EIA: Significant events affected oil markets in 2013
The US Energy Information Administration listed significant events affecting 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.
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.