World oil market. Countries of the world rich in oil reserves

It included 20 companies based on data on the volumes of export transactions at the end of 2016.

The Swiss oil trader Litasco, owned by Lukoil, again took the first line in the rating. It is known that he not only works in tandem with the head office, but also trades as an autonomous organization using his own and external resources.

Litasco is a unique phenomenon for the Russian oil business. Experts note that this is the only oil trader of Russian origin, which not only sells foreign oil and oil products, but also does it in volumes comparable to the supplies of related companies.

In December 2016, Valery Subbotin, the former vice president of Lukoil for oil supplies and sales, boarded a plane and left Russia. Most likely for a long time. In Lukoil, Subbotin's departure from the central office was announced only in February 2017 and was explained by the “planned rotation of the management staff,” although the company perceived him as one of the successors of President Vagit Alekperov.

Analysts called Subbotin's flight a rescue operation, because the very next day after the privatization of Bashneft in October 2016, Rosneft was rapidly taking control of a new subsidiary. Acquaintance with the documents, more like searches and seizures, a month later led to the termination of part of the contracts with Lukoil, and it was Subbotin who was responsible for trade relations with Bashneft. In addition, he had previously had disagreements with the head of Rosneft Igor Sechin.

Forbes analysts note that amid holes in the budgets of oil-dependent states and a decrease in income and the curtailment of investments by mining companies, the trading business is doing fine.

Oil traders do not bear production risks, and the contango market gave a huge increase in profits to all trading companies - a situation arose in which the exchange price of a futures is higher than the current price of oil. Profit is generated by a combination of instruments: physical buying and selling of volumes, futures, options and swaps.

Having physical volume behind their backs, traders can earn ten times on it, so they are ready to pay premiums to those who guarantee physical volume., - admitted the interlocutor of Forbes.

It is the earnings on contango that allow the oil giants, which have their own trading divisions (BP, Shell, and others), to show excellent financial results amid falling prices. They are inexpensively stocking millions of barrels of oil and selling futures contracts for the same volumes at a higher price.

At the same time, as the FT wrote with reference to the report of the consulting company Oliver Wyman, the size of the oil giants and the scale of their operations allowed them to take market share from independent traders, for example, from Glencore, Trafigura and Vitol. On the other hand, the presence of global traders in Russia is growing, because Rosneft is betting on them.

Rosneft has several of its own trading companies, and they were included in the rating of the largest buyers of Russian oil according to Forbes, but Rosneft is now working out contracts for pre-export financing from traders received for the purchase of TNK-BP. And at the end of 2016, Glencore became one of the shareholders of Rosneft and received additional volumes of its oil along with the block of shares. So in the coming years, the connection between Rosneft and traders will be very strong.

Lukoil went the other way. Since the 2000s, the company has consolidated its exports to its Swiss subsidiary, Litasco, which now manages to purchase comparable volumes of oil from third-party producers.

For the second year already, the trading company "Lukoil" is the largest buyer of Russian oil (32.9 million tons). Like other traders, Litasco plays on the "paper" market, but very cautiously and conservatively - to match the parent company.

The 20 largest buyers of Russian oil account for almost 85% of Russian oil exports, and in 2016 they reached 254.8 million tons. Companies are ranked according to the value of the raw materials provided to them.

1. Litasco

Year of formation: 2000

Headquarters: Geneva, Switzerland

CEO: Tim Bullock

Owner: "Lukoil"

Amount of contracts: $ 9.3 billion

Purchase volume: 32.9 million tons

Cost of one barrel: $38

Partners in Russia: Lukoil, Rosneft, Surgutneftegaz

Points of purchase: ports of Primorsk, Kozmino, Varandey, Novorossiysk, Kaliningrad

The oil trading subsidiary of Lukoil not only exports the products of the parent Russian company, but also operates around the world as an independent player. The company trades in Europe, the CIS, the Mediterranean, North and West Africa.

After the lifting of international sanctions against Tehran, Litasco was one of the first to acquire consignments of Iranian oil and oil products.

Recall that Litasco sells 85% of oil from the fields named after. Trebs and Titov, which is being developed by the joint venture Lukoil and Bashneft - Bashneft-Polyus. After the privatization of Bashneft, the contract with Litasco was extended for a year. But the contract for 193.9 billion rubles, according to which the Bashneft refineries process oil from Lukoil and supply oil products to Litasco, was terminated.

Year of formation: 1993

Headquarters: Beijing, China

CEO: Wong Lihua

Owner: CNPC

Amount of contracts: $ 8.3 billion

Purchase volume: 27.6 million tons

Cost of one barrel: $40,6

Partners in Russia: Rosneft, Transneft

Points of purchase: oil delivery point "Jalinda" (border of Russia and China), ports of Kozmino, Yeosu (South Korea), Kiire (Japan)

The interests of a division of the Chinese state-owned company China National Petroleum Corporation (CNPC) are not limited to Russia, where it acts as a counterparty under a long-term contract with Rosneft. China National United Oil Corporation also sells and buys oil and petroleum products in the Western and Middle Eastern markets. The trade volume at the end of 2014 amounted to 129 million tons.

Year of formation: 1993

Headquarters: Amsterdam, Netherlands

CEO: Jeremy Weir

Owners: company management

Amount of contracts: $ 6.8 billion

Purchase volume: 23.1 million tons

Cost of one barrel: $39,7

Partners in Russia

Points of purchase: ports of Primorsk, Ust-Luga, Novorossiysk, Kozmino

Trafigura is one of the largest trading companies in the world, trading not only oil, but also metals and mineral fertilizers... Trafigura's position in Russian oil exports strengthened in 2013, when the company agreed with Rosneft on an advance payment of $ 1.5 billion, and its Eurasian division (Trafigura Eurasia) was headed by former TNK-BP vice president Jonathan Kollek.

In 2016, Trafigura, Rosneft and Ilya Shcherbovich's UCP bought Essar Oil, the operator of one of the largest refineries in India.

Year of formation: 1984

Headquarters: Geneva, Switzerland

CEO: Thomas Weimel

Owner: Total

Amount of contracts: $ 5.7 billion

Purchase volume: 20.3 million tons

Cost of one barrel: $37,9

Partners in Russia: Gazprom Neft, Surgutneftegaz, Rosneft

Points of purchase: oil delivery point "Adamova Zastava" (Poland), ports of Primorsk, Ust-Luga

French Total buys Russian oil not only through a trader's subsidiary, but also independently, although not in such large volumes. In 2015, Total Oil Trading accounted for 14.5 million tons of crude oil from Russia, and Total - just over 1 million tons. In 2015, Total Oil Trading signed a new contract with Rosneft for the supply of 4.8 million tons of oil to year to Germany.

In 2016, Total's purchases in Russia increased significantly. TOTSA accounted for 19.2 million tons of crude oil from Russia ($ 5.4 billion), Total E&P Russie - just under 1 million tons.

Year of formation: 1974

Headquarters: Bar, Switzerland

CEO: Ivan Glasenberg

Owners: Qatar Holdings, Ivan Glasenberg, Daniel Francisco Mate Badenes, Aristotelis Mistakidis, Thor Peterson, Alex Bird

Amount of contracts: $ 4.1 billion

Purchase volume: 14.8 million tons

Cost of one barrel: $37,4

Partners in Russia: "Neftisa", "Zarubezhneft", "Rosneft"

Points of purchase: points of delivery and reception of oil "Adamova Zastava" (Poland), Budkovce (Slovakia), Feneshlitke (Hungary), ports of Primorsk, Kasima (Japan), Yeosu (South Korea)

In 2016, Glencore and its shareholder Qatar Sovereign Fund became major shareholders of Rosneft. They paid € 10.2 billion for 19.5% of the Russian company. Earlier, Rosneft received pre-export financing from Glencore and Vitol in the amount of up to $ 10 billion secured by oil supplies (in particular, up to 46.9 million tons to Ros-GIP ) for 5 years.

Under the terms of the privatization deal, in addition to the existing ones, Glencore receives another five-year contract for 220,000 barrels of oil per day, which corresponds to 10.9 million tons per year.

6. Orlen

Year established: 2000

Headquarters: Plock, Poland

CEO: Wojciech Jasinsky

Owners: State Treasury of Poland, Nationale-Nederlanden and Aviva funds

Amount of contracts:$ 3.5 billion

Purchase volume: 12.5 million tons

Cost of one barrel: $38,2

Partners in Russia: Rosneft

Points of purchase: points of delivery and reception of oil "Adamova Zastava" (Poland) and Budkivce (Slovakia)

The Polish oil concern Orlen has been working with Russian companies for a long time. According to Igor Sechin, head of Rosneft, this partnership has been "tested over the years." After the former Polish Finance Minister Wojciech Jasiński came to the post of CEO in December 2015, Orlen decided to increase supplies from Russia.

And in June 2016, Rosneft and Orlen extended the contract for the supply of oil to the Czech Republic for three years, where the Polish concern is the leader in oil refining. The document provides for the possibility of increasing supplies to Orlen up to 15.8 million tons of oil.

Year of formation: 1966

Headquarters: Geneva, Switzerland

CEO: Ian Taylor

Owners: company management

Amount of contracts: $ 3.2 billion

Purchase volume: 11.2 million tons

Cost of one barrel: $38,6

Partners in Russia: Rosneft, Gazprom Neft, Surgutneftegaz, NNK

Points of purchase: ports of Kozmino, Novorossiysk, Primorsk, Kiire (Japan), Ulsan (South Korea), Yeosu (South Korea)

Vitol, one of the world's largest traders, buys less Russian oil than its main competitors, Glencore and Trafigura.

Perhaps the reason is politics. In 2014, Rosneft and Vitol planned to sign an agreement on supplies with an advance payment of $ 2 billion, however, after the United States imposed sanctions on long-term borrowing against the Russian company, Vitol refused the deal.

Year of formation: 1998

Headquarters: Zug, Switzerland

CEO: Vasily Sokolov

Owner: PJSC TATNEFT

Amount of contracts: $ 2.9 billion

Purchase volume: 10.3 million tons

Cost of one barrel: $37,6

Partners in Russia: "Tatneft"

Points of purchase: points of delivery and reception of oil "Adamova Zastava" (Poland), Budkovce (Slovakia), Feneshlitke (Hungary), the port of Primorsk

The trading subsidiary of Tatneft in 2015 showed particular interest in the buyers of its products from Poland. After it became known that the Orlen concern intends to increase purchases of oil from Saudi Arabia, Tatneft proposed to the Ministry of Energy to work out measures to protect Russian companies in the European oil market.

9. Shell International Trading

Year of formation: 1998

Headquarters: London, Great Britain

CEO: Mike Conway

Owner: Royal Dutch Shell

Amount of contracts: $ 2.6 billion

Purchase volume: 9 million tons

Cost of one barrel: $39,5

Partners in Russia: Rosneft, Surgutneftegaz

Points of purchase: oil delivery point "Adamova Zastava" (Poland), ports of Novorossiysk, Primorsk, Ust-Luga

Several Shell structures purchase oil in Russia: Shell International Trading and Shipping Company, Shell International Eastern Trading Company, Shell Trading International Ltd. A subsidiary, Shell Trading Russia BV, was opened in Moscow to work with Russian partners.

And the parent company Royal Dutch Shell has been producing gas and oil in Russia together with Gazprom and Gazprom Neft for many years. In addition, another subsidiary, Shell International Trading Middle East, became one of the buyers of the Novatek Yamal LNG project, having contracted 0.9 million tons of liquefied gas.

10. Concept Oil Services

Year of formation: 2003

Headquarters: Hong Kong

CEO: there is no data

Owners: Mikhail Zeligman

Amount of contracts: $ 2 billion

Purchase volume: 6.6 million tons

Cost of one barrel: $40,6

Partners in Russia: NK "Dulisma", Irkutsk Oil Company, "Bashneft", NNK

Points of purchase: ports of Kozmino, Ust-Luga, Novorossiysk

Concept Oil is one of dark horses among buyers of Russian oil. From the materials of the legal proceedings of Concept Oil in 2012-2013 with one of the partners, it follows that the main shareholder of the company is Mikhail Zeligman.

He created Concept Oil to supply oil and petroleum products in Europe, Russia and the CIS countries, including Kazakhstan, where he built a network of good business contacts, including with the Russian oil company Lukoil, according to the materials. At the same time, Concept Oil works mainly with small companies.

11. Unipec Asia Company

Year of formation: 1993

Headquarters: Beijing, China

CEO: Dai Jiaoming

Owner: Sinopec

Amount of contracts: $ 1.9 billion

Purchase volume: 6.2 million tons

Cost of one barrel: $41,9

Partners in Russia: Rosneft, Gazprom Neft, Surgutneftegaz

Points of purchase: ports of Kozmino, Novorossiysk

According to the results of 2016, China increased oil imports by 13.6%, to 381 million tons, compared with the results of 2015, follows from the data of the General Administration of Customs of China. Russia retained its status as the first largest oil supplier to China. B

Most of the volume comes from contracts with China National United Oil Corporation, the rest is for supplies to Unipec, a subsidiary of the largest petrochemical company Sinopec. Sinopec also began purchasing oil from the United States in 2016 after the export ban was lifted.

12. Sakhalin Energy

Year of formation: 1994

Headquarters: Yuzhno-Sakhalinsk

CEO: Roman Dashkov

Owners: PJSC Gazprom, Royal Dutch Shell, Mitsui, Mitsubishi

Amount of contracts: $ 1.9 billion

Purchase volume: 5.5 million tons

Cost of one barrel: $45,8

Partners in Russia: Sakhalin Energy Investment Company

Points of purchase: Prigorodnoye port

Sakhalin Energy, an oil and gas company operated by Gazprom and a consortium of foreign investors, develops, produces and sells oil and gas on the northeastern shelf of Sakhalin Island.

Sakhalin Energy (Gazprom - 50% plus 1 share, Shell - 27.5% minus 1 share, 2.5% from Mitsui, 10% from Mitsubishi) develops, produces and sells oil and gas on the northeastern shelf Sakhalin.

The partners manage the project under a production sharing agreement. According to the company, since its entry into force, payments to Russia have exceeded $ 5 billion. Sakhalin Energy Investment Company plans to build the third stage of the Sakhalin-2 LNG project. Vedomosti wrote that Shell would seek special tax conditions for the project.

13. Rosneft Trading

Year of formation: 2011

Headquarters: Geneva, Switzerland

CEO: Marcus Cooper

Owners: Rosneft

Amount of contracts: $ 1.7 billion

Purchase volume: 5.8 million tons

Cost of one barrel: $38,8

Partners in Russia: Rosneft

Points of purchase: ports of Primorsk, Kozmino, Ust-Luga, oil delivery point Adamova Zastava (Poland)

Rosneft Trading trades not only in the oil of the parent company. In 2016, Rosneft's trading division began delivering gasoline to the Indonesian state-owned company Pertamina. In addition, in 2016, Rosneft signed a contract with the government of Iraqi Kurdistan for the purchase of oil in the period from 2017 to 2019 on a prepaid basis. The buyer will be the trading division of Rosneft. The contract will provide raw materials for the expanding international network of Rosneft refineries, said CEO of the company Igor Sechin.

14. Mozyr Oil Refinery

Year of formation: 1975

Headquarters: Mozyr, Belarus

CEO: Vitaly Pavlov

Owners: State Property Committee of the Republic of Belarus, "Slavneft"

Amount of contracts: $ 1.6 billion

Purchase volume: 7.6 million tons

Cost of one barrel: $28,8

Partners in Russia: "Yukola-Oil", "Impextrade"

Points of purchase: stations Barbarov, Mozyr, Zlynka - Belarus

Mozyr Oil Refinery is one of the two largest Belarusian refineries. Produces gasoline, jet fuel, diesel and boiler fuel, petroleum bitumen. About 65% of products are exported to the CIS countries and Europe. Russia is the main supplier of oil to Belarus, but due to the conflict that escalated in 2016, the volume of duty-free supplies of Russian raw materials decreased.

Therefore, President of Belarus Alexander Lukashenko decided to buy oil from Iran. In March 2017, the first batch of Iranian oil arrived at the Mozyr Oil Refinery.

Year of formation: 1997

Headquarters: Geneva, Switzerland

CEO: Torbjörn Tornqvist

Owner: Torbjörn Tornqvist, management

Amount of contracts: $ 1.3 billion

Purchase volume: 4.3 million tons

Cost of one barrel: $39,3

Partners in Russia: Rosneft, Gazprom Neft

Points of purchase: ports of Primorsk, Ust-Luga, Kozmino

Gunvor is one of the world's largest traders; billionaire Gennady Timchenko was involved in its creation. In the early years, the company traded mainly in Russian energy resources, and later - in electricity, metals, coal. In March 2014, fearing sanctions, Timchenko sold 44% of Gunvor to his partner Tornqvist. At the end of 2015, the trader did not make it to the top twenty largest buyers of Russian oil - its volumes amounted to 2.7 million tons for $ 1 billion (out of $ 64 billion in revenue). But in 2016, Gunvor purchases were up.

16. Naftan

Year of formation: 1963

Headquarters: Novopolotsk, Belarus

CEO: Alexander Demidov

Owner: Republic of Belarus

Amount of contracts: $ 1.2 billion

Purchase volume: 5.8 million tons

Cost of one barrel: $28,2

Partners in Russia: Rosneft, Surgutneftegaz

Points of purchase: Novopolotsk (Belarus)

Naftan (Novopolotsk Refinery) receives oil from Russia via the northern branch of the Druzhba oil pipeline. This is one of the largest oil refineries in Belarus and Europe. Produces oils, gasoline, diesel fuel, in total there are more than 70 items in the assortment.

Most of the products are exported to the CIS countries, the Middle East, the EU and the USA. Due to the Russian-Belarusian conflict, since the third quarter of 2016, Russian oil supplies to Naftan have decreased, the company announced losses, and its head Vladimir Tretyakov was dismissed.

17. Trumpet

Year of formation: 1998

Headquarters: Dublin, Ireland

CEO: Anatoly Kuryatnikov

Owner: Rosneft

Amount of contracts: $ 1 billion

Purchase volume: 3.4 million tons

Cost of one barrel: $41,9

Partners in Russia: Rosneft

Points of purchase: oil depot "Kropotkin", station Getmanovskaya

Trumpet Limited is another Rosneft own trader. According to Novaya Gazeta, in 2008-2009 Trumpet exported oil produced in Chechnya through the seaport of the Caspian Pipeline Consortium.

In 2012, even before the purchase by Rosneft, TNK-BP became a Trumpet client. Now in Russia Trumpet receives only oil produced by Rosneft itself and its subsidiaries - Orenburgneft and Rosneft-Dagneft, and supplies it to Italy, Spain, France, the Netherlands and Turkey.

18. EXTAP

Year of formation: 1997

Headquarters: Singapore

CEO: Matthew Aguilar

Owner

Amount of contracts: $ 0.9 billion

Purchase volume: 2.8 million tons

Cost of one barrel: $44,7

Partners in Russia: Exxon Neftegas

Points of purchase: De-Kastri port

EXTAP, a division of Exxon Mobil Asia Pacific, buys oil from the Far East in Russia. Exxon Mobil owns 30% of the Sakhalin-1 PSA project and its subsidiary Exxon Neftegas manages the project.

Other members of the consortium for its development are Rosneft (20%), ONGC (20%) and SODECO (30%). The volume of recoverable reserves of Sakhalin-1 is estimated at 2.3 billion barrels of oil (307 million tons) and 485 billion cubic meters natural gas... EXTAP supplies oil produced there to Korea, Japan and Thailand.

Year of formation: 1909

Headquarters: London, Great Britain

CEO: Robert Warren Dudley

Owners: 95% free float

Amount of contracts: $ 0.8 billion

Purchase volume: 2.6 million tons

Cost of one barrel: $43,4

Partners in Russia: Surgutneftegaz, Gazprom Neft

Points of purchase: ports of Rotterdam (Netherlands), Primorsk, Ust-Luga, Kozmino

British Petroleum is one of the largest shareholders of Rosneft, but its two divisions - BP Singapore and BP Oil International - buy oil in Russia from Surgutneftegaz and Gazprom Neft and supply it to China and Korea (BP Singapore) and Italy , Netherlands and Finland (BP Oil International).

In 2015, these two companies purchased 1.7 million tons of oil from Russia for $ 650 million; in 2016, supplies from Russia to them increased. BP hopes to buy gas from Rosneft and supply it to Europe, but so far Gazprom has a monopoly on Russian gas exports.

Year of formation: 2003

Headquarters: Gdansk, Poland

CEO: Marcin Yastrzhebsky

Owner: Polish government

Amount of contracts: $ 0.8 billion

Purchase volume: 2.9 million tons

Cost of one barrel: $38,2

Partners in Russia: Rosneft

Points of purchase: oil delivery point Adamova Zastava (Poland)

Poland receives the bulk of its oil from Russia via the Druzhba pipeline. The state-owned Grupa Lotos is a longtime buyer of Russian oil. In early 2016, Rosneft and Lotos agreed to extend the contract for the supply of oil to Poland until December 31, 2017.

The document implies an increase in supplies by 300,000 tons of oil, up to 2.7 million tons per year. But, like the Belarusian enterprises, Grupa Lotos has begun trial purchases of Iranian oil. The first shipments arrived from Iran to Gdansk in the summer of 2016.

In 2015, oil exports from Russia amounted to 244 million tons in the amount of $ 89.6 billion. 94% of the value was sent to non-CIS countries, 6% to the CIS countries.

In the coming years, Russian oil Urals may replenish the basket that forms the benchmark Brent blend.

This step can be taken in connection with the need to smooth out sharp price fluctuations caused by an unexpected reduction in the physical volume of production for one of the grades included in the Brent oil basket.

And as writes Reuters, the initiator of the start of consultations in the composition of an independent commission of experts on this issue may be the vice-president of the British-Dutch Royal Dutch Shell.

The production of the most benchmark Brent grade, which has been conducted at the field of the same name on the shelf of the North Sea since 1976, began to decline back in the 80s of the last century. Then it was decided to switch from one grade to a basket of various blends, traded under the Brent brand.

V different time it includes varieties: Forties, Oseberg and Ekofisk, similar in quality and chemical composition with the same variety.

From January 1, 2018, the Platts pricing agency intends to include in this benchmark the North Sea oil from the Norwegian Troll field by Statoil, which will increase the volume of Brent oil traded on the market by 20%.

This decision, after numerous consultations, received support from market participants and will help to preserve the variety for the next decade.

The inclusion of Russian Urals oil is possible due to rather similar characteristics. According to Mike Muller, this is confirmed by the active processing of Urals at European refineries, which are "sharpened" for oil grades that are included in the standard.

At the same time, the vice president of Shell noted that reforms, which should ensure a "stable functioning market", may take years, not months.

If such a decision is made, the spread between Russian Urals and the benchmark will inevitably narrow. Will this mean a rise in the price of Russian oil? Is not a fact. If in a bucket with clean water add dirty water, then clean water will become dirtier, but dirty water will not become cleaner.

A similar principle applies to the oil basket, in which case Brent will become cheaper.

On the other hand, Urals will become more in demand, due to its inclusion in the benchmark actively traded on the exchange, and part of the spread may decrease due to its rise in price.

Recall that Urals oil is obtained from a mixture of hydrocarbons from the fields of the Volga region, the Urals, Khanty-Mansiysk and Yamalo-Nenets Autonomous Okrugs.

According to the Russian Ministry of Finance, in the first quarter of 2017, the cost of Urals increased by more than 1.5 times compared to the same period in 2016.

Currently, Urals is trading at a 5% discount compared to Brent, but in the medium term, according to some analysts, prices for these brands may become equal.

According to the expert's forecasts, by the end of 2017, Urals oil may reach $ 54-55 per barrel, subject to the price of Brent at $ 55-56 per barrel.

According to preliminary statistics released by the British Department for Business, Energy & Industrial Strategy (BEIS), British gas production decreased by 3.1% in 2018 due to the closure of the Theddlethorpe dry gas terminal in August 2018, whereas production had been growing since 2013 . Gas imports declined by 2% owing to a 3.6% drop in pipeline imports, despite a 7.3% increase in LNG imports (17% of total gas imports). Norway remained the main source of gas imports (70% in 2018), while Qatar remained the largest LNG supplier (55% of LNG imports). Gas exports fell by 1/3 to their lowest level since 1998, as gas pipelines to Belgium and the Netherlands were used for imports during cold weather episodes in early 2018 and as the long-term capacity contract for the UK-Belgium interconnector ended in early October 2018. Gas consumption in the United Kingdom remained stable in 2018, since the 4.7% decrease in the demand from the power sector (higher renewable power generation) was offset by a 3.1% increase in final consumption due to a colder weather (+3.1 % for households).

01
Apr

Coal-fired power generation fell by 25% in the United Kingdom in 2018

According to preliminary statistics released by the British Department for Business, Energy & Industrial Strategy (BEIS), power generation in the United Kingdom dipped by 1.4% in 2018, i.e. nearly 14% less than in 2008. Coal-fired power generation continued to decline in 2018 (-25% on 2017, -86% since 2008), while gas-fired generation decreased by 3.9% during the year, against higher gas prices in the third quarter of 2018 and increased renewable power generation.

01
Apr

US tight oil production could increase by more than 50% by 2030

According to the US Energy Information Administration "s Annual Energy Outlook 2019 (AEO2019), US tight oil production should continue to increase through 2030, until reaching more than 10 mb / d in the early 2030s, thanks to improve drilling efficiency and reduced costs, and would raise total US oil production to 12 mb / d in 2050. Tight oil production became the largest form of oil production in 2015 and accounted for 61% of total US production in 2018 with 6.5 mb / d in 2018. Three major tight oil plays in the Permian Basin, namely Spraberry, Bone Spring, and Wolfcamp, accounted for 41% of US tight oil production in 2018 and should account for half of cumulative tight oil production until 2050, followed by the Bakken plays (19%) and Eagle Ford plays (17%).

27
Mar

China raised its coal mining capacity by 6% in 2018

According to the National Energy Administration (NEA) of China, total coal mining capacity in China increased by nearly 6% in 2018, reaching 3.53 Gt / year at the end of 2018, despite political commitment to reduce excess capacities in the coal sector and to cut fossil fuel consumption. Even if the sector is still restructuring - the total number of coal mines contracted by 14%, from 3.907 in 2017 to 3.373 in 2018 - the rising production capacity could undermine China "s will to cap CO2 emissions by 2030.

From the statistical report on the global energy, it follows that in 2014 the world consumed (on average) 92.09 million barrels daily, which is almost 1% more than a year earlier.

Average daily oil consumption in the United States is 19.04 million barrels, in China 10.6 million barrels.

The leader in terms of the rate (speed) of growth in oil consumption is South Korea, although in absolute terms it consumes only 2.46 million barrels daily - and this is the 8th largest in the world.

The highest oil consumption per capita (as of July 2015) is in Singapore - 83.5 barrels. It is followed by Saudi Arabia (42.5 barrels), Canada (about 25), the United States (22) and South Korea (over 18 barrels).

South Korea is of interest as a country in whose energy strategy oil is the main source of energy, despite the fact that there are a lot of machines and mechanisms in the country.

Therefore, most of the petroleum products are used for industrial purposes.

But the most interesting thing is that oil is imported in this country, and the oil products obtained from it are exported, mainly to neighboring countries, including China and even to Russia.

At the same time, Russia is one of the world leaders in oil production and export.

In particular, among oil suppliers to China, Russia (at the end of the first half of 2015) came in second with a volume of 786 thousand barrels per day. This is more than a quarter more deliveries in the same period in 2014.

In 1st place among Chinese suppliers - Saudi Arabia with 1.07 million barrels per day, in 3rd - Angola - 770 thousand barrels per day.

Here is the answer to the question of whom, Saudi Arabia or Iran, China will support in the event of a conflict between them.

The world leaders in oil exports are the hydrocarbon giants Saudi Arabia, Russia and Iraq.

The world leader in oil imports is China, to which the United States lost this dubious primacy, increasing its own production and moving away from oil dependence.

By the way, world political scientists and oil analysts expect a significant change in the structure of US oil imports - in connection with the alleged liberation of Cuba from socialist captivity, which is likely to be followed by Venezuela, the world leader in oil reserves. The price of the issue for these countries is their technological development.

Many people think that China is poor in oil.

But this is not so - in terms of oil reserves (as of 2014 - according to British Petroleum), China has a volume of 2.5 billion tons and ranks 14th in the world.

This is less than Venezuela's reserves by 18 times, Russia - by 5.6 times, and the United States - by only 2.3 times.

But China shows good results in oil refining - the workload of Chinese refineries is very high: daily oil processing reaches 10.6 million barrels. However, the processing of the factories leaves much to be desired - as a result, China loses from 3 to 9% of light oil products daily.

All you hear is that "the world is on an oil needle," "modern civilization is impossible without oil," "oil prices are rising / falling, everyone will feel bad / good." I decided to write a post from only figures - no conclusions or comments. Where does the oil come from, what it is spent on, who spends it and how much, who has what from it. If interested, read on.

The world consumes about 80 million barrels of oil every day, which is almost 30 billion barrels a year. The largest consumer of oil is the United States, followed by China, Russia occupies the fifth place, and in numerical terms, oil consumption in Russia is about 9 times less than in the United States.

What exactly does this 80 million barrels go to? Consider the structure of oil consumption using the example of the largest consumer - the United States.

According to the American Petroleum Institute, in the US 43% of petroleum products are used as fuel for cars, 9% as jet fuel, 11% as diesel fuel, 5% as ship fuel, 4% used for heating houses, 16% - goes to the production of asphalt, plastic, oils, etc. , 12% - for other needs. That is, 72% of all produced oil is used as fuel, with 68% as transport fuel. During the period from 1990 to 2010, the structure of oil consumption remained practically unchanged.

Now about oil production. The world produces 89 million barrels of oil every day, which is about 11% more than daily consumption. This excess of production over consumption allows large consumers to create strategic oil reserves. So, in 2013, the US strategic oil reserve contained 695.9 million barrels of oil. Who is producing these 89 million barrels? Here is a table listing the top 10 producing countries. Russia, as you can easily see, ranks second in this list, the United States - third.

In total, the "top ten" produces about 59 million barrels per day, or 2/3 of all world production. The remaining third is produced by another 111 countries in which there is at least some oil production.

Subtracting consumption figures from the production figures, you can get the amount that the country buys in foreign markets. So the United States, producing 10 million barrels per day, and consuming 20, 6, daily buys 10.6 million barrels in foreign markets, China produces 4.2 million barrels, and consuming 7.9, respectively, buys 3.7 million barrels, Germany nothing without producing, buys all the 2.45 million barrels... India and Japan are also in the top five importing countries. These five countries account for 2/3 of the total oil imports in the world.

Countries that produce more oil than they consume accordingly sell the surplus and are called exporters. The largest exporter of oil in the world is Saudi Arabia, followed by Russia. In addition, the five largest exporters include Iran, the United Arab Emirates and Norway.
here is a list of "top twenty" exporters and importers

A little about money. The share of oil exports in the Russian budget is about 50% - and this is only DIRECT receipts from exports, the so-called export duties. If we also take into account the taxes of enterprises serving export, then this share will exceed 2/3 of the budget. However, in Saudi Arabia, for example, the budget depends on oil exports by 87% ...

And finally, for how many years will humanity have enough oil reserves? Oil is a non-renewable resource and sooner or later it will run out. Explored oil reserves are (for 2012) 257 billion tons (1467 billion barrels), undiscovered reserves are estimated at 52-260 billion tons (300-1500 billion barrels). By the beginning of 1973, the world's proven oil reserves were estimated at 100 billion tons (570 billion barrels). Thus, in the past, proven reserves have grown (oil consumption is also growing - over the past 40 years, it has grown from 20.0 to 32.4 billion barrels per year). However, since 1984, the annual volume of world oil production has exceeded the volume of explored oil reserves. World oil production in 2012 was about 5.7 billion tons per year, or 32.8 billion barrels per year. Thus, at the current rate of consumption, explored oil will last for about 45 years, undiscovered - for another 10-50 years.

Lopatina Daria Mikhailovna

5th year student of the School of Economics and Management of the Far Eastern Federal University, Vladivostok

Popova Tatiana Nikolaevna

scientific director, Cand. econom. Sci., Associate Professor of the Department of World Economy SHEM FEFU, Vladivostok

Oil is unique natural resource, which, one way or another, is used by all countries. As the most important source of energy, oil has become the world's most traded raw material. The world oil market is highly developed and diverse. The distribution of forces on it is determined by the geography of reserves, production and consumption of oil.

At the end of 2012, proven world oil reserves amounted to 1,668.9 billion barrels. Over the past 20 years, this figure has skyrocketed, increasing by about 600 billion barrels.

As of January 1, 2013, just under 80% of proven oil reserves are in eight countries. Of these, six countries are OPEC members and only two (Canada and Russia) are not OPEC members. The 12 OPEC member states account for 72.6% of all proven oil reserves. The absolute leader in proven oil reserves is the Middle East - it accounts for about 48.4% of the total. For more than half a century, the world map of oil has been concentrated around this region. At the same time, about 15.9% of world reserves are in Saudi Arabia. However, the world leader in proven oil reserves at the end of 2012 was Venezuela with a share of 17.8%. Russia accounts for 5.2% of all reserves. World oil reserves by country are shown in Table 1.

Table 1.

World oil reserves by country as of 01.01.2013

Country	Oil reserves, billion barrels	% of world reserves
Venezuela
Saudi Arabia
Kazakhstan
Brazil
Other

A source:

It should be noted that the level of proven reserves has doubled over the past 30 years. At the same time, the main increase falls on the share of the above countries. So, in the mid-1980s. oil reserves of Saudi Arabia increased by one and a half times, and in the late 2000s. Venezuela discovered a number of large deposits in the Orinoco river basin, which allowed it to come out on top.

The trend in recent years has been a decline in readily available oil reserves and a reduction in the number of discovered fields with easily produced oil, especially large ones. Today, about 80% of the oil produced comes from fields discovered before 1973.

The geography of oil production in the world is determined by its actual availability in the country, the quality and level of oil reserves, as well as technical capabilities regions with oil reserves to produce and transport oil. In addition, the level of economic development country and the degree of diversification of its industries.

Oil production is concentrated in countries with significant reserves of this resource. However, the level of available oil reserves does not always reflect the volume and rate of its production. So the main oil-producing country is Saudi Arabia - 13.3% of world production, while in terms of reserves it is in second place - 15.9% of world reserves. At the same time, Venezuela, which has the largest oil reserves (17.8%), is only in eighth place in terms of oil production - 3.4%. The second and third places in terms of oil production are held by Russia (12.8%) and the United States (9.6%), which have only 5.2% and 1.9% of world oil reserves, respectively. Below is a table of the main oil producing countries.

Table 2.

Oil production by the largest oil-producing countries in million tons

Country					% of world production in 2012
Saudi Arabia
Venezuela

A source: BP Statistical Review of World Energy June 2013

Among the countries, the leaders in oil production in recent years are Saudi Arabia, which accounts for about 13% of the volume of production, and Russia, whose share in world production is more than 12% per year. The two largest oil producers - Russia and Saudi Arabia - account for a quarter of the total volume of oil produced. In 2009-2010, Russia was ahead of Saudi Arabia in terms of oil production, but since 2011, it again lost the lead.

However, today we are witnessing a radical change in the situation: the center of oil production is shifting to the Western Hemisphere. The new energy axis runs from the Canadian province of Alberta, through the US states of North Dakota and South Texas, and to the huge deposits of oil discovered off the coast of Brazil. Almost simultaneously, active development of oil sands began in Canada, the development of pre-salt deposits in Brazil and oil in low-permeability layers in the United States.

Over the past decade, Canada's oil sands have become one of the largest sources of oil production, not only for itself, but also for the United States. Now production in Canada is 3.7 million barrels per day - more than oil exports from Libya before the civil war. Last year, it managed to take the fifth place in the world in oil production after Saudi Arabia, Russia, the United States and China, ahead of Iran.

At the same time, breakthroughs in the development of new exploration and production technologies have made it possible to discover significant oil reserves in the Santos and Campos basins along the southern coast of Brazil, previously inaccessible due to the fact that they are located at great depths and under almost two kilometers of salt. And a few years ago, the giant offshore Libra field was discovered in the Santos Basin, which could hold up to 15 billion barrels of oil, making it the largest find in the Western Hemisphere in 34 years. Subject to the implementation of existing plans by 2020, oil production in Brazil will reach 5 million barrels per day, which is slightly more than 50% of the current production in Saudi Arabia.

The third new source of oil has been developed in the United States itself: the introduction of horizontal drilling and hydraulic fracturing technology has made it cost-effective to extract oil from tight layers. Extraction of oil in this way has spawned a lot of talk about the shale revolution in the United States. Many countries express their concerns about the emergence of a strong competitor on the oil market, and there are objective reasons for this. As early as 9 years ago, pilot oil production from shale began in the Bakken oil-bearing region (North Dakota) at a depth of several kilometers. Today, its volume has reached almost half a million barrels per day. As a result, the state became the fourth largest oil producer in the country and the first in terms of unemployment reduction.

Oil production from shale in the United States is developing at a rapid pace: in 2000, only 200,000 barrels per day were produced, and in 2020 it is planned to produce about 3 million barrels per day, or 30% of all production in the country. Active production of shale oil allowed the United States to produce 9.9 million barrels of oil per day in the first half of 2013, which almost reached the Russian level of 10.8 million barrels per day. However, despite the impressive rates of production shown by the United States, many scientists speak of the low profitability of shale oil production due to the too high cost of its production. Only high prices for hydrocarbons on the world markets make it expedient to extract oil from shale, while their sharp decline will become a decisive factor for shale drilling. In addition, American companies invest in manufacturing, accumulating debt.

At the same time, the United States remains the main consumer of oil in the world. On the one hand, this testifies to the development of the US industry, on the other hand, to its "oil dependence". Despite the shale revolution, the United States produces only about 9% of the world's oil production per year, while consuming about 20%.

China is in second place in terms of oil consumption (9%), in third place is Japan (6%). Russia shares the fourth place with Germany and India (over 3%). Table 3 shows the ten largest oil consuming countries.

Table 3.

Largest oil consuming countries, million tons

Country					% of world consumption in 2012
Saudi Arabia
Brazil
Germany
South Korea

A source: BP Statistical Review of World Energy June 2013

The industrialized countries remain the main consumers of oil. but last years Consumption by developing countries is rapidly increasing and, in percentage terms, the level of their consumption has almost approached the level of developed countries. So in the OECD countries in 2012, oil consumption amounted to 50.2% of the world volume, in other countries - 49.8%. Consumption in the Asia-Pacific region has increased over the past two decades. Consumption of hydrocarbons is rapidly and steadily increasing in rapidly developing China, which ranks second in the world in terms of oil consumption. Thus, in 2012, the growth rate of oil consumption was 5% compared to the previous year.

Thus, the main oil reserves are concentrated in the Middle East. Recently, however, new large deposits have been discovered in Brazil and Canada, and the shale revolution in the United States has been carried out. All this shifts the center of production to the western hemisphere. The United States continues to be the absolute leader in oil consumption, however, the main growth in demand comes from developing countries, especially China.

Bibliography:

1. Russia in the world oil market // Journal "Russian Economy: XXI century". - No. 12. - 2011.

2. The United States overtook Russia in oil and gas production // Business newspaper “RBK daily”. [Electronic resource] - Access mode. - URL: http://www.rbcdaily.ru/world/562949989122544 (date of access: 10/04/13).

3.BP Statistical Review of World Energy June 2013.