chapter two - OAPEC

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In the first quarter of 2009, world oil supplies fell sharply by about 1.3 million b/d below the last quarter of 2008, falling to 84.0 million b/d. Then supplies declined again in the second quarter by 200,000 b/d, but in the third and fourth quarters they changed course, soaring by 800,000 b/d and 1 million b/d, respectively, to reach 85.5 million b/d at the end of the year. Evidence of an impending the end of worst global financial crisis has positively affected the oil market, since world oil supplies witnessed an increase of 1 million b/d in the second half of 2009 compared to their first half. Figure 1-1 World Supplies of Oil and NGL’s, 2005-2009 (Million b/d) 1-1 OPEC Supplies In 2009 OPEC countries' oil supplies (crude oil and NGLs) dropped by 2.0 million b/d, or about 5.6 %, to stand at 33.5 million b/d. This decline came after the recorded increase of 1.4 million b/d in the previous year of 2008. The fall in 2009 brought OPEC countries’ share of total world oil supplies to 39.6%, compared with 41.3% in the previous year, as shown in Table (1-1). OPEC supplies of natural gas liquids and unconventional oils rose from 4.5 million b/d in the first quarter of 2009 to 4.9 million b/d in the fourth quarter. On the other hand, OPEC supplies of crude oil increased from 28.5 million b/d to 29.0 million b/d in the same period. This attributed mainly to the signs of improvement in the global economy and its positive impact on global oil demand.
It is noteworthy in this context that OPEC members faced many challenges in 2009, especially in the first half, including the continuing decline in world oil demand as a result of the global recession, and low oil prices levels compared with the corresponding period of the previous year, which had a negative impact on OAPEC members’ value of oil exports. In order to combat the challenges, OPEC held two extraordinary meetings in the course of 2009, in addition to its two ordinary meetings. OPEC members initiated earlier this year significant cut in their production in response to the decisions taken by the Organization in December 2008, to conduct the total quota cuts in 2008 effective from 1 st of January 2009 to 4.2 million b/d. Through frequent monitoring of the global oil market situation, the Organization choosed to keep production quotas unchanged for the whole year, which was a decisive factor in curbing the decline in prices in spite of negative economic growth rates and the subsequent decline in demand during the first half of 2009. Below are some details about the meetings of the Organization during the year: - In light of the continuing repercussions of the financial crisis on oil demand and the abundance of oil supply, OPEC held its first ordinary meeting at its headquarters in Vienna on 15 March 2009, and agreed to keep production quotas unchanged and to take all measures necessary to maintain the stability of oil market. - At OPEC's first extraordinary meeting of the year, held in Vienna on 28 May 2009, it was noted that the oil market is well supplied and that commercial oil stocks were at high levels, higher than the average of last five years and similar to record level reached in February 1998. The OPEC Conference therefore decided once again to keep production quotas unchanged and reiterated member countries commitment to market stability and ensuring sufficient supplies. - In its second ordinary meeting on 10 September 2009, OPEC noted that despite signs of improvement in the global economy, there is still concern on the speed of the recovery, especially in the major industrialized economies. Accordingly, since the market remains oversupplied and given the downside risks associated with extremely fragile recovery, the Conference once again agreed to keep quotas unchanged. - The second extraordinary meeting convened in Luanda, Angola, on 22 December 2009. In light of the stability in world oil market during the last few months on one hand, and the lack of clarity of how strong and durable the global economic recovery might be on the other hand, OPEC decided for the fourth time during the year to maintain the production ceiling unchanged.
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Page 6 and 7: Contents CONTENTS PREFACE .........
Page 8 and 9: Contents 1. World Developments …
Page 10 and 11: Contents 3-14 Paper Entitled “Pet
Page 12 and 13: Contents TABLES PART ONE CHAPTER ON
Page 14 and 15: Contents 2-13 Installed Wind Power
Page 16 and 17: Contents 1-24 Energy Consumption in
Page 18 and 19: PREFACE As the thirty-sixth Report
Page 20 and 21: PART ONE INTERNATIONAL DEVELOPMENTS
Page 24 and 25: 1-1 Non-OPEC Supplies Non-OPEC oil
Page 26 and 27: The developing countries maintained
Page 28 and 29: Figure 1-6 Distribution of World Oi
Page 30 and 31: Demand in the Asian developing coun
Page 32 and 33: • Organization of Petroleum Expor
Page 34 and 35: Algerian crude fell by $37.9/b or 3
Page 36 and 37: decrease occurred in US market, whe
Page 38 and 39: Since 2004, the US Administration h
Page 40 and 41: countries in particular. The latest
Page 42 and 43: The second group comprises four cou
Page 44 and 45: Figure 1-17 Per Capita Energy Consu
Page 46 and 47: Figure 1-20 Oil Consumption in the
Page 48 and 49: 2. Total Energy Consumption in OAPE
Page 50 and 51: to 48.3% in 2009. The share of hydr
Page 52 and 53: • Countries that depend on natura
Page 54 and 55: PART ONE TABLES OF CHAPTER ONE DEVE
Page 56 and 57: Table 1-2 Growth in the World Econo
Page 58 and 59: Table 1-4 Total & Annual Change in
Page 64 and 65: Table 1-10 Average Spot Prices of t
Page 66 and 67: Table 1-12 Average Monthly Market S
Page 68 and 69: Table 1-14 Spot Tanker Freight Rate
Page 70 and 71: Table 1-16 Value of Oil Exports in
Page 72 and 73:
Table 1-18 Energy Consumption in th
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Table 1-20 Energy Consumption in OA
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Table 1-22 Petroleum Products' Cons
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Table 1-24 Hydroelectricity Consump
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Table 1-26 Domestic Prices of Petro
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PART ONE CHAPTER TWO & CHAPTER THRE
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The size of petroleum companies’
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In Kingdom of Bahrain, a developmen
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On the other hand, Hayan oil and ga
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This agreement is the second of its
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Figure C Water Depth of Some Offsho
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In Republic of Iraq, Gulf Keystone
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The ministry of Oil and Mineral Res
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In Iraq, the Ministry of Oil, tied
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A drop by 14% was witnessed in Euro
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2. Oil and Natural Gas Reserves Est
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eserves were estimated at 20.35 bil
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showing an increase of about 8.6%,
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from 462.4 thousand b/d in 2008, to
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Figure 2-12 Marketed Natural Gas by
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in the quantities of natural gas ma
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(81%), Australia (80.0%), China (78
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power plant in the country, the fir
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2. Wind Energy 2-1 Wind Energy in t
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The United States of America came i
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4-2 Geothermal Energy in the Arab C
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PART ONE TABLES OF CHAPTER TWO ARAB
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Table 2-2 Average Number of Active
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Table 2-4 Arab and World Oil Reserv
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Table 2-5 Arab and World Natural Ga
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Table 2-6 Arab and World Hydrocarbo
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Table 2-7 NGL Production in OAPEC M
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Table 2-8 Cont. 2005 2006 2007 2008
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Table 2-10 World Coal Production, 2
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Table 2-11 Cont. Country Reactors i
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Table 2-13 Installed Wind Power Cap
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Table 2-15 Installed Geothermal Cap
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CHAPTER THREE ARAB AND WORLD DEVELO
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Figure 3-2 World Primary Distillati
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Figure 3-5 World Catalytic Cracking
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came Western Europe with 1,180 tons
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Despite the decision in some Arab c
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In Saudi Arabia, there was a delay
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Iranian National Petrochemical Comp
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In Iran, ethylene production capaci
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2. Arab Developments 2-1 Algeria Al
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Samsung will undertake to construct
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NATURAL GAS CONSUMPTION, TRADE AND
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1-2 Natural Gas Trade The volume of
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Natural gas exports from Arab count
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At the same time, the kingdom is st
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2-7 Qatar Qatar has been the world
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2-12 Yemen In August 2009, the natu
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PART ONE TABLES OF CHAPTER THREE AR
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Table 3-2 World Catalytic Conversio
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Table 3-4 World Coke Production Cap
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Table 3-6 Installed Refining Capaci
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ojects in OAPEC Member Countries
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ion Projects in Other Arab Countrie
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Table 3-10 World Ethylene Capacity
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Table 3-11 Cont. Country 2007 2008
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Table 3-13 Consumption of Natural G
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Table 3-15 Natural Gas Exports by R
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Table 3-17 Arab Natural Gas Exports
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PART TWO OAPEC ACTIVITIES IN 2009 C
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1-3 Workshop on Data Bank In implem
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2-4 Current Awareness and Lending -
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oil production. They also played an
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asic petrochemicals pattern toward
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Section four consists of two chapte
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paper pointed out the most importan
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- Difficulties encountered the impl
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The lectures covered technical, eco
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possibility of cooperation in natur
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4- Amendment of the Arab Investment
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2-6 Committee Meeting for Instituti
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Republic of Djibouti, in addition t
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2-13 5 th International Conference
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- Integrated techniques. - Other to
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mobilizing jointly US$100 billion d
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included the Arab Center for Educat
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Table 5-1 Publications Issued and D
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Table 5-3 General Secretariat Actua
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It should be emphasized here, that
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Despite the extraordinary efforts t
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- 22 vessels in the yard simultaneo
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As a result the production of the u
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Project Finance and Foreign Trade T
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market. In the past, the number of
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Dinar. This comprised 10% or LYD 13
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- A new rig of 2000 hp from the Kuw
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logging and perforation operations,
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The Arab Petroleum Services Company
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At the end of the first half of 200
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Financial Results in the First Half
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The Council then awarded prizes to
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II. MEETINGS AND SEMINARS SPONSORED
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