Energy Intelligence Research

The International Crude Oil Market Handbook

2009

®

CHAIRMAN : Raja W. Sidawi VICE CHAIRMAN: Marcel van Poecke PRESIDENT: Thomas E. Wallin MANAGING DIRECTOR, EIR: David Knapp EDITOR: Niamh Kenny C O N T R I B U T O R S : Ramsay Al-Rikabi, Jared Anderson, Amanda Burton, Erwin Chan, Ed Feinberg, Ronan Kavanagh, Ian Nathan, Rana Samaha, John van Schaik, Yen Ling Song, Clara Tan P R O D U C T I O N M A N A G E R / D E S I G N : Terry King C O V E R D E S I G N : Agnes Lukasiak C O P Y E D I T O R S : David Ruigh, Matthew Wolfe

H E A D O F F I C E : 5 E a s t 3 7 th S t r e e t 5 th f l o o r N e w Yo r k , N Y 1 0 0 1 6 Te l : ( 1 ) 2 1 2 5 3 2 1 1 1 2 Fax: (1) 212 532 4479

W E B S I T E : w w w. e n e r g y i n t e l . c o m

Do Not Reproduce Copyright © 2009 Energy Intelligence Group ®. Unauthorized copying of Energy Intelligence’s International Crude Oil Handbook is prohibited by US copyright law and international law. No part of this publication may be reproduced, electronically transmitted (e.g. via fax or e-mail), or electronically stored in a database without the prior written permission of the publisher. Additional copies of this book may be purchased at a discount. Please contact the Circulation Department at EIG’s New York office, (1) 212 532-1112, fax: (1) 212 532-4479; e-mail: [email protected].

THE INTERNATIONAL CRUDE OIL MARKET HANDBOOK, 2009 EIGHTH EDITION, JULY 2009

TABLE

OF

CONTENTS

Overview A. The Inner Workings of Crude Oil Markets

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A5

Reference Section B. Country Profiles — The Leading Oil Exporters . . . . . . . . . . . . . . . . . . . . . . . . . .B1 C. Loading Schedules and Trade Flows by Country and Company

. . . . . . .C1

D. Legal Terms and Conditions — Key Crude Oil Sales Contracts

. . . . . . . .D1 . . . . . .E1

E.

Crude Oil Profiles — A View of the Market Through Each Grade

F.

Prices — Spot and Term Contract Prices for Key Grades . . . . . . . . . . . . . . .F1

The Inner Workings of Crude Oil Markets TABLE

OF

CONTENTS

Introduction — Understanding Crude Oil Markets . . . . . . . . . . . . . . . . . . .A5 The Spot Market — The Price Determinant . . . . . . . . . . . . . . . . . . . . . . .A11 The Spot Market’s Key Role . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A12 Benchmark Crude Oils . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A15 Brent: The International Benchmark . . . . . . . . . . . . . . . . . . . . . . . . . .A18 West Texas Intermediate: Improbable Price Leader . . . . . . . . . . . . . .A24 Dubai: Handing Over to Oman . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A29 Oman: Marker in the Making . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A30 Other Benchmarks and Their Limitations . . . . . . . . . . . . . . . . . . . . . .A30 The Dominance of Spread Trading . . . . . . . . . . . . . . . . . . . . . . . . . . .A32 The Changing Face of Trading — Electronic Exchanges Emerge . . . .A33 Term Contracts — Rebirth of a Buyer’s Market . . . . . . . . . . . . . . . . . . . .A37 Market-Related Formula Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A42 Making Formula Prices Work . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A44 Benchmark Woes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A48 The Many Gray Areas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A49 The Hierarchy of Term Sellers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A52 Logistics — Tankers, Pipelines and Stocks . . . . . . . . . . . . . . . . . . . . . . . .A55 Tankers: A Volatile Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A55 Pipelines: Long Hauls and Short Cuts . . . . . . . . . . . . . . . . . . . . . . . .A64 Stocks: The Market Indicator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A74 Refining — What’s a Crude Oil Worth? . . . . . . . . . . . . . . . . . . . . . . . . . . .A81 How Refining Works . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A81 Selecting and Valuing Crude Oils . . . . . . . . . . . . . . . . . . . . . . . . . . . .A86 Types of Crude Oils and Their Characteristics . . . . . . . . . . . . . . . . . .A90 How to Read a Crude Oil Assay . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A93 Glossary of Terms

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A101

Country Profiles

TABLE

OF

CONTENTS

The Leading Oil Exporters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .B1 Country Profiles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .B3 Abu Dhabi . . . . . . . . . . . . . . . . . . . . .3

Iraq . . . . . . . . . . . . . . . . . . . . . . . . .39

Algeria . . . . . . . . . . . . . . . . . . . . . . . .5

Kazakhstan . . . . . . . . . . . . . . . . . . .42

Angola . . . . . . . . . . . . . . . . . . . . . . . .7

Kuwait . . . . . . . . . . . . . . . . . . . . . . .44

Argentina . . . . . . . . . . . . . . . . . . . . . .9

Libya . . . . . . . . . . . . . . . . . . . . . . . .46

Australia . . . . . . . . . . . . . . . . . . . . . .10

Malaysia . . . . . . . . . . . . . . . . . . . . .47

Azerbaijan . . . . . . . . . . . . . . . . . . . .11

Mexico . . . . . . . . . . . . . . . . . . . . . . .49

Brazil . . . . . . . . . . . . . . . . . . . . . . . .13

Neutral Zone . . . . . . . . . . . . . . . . . .50

Brunei . . . . . . . . . . . . . . . . . . . . . . .14

New Zealand . . . . . . . . . . . . . . . . . .52

Cameroon . . . . . . . . . . . . . . . . . . . .16

Nigeria . . . . . . . . . . . . . . . . . . . . . . .53

Canada . . . . . . . . . . . . . . . . . . . . . . .17

Norway . . . . . . . . . . . . . . . . . . . . . .55

Chad . . . . . . . . . . . . . . . . . . . . . . . .19

Oman . . . . . . . . . . . . . . . . . . . . . . . .57

China . . . . . . . . . . . . . . . . . . . . . . . .20

Qatar . . . . . . . . . . . . . . . . . . . . . . . .59

Colombia . . . . . . . . . . . . . . . . . . . . .22

Russia . . . . . . . . . . . . . . . . . . . . . . .61

Congo (Brazzaville) . . . . . . . . . . . . .24

Saudi Arabia . . . . . . . . . . . . . . . . . . .63

Denmark . . . . . . . . . . . . . . . . . . . . .25

Sudan . . . . . . . . . . . . . . . . . . . . . . .65

Dubai . . . . . . . . . . . . . . . . . . . . . . . .28

Syria . . . . . . . . . . . . . . . . . . . . . . . . .67

Ecuador . . . . . . . . . . . . . . . . . . . . . .29

Turkmenistan . . . . . . . . . . . . . . . . . .68

Egypt . . . . . . . . . . . . . . . . . . . . . . . .30

United Kingdom . . . . . . . . . . . . . . . .70

Equatorial Guinea . . . . . . . . . . . . . .32

United States . . . . . . . . . . . . . . . . . .71

Gabon . . . . . . . . . . . . . . . . . . . . . . .33

Venezuela . . . . . . . . . . . . . . . . . . . .72

Indonesia . . . . . . . . . . . . . . . . . . . . .35

Vietnam . . . . . . . . . . . . . . . . . . . . . .74

Iran . . . . . . . . . . . . . . . . . . . . . . . . .37

Yemen . . . . . . . . . . . . . . . . . . . . . . .77

Trade

TABLE

OF

CONTENTS

Loading Schedules and Trade Flows by Country and Company . . . . . . . . . . . . . . . . .C1 Loading Schedules Norway and UK - Producing Nation and Crude . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .C3 Angola - Crude and Lifter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .C4 Nigeria - Crude and Lifter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .C11 West Africa - Producing Nation and Crude Nigeria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .C22 Angola . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .C24 Iraq - Producing Nation and Crude . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .C26 Exports Russia - Exports by Terminal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .C27 Mexico - Exports by Grade and Destination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .C31 Canada - Exports by Grade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .C32 Imports OECD - Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .C33 OECD - North America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .C35 OECD - Europe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .C37 OECD - Asia-Pacific . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .C39 OECD - Imports by Country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .C41 US - Crude Oil Imports by Country of Origin and Company, 2002-2007 . . . . . . . . .C54 China - Crude Oil Imports by Country of Origin, 2003-07 . . . . . . . . . . . . . . . . . . . . .C67 Japan - Crude Oil Imports by Country of Origin and Grade, 2002-07 . . . . . . . . . . . .C69 South Korea - Crude Oil Imports by Country of Origin and Grade, 2002-07 . . . . . . .C74 Taiwan - Crude Oil Imports by Country of Origin, 2002-07 . . . . . . . . . . . . . . . . . . . .C76 Thailand - Crude Oil Imports by Country of Origin and Grade, 2002-07 . . . . . . . . . .C77

Legal

TABLE

OF

CONTENTS

Key Crude Oil Sales Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .D1 ICE Brent Futures Contract Specification . . . . . . . . . . . . . . . . . . . . . . . . . . . . .D3 Brent 21-Day Contract; Shell Terms and Conditions . . . . . . . . . . . . . . . . . . . . .D5 Nymex: Light, Sweet Crude Oil Futures and Options . . . . . . . . . . . . . . . . . . .D17 DME Oman Crude Oil Futures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .D21 Dubai Crude Oil Sales Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .D23

Crude Oil Profiles TABLE

OF

CONTENTS

Crude Oil Profiles — A View of the Market Through Each Grade . . . . . . . . . . .E1 Major Crudes by Gravity, Sulfur and Volume . . . . . . . . . . . . . . . . . . . . . . . . . . .E2 The Crude Oils and Their Key Characteristics . . . . . . . . . . . . . . . . . . . . . . . . . .E3 Crude Oil Streams Ranked and Indexed by Gravity . . . . . . . . . . . . . . . . . . . . . .E7 Crude Oil Streams Ranked and Indexed by Sulfur Content . . . . . . . . . . . . . . . .E8 Crude Oil Streams Ranked and Indexed by Total Acid Number . . . . . . . . . . . .E10 Crude Oil Streams Ranked and Indexed by Volume . . . . . . . . . . . . . . . . . . . .E11 Crude Oil Streams Indexed by Name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E14 Crude Oil Profiles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E17 Abu Dhabi . . . . . . . . . . . . . . . . . . .E17 Algeria . . . . . . . . . . . . . . . . . . . . . .E25 Angola . . . . . . . . . . . . . . . . . . . . . .E31 Argentina . . . . . . . . . . . . . . . . . . . .E57 Australia . . . . . . . . . . . . . . . . . . . .E59 Azerbaijan . . . . . . . . . . . . . . . . . . .E75 Brazil . . . . . . . . . . . . . . . . . . . . . . .E79 Brunei . . . . . . . . . . . . . . . . . . . . . .E85 Cameroon . . . . . . . . . . . . . . . . . . .E89 Canada . . . . . . . . . . . . . . . . . . . . .E91 Chad . . . . . . . . . . . . . . . . . . . . . .E109 China . . . . . . . . . . . . . . . . . . . . . .E111 Colombia . . . . . . . . . . . . . . . . . . .E123 Congo (Brazzaville) . . . . . . . . . . .E127 Denmark . . . . . . . . . . . . . . . . . . .E131 Dubai . . . . . . . . . . . . . . . . . . . . . .E133 Ecuador . . . . . . . . . . . . . . . . . . . .E135 Egypt . . . . . . . . . . . . . . . . . . . . . .E139 Equatorial Guinea . . . . . . . . . . . .E143 Gabon . . . . . . . . . . . . . . . . . . . . .E149 Indonesia . . . . . . . . . . . . . . . . . . .E153 Iran . . . . . . . . . . . . . . . . . . . . . . .E171

Iraq . . . . . . . . . . . . . . . . . . . . . . .E187 Kazakhstan . . . . . . . . . . . . . . . . .E191 Kuwait . . . . . . . . . . . . . . . . . . . . .E201 Libya . . . . . . . . . . . . . . . . . . . . . .E203 Malaysia . . . . . . . . . . . . . . . . . . .E225 Mexico . . . . . . . . . . . . . . . . . . . .E235 Neutral Zone . . . . . . . . . . . . . . . .E241 New Zealand . . . . . . . . . . . . . . . .E247 Nigeria . . . . . . . . . . . . . . . . . . . . .E251 Norway . . . . . . . . . . . . . . . . . . . .E281 Oman . . . . . . . . . . . . . . . . . . . . .E313 Qatar . . . . . . . . . . . . . . . . . . . . . .E315 Russia . . . . . . . . . . . . . . . . . . . . .E325 Saudi Arabia . . . . . . . . . . . . . . . .E337 Sudan . . . . . . . . . . . . . . . . . . . . .E347 Syria . . . . . . . . . . . . . . . . . . . . . .E351 Turkmenistan . . . . . . . . . . . . . . . .E355 United Kingdom . . . . . . . . . . . . .E357 United States . . . . . . . . . . . . . . .E371 Venezuela . . . . . . . . . . . . . . . . . .E389 Vietnam . . . . . . . . . . . . . . . . . . . .E405 Yemen . . . . . . . . . . . . . . . . . . . . .E411

E14

Energy Intelligence © 2009

CRUDE OIL HANDBOOK

CRUDE OIL STREAMS INDEXED BY NAME (Primary Names in Bold) Crude Oil Name

Country

Page

Crude Oil Name

Country

Page

Abu Attifel Abu Dhabi Abutiffel Agbami Agha Jari Akpo Al-Shaheen Alaska North Slope Alaskan North Slope Alba Albacora Leste Albian Heavy Algerian Cond. Alif Al-Jurf Al-Wafa Alvheim Alvheim Blend Amal Amenam Blend Amna ANS Antan Blend Arab Extra Light Arab Heavy Arab Light Arab Medium Arab Super Light Arabian Heavy Arabian Light Arabian Medium Arabian Super Light Arabian Ultra Light Arzew Asgard Azadegan Azeri (BTC) Azeri Light Bach Ho Balder Basrah Light Basrah Blend Bass Strait Bayu-Undan BCF-17 Belanak Belayim Blend Berri Bintulu Cond. Black Lion Bonga Bonny Light Boscan Bouri Bow River Brass Blend

Libya Abu Dhabi Libya Nigeria Iran Nigeria Qatar US US Equatorial Guinea Brazil Canada Algeria Yemen Libya Libya Norway Norway Libya Nigeria Libya US Nigeria Saudi Arabia Saudi Arabia Saudi Arabia Saudi Arabia Saudi Arabia Saudi Arabia Saudi Arabia Saudi Arabia Saudi Arabia Saudi Arabia Algeria Norway Iran Azerbaijan Azerbaijan Vietnam Norway Iraq Iraq Australia Australia Venezuela Indonesia Egypt Saudi Arabia Malaysia Vietnam Nigeria Nigeria Venezuela Libya Canada Nigeria

E203 E17 E203 E251 E179 E253 E315 E371 E371 E143 E79 E91 E25 E411 E205 E217 E281 E281 E207 E255 E207 E371 E257 E337 E339 E341 E343 E345 E339 E341 E343 E345 E345 E27 E283 E171 E75 E77 E405 E285 E187 E187 E65 E59 E389 E153 E139 E337 E225 E409 E259 E261 E391 E209 E95 E263

Brass River Brega Brent Blend BTC Blend Bu Attifel Cabinda Cano Limon Captain Ceiba Cepu Cerro Negro Champion Changqing Cheleken Cinta Cinta Blend Clair CLB Cold Lake Colombian Blend Cossack CPC Blend Cusiana Cusiana Light Cyrus Dalia Danish Blend Danish Crude Blend Daqing Dar Blend Darius Dawn Deodorized Field Cond. Djeno Doba Dolphin Cond. Dorood Doroud Dorud Draugen Dubai DUC Blend Dukhan Duri Ekofisk El-Sharara El-Borma El-Morgan Emeraude Enfield Eocene Erha Es Sider Escravos Escravos Light Espo

Nigeria Libya UK Azerbaijan Libya Angola Colombia UK Equatorial Guinea Indonesia Venezuela Brunei China Turkmenistan Indonesia Indonesia UK Canada Canada Colombia Australia Kazakhstan Colombia Colombia Iran Angola Denmark Denmark China Sudan Iran Vietnam Qatar Congo (Brazzaville) Chad Qatar Iran Iran Iran Norway Dubai Denmark Qatar Indonesia Norway Libya Algeria Egypt Congo (Brazzaville) Australia Neutral Zone Nigeria Libya Nigeria Nigeria Russia

E263 E211 E357 E75 E203 E31 E123 E359 E145 E155 E397 E85 E111 E355 E157 E157 E361 E97 E97 E123 E61 E191 E125 E125 E183 E33 E131 E131 E113 E347 E173 E407 E317 E127 E109 E317 E173 E173 E173 E287 E133 E131 E321 E159 E289 E213 E29 E141 E127 E63 E241 E265 E215 E267 E267 E325

CRUDE OIL HANDBOOK

Energy Intelligence © 2009

E15

CRUDE OIL STREAMS INDEXED BY NAME (Primary Names in Bold) Crude Oil Name

Country

Page

Crude Oil Name

Country

Page

Fateh Fereidun Flotta Foinaven Forcados Foroozan Blend Forouzan Forozan Forties Foruzan Furrial-30 Gachsaran Gimboa Gippsland Gippsland Blend Girassol Grane Gulf of Suez Gullfaks Halten Blend Hamaca Handil Mix Hassi Messaoud Heavy Louisiana Sweet Heidrun Hibernia HLS Hungo Iran Heavy Iran Light Iranian Light Isthmus Karachaganak Cond. Kashagan KEC Khafji Kikeh Kirkuk Kissanje Blend Kizomba A Kizomba B Kizomba C Kole Kuito Kumkol Kuwait Kuwait Export Crude Labuan Lavan Blend Libyan Light Light Louisiana Sweet LLS Low Sulfur Cond. Lower Zakum Loyal Maari

Dubai Iran UK UK Nigeria Iran Iran Iran UK Iran Venezuela Iran Angola Australia Australia Angola Norway Egypt Norway Norway Venezuela Indonesia Algeria US Norway Canada US Angola Iran Iran Iran Mexico Kazakhstan Kazakhstan Kuwait Neutral Zone Malaysia Iraq Angola Angola Angola Angola Cameroon Angola Kazakhstan Kuwait Kuwait Malaysia Iran Libya US US Qatar Abu Dhabi UK New Zealand

E133 E175 E363 E365 E269 E175 E175 E175 E367 E175 E395 E177 E35 E65 E65 E37 E291 E141 E293 E283 E393 E161 E27 E373 E295 E99 E373 E39 E177 E179 E179 E235 E193 E195 E201 E243 E227 E189 E41 E39 E41 E45 E89 E43 E197 E201 E201 E229 E181 E223 E375 E375 E317 E23 E369 E247

Malongo Mandji Marib Marlim Mars Blend Masila Maya Medanito Mellitah Mesa-30 Minas Miri Miri Light Monagas 18 Mondo Murban N’Kossa Nanhai Light Napo Nemba New Zafiro Blend NFC II Nigerian Export Blend Nigerian Light Nigerian Light Gulf Nile Blend Ninian Norne Norooz Northwest Shelf Cond. Noruz Nowrooz Nowruz-Soroush NWS Cond. Okono Olmeca Oman Oriente Ormen Lange Cond. Oseberg Blend Oso Cond. Palanca Blend Panyu Peng Lai Pennington Pennington Light Petroanzoategui Petrozuata Plutonio Poseidon Premium Albian Pulai Qatar Land Qatar Marine Qua Iboe Qua Iboe Light

Angola Gabon Yemen Brazil US Yemen Mexico Argentina Libya Venezuela Indonesia Malaysia Malaysia Venezuela Angola Abu Dhabi Congo (Brazzaville) China Ecuador Angola Equatorial Guinea Qatar Nigeria Nigeria Nigeria Sudan UK Norway Iran Australia Iran Iran Iran Australia Nigeria Mexico Oman Ecuador Norway Norway Nigeria Angola China China Nigeria Nigeria Venezuela Venezuela Angola US Canada Malaysia Qatar Qatar Nigeria Nigeria

E31 E149 E411 E81 E377 E413 E237 E57 E217 E395 E163 E231 E231 E397 E45 E17 E129 E115 E135 E47 E147 E317 E269 E261 E267 E349 E357 E297 E183 E67 E183 E183 E183 E67 E271 E239 E313 E137 E299 E301 E273 E49 E117 E119 E275 E275 E399 E399 E51 E379 E91 E233 E321 E323 E277 E277

E16

Energy Intelligence © 2009

CRUDE OIL HANDBOOK

CRUDE OIL STREAMS INDEXED BY NAME (Primary Names in Bold; cont.) Crude Oil Name

Country

Page

Crude Oil Name

Country

Page

Rabi Light Rang Dong RasGas Cond. Ratawi Rio Negro Roncador Rostam Safaniyah Saharan Blend Sakhalin-1 Sakhalin-2 Salman Sarir Sassan Saxi Saxi Batuque Schiehallion Senipah Seria Light SGC Shaybah Blend Shengli Siberian Light Sirri Sirri Heavy Sirtica SLC SLEB Sleipner Cond. Snohvit Sokol Soroosh Sorush Souedie Souedieh Souedieh Blend Southern Green Canyon SSP Statfjord Stybarrow Su Tu Den Sudan Blend Sudanese Blend Suez Blend Sumatran Heavy Sumatran Light

Gabon Vietnam Qatar Neutral Zone Argentina Brazil Iran Saudi Arabia Algeria Russia Russia Iran Libya Iran Angola Angola UK Indonesia Brunei US Saudi Arabia China Russia Iran Iran Libya Indonesia Brunei Norway Norway Russia Iran Iran Syria Syria Syria US Canada Norway Australia Vietnam Sudan Sudan Egypt Indonesia Indonesia

E151 E407 E317 E245 E57 E83 E181 E339 E27 E329 E333 E181 E219 E181 E53 E53 E369 E165 E87 E381 E337 E121 E327 E185 E185 E221 E163 E87 E303 E305 E329 E183 E183 E351 E351 E351 E381 E101 E307 E69 E409 E349 E349 E141 E159 E163

Sumatran Light Export Blend Suwaidiyah Syncrude Sweet Premium Syrian Export Blend Syrian Heavy Syrian Light Taching Takula Tapis Tapis Blend Tengiz Terra Nova Thunder Horse Tia Juana Light Tia Juana Livano Troll Tui Umm Shaif Unity Untreated Field Cond. Upper Zakum Urals Van Gogh Vincent Vityaz Volve Wafra WCS West Seno West Texas Intermediate West Texas Sour Western Canada Select White Rose White Tiger Widuri Widuri Blend WTI WTS Xikomba YK Yoho Zakum Zarzaitine Zuata Sweet Zueitina

Indonesia Syria Canada Syria Syria Syria China Angola Malaysia Malaysia Kazakhstan Canada US Venezuela Venezuela Norway New Zealand Abu Dhabi Sudan Qatar Abu Dhabi Russia Australia Australia Russia Norway Neutral Zone Canada Indonesia US US Canada Canada Vietnam Indonesia Indonesia US US Angola Russia Nigeria Abu Dhabi Algeria Venezuela Libya

E163 E351 E101 E353 E351 E353 E113 E31 E233 E233 E199 E103 E383 E401 E401 E309 E249 E19 E349 E317 E21 E331 E71 E73 E333 E311 E245 E105 E167 E385 E387 E105 E107 E405 E169 E169 E385 E387 E55 E335 E279 E23 E29 E403 E223

Prices

TABLE

OF

CONTENTS

Spot and Term Contract Prices for Key Grades . . . . . . . . . . . . . . . . . . . . . . . . .F1 Crude Oil Price Trends from 1973 to the Present . . . . . . . . . . . . . . . . . . . . . . .F3 Crude Oil Price Trends from 1861 to 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F4 Spot Assessments for Various Crude Oil Grades . . . . . . . . . . . . . . . . . . . . . . . .F5 PIW Scorecard — Costs to Refiners of Key Formula Priced Crude Oils in Primary World Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . .F13 PIW Scorecard — Term Contract Prices at Port of Loading . . . . . . . . . . . . . . .F19 PIW Scorecard — Price Formula Adjustment Factors . . . . . . . . . . . . . . . . . . .F33