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September Special Report - Crude Oil and Cash Flow
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October 18, 1998
Imports to the U.S., Europe and Japan
The world demand for crude oil
is about 67 million barrels per day. The U.S., OECD Europe and Japan together use about 40
million bpd, of which 24 million bpd are imported (16 from OPEC).
Is there enough crude oil out there? Right now, the industrialized
nations are using 60% of the world's supply of crude oil. Obviously, the industrialization of
emerging nations will require increased production. Fortunately, exploration and production (E&P)
projects completed within the last 2 years, identified many new oil fields which will
undoubtably be tapped in time. The current slow down in the oil industry appears to be a result of
overexuberance and anticipation that the world economy would develop in an orderly fashion, and
faster than it actually could.
Production of crude oil simply outpaced industrialization. Overall, indications are that we can
meet the challenge of producing enough fuel to serve the impending growth, at least for the next
few years.
On the flip side, the U.S. is wading further and further into dependence on others for its
energy. U.S. imports are at an all time high of 63% of total crude oil refined. Imports from
OPEC nations to the U.S. make up 51% of the supply. Primary sources of non-OPEC crude oil to
the U.S. include Mexico and the North Sea.
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