A Study of Oil Refining and Oil Markets
STUDY ON OIL REFINING AND OIL MARKETS
Prepared for:
EUROPEAN COMMISSION
Prepared by:
.
Buenos Aires – Calgary – Dubai – Houston London – Los Angeles – Moscow – Singapore January 2008
L2293/mg
Table of Contents -- i
TABLE OF CONTENTS
I. II
INTRODUCTION ..............................................................................................................................1 EXECUTIVE SUMMARY ..................................................................................................................3 DEMAND OUTLOOK .................................................................................................................3 CRUDE OIL PRODUCTION OUTLOOK .....................................................................................8 REFINING INDUSTRY IN THE STUDY REGION .....................................................................12 BIOFUELS ...............................................................................................................................16 REFINED PRODUCT TRADE FLOWS, AND IMPLICATIONS FOR EUROPE ...........................18 CRUDE OIL PRICES................................................................................................................21 REFINING MARGINS...............................................................................................................28 OTHER EU POLICY-RELATED ISSUES ..................................................................................32
III A – HISTORICAL MARKET DEVELOPMENTS.....................................................................................35 A-1 A-2 A-3 A-4 A-5 A-6 A-7 A-8 HISTORICAL DEMAND ............................................................................................35 PRODUCT SPECIFICATIONS AND TAXATION POLICIES ......................................53 WORLD CRUDE OIL PRODUCTION........................................................................72 EUROPEAN CRUDE OIL TRADE
Prepared for:
EUROPEAN COMMISSION
Prepared by:
.
Buenos Aires – Calgary – Dubai – Houston London – Los Angeles – Moscow – Singapore January 2008
L2293/mg
Table of Contents -- i
TABLE OF CONTENTS
I. II
INTRODUCTION ..............................................................................................................................1 EXECUTIVE SUMMARY ..................................................................................................................3 DEMAND OUTLOOK .................................................................................................................3 CRUDE OIL PRODUCTION OUTLOOK .....................................................................................8 REFINING INDUSTRY IN THE STUDY REGION .....................................................................12 BIOFUELS ...............................................................................................................................16 REFINED PRODUCT TRADE FLOWS, AND IMPLICATIONS FOR EUROPE ...........................18 CRUDE OIL PRICES................................................................................................................21 REFINING MARGINS...............................................................................................................28 OTHER EU POLICY-RELATED ISSUES ..................................................................................32
III A – HISTORICAL MARKET DEVELOPMENTS.....................................................................................35 A-1 A-2 A-3 A-4 A-5 A-6 A-7 A-8 HISTORICAL DEMAND ............................................................................................35 PRODUCT SPECIFICATIONS AND TAXATION POLICIES ......................................53 WORLD CRUDE OIL PRODUCTION........................................................................72 EUROPEAN CRUDE OIL TRADE