec-10 9 8 88 82 444 136 66 66 0 351 149 796Jan-11 10 10 13 67 361 134 31 69 0 299 133 660Feb-11 13 8 75 50 341 113 92 76 0 352 148 694

Yr-on-Yr Chg. 2.3% -46.5% -43.8% -56.3% -21.0% -14.3% -21.0% 0.2% #DIV/0! 8.7% 94.5% -8.3%

% of Total3 1.9% 1.2% 10.8% 7.2% 49.2% 16.2% 13.3% 11.0% 0.0% 50.8% 21.3% 100.0%

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

Energy Statistics Handbook.

Major Producers Canada Petroleum Type

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

2008 1.87 0.44 0.03 0.02 0.34 2.74 0.00 0.00 0.00 0.00 0.002009 1.98 0.42 0.03 0.02 0.27 2.75 0.00 0.00 0.00 0.00 0.002010 2.09 0.42 0.03 0.02 0.28 2.88 0.00 0.00 0.00 0.00 0.00

1Q 2010 1.94 0.43 0.03 0.02 0.30 2.75 0.82 0.63 0.43 0.70 0.162Q 2010 2.10 0.42 0.03 0.02 0.29 2.88 0.80 0.78 0.42 0.72 0.153Q 2010 2.10 0.42 0.03 0.01 0.28 2.87 0.79 0.82 0.42 0.69 0.154Q 2010 2.24 0.43 0.03 0.02 0.27 3.02 0.81 0.90 0.42 0.73 0.151Q 2011 2.22 0.44 0.04 0.02 0.27 3.01 0.83 0.84 0.42 0.76 0.15

Yr-on-Yr Chg. 14.4% 1.8% 5.3% -7.9% -10.8% 9.6% 1.9% 32.1% -2.6% 9.2% -4.1%

Apr-10 2.04 0.42 0.03 0.02 0.30 2.84 0.82 0.74 0.42 0.69 0.15May-10 2.11 0.41 0.03 0.02 0.29 2.89 0.80 0.78 0.42 0.74 0.15Jun-10 2.15 0.41 0.03 0.02 0.27 2.92 0.77 0.83 0.42 0.74 0.15Jul-10 2.15 0.42 0.03 0.01 0.26 2.90 0.75 0.85 0.42 0.71 0.15Aug-10 2.14 0.42 0.03 0.02 0.29 2.93 0.80 0.84 0.42 0.70 0.15Sep-10 1.99 0.42 0.03 0.02 0.30 2.79 0.81 0.77 0.42 0.64 0.15Oct-10 2.09 0.43 0.03 0.02 0.26 2.86 0.79 0.79 0.43 0.70 0.15Nov-10 2.31 0.43 0.03 0.02 0.28 3.11 0.82 0.95 0.43 0.76 0.15Dec-10 2.32 0.43 0.03 0.02 0.26 3.10 0.82 0.95 0.42 0.75 0.16Jan-11 2.21 0.43 0.03 0.02 0.27 3.00 0.82 0.83 0.42 0.78 0.15Feb-11 2.24 0.44 0.04 0.02 0.26 3.04 0.83 0.85 0.42 0.78 0.15Mar-11 2.19 0.44 0.04 0.02 0.27 2.99 0.84 0.83 0.43 0.73 0.16Apr-11 2.18 0.41 0.04 0.02 0.29 2.98 0.85 0.82 0.41 0.74 0.15

Yr-on-Yr Chg. 7.2% -3.8% 7.3% -5.5% -1.6% 4.8% 3.9% 10.3% -3.6% 6.5% -0.1%


Page 22

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


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

2008 2,361 75 36 2,472 152 410 561 112 193 305 3,3382009 1,432 69 25 1,527 156 323 479 102 170 272 2,2772010 1,968 78 21 2,067 189 390 579 109 173 282 2,929

2Q 2010 1,780 81 18 1,879 190 371 561 106 181 287 2,7273Q 2010 2,067 76 23 2,166 195 438 633 110 184 295 3,0934Q 2010 2,173 83 22 2,278 194 428 623 111 197 307 3,2081Q 2011 2,386 93 17 2,496 -49 679 630 167 176 343 3,4692Q 2011 2,104 92 17 2,213 -36 653 618 176 156 332 3,163

Yr-on-Yr Chg. 18.2% 13.5% -5.7% 17.8% -118.7% 76.1% 10.0% 66.6% -13.6% 15.9% 16.0%

Jun-10 1,862 83 18 1,963 195 419 614 102 180 282 2,859Jul-10 2,009 84 22 2,115 193 432 625 111 181 292 3,032Aug-10 2,113 64 23 2,200 194 442 636 109 182 291 3,127Sep-10 2,079 80 24 2,183 197 440 637 111 190 301 3,121Oct-10 2,140 80 24 2,244 189 417 606 113 202 315 3,165Nov-10 2,190 85 21 2,296 194 437 631 112 194 306 3,233Dec-10 2,189 83 22 2,294 200 431 631 107 194 301 3,226Jan-11 2,354 93 20 2,467 -51 686 635 156 179 335 3,437Feb-11 2,431 95 16 2,542 -45 690 645 172 177 349 3,536Mar-11 2,372 92 16 2,480 -51 660 609 174 171 345 3,434Apr-11 2,054 89 17 2,160 -43 637 594 180 168 348 3,102May-11 2,064 94 15 2,173 -32 663 631 174 152 326 3,130Jun-11 2,193 94 18 2,305 -32 660 628 174 149 323 3,256

Yr-on-Yr Chg. 17.8% 13.3% 0.0% 17.4% -116.4% 57.5% 2.3% 70.6% -17.2% 14.5% 13.9%

% of Total2 67.4% 2.9% 0.6% 70.8% -1.0% 20.3% 19.3% 5.3% 4.6% 9.9% 100.0%

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

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

United States Canada North America1

East Mid-West S-Cent N-West West Total Land2Offshore Total Oil Gas Total

2008 62 311 1,212 240 54 1,868 1,814 65 377 751 1,494 2,2452009 71 189 683 109 36 1,086 1,042 44 221 507 800 1,3072010 112 282 969 131 46 1,540 1,509 32 351 949 942 1,891

2Q 2010 107 264 969 120 46 1,505 1,464 41 166 715 957 1,6713Q 2010 118 301 1,013 141 49 1,623 1,606 18 361 1,008 977 1,9854Q 2010 128 332 1,030 148 49 1,687 1,665 22 405 1,141 952 2,0931Q 2011 126 355 1,041 146 50 1,716 1,691 26 603 1,419 900 2,3192Q 2011 127 382 1,115 152 53 1,829 1,798 31 188 1,137 880 2,017

Yr-on-Yr Chg. 18.8% 44.7% 15.1% 26.5% 14.5% 21.6% 22.8% -23.3% 12.8% 59.1% -8.0% 20.7%

Jul-10 117 288 983 135 51 1,577 1,563 15 350 956 971 1,927Aug-10 119 306 1,023 143 48 1,638 1,619 20 387 1,042 983 2,025Sep-10 120 310 1,033 145 48 1,655 1,635 19 347 1,025 977 2,002Oct-10 127 324 1,020 149 47 1,668 1,647 21 398 1,100 966 2,066Nov-10 129 324 1,033 149 50 1,683 1,661 22 420 1,153 950 2,103Dec-10 129 349 1,038 146 49 1,711 1,687 24 398 1,169 940 2,109Jan-11 125 363 1,030 143 50 1,711 1,686 26 612 1,415 909 2,323Feb-11 130 348 1,048 143 49 1,718 1,692 26 629 1,440 907 2,347Mar-11 121 354 1,044 151 51 1,720 1,694 26 567 1,403 884 2,287Apr-11 121 380 1,087 152 51 1,790 1,762 28 184 1,088 885 1,973May-11 129 384 1,117 153 54 1,836 1,804 32 143 1,101 878 1,979Jun-11 132 382 1,141 153 55 1,863 1,829 34 236 1,222 877 2,099Jul-11 137 387 1,161 159 56 1,900 1,865 35 347 1,368 880 2,248

Yr-on-Yr Chg. 17.8% 34.3% 18.2% 17.8% 9.9% 20.5% 19.4% 141.4% -0.8% 43.1% -9.5% 16.6%

% of Total3 6.1% 17.2% 51.7% 7.1% 2.5% 84.6% 15.4% 60.9% 39.1% 100.0%

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


Page 23

Geographical Specifications

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Washington.

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

Maritime provinces (New Brunswick, Newfoundland and Labrador, Nova

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

Columbia, Saskatchewan and the northern territories (NorthWest

Territories, Nunavuut, and Yukon).

Additional Notes

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

whereas crude oil refers to its namesake and field condensates.

Condensates derived from natural gas processing plants are classified as

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Crude Stream

Producing

Country or

Region

API

Gravity

(@60° F)

Sulfur

Content

(%)

BBLs/Metric

Tonne

Tapis Blend Malaysia 44 0.1 7.910

Ekofisk Blend Norway 43 0.2 7.773

WTI Texas 40 0.3 7.640

GCS Gulf of Mexico 40 0.3 7.640

Oklahoma Sweet Oklahoma 40 0.3 7.640

Kansas Sweet Kansas 40 0.4 7.640

Wyoming Sweet Wyoming 40 0.2 7.640

ELS Alberta 40 0.5 7.640

Brent Blend United kingdom 38 0.8 7.551

Bonny Light Nigeria 37 0.1 7.506

Oman Blend Oman 36 0.8 7.462

Arabian Light Saudi Arabia 34 1.8 7.373

Minas Indonesia 34 0.1 7.373

Isthmus Mexico 34 1.5 7.373

Michigan Sour Michigan 34 1.7 7.373

WTS Texas 33 1.7 7.328

Urals Russia 32 1.7 7.284

Tia Juana Light Venezuela 32 1.2 7.284

Dubai U.A.E. 31 1.7 7.239

Lost Hills California 30 0.6 7.194

Cano Limon Colombia 28 0.6 7.105

Arabian Heavy Saudi Arabia 27 2.8 7.061

ANS Alaska 27 1.1 7.061

Oriente Ecuador 25 1.4 6.971

Hardisty Heavy Alberta 25 2.1 6.971

Maya Mexico 22 3.3 6.838

Kern River California 13 1.0 6.436

Crude Oil Qualities

For more information, please contact Dinara Millington at (403) 220-2384 or [email protected]. Canadian Energy Research Institute 150, 3512 – 33 Street NW Calgary, AB T2L 2A6

Documents

August 2011 CERI Commodity Report Crude Oil · CERI Commodity Report - Crude Oil Page 2 building the pipeline would not increase global supply. The latter assumes that the resources