The Balancing Act: Perspectives of the Global and Domestic Oil Markets

The Balancing Act:Perspectives of the Global and Domestic Oil MarketsFrederick J. LawrenceVice President - Economics and International Affairs

Alien Vs. PredatorDemand appears to be driving Fundamentals in a Tight Market is it Sustainable? Global Economy, Asia Growth Components & More?World demand up an estimated 2.7 Mmb/d (3.4%)US demand up 460,000 b/d (2.4%) & China demand up an estimated 860,000 b/d (16.5%) in 2004.+Supply Reacts to Demand and Price but hitting Capacity limitationsOPEC & Non-OPEC Potential Market Share vs. ReservesSpare Capacity & Just in Time Behavior narrow the gapEnergy Security, Interdependence & Diversification growing connectivity between foreign and domestic policy

= INCREASED VOLATILITY & FEAR FACTOR

Chart1

40

25

25

8

3

Source: BP Statistical Review of World Energy

2003 US Energy Shares

2003 US Energy Share

Chart2

37

24

26

6

6

Source: BP Statistical Review of World Energy

2003 World Energy Shares

World Energy Shares (2003)

Coal - 26 %

Oil - 37%

Nuclear - 6 %

Natural Gas - 24 %

Hydro -6%

Sheet1

2003 US Energy Shares

Oil40

Natural Gas25

Coal25

Nuclear8

Hydro3

2003 World Energy Shares

Oil37

Natural Gas24

Coal26

Nuclear6

Hydro6

2003 Emerging Market Economies

Oil36.81

Natural Gas17.1

Coal37.11

Nuclear1.11

Hydro7.87

Sheet2

Sheet3

Where is the incremental demand coming from by region?

Demand is breaking out and were en route to 90 Mmb/d QUARTERLY AVERAGEYEARLY AVERAGE

China Growth Spurt

China will continue to be a big part of the demand story.

Dont discount growth in the rest of Asia especially India

UN Perspectives on Sustainability

Global Population Surge

US Supply Consumption Imports

9.63746.822.7

8.34963.140.1

6.84767.450

6.25273.956.6

5.88175.855.6

5.4482.461.3

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Source: EIA

US Production

World Petroleum Consumption

Import %

Mmb/d

Percent

My Oil Cycle

Vermont

54.34

4.89

0.06

26.65

5.5

5.32

Vermont - 2001

Vermont Energy Shares - 2001

Texas

45.9

36.87

12.42

3.31

0.1

0.62

Texas - 2001

Texas Energy Shares - 2001

California

45.9

32.01

0.86

4.42

3.26

1.92

California - 2001

California Energy Shares - 2001

US

39.79

24.67

24.98

7.92

2.65

2.94

US - 2003

US Energy Shares - 2003

China

23.36

2.5

67.87

0.83

5.43

China - 2003

China Energy Shares - 2003

Per Capital Consumption

13.3

20.5

33.3

172.3

177.8

195.3

218.7

339.1

Source: EIA 2002 Est. Data

Per Capital Energy Consumption of Selected Countries

Million BTU per Person

Reserves

262.7259.4

115115

130.7125.8

97.892.2

96.599

69.160

30.721.891

16.9178.8

7877.226

1614.6

10.610.6

3639

34.332.255

23.718.25

Source: BP 2004 Statistical Review and Oil & Gas Journal Survey

BP Statistics 1/2004

Oil and Gas Journal 1/2005

Billion barrels

Look at Oil Reserves

Reserves Alignment

85.8

882

178.8

86.9

Oil Reserves

Billion barrels

Alignment of Oil Reserves

Production

9.817

8.543

7.454

3.852

3.789

3.396

3.26

2.987

2.986

2.52

2.245

2.238

2.185

1.857

1.552

1.488

1.344

Source: BP 2004 Statistical Review

Crude Production

Million barrels per day

Comparative Oil Production

Bloc Production

21.185

30.383

35.917

10.477


Crude Production


Production by Bloc

Import Sensitivity

2.069

1.639

2.458

1.026

0.253

2.536

0.407

1.424

0.229

0.214

Source: BP 2004

US Import Sensitivity - 2003

Import Regions

6.16

1.28

2.94

1.424

0.44

Source: BP 2004 Statistics

50%

24%

12%

10%

4%


OPEC & Mid East Oil

5636

2911

2477

Source: EIA

5.6 Mmb/d

2.9 Mmb/d

2.5 Mmb/d

Source: EIA

Preliminary 2004 Imports

Preliminary 2004 Petroleum Imports

Refining

3365556

3098439

2939557

27611517

27211881

27412431

26813151

27312689

27912902

27613884

28214982

29615071

30814955

31913796

32412752

30112172

25811947

24712216

22312165

21612826

21912003

21313447

20413551

20513610

20213508

19913600

18713851

17914032

17514119

17014337

16414838

16315113

15915080

15815299

15515369

15315180

14915304

13215446

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# Operable Refineries

Gross Input to Distillation Units


Gross Input

Refinery Situation

Forecast US Oil Supply

2.991.720.97

2.632.580.81

2.422.190.88

2.242.110.86

2.092.030.61

Source: EIA

Lower 48 Onshore

Lower 48 Offshore

Alaska


Forecasted US Oil Supply

Projected Wells Drilled

30.08

27.67

29.33

29.59

26.96

Total Lower 48 Wells Drilled

Thousands

Balance

209.099.65

22.989.6111.31

24.679.2713.28

26.329.2114.8

27.938.8216.11

Source: EIA

US consumption

US production

US net imports


US Petroleum Balance

Oil Deficit

113.78

125.14

153.97

180.07

215.89

Source: EIA

US Oil Deficit

Billion 2003 Dollars

Domestic Data

20032010201520202025

Lower 48 Onshore2.992.632.422.242.09

Lower 48 Offshore1.722.582.192.112.03

Alaska0.970.810.880.860.61


30.0827.6729.3329.5926.96

US consumption2022.9824.6726.3227.931.5% growth

US production9.099.619.279.218.82-0.10%

US net imports9.6511.3113.2814.816.112.4% growth

18.7420.9222.5524.0124.93

World79.691.65100.38110.14120.471.9% growth

Net Expenditures for Imported Crude Oil and Petroleum Products (Billion 2003 dollars)

US Oil Deficit113.78125.14153.97180.07215.893.0% growth - oil import deficit is one-quarter of our entire trade deficit

Data

World Petroleum ConsumptionUS ProductionImport %

1970 - DOB46.89.63722.7

1987-1st Motorcycle63.18.34940.1

1993-Jeffords Near Miss67.46.84750

1998-Enter Energy73.96.25256.6

1999-Start at IPAA75.85.88155.6

2004-Today82.45.4461.3

PetroleumNatural GasCoalNuclearHydroWoodRenewablesNuke + Renewables

Vermont - 200154.344.890.0626.655.55.3216.4443.09

Texas - 200145.936.8712.423.310.10.620.834.14

California - 200145.932.010.864.423.261.929.3513.77

US - 200339.7924.6724.987.922.652.946.2614.18

China - 200323.362.567.870.835.43NA18.619.43

India - 200332.817.8553.661.194.52

Brazil - 200346.367.886.061.6537.98

World-200337.3323.9426.476.156.11

OECD-200341.2322.8521.379.365.18

Source: EIA and BP Statistical Review

Per Capital Energy Consumption of Selected CountriesEnergy Intensity

India13.35,255

Indonesia20.55,870

China33.37213

Japan172.37,2222001

France177.87,529

Russia195.330,2392001

Saudi Arabia218.717,820

US339.19348

Oil ReservesBP Statistics 1/2004Oil and Gas Journal 1/2005

Saudi Arabia262.7259.4note decline since 2002 from 262.8

Iraq115115lots of work to do here - potential upside

Iran130.7125.8

UAE97.892.2

Kuwait96.599

Russia69.160

US30.721.891

Canada16.9178.8

Venezuela7877.226

Mexico1614.6

Brazil10.610.6

Libya3639

Nigeria34.332.255

China23.718.25

OECD85.8

OPEC882885.18876.90%

non-OPEC178.815.6

FSU86.97.6

Crude Production

Saudi Arabia9.817US Import Sensitivity - 2003

Russia8.543

US7.454Canada2.069North & South America6.16

Iran3.852Mexico1.639Europe and FSU1.28

Mexico3.789South & Central America2.458Middle East and North Africa2.94

China3.396Europe1.026West Africa1.424

Norway3.26FSU0.253Asia and Other0.44

Venezuela2.987Middle East2.536

Canada2.986North Africa0.407

UAE2.52Wst Africa1.424Preliminary 2004 Imports

United Kingdom2.245Asia0.229OPEC5636

Kuwait2.238Other0.214Arab OPEC2911

Nigeria2.185Persian Gulf2477

Algeria1.857

Brazil1.552

Libya1.488

Iraq1.344

OECD21.185

OPEC30.383# Operable RefineriesGross Input to Distillation UnitsPetroleum Products Supplied

non-OPEC35.917excludes fsu19493365,5565763

FSU10.47719603098,4399797

19652939,55711512

197027611,51714697

US Production Forecast197127211,88115212

197227412,43116367

197326813,15117308

197427312,68916653

197527912,90216322

197627613,88417461

197728214,98218431

197829615,07118847

197930814,95518513

198031913,79617056

198132412,75216058

198230112,17215296

198325811,94715231

198424712,21615726

198522312,16515726

198621612,82616281

198721912,00316665

198821313,44717283

198920413,55117325

199020513,61016988

199120213,50816714

199219913,60017033

199318713,85117237

199417914,03217718

199517514,11917725

199617014,33718309

199716414,83818620

199816315,11318917

199915915,08019519

200015815,29919701

200115515,36919649

200215315,18019761

200314915,30420034

200413215,44620449

Real GDP

103816.92

130846.23

152165.7

176345.23

202924.81

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Source: EIA

Real GDP

Energy Intensity

Billions 2000 Chain-Weighted $

Thousand BTU per 2000 $ of GDP

Macroeconomic Indicators

Population

3.1750361.3222731.0869170.3000380.1611510.2253130.182798

3.3636751.3648751.1738060.3149210.1817530.2383740.192879

3.5620431.4023211.2463510.3296690.2044650.2504280.20197

3.7560411.4294731.3122120.344270.2273950.2610530.209793

3.942791.44511.3692840.358030.2497660.2701130.216372

4.7077721.3951821.5314380.4086950.34870.2937970.23314

Source: UN Population Division

Rest of World

China

India

USA

Pakistan

Indonesia

Brazil

Billions

GDP Data

Real GDP

Energy Intensity

2003103816.92

2010130846.23

2015152165.7

2020176345.23

2025202924.81

Average growth of 3.1% per year

WorldAsiaUSAChinaIndiaPakistanIndonesiaBrazilRest of WorldRussian Federation

20056.4535263.9175080.3000381.3222731.0869170.1611510.2253130.1827983.1750360.141553

20106.8302834.1489480.3149211.3648751.1738060.1817530.2383740.1928793.3636750.137501

20157.1972474.3705220.3296691.4023211.2463510.2044650.2504280.201973.5620430.133429

20207.5402374.5701310.344271.4294731.3122120.2273950.2610530.2097933.7560410.129018

20257.8514554.7422320.358031.44511.3692840.2497660.2701130.2163723.942790.124428

20508.9187245.2220580.4086951.3951821.5314380.34870.2937970.233144.7077720.101456

Peak in 2030 and slow due to 1 Child Policypass China around 2035

59%1 child policypass Chinadoubles

NG Production

19.07

20.42

20.77

21.89

21.83

Dry Production

Trillion Cubic Feet

Natural Gas Balance

NG Supply

19.074.130.44-0.27

20.422.572.5-0.06

20.772.984.33-0.21

21.892.695.54-0.27

21.832.556.37-0.17

Dry Production

Canada

LNG

Other

Tcf

Natural Gas Supply

NG Consumption

104.966.99

10.836.747.87

11.318.398.26

11.869.458.64

12.249.439

Other Consumption

Electric Power

Industrial

Tcf

Natural Gas Consumption

NG Data

Natural Gas

Dry ProductionCanadaLNGOtherConsumptionElectric PowerIndustrialOther Consumption

200319.074.130.44-0.2721.954.966.9910

201020.422.572.5-0.0625.446.747.8710.83

201520.772.984.33-0.2127.968.398.2611.31

202021.892.695.54-0.2729.959.458.6411.86

202521.832.556.37-0.1730.679.43912.24

Demand Bites

Projected Global Petroleum Demand

Sino-Russian Oil Balance

104052275

93262411

80382662

71732913

64193145

62883390

61143672

62273935

61694047

61784416

65364985

70565030

76985379

85435982

92006300

Source: 2002 BP Statistical Review of World Energy & EIA

Source: BP & EIA - 2004 data forecasted

Russia Federation Production

China Demand

Thousand barrels per day


Comparative Reserve Base

30.7

69.1

262.7

115

23.7

Source: 2003 BP Statistical Review of World Energy

Reserves

Billion barrels

Proved Oil Reserves

Demand

57.695.37.772.185.16

65.745.79.792.797.63

70.975.7211.013.489.2

76.85.6912.224.3711.06

82.965.8413.595.2912.79

Source: EIA

Other

Japan

Rest of Asia

India

China


Supply

38.3920.97.937.671.66

41.2624.459.559.983.14

42.0926.8711.110.624.46

42.9432.3713.0110.95.23

43.6338.4715.0811.116.22

Source: EIA

Other

Middle East

Africa

Russia

Caspian


Projected Source of Global Conventional Supply

Data

Russia Production & ExportsReservesProjected Petroleum Demand

Production -FSURussia Federation ExportsChina DemandRussian Production - Chinese DemandRussia Federation ConsumptionFSU ProductionRussia Federation ProductionProved ReservesConsumption-FSUUSRussiaSaudi ArabiaIraqChinaTotal DemandChinaRest of AsiaIndiaJapanOther

1975993580.4752030.769.1262.711523.7200278.15.167.772.185.357.69

1976105207780201091.657.639.792.795.765.74

19771105581252015100.389.211.013.485.7270.97

1978115957184802020110.1411.0612.224.375.6976.8

19791187086402025120.4712.7913.595.295.8482.96

198012215638795

198112330639155Projected Petroleum Supply

1982123759095Total SupplyRussiaCaspianMiddle EastAfricaOther

1983124508970200276.557.671.6620.97.9338.39

1984122558980201088.389.983.1424.459.5541.26

198511930618950201595.1410.624.4626.8711.142.09

19861240088802020104.4510.95.2332.3713.0142.94

19871260589352025114.5111.116.2238.4715.0843.63

19881261058.58830

1989122708795

19901097521702275813050151156510405578540

19919992186024116915488810472932657

19927632229826625376449491498038

1993673024362913426037888196717348.4/57

1994613525313145327432677391641949/57

1995599527313390289829347297628849/57

19965850323936722442260671716114

1997592034133935229225937377622748.6/65.4

1998585435694047212224847391616948.6/65.4

1999607940194416176225347551617857/65.4

2000647942734985155124748013653648.6/65.3

200170494679503020262456705648.6/65.4

200276985370537923192480769860

2003854347285982256125038543

2004630029009200

Frederick Lawrence:From MER Table 11.1b

Frederick Lawrence:BP





Sheet2

Sheet3

Proved Oil Reserves Not Created Equal


104052275

93262411

80382662

71732913

64193145

62883390

61143672

62273935

61694047

61784416

65364985

70565030

76985379

85435982

92006300




China Demand




262.7259.4

115115

130.7125.8

97.892.2

96.599

69.160

30.721.891

16.9178.8

7877.226

1614.6

10.610.6

3639

34.332.255

23.718.25

Source: 2003 BP Statistical Review of World Energy and Oil & Gas Journal



Billion barrels

Demand

57.695.37.772.185.16

65.745.79.792.797.63

70.975.7211.013.489.2

76.85.6912.224.3711.06

82.965.8413.595.2912.79

Source: EIA

Other

Japan

Rest of Asia

India

China



Supply

38.3920.97.937.671.66

41.2624.459.559.983.14

42.0926.8711.110.624.46

42.9432.3713.0110.95.23

43.6338.4715.0811.116.22

Source: EIA

Other

Middle East

Africa

Russia

Caspian


Projected Source of Global Conventional Supply

Data



1975993580.4752030.769.1262.711523.7200278.15.167.772.185.357.69

1976105207780201091.657.639.792.795.765.74

19771105581252015100.389.211.013.485.7270.97

1978115957184802020110.1411.0612.224.375.6976.8

19791187086402025120.4712.7913.595.295.8482.96

198012215638795



1983124508970200276.557.671.6620.97.9338.39

1984122558980201088.389.983.1424.459.5541.26

198511930618950201595.1410.624.4626.8711.142.09

19861240088802020104.4510.95.2332.3713.0142.94

19871260589352025114.5111.116.2238.4715.0843.63

19881261058.58830Oil ReservesBP Statistics 1/2004Oil and Gas Journal 1/2005

1989122708795

19901097521702275813050151156510405578540Saudi Arabia262.7259.4

19919992186024116915488810472932657Iraq115115

19927632229826625376449491498038Iran130.7125.8

1993673024362913426037888196717348.4/57UAE97.892.2

1994613525313145327432677391641949/57Kuwait96.599

1995599527313390289829347297628849/57Russia69.160

19965850323936722442260671716114US30.721.891

1997592034133935229225937377622748.6/65.4Canada16.9178.8

1998585435694047212224847391616948.6/65.4Venezuela7877.226

1999607940194416176225347551617857/65.4Mexico1614.6

2000647942734985155124748013653648.6/65.3Brazil10.610.6

200170494679503020262456705648.6/65.4Libya3639

200276985370537923192480769860Nigeria34.332.255

2003854347285982256125038543China23.718.25

2004630029009200







Sheet2

Sheet3

Supply is also adapting to a new threshold but can it be maintained?



9.63746.822.7

8.34963.140.1

6.84767.450

6.25273.956.6

5.88175.855.6

5.4482.461.3

&A

Page &P

Source: EIA

US Production


Import %

Mmb/d

Percent

My Oil Cycle

Vermont

54.34

4.89

0.06

26.65

5.5

5.32

Vermont - 2001


Texas

45.9

36.87

12.42

3.31

0.1

0.62

Texas - 2001


California

45.9

32.01

0.86

4.42

3.26

1.92

California - 2001


US

39.79

24.67

24.98

7.92

2.65

2.94

US - 2003


China

23.36

2.5

67.87

0.83

5.43

China - 2003



13.3

20.5

33.3

172.3

177.8

195.3

218.7

339.1




Reserves

262.7259.4

115115

130.7125.8

97.892.2

96.599

69.160

30.721.891

16.9178.8

7877.226

1614.6

10.610.6

3639

34.332.255

23.718.25




Billion barrels


Reserves Alignment

85.8

882

178.8

86.9

Oil Reserves

Billion barrels


Production

9.817

8.543

7.454

3.852

3.789

3.396

3.26

2.987

2.986

2.52

2.245

2.238

2.185

1.857

1.552

1.488

1.344


Crude Production


Bloc Production

21.185

30.383

35.917

10.477


Crude Production


Production by Bloc

Import Sensitivity

2.069

1.639

2.458

1.026

0.253

2.536

0.407

1.424

0.229

0.214

Source: BP 2004


Import Regions

6.16

1.28

2.94

1.424

0.44


50%

24%

12%

10%

4%


OPEC & Mid East Oil

5636

2911

2477

Source: EIA

5.6 Mmb/d

2.9 Mmb/d

2.5 Mmb/d

Source: EIA



Refining

3365556

3098439

2939557

27611517

27211881

27412431

26813151

27312689

27912902

27613884

28214982

29615071

30814955

31913796

32412752

30112172

25811947

24712216

22312165

21612826

21912003

21313447

20413551

20513610

20213508

19913600

18713851

17914032

17514119

17014337

16414838

16315113

15915080

15815299

15515369

15315180

14915304

13215446

&A

Page &P




Gross Input

Refinery Situation

Data


1970 - DOB46.89.63722.7

1987-1st Motorcycle63.18.34940.1


1998-Enter Energy73.96.25256.6

1999-Start at IPAA75.85.88155.6

2004-Today82.45.4461.3


Vermont - 200154.344.890.0626.655.55.3216.4443.09

Texas - 200145.936.8712.423.310.10.620.834.14

California - 200145.932.010.864.423.261.929.3513.77

US - 200339.7924.6724.987.922.652.946.2614.18

China - 200323.362.567.870.835.43NA18.619.43

India - 200332.817.8553.661.194.52

Brazil - 200346.367.886.061.6537.98

World-200337.3323.9426.476.156.11

OECD-200341.2322.8521.379.365.18



India13.35,255

Indonesia20.55,870

China33.37213

Japan172.37,2222001

France177.87,529

Russia195.330,2392001


US339.19348




Iran130.7125.8

UAE97.892.2

Kuwait96.599

Russia69.160

US30.721.891

Canada16.9178.8

Venezuela7877.226

Mexico1614.6

Brazil10.610.6

Libya3639

Nigeria34.332.255

China23.718.25

OECD85.8

OPEC882885.18876.90%

non-OPEC178.815.6

FSU86.97.6

Crude Production


Russia8.543












Algeria1.857

Brazil1.552

Libya1.488

Iraq1.344

OECD21.185



FSU10.47719603098,4399797

19652939,55711512

197027611,51714697

197127211,88115212

197227412,43116367

197326813,15117308

197427312,68916653

197527912,90216322

197627613,88417461

197728214,98218431

197829615,07118847

197930814,95518513

198031913,79617056

198132412,75216058

198230112,17215296

198325811,94715231

198424712,21615726

198522312,16515726

198621612,82616281

198721912,00316665

198821313,44717283

198920413,55117325

199020513,61016988

199120213,50816714

199219913,60017033

199318713,85117237

199417914,03217718

199517514,11917725

199617014,33718309

199716414,83818620

199816315,11318917

199915915,08019519

200015815,29919701

200115515,36919649

200215315,18019761

200314915,30420034

200413215,44620449

Real GDP

103816.92

130846.23

152165.7

176345.23

202924.81

&A

Page &P

Source: EIA

Real GDP

Energy Intensity




Population

3.1750361.3222731.0869170.3000380.1611510.2253130.182798

3.3636751.3648751.1738060.3149210.1817530.2383740.192879

3.5620431.4023211.2463510.3296690.2044650.2504280.20197

3.7560411.4294731.3122120.344270.2273950.2610530.209793

3.942791.44511.3692840.358030.2497660.2701130.216372

4.7077721.3951821.5314380.4086950.34870.2937970.23314


Rest of World

China

India

USA

Pakistan

Indonesia

Brazil

Billions


GDP Data

Real GDP

Energy Intensity

2003103816.92

2010130846.23

2015152165.7

2020176345.23

2025202924.81



20056.4535263.9175080.3000381.3222731.0869170.1611510.2253130.1827983.1750360.141553

20106.8302834.1489480.3149211.3648751.1738060.1817530.2383740.1928793.3636750.137501

20157.1972474.3705220.3296691.4023211.2463510.2044650.2504280.201973.5620430.133429

20207.5402374.5701310.344271.4294731.3122120.2273950.2610530.2097933.7560410.129018

20257.8514554.7422320.358031.44511.3692840.2497660.2701130.2163723.942790.124428

20508.9187245.2220580.4086951.3951821.5314380.34870.2937970.233144.7077720.101456



NG Production

19.07

20.42

20.77

21.89

21.83

Dry Production

Trillion Cubic Feet

Natural Gas Balance

NG Supply

19.074.130.44-0.27

20.422.572.5-0.06

20.772.984.33-0.21

21.892.695.54-0.27

21.832.556.37-0.17

Dry Production

Canada

LNG

Other

Tcf

Natural Gas Supply

NG Consumption

104.966.99

10.836.747.87

11.318.398.26

11.869.458.64

12.249.439

Other Consumption

Electric Power

Industrial

Tcf


NG Data

Natural Gas


200319.074.130.44-0.2721.954.966.9910

201020.422.572.5-0.0625.446.747.8710.83

201520.772.984.33-0.2127.968.398.2611.31

202021.892.695.54-0.2729.959.458.6411.86

202521.832.556.37-0.1730.679.43912.24

OPEC is building capacity and trying to manage production based on demand.

Non-OPEC has captured market share but sustainability in question.

Former Soviet Union Dominates Non-OPEC Supply Gain

Pragmatic Oil Diplomacy

Projected Source of Global Conventional Oil Supply


104052275

93262411

80382662

71732913

64193145

62883390

61143672

62273935

61694047

61784416

65364985

70565030

76985379

85435982

92006300




China Demand




30.7

69.1

262.7

115

23.7

Source: 2003 BP Statistical Review of World Energy

Reserves

Billion barrels

Proved Oil Reserves

Demand

57.695.37.772.185.16

65.745.79.792.797.63

70.975.7211.013.489.2

76.85.6912.224.3711.06

82.965.8413.595.2912.79

Source: EIA

Other

Japan

Rest of Asia

India

China



Supply

38.3920.97.937.671.66

41.2624.459.559.983.14

42.0926.8711.110.624.46

42.9432.3713.0110.95.23

43.6338.4715.0811.116.22

Source: EIA

Other

Middle East

Africa

Russia

Caspian


Data



1975993580.4752030.769.1262.711523.7200278.15.167.772.185.357.69

1976105207780201091.657.639.792.795.765.74

19771105581252015100.389.211.013.485.7270.97

1978115957184802020110.1411.0612.224.375.6976.8

19791187086402025120.4712.7913.595.295.8482.96

198012215638795



1983124508970200276.557.671.6620.97.9338.39

1984122558980201088.389.983.1424.459.5541.26

198511930618950201595.1410.624.4626.8711.142.09

19861240088802020104.4510.95.2332.3713.0142.94

19871260589352025114.5111.116.2238.4715.0843.63

19881261058.58830

1989122708795

19901097521702275813050151156510405578540

19919992186024116915488810472932657

19927632229826625376449491498038

1993673024362913426037888196717348.4/57

1994613525313145327432677391641949/57

1995599527313390289829347297628849/57

19965850323936722442260671716114

1997592034133935229225937377622748.6/65.4

1998585435694047212224847391616948.6/65.4

1999607940194416176225347551617857/65.4

2000647942734985155124748013653648.6/65.3

200170494679503020262456705648.6/65.4

200276985370537923192480769860

2003854347285982256125038543

2004630029009200







Sheet2

Sheet3

The Wrong Cow is Getting Fat

U.S. Energy Shares (2003)


9.63746.822.7

8.34963.140.1

6.84767.450

6.25273.956.6

5.88175.855.6

5.4482.461.3

&A

Page &P

Source: EIA

US Production


Import %

Mmb/d

Percent

My Oil Cycle

Vermont

54.34

4.89

0.06

26.65

5.5

5.32

Vermont - 2001


Texas

45.9

36.87

12.42

3.31

0.1

0.62

Texas - 2001


California

45.9

32.01

0.86

4.42

3.26

1.92

California - 2001


US

40

25

25

8

3

3

Source: EIA

US - 2003

Natural Gas - 25%

Coal - 25%

Oil - 40%

Hydro - 3%

Nuclear - 8%

Wood - 3%

China

23.36

2.5

67.87

0.83

5.43

China - 2003



13.3

20.5

33.3

172.3

177.8

195.3

218.7

339.1




Reserves

262.7259.4

115115

130.7125.8

97.892.2

96.599

69.160

30.721.891

16.9178.8

7877.226

1614.6

10.610.6

3639

34.332.255

23.718.25




Billion barrels


Reserves Alignment

85.8

882

178.8

86.9

Oil Reserves

Billion barrels


Production

9.817

8.543

7.454

3.852

3.789

3.396

3.26

2.987

2.986

2.52

2.245

2.238

2.185

1.857

1.552

1.488

1.344


Crude Production



Bloc Production

21.185

30.383

35.917

10.477


Crude Production


Production by Bloc

Import Sensitivity

2.069

1.639

2.458

1.026

0.253

2.536

0.407

1.424

0.229

0.214

Source: BP 2004


Import Regions

6.16

1.28

2.94

1.424

0.44


50%

24%

12%

10%

4%


OPEC & Mid East Oil

5636

2911

2477

Source: EIA

5.6 Mmb/d

2.9 Mmb/d

2.5 Mmb/d

Source: EIA



Refining

3365556

3098439

2939557

27611517

27211881

27412431

26813151

27312689

27912902

27613884

28214982

29615071

30814955

31913796

32412752

30112172

25811947

24712216

22312165

21612826

21912003

21313447

20413551

20513610

20213508

19913600

18713851

17914032

17514119

17014337

16414838

16315113

15915080

15815299

15515369

15315180

14915304

13215446

&A

Page &P




Gross Input

Refinery Situation

Data


1970 - DOB46.89.63722.7

1987-1st Motorcycle63.18.34940.1


1998-Enter Energy73.96.25256.6

1999-Start at IPAA75.85.88155.6

2004-Today82.45.4461.3


Vermont - 200154.344.890.0626.655.55.3216.4443.09

Texas - 200145.936.8712.423.310.10.620.834.14

California - 200145.932.010.864.423.261.929.3513.77

US - 2003402525833614

China - 200323.362.567.870.835.43NA18.619.43

India - 200332.817.8553.661.194.52

Brazil - 200346.367.886.061.6537.98

World-200337.3323.9426.476.156.11

OECD-200341.2322.8521.379.365.18



India13.35,255

Indonesia20.55,870

China33.37213

Japan172.37,2222001

France177.87,529

Russia195.330,2392001


US339.19348




Iran130.7125.8

UAE97.892.2

Kuwait96.599

Russia69.160

US30.721.891

Canada16.9178.8

Venezuela7877.226

Mexico1614.6

Brazil10.610.6

Libya3639

Nigeria34.332.255

China23.718.25

OECD85.8

OPEC882885.18876.90%

non-OPEC178.815.6

FSU86.97.6

Crude Production


Russia8.543












Algeria1.857

Brazil1.552

Libya1.488

Iraq1.344

OECD21.185



FSU10.47719603098,4399797

19652939,55711512

197027611,51714697

197127211,88115212

197227412,43116367

197326813,15117308

197427312,68916653

197527912,90216322

197627613,88417461

197728214,98218431

197829615,07118847

197930814,95518513

198031913,79617056

198132412,75216058

198230112,17215296

198325811,94715231

198424712,21615726

198522312,16515726

198621612,82616281

198721912,00316665

198821313,44717283

198920413,55117325

199020513,61016988

199120213,50816714

199219913,60017033

199318713,85117237

199417914,03217718

199517514,11917725

199617014,33718309

199716414,83818620

199816315,11318917

199915915,08019519

200015815,29919701

200115515,36919649

200215315,18019761

200314915,30420034

200413215,44620449

Real GDP

103816.92

130846.23

152165.7

176345.23

202924.81

&A

Page &P

Source: EIA

Real GDP

Energy Intensity




Population

3.1750361.3222731.0869170.3000380.1611510.2253130.182798

3.3636751.3648751.1738060.3149210.1817530.2383740.192879

3.5620431.4023211.2463510.3296690.2044650.2504280.20197

3.7560411.4294731.3122120.344270.2273950.2610530.209793

3.942791.44511.3692840.358030.2497660.2701130.216372

4.7077721.3951821.5314380.4086950.34870.2937970.23314


Rest of World

China

India

USA

Pakistan

Indonesia

Brazil

Billions


GDP Data

Real GDP

Energy Intensity

2003103816.92

2010130846.23

2015152165.7

2020176345.23

2025202924.81



20056.4535263.9175080.3000381.3222731.0869170.1611510.2253130.1827983.1750360.141553

20106.8302834.1489480.3149211.3648751.1738060.1817530.2383740.1928793.3636750.137501

20157.1972474.3705220.3296691.4023211.2463510.2044650.2504280.201973.5620430.133429

20207.5402374.5701310.344271.4294731.3122120.2273950.2610530.2097933.7560410.129018

20257.8514554.7422320.358031.44511.3692840.2497660.2701130.2163723.942790.124428

20508.9187245.2220580.4086951.3951821.5314380.34870.2937970.233144.7077720.101456



NG Production

19.07

20.42

20.77

21.89

21.83

Dry Production

Trillion Cubic Feet

Natural Gas Balance

NG Supply

19.074.130.44-0.27

20.422.572.5-0.06

20.772.984.33-0.21

21.892.695.54-0.27

21.832.556.37-0.17

Dry Production

Canada

LNG

Other

Tcf

Natural Gas Supply

NG Consumption

104.966.99

10.836.747.87

11.318.398.26

11.869.458.64

12.249.439

Other Consumption

Electric Power

Industrial

Tcf


NG Data

Natural Gas


200319.074.130.44-0.2721.954.966.9910

201020.422.572.5-0.0625.446.747.8710.83

201520.772.984.33-0.2127.968.398.2611.31

202021.892.695.54-0.2729.959.458.6411.86

202521.832.556.37-0.1730.679.43912.24

U.S. Petroleum Balance


9.63746.822.7

8.34963.140.1

6.84767.450

6.25273.956.6

5.88175.855.6

5.4482.461.3

&A

Page &P

Source: EIA

US Production


Import %

Mmb/d

Percent

My Oil Cycle

Vermont

54.34

4.89

0.06

26.65

5.5

5.32

Vermont - 2001


Texas

45.9

36.87

12.42

3.31

0.1

0.62

Texas - 2001


California

45.9

32.01

0.86

4.42

3.26

1.92

California - 2001


US

39.79

24.67

24.98

7.92

2.65

2.94

US - 2003


China

23.36

2.5

67.87

0.83

5.43

China - 2003



13.3

20.5

33.3

172.3

177.8

195.3

218.7

339.1




Reserves

262.7259.4

115115

130.7125.8

97.892.2

96.599

69.160

30.721.891

16.9178.8

7877.226

1614.6

10.610.6

3639

34.332.255

23.718.25




Billion barrels


Reserves Alignment

85.8

882

178.8

86.9

Oil Reserves

Billion barrels


Production

9.817

8.543

7.454

3.852

3.789

3.396

3.26

2.987

2.986

2.52

2.245

2.238

2.185

1.857

1.552

1.488

1.344


Crude Production



Bloc Production

21.185

30.383

35.917

10.477


Crude Production


Production by Bloc

Import Sensitivity

2.069

1.639

2.458

1.026

0.253

2.536

0.407

1.424

0.229

0.214

Source: BP 2004


Import Regions

6.16

1.28

2.94

1.424

0.44


50%

24%

12%

10%

4%


OPEC & Mid East Oil

5636

2911

2477

Source: EIA

5.6 Mmb/d

2.9 Mmb/d

2.5 Mmb/d

Source: EIA



Refining

3365556

3098439

2939557

27611517

27211881

27412431

26813151

27312689

27912902

27613884

28214982

29615071

30814955

31913796

32412752

30112172

25811947

24712216

22312165

21612826

21912003

21313447

20413551

20513610

20213508

19913600

18713851

17914032

17514119

17014337

16414838

16315113

15915080

15815299

15515369

15315180

14915304

13215446

&A

Page &P




Gross Input

Refinery Situation

Forecast US Oil Supply

2.991.720.97

2.632.580.81

2.422.190.88

2.242.110.86

2.092.030.61

Source: EIA

Lower 48 Onshore

Lower 48 Offshore

Alaska


Forecasted US Oil Supply

Projected Wells Drilled

30.08

27.67

29.33

29.59

26.96


Thousands

Balance

209.099.65

22.989.6111.31

24.679.2713.28

26.329.2114.8

27.938.8216.11

Source: EIA

US consumption

US production

US net imports


Oil Deficit

113.78

125.14

153.97

180.07

215.89

Source: EIA

US Oil Deficit

Billion 2003 Dollars

Domestic Data

20032010201520202025

Lower 48 Onshore2.992.632.422.242.09

Lower 48 Offshore1.722.582.192.112.03

Alaska0.970.810.880.860.61


30.0827.6729.3329.5926.96

US consumption2022.9824.6726.3227.931.5% growth

US production9.099.619.279.218.82-0.10%

US net imports9.6511.3113.2814.816.112.4% growth

18.7420.9222.5524.0124.93

World79.691.65100.38110.14120.471.9% growth

Net Expenditures for Imported Crude Oil and Petroleum Products (Billion 2003 dollars)

US Oil Deficit113.78125.14153.97180.07215.893.0% growth - oil import deficit is one-quarter of our entire trade deficit

Data


1970 - DOB46.89.63722.7

1987-1st Motorcycle63.18.34940.1


1998-Enter Energy73.96.25256.6

1999-Start at IPAA75.85.88155.6

2004-Today82.45.4461.3


Vermont - 200154.344.890.0626.655.55.3216.4443.09

Texas - 200145.936.8712.423.310.10.620.834.14

California - 200145.932.010.864.423.261.929.3513.77

US - 200339.7924.6724.987.922.652.946.2614.18

China - 200323.362.567.870.835.43NA18.619.43

India - 200332.817.8553.661.194.52

Brazil - 200346.367.886.061.6537.98

World-200337.3323.9426.476.156.11

OECD-200341.2322.8521.379.365.18



India13.35,255

Indonesia20.55,870

China33.37213

Japan172.37,2222001

France177.87,529

Russia195.330,2392001


US339.19348




Iran130.7125.8

UAE97.892.2

Kuwait96.599

Russia69.160

US30.721.891

Canada16.9178.8

Venezuela7877.226

Mexico1614.6

Brazil10.610.6

Libya3639

Nigeria34.332.255

China23.718.25

OECD85.8

OPEC882885.18876.90%

non-OPEC178.815.6

FSU86.97.6

Crude Production


Russia8.543












Algeria1.857

Brazil1.552

Libya1.488

Iraq1.344

OECD21.185



FSU10.47719603098,4399797

19652939,55711512

197027611,51714697

US Production Forecast197127211,88115212

197227412,43116367

197326813,15117308

197427312,68916653

197527912,90216322

197627613,88417461

197728214,98218431

197829615,07118847

197930814,95518513

198031913,79617056

198132412,75216058

198230112,17215296

198325811,94715231

198424712,21615726

198522312,16515726

198621612,82616281

198721912,00316665

198821313,44717283

198920413,55117325

199020513,61016988

199120213,50816714

199219913,60017033

199318713,85117237

199417914,03217718

199517514,11917725

199617014,33718309

199716414,83818620

199816315,11318917

199915915,08019519

200015815,29919701

200115515,36919649

200215315,18019761

200314915,30420034

200413215,44620449

Real GDP

103816.92

130846.23

152165.7

176345.23

202924.81

&A

Page &P

Source: EIA

Real GDP

Energy Intensity




Population

3.1750361.3222731.0869170.3000380.1611510.2253130.182798

3.3636751.3648751.1738060.3149210.1817530.2383740.192879

3.5620431.4023211.2463510.3296690.2044650.2504280.20197

3.7560411.4294731.3122120.344270.2273950.2610530.209793

3.942791.44511.3692840.358030.2497660.2701130.216372

4.7077721.3951821.5314380.4086950.34870.2937970.23314


Rest of World

China

India

USA

Pakistan

Indonesia

Brazil

Billions


GDP Data

Real GDP

Energy Intensity

2003103816.92

2010130846.23

2015152165.7

2020176345.23

2025202924.81



20056.4535263.9175080.3000381.3222731.0869170.1611510.2253130.1827983.1750360.141553

20106.8302834.1489480.3149211.3648751.1738060.1817530.2383740.1928793.3636750.137501

20157.1972474.3705220.3296691.4023211.2463510.2044650.2504280.201973.5620430.133429

20207.5402374.5701310.344271.4294731.3122120.2273950.2610530.2097933.7560410.129018

20257.8514554.7422320.358031.44511.3692840.2497660.2701130.2163723.942790.124428

20508.9187245.2220580.4086951.3951821.5314380.34870.2937970.233144.7077720.101456



NG Production

19.07

20.42

20.77

21.89

21.83

Dry Production

Trillion Cubic Feet

Natural Gas Balance

NG Supply

19.074.130.44-0.27

20.422.572.5-0.06

20.772.984.33-0.21

21.892.695.54-0.27

21.832.556.37-0.17

Dry Production

Canada

LNG

Other

Tcf

Natural Gas Supply

NG Consumption

104.966.99

10.836.747.87

11.318.398.26

11.869.458.64

12.249.439

Other Consumption

Electric Power

Industrial

Tcf


NG Data

Natural Gas


200319.074.130.44-0.2721.954.966.9910

201020.422.572.5-0.0625.446.747.8710.83

201520.772.984.33-0.2127.968.398.2611.31

202021.892.695.54-0.2729.959.458.6411.86

202521.832.556.37-0.1730.679.43912.24

U.S. Petroleum Consumption

NG Wellhead Price

3.4

2.49

1.79

1.81

2

2.08

2

2.08

2.33

2.68

2.92

2.28

1.95

1.95

2.05

2.15

2.04

1.9

2.08

1.81

1.69

1.85

1.93

1.94

1.84

1.75

1.68

1.86

2.16

2.12

2.18

2.49

2.61

2.5

2.67

2.2

2.12

2.3

2.36

2.55

2.9

3.73

3.7

3.67

4.26

4.61

4.62

6.35

8.06

5.84

5.15

5.21

4.56

3.88

3.39

3.23

2.55

2.4

4.38

2.38

2.35

2.14

2.52

3.02

Natural Gas Wellhead Prices

Dollars per Thousand Cubic Feet

Natural Gas - Wellhead Price

NG WH Price Data

Natural Gas Wellhead Prices

Jan-973.4

Feb-972.49

Mar-971.79

Apr-971.81

May-972

Jun-972.08

Jul-972

Aug-972.08

Sep-972.33

Oct-972.68

Nov-972.92

Dec-972.28

Jan-981.95

Feb-981.95

Mar-982.05

Apr-982.15

May-982.04

Jun-981.9

Jul-982.08

Aug-981.81

Sep-981.69

Oct-981.85

Nov-981.93

Dec-981.94

Jan-991.84

Feb-991.75

Mar-991.68

Apr-991.86

May-992.16

Jun-992.12

Jul-992.18

Aug-992.49

Sep-992.61

Oct-992.5

Nov-992.67

Dec-992.2

Jan-002.12

Feb-002.3

Mar-002.36

Apr-002.55

May-002.9

Jun-003.73

Jul-003.7

Aug-003.67

Sep-004.26

Oct-004.61

Nov-004.62

Dec-006.35

Jan-018.06

Feb-015.84

Mar-015.15

Apr-015.21

May-014.56

Jun-013.88

Jul-013.39

Aug-013.23

Sep-012.55

Oct-012.4

Nov-014.38

Dec-012.38

Jan-022.35

Feb-022.14

Mar-022.52

Apr-023.02

May-02

Jun-02

Jul-02

Domestic Crude Prod

67153192

680136517

686044428

699751529

699758730

710966530

743382339

7721100980

76281287181

75941441203

78311577229

75611684218

75821660199

73941616198

70921489193

68221362191

66951264173

66051176464

634211361229

608410671401

594610341617

592910341609

584311101696

577811961714

587412831722

589612501825

555912541867

519111961962

493211912017

461211271874

450010821773

444711721798

423912181714

402412411582

373313701559

355115251484

351015621393

350816481296

338516921175

308117501050

31111741970

32361602963

30931669984

30661641974

45222004906

Lower 48 Onshore

Offshore

Alaska

Lower 48 Onshore

Offshore

Alaskan

MB/Day

Domestic Crude Oil Production

Domes. Crude Data

Crude OilTotal DomesticAlaskanLower 48 OnshoreLower-48OffshoreOil Rigs

19607,03526,7157,034319

19617,183176,8017,166365

19627,332286,8607,304444

19637,542296,9977,512515

19647,614306,9977,584587

19657,804307,1097,774665

19668,295397,4338,256823

19678,810807,7218,7301,009

19689,0961817,6288,9151,287

19699,2382037,5949,0351,441

19709,6372297,8319,4081,577

19719,4632187,5619,2451,684

19729,4411997,5829,2421,660

19739,2081987,3949,0101,616

19748,7741937,0928,5811,489

19758,3751916,8228,1841,362

19768,1321736,6957,9591,264

19778,2454646,6057,7811,176

19788,7071,2296,3427,4781,136

19798,5521,4016,0847,1511,067

19808,5971,6175,9466,9801,034

19818,5721,6095,9296,9631,034

19828,6491,6965,8436,9531,110

19838,6881,7145,7786,9741,196

19848,8791,7225,8747,1571,283

19858,9711,8255,8967,1461,250

19868,6801,8675,5596,8131,254

19878,3491,9625,1916,3871,196

19888,1402,0174,9326,1231,191554

19897,6131,8744,6125,7391,127453

19907,3551,7734,5005,5821,082532

19917,4171,7984,4475,6191,172482

19927,1711,7144,2395,4571,218373

19936,8471,5824,0245,2651,241373

19946,6621,5593,7335,1031,370335

19956,5601,4843,5515,0761,525323

19966,4651,3933,5105,0721,562306

19976,4521,2963,5085,1561,648376

19986,2521,1753,3855,0771,692264

19995,8811,0503,0814,8311,750128

20005,8229703,1114,8521,741197

20015,8019633,2364,8381,602228

20025,7469843,0934,7621,669

20035,6819743,0664,7071,641

20045,4289064,5224,522

Oil Production and Rigs

8140554

7613453

7355532

7417482

7171373

6847373

6662335

6560323

6465306

6452376

6252264

5881128

5822197

5801217

5746137

5681157

5428163

&A

Page &P

Total Domestic Crude Production

Oil Rigs


Oil-directed rotary rigs

Crude Production and Rigs

Sheet4

Total Domestic Crude ProductionOil Rigs

19739,208

19748,774

19758,375

19768,132

19778,245

19788,707

19798,552

19808,597

19818,572

19828,649

19838,688

19848,879

19858,971

19868,680

19878,349

19888,140554

19897,613453

19907,355532

19917,417482

19927,171373

19936,847373

19946,662335

19956,560323

19966,465306

19976,452376

19986,252264

19995,881128

20005,822197

20015,801217

20025,746137

20035,681157

20045,428163

Chart7

8597

8572

8649

8688

8879

8971

8680

8349

8140

7613

7355

7417

7171

6847

6662

6560

6465

6452

6252

5881

5822

5801

U.S. Production

Year

Thousand Barrels per Day

U.S.Crude Production

Chart8

2912

3970

3105

2229

2429

1980

964

936

936

869

1010

860

722

754

755

723

779

943

827

625

Rotary Rigs

Sheet2

U.S. ProductionLower-48Rotary Rigs

19739,2083,2441,194

19748,7743,4771,472

19758,3754,1051,660

19768,1325,2871,658

19778,2456,6152,001

19788,7076,3562,259

19798,5526,5192,177

19808,5975,2632,912

19818,5724,3963,970

19828,6493,4883,105

19838,6883,3292,229

19848,8793,4262,429

19858,9713,2011,980

19868,6804,178964

19878,3494,674936

19888,1405,107936

19897,6135,843869

19907,3555,8941,010

19917,4175,782860

19927,1716,083722

19936,8475,265754

19946,6625,103755

19956,5605,076723

19966,4655,092779

19976,4525,156943

19986,2525,077827

19995,8814,875625

20005,8224,840

20015,801

1998

Operators of Record

10059

12381

13014

12951

12815

11370

8335

7048

6095

5231

5361

5138

4337

4172

3612

3404

3398

3453

2918

2087

Drilling Operators of Record

Drilling Operators

Operators of Record

Sheet3

Drilling Operators of Record

19745,981

19757,201

19768,554

18776,782

19787,222

19797,859

198010,059

198112,381

198213,014

198312,951

198412,815

198511,370

19868,335

19877,048

19886,095

19895,231

19905,361

19915,138

19924,337

19934,172

19943,612

19953,404

19963,398

19973,453

19982,918

19992,087

Wells Drilled Percentage

85

15

INDEPENDENTS

Percent of Wells Drilled

Percent of Total Domestic Wells Drilled

Petrol Prod Percent

40

60

INDEPENDENTS

Percentage of Domestic Petroleum Production

Percentage of Domestic Petroleum Production

Gas Prod Percent

65

35

INDEPENDENTS

Percentage of Natural Gas Production

Percentage of Natural Gas Production

Ind Producer Info Sheet

Wells DrilledPetroleum ProductionNatural Gas Production

Independents854065

Others156035

Saudi imports

SaudiIraq

198661881

198764282

1988911343

19891116441

19901195514

199117030

199215970

199312820

199412970

199512600

199612481

1997129389

19981404336

19991387725

20001409516

U.S. Production vs. Consumption

198064.76175.955

198164.42273.99

198263.96370.848

198361.27970.524

198465.96274.144

198564.87173.981

198664.34974.297

198764.95276.894

198866.10580.219

198966.16181.358

199067.87381.289

199167.50981.115

199266.89982.422

199365.19984.222

199467.50285.988

199567.81387.561

199669.02190.417

199769.09790.977

199869.1391.231

199968.30292.78

Consumption

Production

Ind Producer Info Sheet

0

0

% of total wells

Employees Chart

0

0

% of total oil production

Employee Data

0

0

% of total natural gas production

Employment-Rig Count

00

00

00

00

00

00

00

00

00

00

00

00

00

00

00

&A

Page &P

Saudi

Iraq

Mbbl/d

Mbbl/d

Saudi vs. Iraqi Imports

NG Production v. Rigs

00

00

00

00

00

00

00

00

00

00

00

00

00

00

00

00

00

00

00

00

Consumption

Production

Quad Btu

U.S. Supply and Demand

Rig Count

326800

327900

327300

329600

333800

338500

344500

345700

346200

349000

347900

350200

347900

347400

344800

341100

340500

344500

344100

341900

336400

332400

326200

321700

308700

300600

299500

294100

290000

293300

295500

296900

295900

298200

297200

298700

295600

297100

297100

302000

307400

314700

316900

318000

320700

325100

321700

323100

323600

324700

328500

331900

337700

345200

346300

348700

346500

343900

340700

338800

338800

334900

331000

333900

332300

334400

332700

337900

334200

Employees in Oil and Gas Extraction (in thousands)

Employees in Oil and Gas Extraction

Domestic Energy Consump 2015

Employees in Oil and Gas Extraction (in thousands)

Jan-97326.8326800145400

Feb-97327.9327900145700

Mar-97327.3327300143500

Apr-97329.6329600142900

May-97333.8333800142700

Jun-97338.5338500144700

Jul-97344.5344500145400

Aug-97345.7345700145100

Sep-97346.2346200143200

Oct-97349349000143500

Nov-97347.9347900143400

Dec-97350.2350200143800

Jan-98347.9347900141400

Feb-98347.4347400141200

Mar-98344.8344800140300

Apr-98341.1341100140000

May-98340.5340500139000

Jun-98344.5344500142400

Jul-98344.1344100142600

Aug-98341.9341900142300

Sep-98336.4336400140800

Oct-98332.4332400140400

Nov-98326.2326200139100

Dec-98321.7321700140000

Jan-99308.7308700137900

Feb-99300.6300600136400

Mar-99299.5299500135400

Apr-99294.1294100132400

May-99290290000129500

Jun-99293.3293300129500

Jul-99295.5295500131400

Aug-99296.9296900131200

Sep-99295.9295900128800

Oct-99298.2298200128300

Nov-99297.2297200127200

Dec-99298.7298700126800

Jan-00295.6295600125400

Feb-00297.1297100126700

Mar-00297.1297100124100

Apr-00302302000124300

May-00307.4307400124800

Jun-00314.7314700127200

Jul-00316.9316900125700

Aug-00318318000125200

Sep-00320.7320700124400

Oct-00325.1325100124600

Nov-00321.7321700123100

Dec-00323.1323100122700

Jan-01323.6323600123000

Feb-01324.7324700121900

Mar-01328.5328500122200

Apr-01331.9331900122400

May-01337.7337700123200

Jun-01345.2345200125000

Jul-01346.3346300125600

Aug-01348.7348700125800

Sep-01346.5346500125200

Oct-01343.9343900122800

Nov-01340.7340700123200

Dec-01338.8338800124200

Jan-02338.8338800123900

Feb-02334.9334900124300

Mar-02331331000122300

Apr-02333.9333900121200

May-02332.3332,300122200

Jun-02334.4334,400123900

Jul-02332.7332,700123000

Aug-02337.9337,900123400

Sep-02334.2334,200121700

121200

121600

121600

122300

121700

121900

123200

124800

127600

126700

126400

125700

126500

EIA AEO 2000 Consump

478822

492849

518897

526901

541924

577976

584969

581993

6141009

602996

625983

6481013

609993

589974

601932

591886

580855

585854

549816

565792

559774

519734

499688

491647

461587

425542

412526

371496

380516

434558

478588

527639

565696

601741

635782

636798

632775

616763

600773

609805

645844

&A

Page &P

Employment

Rig Count

AEO 2000 Renewables

1618478

1466492

1628518

1551526

1611541

1525577

1585584

1582581

1545614

1597602

1547625

1575648

1659609

1477589

1648601

1592591

1651580

1582585

1611549

1623565

1473559

1589519

1540499

1579491

1625461

1465425

1622412

1549371

1579380

1541434

1586478

1582527

1532565

1587601

1560635

1604636

1614632

1489616

1630600

1540609

1600645

1560677

1611733

1620780

1563811

1638843

1553832

1568854

1672879

1509898

1685913

1624957

1681997

16071050

16571058

16571032

1610972

1676913

1594825

1644754

1623725

1455679

1624617

1573612

1631690

1569704

1638716

1607721

1511735

1558709

1563683

1612714

&A

Page &P

Discorrelation between production and rig count

Dry NG Production

Natural Gas Rigs

Dry NG Production (Bcf)

Number of Active NG Rigs

Decline Curves and Maturing Prospects: US NG Production (Bcf) Vs. US NG Rig Count

Rigs

1997U.S.TotalNatural Gas RigsPetroleumDry NG ProductionEmployment

478JanJan-978224783421618145400

492FebFeb-978494923561466145700

518MarMar-978975183771628143500

526AprApr-979015263731551142900

541MayMay-979245413791611142700

577JunJun-979765773961525144700

584JulJul-979695843821585145400

581AugAug-979935814091582145100

614SepSep-9710096143921545143200

602OctOct-979966023901597143500

625NovNov-979836253541547143400

648DecDec-9710136483611575143800

565.5JanJan-989936093801659141400

FebFeb-989745893801477141200

MarMar-989326013271648140300

AprApr-988865912911592140000

MayMay-988555802721651139000

JunJun-988545852671582142400

JulJul-988165492641611142600

AugAug-987925652261623142300

SepSep-987745592151473140800

OctOct-987345192141589140400

NovNov-986884991901540139100

DecDec-986474911551579140000

JanJan-995874611251625137900

FebFeb-995424251171465136400

MarMar-995264121141622135400

AprApr-994963711251549132400

MayMay-995163801361579129500

JunJun-995584341241541129500

JulJul-995884781081586131400

AugAug-996395271111582131200

SepSep-996965651301532128800

OctOct-997416011371587128300

NovNov-997826351451560127200

DecDec-997986361611604126800

JanJan-007756321431614125400

FebFeb-007636161471489126700

MarMar-007736001731630124100

AprApr-008056091961540124300

MayMay-008446451991600124800

JunJun-008796772011560127200

JulJul-009427332081611125700

AugAug-009877802071620125200

SepSep-0010118112001563124400

OctOct-0010558432121638124600

NovNov-0010678322341553123100

879DecDec-0010978542421568122700

898JanJan-0111188792391672123000

913FebFeb-0111368982371509121900

957MarMar-0111649132481685122200

997AprApr-0112069572471624122400

1050MayMay-0112349972351681123200

1058JunJun-01127110502191607125000

1032JulJul-01127810582191657125600

972AugAug-01125110322191657125800

913SepSep-0111939722201610125200

825OctOct-0111119131981676122800

754NovNov-0110008251741594123200

937.3333333333DecDec-019017541471644124200

725JanJan-028677251411623123900

679FebFeb-028256791441455124300239141

617MarMar-027636171441624122300237144

612AprApr-027506121361573121000248144

690MayMay-028266901341631121900247136

704JunJun-028437041381569123400235134

716JulJul-028517161331638122300219138

721AugAug-028487211251607122500219133

735SepSep-028607351221511120700219125

709OctOct-028527091401558120000220122

683NovNov-028346831461563120200198140

714DecDec-028567141371612120000174146

692.0833333333JanJan-038547181321638120600147137

718FebFeb-03907750153148311980026021640

750MarMar-039417671711660119800

767AprApr-039837951851574121000

795MayMay-0310358641681620122700

864JunJun-0310679101521558125400

910JulJul-0310819241531606124700

924AugAug-0310909321531604124500

932SepSep-0310939361541568123900

936OctOct-0311029411581605124600

941NovNov-0311119521581544123800

952DecDec-0311149591531609124100

959JanJan-0411019551431627126800

870.6666666667FebFeb-0411199611531512128500

MarMar-0411359681641617128400

AprApr-0411519961541545

MayMay-04116410071561605

JunJun-0411761011164

JulJul-0412131041170

AugAug-04

Sep

Oct

Nov

Dec

Employment- Rig Count

0.3998799931

0.2629864564

0.2214983713

0.0467169553

0.0660894908

0.0011143494

0.0016286645

Energy Sources

Domestic Energy Consumption 2015

Renewable Energy (Includes Hydropower)7%

1998-99 OPEC Production

1998-

1997199819992000200120022003200420052006200720082009201020112012201320142015201620172018201920202020

Total Energy Consumption

Distillate Fuel7.277.327.467.497.567.667.767.867.958.018.078.128.138.198.228.278.348.428.58.538.588.638.688.730.80%

Kerosene0.140.160.140.140.140.140.140.140.140.140.140.140.140.140.140.140.140.140.140.140.140.140.140.14-0.70%

Jet Fuel 8/3.313.363.463.563.653.763.894.044.164.324.444.584.74.854.965.15.235.45.555.695.825.976.116.242.90%

Liquefied Petroleum Gas2.712.592.742.742.782.82.842.862.882.892.932.972.993.033.043.073.13.133.163.183.23.223.243.271.10%

Motor Gasoline 2/15.3115.8216.0516.4216.7717.0817.3217.6517.9518.2618.5718.8419.1219.3919.6219.8320.0720.3320.5920.7920.9921.2121.4221.651.40%

Petrochemical Feedstocks1.41.391.291.31.331.351.41.441.471.511.531.551.561.581.591.611.631.651.661.671.691.71.721.731.00%

Residual Fuel1.962.172.211.841.881.791.751.751.751.811.791.791.771.761.711.731.751.771.811.821.831.851.881.91-0.60%

Other Petroleum 12/4.344.394.584.744.84.814.814.864.914.944.9955.015.045.075.15.135.185.245.255.295.295.335.380.90%

Petroleum36.4337.2137.9438.2338.939.3939.9140.5941.2141.8742.4642.9943.4343.9844.3544.8545.3946.0346.6539.99%47.0847.5448.0148.5149.051.30%

Natural Gas22.621.9922.0522.9822.823.0423.5623.9224.5725.2125.9426.5426.9327.6928.2228.7329.2829.9230.6826.30%31.0631.4931.8632.1432.381.80%

Metallurgical Coal0.810.760.750.730.720.710.70.690.680.670.660.650.640.630.620.610.60.590.580.570.560.550.540.53-1.60%

Steam Coal20.5120.6821.0621.6422.222.6523.1823.6623.862424.124.224.3124.2824.3724.4824.6424.7825.0225.1125.325.4325.6125.81.00%

Net Coal Coke Imports0.020.070.080.10.110.120.140.160.170.170.180.190.20.210.210.220.230.230.240.250.250.260.270.276.60%

Coal21.3421.521.8922.4723.0323.4924.0324.5124.7224.8524.9525.0425.1525.1225.225.3125.4725.625.8422.15%25.9226.1126.2326.4126.61.00%

Nuclear Power6.717.197.467.357.377.387.377.277.27.016.886.866.876.76.536.466.265.975.454.67%5.234.894.674.584.56-2.10%

Renewable Energy (Includes Hydropower)76.676.566.686.826.997.026.997.087.167.27.297.387.417.487.567.577.657.716.61%7.737.867.97.947.990.80%

Methanol00.010.010.020.030.040.050.060.060.070.080.090.090.10.110.110.120.130.130.11%0.140.140.150.150.1514.30%

Liquid Hydrogen000000000000000000000000N/A

Electricity Imports0.330.310.480.420.410.520.510.470.440.470.40.350.320.260.270.220.210.190.190.16%0.210.210.230.230.21-1.80%

Total94.4194.8896.3998.1599.37100.86102.44103.79105.28106.64107.9109.17110.18111.26112.16113.23114.29115.48116.66117.38118.24119.05119.96120.951.10%

Energy Use & Related Statistics

Delivered Energy Use70.5570.3271.6172.7973.7174.7875.9677.2478.4679.6180.6881.7182.5683.5984.3885.3286.2787.3588.3889.1689.9390.7191.5592.441.30%

Total Energy Use94.4194.8896.3998.1599.37100.86102.44103.79105.28106.64107.9109.17110.18111.26112.16113.23114.29115.48116.66117.38118.24119.05119.96120.951.10%

Population (millions)268.2270.58272.91275.21277.5279.77282.04284.3286.57288.87291.19293.54295.92298.34300.79303.26305.75308.26310.78313.31315.84318.37320.89323.40.80%

US GDP (billion 1992 dollars)727075527838799181918377859688249056925194499651984010054102181041610648109061114711331115331174111959121792.20%

Total Carbon Emis.(mill. m. tons)1478.91485.41519.81552.41575.61599.51628.51657.51683.41707.81730.61750.91767.11786.61802.61821.31842.31865.81893.41908.81927.81944.71961.61979.21.30%

Oil Supply-Demand

1998-

1997199819992000200120022003200420052006200720082009201020112012201320142015201620172018201920202020

Electricity Generators (excludes cogenerators)

Net Summer Capability

Conventional Hydropower77.4377.7177.7277.7277.7977.9478.0678.1378.2178.3578.3578.3578.3578.3378.3378.3378.3378.3378.3378.3378.3378.3378.3378.330.00%

Geothermal 2/2.872.892.92.963.113.052.972.882.892.792.792.93.052.982.912.952.92.983.113.183.313.463.553.751.20%

Municipal Solid Waste 3/2.492.492.522.583.273.43.483.593.73.863.994.194.334.474.654.834.874.9655.085.115.135.155.173.40%

Wood and Other Biomass 4/1.761.761.761.781.871.941.961.992.012.052.112.192.292.412.532.682.682.692.712.772.82.832.92.932.30%

Solar Thermal0.330.330.330.330.330.330.340.350.350.360.370.380.390.40.40.410.420.430.440.440.450.460.470.481.70%

Solar Photovoltaic0.010.010.010.010.020.020.040.050.070.090.110.130.160.190.220.250.280.310.350.380.420.450.490.5218.40%

Wind1.781.992.642.742.93.273.433.713.894.244.474.874.975.075.25.295.295.35.45.425.425.425.495.494.70%

Total86.6887.1987.988.1389.2989.9690.2790.791.1391.7492.293.0293.5493.8494.2594.7394.769595.3395.6195.8496.0896.3796.670.50%

Generation (billion kilowatthours)

Conventional Hydropower350.45316.79300.07299.74299.79300.04300.36300.49300.62301.01300.96300.84300.72300.5300.33300.22300.13300.01299.977.64%299.84299.67299.56299.48299.35-0.30%

Geothermal 2/14.5814.2914.0714.5115.6515.7615.6115.4615.5515.2615.2616.1617.3517.3517.3617.6117.8118.6119.625.08%20.1621.1822.3723.124.72.50%

Municipal Solid Waste 3/17.7217.7817.3517.7322.523.3723.9324.7125.4826.5227.4228.7429.6530.6331.833.0433.6534.2934.558.94%35.0135.2935.4535.5935.713.20%

Wood and Other Biomass 4/6.886.869.189.7211.9212.1412.1613.9215.1816.5717.8617.218.5420.3519.9920.6619.7119.0818.234.72%18.9719.4218.4218.9918.84.70%

Dedicated Plants6.886.866.726.857.437.888.048.218.388.649.049.5710.241111.8312.8212.8212.8813.033.37%13.3913.6213.8214.3514.553.50%

Cofiring002.462.874.494.264.125.726.87.938.827.638.39.348.167.846.896.215.21.35%5.585.84.64.634.25N/A

Solar Thermal0.890.890.890.890.890.90.910.950.950.971.021.041.081.091.111.131.161.21.220.32%1.251.271.31.321.351.90%

Solar Photovoltaic000.030.030.050.060.090.130.180.220.270.320.40.460.530.610.680.770.860.22%0.951.041.131.221.331.80%

Wind3.393.395.385.625.976.827.177.778.188.969.4910.3910.6610.9511.2911.5311.6211.6411.873.07%11.9311.9611.9612.0912.096.00%

Total393.91360346.97348.24356.78359.09360.23363.43366.13369.52372.28374.69378.4381.33382.42384.8384.76385.6386.26388.11389.84390.19391.78393.320.40%

Cogenerators 5/


Municipal Solid Waste0.520.520.520.520.520.520.520.520.520.520.520.520.520.520.520.520.520.520.520.520.520.520.520.520.00%

Biomass66.046.046.16.266.46.566.716.856.967.077.177.267.377.447.547.657.87.948.048.138.238.348.461.50%

Total6.526.566.566.636.786.927.087.237.377.487.597.77.787.897.968.068.188.328.468.568.668.758.868.981.40%


Municipal Solid Waste2.9933.133.133.133.133.133.133.133.133.133.133.133.133.133.133.133.133.133.133.133.133.133.130.20%

Biomass37.1337.3436.9537.438.3639.2340.1941.0741.9642.6343.2843.9244.4245.0645.4646.0146.6847.4848.2848.849.2949.7850.3751.021.40%

Total40.1340.3440.0940.5341.542.3643.3344.245.0945.7646.4247.0547.5548.1948.649.1449.8150.6151.4151.9352.4252.9253.554.151.30%

Other Generators 6/


Conventional Hydropower 7/1.11.11.11.11.11.11.11.11.11.11.11.11.11.11.11.11.11.11.11.11.11.11.11.10.00%

Geothermal000000000000000000000000N/A

Solar Photovolvaic0.010.010.010.010.020.030.040.070.090.130.170.220.280.350.350.350.350.350.420.490.550.620.680.7423.50%

Total1.11.11.11.11.111.121.141.161.191.221.271.321.381.441.441.441.441.441.521.581.651.711.781.842.40%


Conventional Hydropower 7/7.257.254.884.874.874.874.864.864.864.864.864.864.854.854.854.854.854.844.844.844.844.844.834.83-1.80%

Geothermal000.070.070.070.070.070.070.070.070.070.070.070.070.070.070.070.070.070.070.070.070.070.0713.90%

Solar Photovolvaic0.010.010.010.010.030.040.070.120.160.220.280.350.420.460.460.460.460.460.470.470.480.490.490.521.80%

Total7.267.264.954.954.964.9855.055.095.155.215.275.345.385.385.385.375.375.375.385.385.395.395.4-1.30%

Oil Fund.

Rotary Rig Count

DateOilGasMisc.TotalOffshoreInlandOnshoreCanada

5-Jan-962974041071110915602

12-Jan-96290406870411211592

19-Jan-96300408871610912607

26-Jan-96291404870311114592

2-Feb-96295389969310318590

9-Feb-96281407769510016595

16-Feb-96285417570710015607

23-Feb-96269431570510015605

1-Mar-9626543667079814609

8-Mar-9629042187199715622

15-Mar-9628440366938912604

22-Mar-9629742267259412631

29-Mar-9629642577289912629

5-Apr-96291426872510715618

12-Apr-96283445773511410621

19-Apr-962854511174711712630

26-Apr-962844601375711419643

3-May-962854491574911419635

10-May-96290474877212317649

17-May-96285463975711819639

24-May-96291478677511416661

31-May-96288472576510923656

7-Jun-96301475578111522666

14-Jun-96304464577310720666

21-Jun-96295465576511120654

28-Jun-96293480477711219665

5-Jul-96292486478210719675

12-Jul-96291493478810623682

19-Jul-96296490479010822682

26-Jul-962804821277410623668

2-Aug-962974832180110721694

9-Aug-963054832180910524704

16-Aug-962984842380511018695

23-Aug-962974993282810622722

30-Aug-962884933181211120701

6-Sep-96293492579010521685

13-Sep-96300503580810522703

20-Sep-96309511582511120714

27-Sep-96302515582211320709

4-Oct-96311503581911415705

11-Oct-963135051082710224725

18-Oct-963195141284510623739

25-Oct-963365031485310426749

1-Nov-96346491283910425735

8-Nov-96349486383810527733

15-Nov-96366481284910825741

22-Nov-96374475285110727744

27-Nov-96382477286110829753

6-Dec-96366488285611123745

13-Dec-96364475284111422727

20-Dec-96360496285811922739

27-Dec-96353496285111624735

3-Jan-97363480284511724728

10-Jan-97346477282511125714

17-Jan-97335482181811023708

24-Jan-97333481181510723708

31-Jan-97333472280710720700

7-Feb-97350481283311121722

14-Feb-97362496286010621754

21-Feb-97354508186310626757

28-Feb-97357481284010427736

7-Mar-9736351728821292575

14-Mar-97366517288512625759

21-Mar-97379525190512226783

28-Mar-97400514191512629789

4-Apr-97384533191812728791

11-Apr-97371541191312627787

18-Apr-97372511288512528760

25-Apr-97365520488912627764

2-May-97369508488112326758

9-May-97374535491311925794

16-May-97368545491712026797

23-May-97387557494812025828

30-May-97395562496111926842

6-Jun-97404580498812026868

13-Jun-97393585498212624856

20-Jun-97393570396611725849

27-Jun-97392572296612224844

4-Jul-97380583296512225843

11-Jul-97368593396412424840

18-Jul-97381578396212926833

25-Jul-97398583398412528859

1-Aug-97410582399512425871

8-Aug-97429555398712425863

15-Aug-97417580299912526874

22-Aug-9740659631,00512625879

29-Aug-97383594398012626854

5-Sep-9740462531,03212526907

12-Sep-9738662331,01212925883

19-Sep-97387603399312721866

26-Sep-97392603399812920869

3-Oct-9738461341,00112816873

10-Oct-97392578497412116853

17-Oct-97404579498711420873

24-Oct-9739760241,00312024883

31-Oct-9737364041,01712123896

7-Nov-97343638498512521860

14-Nov-97359631499412622868

21-Nov-97342601494712622821

28-Nov-9737163041,00512922876

5-Dec-9736564541,01412825886

12-Dec-9736164741,01212422888

19-Dec-9736165441,01913124888

26-Dec-9735764641,00713124876

2-Jan-9836663341,00312923874

9-Jan-98361625499013922851

16-Jan-98387598498913223857

23-Jan-98396595599613225864

30-Jan-98389593598713425853

6-Feb-98385584597413422840

13-Feb-98385582597213922833

20-Feb-98372612598914227847

27-Feb-98376579596013925821

6-Mar-98360592595713925818

13-Mar-98321617494214022802

20-Mar-98321613393713625801

27-Mar-98304583389012924761

3-Apr-98295577387513523740

10-Apr-98298588388913626753

17-Apr-98294601389814221756

24-Apr-98278599388013621744

1-May-98272601387613320743

8-May-98271571384513128714

15-May-98281592387613327743

22-May-98269583385513427721

29-May-98269551282213326689

5-Jun-98270590282213329729

12-Jun-98267599286812929739

19-Jun-98271589386312434739

26-Jun-98261560282312223701

3-Jul-98258552281212524687

10-Jul-98266551281911923700

17-Jul-98260548281011824692

24-Jul-98269544381612421692

31-Jul-98269550382212020702

7-Aug-98235571380912220687

14-Aug-98229568279912023679

21-Aug-98218551277111321658

28-Aug-98221568179011723673

4-Sep-98218552077011519636

11-Sep-98214567078111722642

18-Sep-98215558077312120632

25-Sep-98213557077011921630

2-Oct-98525213075411620618

9-Oct-98226524075011321616

16-Oct-98211529074011220608

23-Oct-98212504071611121584

30-Oct-98193515070810816584

6-Nov-98197499069611315568

13-Nov-98193491068411215557

20-Nov-98189497068610716563

25-Nov-98179507068610419563

4-Dec-98167502066910817544

11-Dec-98169498066710618543

18-Dec-9815248916429718527

23-Dec-9814948416349817519

30-Dec-98137483162110219500

8-Jan-99133466160010017483

15-Jan-99126470159710818471

22-Jan-99122465158810521462

29-Jan-99119443056210116445

5-Feb-99125433055810316439

12-Feb-99122422054410115428

19-Feb-9911142005319816433

26-Feb-9910842505339816435

5-Mar-99115426054110612435

12-Mar-99116418053410714427

19-Mar-99114412052610711419

26-Mar-99111391050210413398

1-Apr-99121382050310312400

9-Apr-9912237604989711401

16-Apr-9913036904999812401

23-Apr-9912636204889612392

30-Apr-9912636804949814396

7-May-99134371050510112404

14-May-9914236505079815409

21-May-99138380051810316415

28-May-99130404053410617428

4-Jun-99134421055510123454

11-Jun-9913641105479923448

18-Jun-99117449056610124465

25-Jun-99110453056310022463

2-Jul-9911246715809821482

9-Jul-9912045005709323477

16-Jul-9910547625839814485

23-Jul-99102501260510117504

30-Jul-99102498260210815494

6-Aug-9998516261610716107

13-Aug-99115510262710317524

20-Aug-991125312645106539

27-Aug-991175501668106562

3-Sep-991215491671106565

10-Sep-991285611690112578

17-Sep-991325701703107596

24-Sep-991405800720110610

1-Oct-991315972730114616

8-Oct-991415991741113628

15-Oct-991405792721109612

22-Oct-991396092750110640

29-Oct-991366232761109652

5-Nov-991376242763115648

12-Nov-991506222774119655

19-Nov-991476482797123674

26-Nov-991466472795118677

3-Dec-991466482796120676

10-Dec-991586532813123690

17-Dec-991756382815122693

22-Dec-991626341797123674

30-Dec-991656060771121650

7-Jan-001586271786127659

14-Jan-001426381781125656

21-Jan-001406370777125652

28-Jan-001316240755125630

4-Feb-00133624075712714630

11-Feb-00146616076211913643

18-Feb-00153620077312014653

25-Feb-00156604076012216638

3-Mar-00181609079012019670

10-Mar-00174594076812417644

17-Mar-00168595176412315641

24-Mar-00167600176812513643

31-Mar-00173601177512511650

7-Apr-001866101797122675

14-Apr-00192616180912317686

20-Apr-002

Documents

The Balancing Act: Perspectives of the Global and Domestic Oil Markets