EIA: Significant events affected oil markets in 2013

The US Energy Information Administration listed significant events affecting oil markets in 2013. The events include:

• US crude oil production increased 1 million b/d, marking the largest annual increase in US history. The increase in 2013 in the US is more than the combined increases in the rest of the world.

• Production exceeds imports during several weeks for the first time in nearly 20 years.

• Transportation system developments enabled crude oil from Cushing, Okla., and the Bakken, Permian, and Eagle Ford formations, to better reach refineries, reducing the need for foreign oil and moving up West Texas Intermediate spot prices by 4% from 2012.

Global highlights

China replaced the US as the world’s largest crude oil importer, accounting for almost one third of global demand growth.

Global unplanned supply disruptions averaged 2.6 million b/d in 2013, 37% higher than the previous year. The Organization of the Petroleum Exporting Countries accounted for almost 70% of the total unplanned disruptions.

The significant global supply outages were offset by surged US crude oil production and seasonally elevated Saudi Arabian production. International crude oil prices were relatively stable last year.

Non-OPEC liquid fuels production growth, concentrated in the US, more than offset production declines from member countries of OPEC. The global liquid fuels production increased more than 500,000 b/d in 2013.

Related Articles

Market watch: Energy futures prices rose slightly Friday

05/06/2002 Crude oil futures prices rose slightly Friday amid lingering uncertainty about a possible disruption of Middle East supplies, although tensions in ...

Gulf of Mexico oil service sector showing signs of an upturn

05/06/2002 The Gulf of Mexico oil service sector is experiencing the signs of an upturn, analysts with Simmons & Co. International, UBS Warburg LLC, and RBC D...

OTC: Industry, national agencies need to work together to make FPSOs work in the gulf

05/06/2002 Over the coming years, the oil and gas industry will have to keep an open line of communication with national agencies such as the US Coast Guard a...

Market watch: Energy futures prices fall as Iraq lifts embargo

05/07/2002 Crude oil futures prices fell Monday after Iraq announced plans to lift a self-imposed export embargo with exports expected to resume by Wednesday.

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected