12/7/2023 0 Comments Us oil production by year 2015They go a long way in explaining why, in many parts of the US, gasoline now sales for more than low-sulfur diesel. The end of civilization as we know it Maat 7:44 Jeffrey J.As noted up the thread, the distillate yield from 40 and higher API gravity liquids drops tremendously, and what refineries need, in order to meet refined product demand, is mostly 40 and lower API gravity crude (as expressed by the Pemex CEO), while the vast majority of the increase in US liquids production is from 40 and higher API gravity liquids.Ĭondensate & NGL are byproducts of natural gas production, and in my opinion the only reasonable interpretation of the available data is that actual global crude oil production (45 and lower API gravity crude oil) effectively peaked in 2005, while global natural gas production and associated liquids, condensate and NGL, have so far continued to increase. It shows the EIA’s own projection for the composition of US C+C. The following chart, posted up the thread, really tells the tale. Note that when we ask for the price of oil, we get the price of actual crude oil (45 and lower API gravity crude), but when we ask for the volume of oil, we get some combination of crude + condensate + NGL + biofuels.įollowing is a chart showing normalized values for global gas, global natural gas liquids (NGL) and global Crude + Condensate (with 2005 values = 100%), through the year 2012 (similar trends for 2013): To be clarify slightly, in my opinion tight/shale plays have delayed Peak Liquids, while the trillions of dollars spent on global upstream capex since 2005 have just kept us on an undulating plateau of actual crude oil production. “Condensate is not necessarily what Mexico needs. companies Pioneer Natural Resources and Enterprise Products Partners have secured permission to ship a type of ultralight oil known as condensate to foreign buyers, Carrera all but ruled out the possibility. His comments are the strongest signals to date on both the timing and potential volumes of light crude imports to Mexico. “Our objective is that (crude imports) will begin this year,” said Jose Manuel Carrera, chief executive officer of PMI Comercio Internacional, Pemex’s oil trading arm. It also comes after a sweeping energy sector overhaul which seeks to reverse many years of declining output and export volumes. The imports would mark an abrupt shift from a decades-old devotion to crude oil self-sufficiency in Mexico, long a major exporter to the United States. Mexico’s Pemex aims to start importing light crude this year (2014)Īug 28 (Reuters) – Mexican state-owned oil company Pemex wants to launch light crude oil imports later this year, potentially reaching up to 70,000 barrels per day (bpd) and aimed at boosting refinery output, the head of its commercial arm said. I suspect that refiners continue to import a lot of crude oil, because they have to, in order to get the product output that they need. In any case, US imports of crude oil remain relatively high, at about 44% of the C+C inputs into refineries. Just as we don’t know for sure what the Condensate to C+C ratio is for US production, we don’t know what the ratio is for US C+C inventories, but in both cases, I suspect that the Condensate to C+C Ratio has increased substantially in recent years. In any case, the Pemex official quoted in the following article had an interesting comment about condensate (which is basically natural gasoline that is not of much use as feedstock for producing distillates like diesel fuel).Īs I have previously noted, in my opinion it is very likely that actual global crude oil production (45 and lower API gravity crude oil) probably peaked in 2005, while global natural gas production and associated liquids–condensate and NGL’s–have so far continued to increase.Īnd when the EIA refers to “Crude Oil,” they define it as actual Crude Oil + Condensate (C+C). oil production still surging”īecause of declining production, Mexico no longer has sufficient domestic light, sweet crude oil production to meet the domestic demand from refineries designed to process light crude, so they are going to have to start importing light crude, although they remain a net oil exporter.
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