Where Does Our Oil Come From? – An Update

Sure enough, I post the 2006 data in June, and BP comes out with their new Statistical Review of World Energy a week later.  Here’s the updated map.

World Oil Movement, 2007

World Oil Movement, 2007

Here’s the percentage breakout for 2007:

From

Thousand barrels daily

% of imports

S. & Cent. America

2592

19.0%

Canada

2426

17.8%

Middle East

2218

16.3%

West Africa

1933

14.2%

Mexico

1533

11.2%

Europe

1038

7.6%

North Africa

795

5.8%

Former Soviet Union

467

3.4%

Unidentified *

308

2.3%

Other Asia Pacific

235

1.7%

Japan

54

0.4%

China

13

0.1%

Singapore

15

0.1%

East & Southern Africa

0.0%

Australasia

4

0.0%

TOTAL IMPORTS

13632

* Includes changes in the quantity of oil in transit, movements not otherwise shown, unidentified military use etc.

Not much change.  Our overall consumption of imports is up, mostly made up of increases from Canada and South and Central Americas.  Oil remains a global market, flowing from multiple sources to multiple endpoints.  The fact that oil is very portable means that transportation patterns can easily shift to maximize profit (excluding political forces, which probably shouldn’t be excluded).  Production of a new oil field generally increases supply worldwide, not just in one country.  In other words, opening up ANWR or offshore oil fields may result in some redistribution of the transportation patterns but would have very little effect on the price.  Only the introduction of several large elephant fields into the market would effect supply sufficiently to lower the world oil price.

I think that the quote from Tony Hayward, BP’s Group Chief Executive, pretty much sums it up:

“The defining feature of global energy markets remains high and volatile prices, reflecting a tight balance of supply and demand.”

More can be found on the BP website noted above, or at FinFacts Ireland (here).

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One Response to Where Does Our Oil Come From? – An Update

  1. Pingback: Where Does Our Oil Come From? « Wilco 278

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