chapter two - OAPEC

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Demand in the Asian developing countries rose by 400,000 b/d to 17.7 million b/d in 2009. Chinese demand, which is the main engine of Asian economic growth and recovery, accounted for 46.3% of total demand in the Asian developing countries, and responsible for 50% of the increase in demand of the Asian developing countries and for 33% of the increase among all developing countries. Chinese demand rose by 200,000 b/d to 8.2 million b/d in 2009. Chinese levels of domestic consumption and industrial output began to rise early in 2009. Besides, the use of China's economic stimulus program to upgrade its infrastructure has led to increasing demand for some heavy petroleum products, such as asphalt, in addition to the high demand for other products, such as gasoline, gas oil and naphtha which used as feedstock in petrochemical industry. India's economy, the other engine for Asian economies’ growth, saw a rise in demand for oil by 100,000 b / d to 3.2 million b / d in 2009. This was mainly due to the dependency of the Indian economy primarily on service and technological industries. While demand in the Latin American remained unchanged from its previous level of 5.8 million b/d, as shown in Table (1-7). 2-3 Countries in Transition Oil demand in the countries in transition totalled 4.8 million b/d in 2009, which was 100,000 b/d, or 2.0%, lower than the previous year. Demand in the FSU, which reached 3.2 million b/d in 2009, accounted for the whole decrease. Demand in the countries of Eastern Europe remained unchanged from previous level at 0.8 million b/d in 2009, as shown in Table (1-8). 3. Price Trends 3-1 Crude Oil Prices Despite the upward trend of oil prices in the course of 2009, their annual average rate declined for the first time since 2001. Price of OPEC basket of crudes fell by $33.4/b, or 35.4%, as the spot price averaged $61/b, compared with $94.4 in 2008. There was a wide disparity in the quarterly average prices in 2009. In the first quarter the average was about $42.9/b, representing a drop of $9.6/b or 18.3%, compared with the fourth quarter of previous year, rising in the second quarter by $15.6/b, or 36.4%, compared with the first quarter to $58.5/b. Then it rose by about $9.2/b, or 15.7% in the third quarter, to $67.7/b. However, in the last quarter it went up to $74.3/b, representing an increase of $6.6/b or 9.7%, compared with the third quarter.
Monthly average price of the OPEC basket remained above the $50/b level since April, and at the $65/b level or more during the period June – December 2009. The difference between the highest level of average price of the OPEC basket in 2009 which recorded in November ($76.3/b) and the lowest in February ($41.4/b) amounted to $34.9/b, compared to a difference of $92.6/b in 2008. Figure (1-8) shows the weekly movement of the OPEC basket price. Figure 1-8 Weekly Movement of OPEC Basket of Crudes, 2009 ($/b) One of the things became a milestone in the oil market in 2009 was the start of the upward trend of prices in the beginning of the year, particularly since March 2009, under conditions of the worst economic recession known since the thirties of the last century. Prices of oil were up despite of the decline in demand and the build up in global oil stocks which reached a level above the five years average. It is no longer unusual to see oil prices rising in conjunction with the rise in oil stocks. The upward trend continued to reach a state of relative stability during the last seven months of the year, despite some fluctuations and downturns in July, September and December, where average OPEC basket price varied from $65/b to more than $75/b during the period. Escalation of prices was due to several factors including ones that has to do with market fundamentals, while others, is outside the scope of that:
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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 22 and 23: In the first quarter of 2009, world
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 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
Page 74 and 75: Table 1-20 Energy Consumption in OA
Page 76 and 77: Table 1-22 Petroleum Products' Cons
Page 78 and 79: 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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