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Rashid Khan 2006-07 SPE Distinguished Lecture - Society of ...

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Factors impacting crude price<br />

• Declining crude quality<br />

• Changes in product<br />

quality specifications<br />

• Little spare crude oil<br />

processing capacity<br />

• Investment constraints<br />

• Demand outpacing<br />

supply<br />

May a Discount from W TI ($ /bbl)<br />

25<br />

20<br />

15<br />

10<br />

5<br />

0<br />

Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05<br />

15

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