December 2011

CERI Commodity Report — Crude Oil

Relevant • Independent • Objective

CERI Commodity Report – Crude Oil

Editor-in-Chief: Dinara Millington (dmillington@ceri.ca)

About CERI The Canadian Energy Research Institute is an independent, not-for-profit research establishment created through a partnership of industry, academia, and government in 1975. Our mission is to provide relevant, independent, objective economic research in energy and related environmental issues. We strive to build bridges between scholarship and policy, combining the insights of scientific research, economic analysis, and practical experience. In doing so, we broaden the knowledge of young researchers in areas related to energy, the economy, and the environment while honing their expertise in a range of analytical techniques.

For more information about CERI, please visit our website at www.ceri.ca.

higher oil sands production, combined with a surge in light tight oil (LTO) production in North America. Oil sands production (in the context of this article) is composed of the sum of both SCO (upgraded bitumen brought up to light crude oil quality) as well as blended non-upgraded crude bitumen (Dilbit or Synbit) for which Western Canadian Select (WCS) has become an indicative price benchmark. Historically, SCO has been the main output from oil sands operations from the early days of the industry, as most oil sands projects were integrated mining and upgrading projects. By the 2000s, non-upgraded crude bitumen became a significant component of the oil sands output, and by 2003, combined diluted bitumen volumes from mining (in excess of upgrading capacity), thermal, and primary/enhanced oil recovery (EOR) in-situ operations, exceeded SCO production volumes. Figure 1: Canadian Crude Oil & Equivalent (COE) Production by Source, January 2008-December 2011 (thousands of barrels per day, kb/d)

Source: National Energy Board (NEB) data, figure by author. Over the 2000 to 2009 timeframe, oil sands production increased at a healthy 10% annual average, while other Canadian production has exhibited a 1% annual average decrease over the same timeframe.

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Alberta Non-Upgraded Bitumen (Dilbit/ Synbit) Alberta Upgraded Bitumen (Synthetic Crude Oil)

Conventional Light Conventional Heavy

Eastern Canada Total Pentanes Plus

Total Canadian Crude Oil & Equivalent Production

2011 North American Crude Oil Industry and Market Overview By Carlos A. Murillo 2011 was an interesting year for the North American oil industry and the global oil market. From continued oil sands production growth in Canada, to the emergence of light tight and shale oil plays in North America, to the disconnect between a North American benchmark (WTI) and world crude oil prices, and not to mention pipeline geopolitics; 2011 was indeed, anything but uneventful. This article aims to provide a brief overview of some of the events, highlights, stories, and trends that are shaping the oil industry and the market in North America, as well as to provide a quick commentary on things to come and the focus of CERI’s current and upcoming work. Oil sands production continues to thrive… Canadian crude oil and equivalent (COE) production (which in the context of this article includes pentanes plus, conventional crude oil, synthetic crude oil (SCO) and diluted crude bitumen) reached a level of 3,031 thousand barrels per day (kb/d) of production in 2011 (annual average). Canadian Association of Petroleum Producers’ (CAPP) data from 1971 to the present confirms that the previous highest production level in this timeframe was reached in 2010, when a level of 2,846 kb/d was produced, thus making 2011 a record year for Canadian production. Figure 1 illustrates the composition of monthly Canadian COE production over the January 2008 to December 2011 timeframe. On a monthly basis, December 2011’s production level is the highest at 3,287 kb/d. This is the case mainly due to

CERI Commodity Report - Crude Oil

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As seen in Figure 2, by June 2009 (highlighted) oil sands production levels officially exceeded the 50% mark of total COE production and have since remained above that level and edging close to the 60% mark. Figure 2: Canadian COE Production by Source (%), January 2008-December 2011

Source: NEB data, figure by author. What this implies is that oil sands production has become a significant contributing component in Canadian COE production and the Canadian oil industry. In 2011, Canadian COE production grew by 7% (or close to 200 kb/d) compared to the previous year (year over year percentage change, Y/Y %Δ). This increase was in turn led by a 14% (98 kb/d) increase in the supply of non-upgraded bitumen (making this source the fastest growing production source in Canada), and an 11% (87 kb/d) increase in SCO output; once again, highlighting the magnitude and contribution of the oil sands industry in the Canadian context. Meanwhile, Eastern Canada’s production declined by 5% (14 kb/d) in 2011, mainly due to natural declines in offshore fields (NL), while conventional heavy crude oil and pentanes plus production levels declined by 1% respectively. However, 2011 saw a surprising 6% (33 kb/d) increase in Canadian light oil production. Light crude oil production increases are the next part of the North America story as this trend is not only apparent in Canada, but also in the United States (US).

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Non Oil Sands Production (Conventional & Tight Oil)

Oil Sands Production (SCO, Dilbit, Synbit)

...and, Light Tight Oil (LTO) is the new kid on the block… Production of conventional (non oil sands) crude oil from the Western Canadian Sedimentary Basin (WCSB, including British Columbia, Alberta, Saskatchewan, Manitoba, and the Northwest Territories) peaked in the early 1970s at over 1,700 kb/d. At that point, conventional WCSB production accounted for close to 100% of Canadian production, with the balance made up of some SCO volumes (from oil sands mining operations), as well as small conventional volumes from both Ontario and New Brunswick. Over the 1980s and 1990s (conventional) production continued on a decline trajectory, led by decreases in both Alberta and British Columbia. However, two regions of Canada were contributing to a leveling off of this trend in the 1990s. That is, increased conventional production from both Saskatchewan and offshore Newfoundland projects arrested the decline trend over the 1990s and 2000s. Yet, conventional crude oil production from the WCSB has been on a steady decline since the late 1990s. That is, until the last couple of years (see Figure 1). In 2010, conventional light oil production (excluding offshore production) in Canada increased by 2% (Y/Y %Δ) compared to a 5% decline (-) in the previous year. By 2011, the Y/Y %Δ increase was 6% as mentioned previously. Between 2009 and 2011, conventional light oil production increased by a total of 41 kb/d (8%) from 517 kb/d to 558 kb/d, led by increases in production in both Alberta and Saskatchewan. This trend shows what has been called the light oil revival, a phenomenon that has come about by breakthroughs and widespread applications in improved drilling and production techniques such as horizontal directional drilling and hydraulic fracturing; better understanding of shale and tight formations; as well as improvements in seismic technologies. This shift and boom has been attributed to the development of shale gas resources in North America. Figure 3 illustrates production of crude oil from tight formations in the WCSB from early 2005 until early 2011. As it can be observed, not only are there a wide number of formations/plays (12) being targeted by producers in the WCSB, but the increase in production levels has been exponential over the last couple of years.

Relevant • Independent • Objective

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Figure 3: Canadian Tight Oil Production by Play

Source: NEB. The Bakken, Torquay, Three Forks, and Shaunavon formations have so far seen the highest level of activity in the region (mainly in Saskatchewan but also in Manitoba) with other important formations such as the Cardium, Viking, and Montney (mainly in Alberta), also displaying a healthy level of activity. Last year saw not only a healthy increase in the production of light tight oil through increased level of activity as measured by rig counts, but also a potential for prolonged activity as hectares of land around these and other promising LTO formations (such as the Duvernay in Alberta) saw record numbers of crown land bonus revenues for provincial governments across Western Canada. Further, a recent NEB report indicates that the Bakken/Exshaw, Cardium, Viking, and Lower Shaunavon plays may contain as much as close to 500 million barrels (MMb) of oil reserves, as reported by currently active companies in these regions. Meanwhile, potential for several million barrels of reserves is possible, as companies move to assess resources in the Montney/Doig, Duvernay/Muskwa, Beaverhill Lake, and Lower Amaranth plays in the WCSB. The potential development of these resources not only presents great opportunities for producers in Western Canada but also the possibility of increased supply of light oil over the medium to long term. Yet, the story does not end there. Light tight oil (LTO) is also on the rise in the US. US crude oil production peaked in 1970 at just over 10,000 kb/d. Over the remaining years of that decade, crude oil production declined at a monthly average rate of 0.10% (1.2% annually) reaching a level of just over 8,500 kb/d by 1979, followed by a faster decline of 0.12% monthly (1.4% annually) over the 1980s (declining to 7,600 kb/d by 1989). By the 1990s this trend followed at a monthly pace of 0.16% (1.9% annually)

to reach a level of 5,881 kb/d by 1999, and by the 2000s the decline trend stabilized. In 2009 crude oil production levels were around the 5,400 kb/d mark. By 2010, total US crude oil production reached a level of 5,475 kb/d compared to 5,360 kb/d in 2009 (a 115 kb/d or 2% increase), and by 2011 a level of 5,635 kb/d was reached (or a 160 kb/d, 3% annual increase). Behind the latter decades’ stabilizing trend was continued and increased production from offshore federal waters in the Gulf of Mexico (GOM), which grew from an average production level of 860 kb/d in the 1980s to close to 1,000 kb/d by the 1990s, and over 1,400 kb/d in the 2000s. In September 2009, GOM offshore crude oil production reached a historical peak of 1,740 kb/d, essentially doubling production levels from that source compared to levels in the 1980s. Figure 4: US Crude Oil Production, Overall and Top 5 Producing Regions (kb/d), January 2008-October 2011

Source: Energy Information Administration (EIA) data, figure by author. While offshore crude oil production has been important in the US, offshore production is highly vulnerable to abnormal weather events such as hurricanes (due to its location). As seen in Figure 4, US offshore crude oil production was heavily impacted in late 2008 during hurricane season as the threat of hurricane Ike loomed. To complicate matters, over the last couple of years offshore crude oil production has leveled around the 1,500 kb/d mark as activity slowed down in the aftermath of the BP Macondo incident and has since been slow to pick up. With the prospect of tougher regulations and less permits being issued for production in the region, it is hard to foresee production from this region to surge considerably over the coming years. Outside the GOM, other major crude oil producing regions in the US have shown signs of natural declines in major fields

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US Offshore Production

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Total US Production (Right Scale)

CERI Commodity Report - Crude Oil

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such as in California and Alaska, which are producing around the 600 kb/d level (Figure 4). However, both Texas and North Dakota have shown significant rising trends in production over the last couple of years as seen on Figures 4 and 5. Offshore crude oil production decreased from 1,557 kb/d in 2009 to 1,552 kb/d in 2010, and 1,475 kb/d by 2011. Therefore, recently increased onshore crude oil production is in fact responsible for the upward trend in overall US crude oil production. Figure 5: North Dakota and Texas Crude Oil Production, January 2008-August 2011 (kb/d)

Source: EIA data, figure by author. North Dakota’s production, driven by production from (tight) shale oil formations in the Bakken’s Williston basin (an extension of Western Canada’s Bakken/Exshaw formation) has grown threefold from a level of around 150 kb/d in early 2008, to close to 450 kb/d by late 2011. And while the Bakken formation extends into Montana, activity in that state has been somewhat slower (yet significant) with production levels rising from 40 kb/d in 2000 to just over 100 kb/d in 2006, and declining to a 60 kb/d level by late 2011. It is worth noting that, as pointed out by recent EIA analysis, the North Dakota Department of Mineral Resources estimates that crude oil production in the Bakken could reach levels of as high as 750 kb/d by 2015. Texas has also seen an impressive surge in production over the 2008 to 2011 time period, with production growing from the 1,050 kb/d mark in early 2008, to 1,500 kb/d by late 2011 (a 42% increase). While not completely responsible for the increase in Texas’ production, the Eagle Ford formation’s shale oil production has grown from a level of 0.4 kb/d in 2008 to close to 38 kb/d by late 2011, according to data from the Railroad Commission of Texas.

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While beyond the scope of this article, production of natural gas condensate from this formation (Eagle Ford) was at the 0.3 kb/d level in 2008 and reached 46 kb/d by late 2011. Meanwhile, natural gas production levels of less than 1 billion cubic feet (bcf) were recorded in 2008 yet reached 212 bcf by late 2011. This highlights the importance of this particular play not only for light crude oil production but also natural gas and natural gas liquids (NGLs). With that in mind, these two plays (Bakken and Eagle Ford) together with other potential shale oil plays identified by the EIA, such as the Avalon & Bone Springs (Texas) and the Monterey/Santos, are estimated to hold a total of close to 24 billion barrels (Bb) of technically recoverable shale oil resources in the US. Now, while increases in oil sands production in Canada together with increases in the supply of LTO in North America have indeed been good news for the industry over the last year, there are however, infrastructure, logistical, and market access issues that might in fact dampen that upbeat sentiment. …but, North Americans are using less and inventories are building up… According to EIA data, in 2010 (latest available data), estimated world petroleum demand (crude oil/refined products) was over 87 million barrels per day (Mb/d) out of which approximately 22% or over 19 Mb/d (19,000 kb/d) corresponded to US demand. Therefore, the US is not only a significant consumer in the global context, but it is also worth noting that the US being Canada’s main trading partner and export destination for crude, there is a high degree of regional integration in the crude oil supply channels and infrastructure. In 2004, petroleum demand in the US was around the 21 Mb/d mark but by late 2011 demand was hovering around a level just below 19 Mb/d. As it can be observed in Figure 6, demand peaked at close to 22 Mb/d in 2005 and has since been on a downward trajectory. It can also be observed that current demand levels in the US have been persistent since late 2008, on the aftermath of the financial crisis. Now, keeping in mind that demand in the US has been fairly flat over the last few years, increases in US production could eventually lead to reductions in imports. If that was to be the case, Canada could potentially see its share of the US market curtailed over the long term, hypothetically. Knowing this, a logical next step would be to have a look at the Canadian supply and demand picture. As seen on Figure 7, Canadian consumption of petroleum products has been around the 2,000 kb/d level (2 Mb/d, or about 10% compared to US levels) over the last few years,

Relevant • Independent • Objective

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while both Canadian production and exports (primarily to the US) have increased at a healthy pace. Figure 6: US Crude Oil & Petroleum Products Demand (kb/d) and Cushing, Oklahoma (OK) Tank Farm Stocks (kb), January 2004-October 2011

Source: EIA data, figure by author. Figure 7: Canadian Consumption of Petroleum Products, COE Production, and Crude Oil Exports, January 2008 – April 2011 (kb/d)

Source: EIA, NEB, and Statistics Canada data, figure by author. Given that US demand has subsided over the last few years and that Canadian demand has remained steady while Canadian crude exports to the US have increased over the last few years, then it must be true that (crude oil and petroleum) imports from other countries to the US must be decreasing. This is in fact seen in Figure 8, which illustrates that overall petroleum imports to the US have declined over the last few years in tandem with the demand trend.

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Cushing, OK Stocks 2004 - 2011 Cushing, OK Crude Stocks AVG2004 - 2011 US Demand AVG 2008 - 2011 Cushing, OK Crude Stocks AVG2008 - 2011 US Demand AVG US Crude Oil & Petroleum Products Demand

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Canadian Consumption of Petroleum ProductsTotal Canadian COE Production (Right Scale)Total Crude Oil Exports

Export to the United States

Figure 8: US Crude Oil & Petroleum Products Imports by Source, and US Demand, January 2008-October 2011

Source: EIA data, figure by author. Worth noting is that the trend also displays a decline in the Organization of Petroleum Exporting Countries’ (OPEC) share of US imports (2008: 46%, 2011: 40%) while there has been an increase in non-OPEC imports (2008: 54%, 2011: 60%), with Canadian imports increasing their share of total imports from 19% in 2008 to almost a quarter of total imports (23%) by 2011. Thus, Canadian exports to the US continue to increase while overall US imports have decreased. While this is good news for Canada, it is important to keep in mind some of the issues we have just reviewed. To sum up: Canadian and US crude oil production have increased due to increased oil sands and LTO output, while US demand has subsided and Canadian demand has remained flat. Meanwhile, close to all of Canadian crude oil exports go to the US while small volumes are destined to other countries, and as the US has reduced overall imports, the trend seen is one of reduced OPEC imports and increased non-OPEC imports led by imports of Canadian crude. Next, large inventory levels of crude oil have been building at Cushing, Oklahoma (OK) over the last few years (Figure 6). Cushing, OK is the major trading hub for pipeline transported crude oil in North America and the receipt point for West Texas Intermediate (WTI) contracts traded in the New York Mercantile Exchange (NYMEX). Basic economics dictate that oversupply of (or lackluster demand for) a commodity puts downward pressure on prices and that might partly explain some of the price behavior for crude oil observed in North America over the last year. Data from January 2008 to December 2011 for crude oil stocks at Cushing and the price of WTI indicates a weak correlation (r) of -0.33 and an R2 (coefficient of determination) of 11%.

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U.S. Imports from OPEC Countries of Crude Oil and Petroleum Products (Thousand Barrels per Day)U.S. Imports from Non-OPEC Countries of Crude Oil and Petroleum Products (Thousand Barrels per Day)U.S. Imports from Canada of Crude Oil and Petroleum Products (Thousand Barrels per Day)U.S. Imports of Crude Oil and Petroleum Products (Thousand Barrels per Day)US Petroleum Demand (Right Scale)

CERI Commodity Report - Crude Oil

Page 6

This simply indicates that 11% of the changes in prices can be explained by changes in inventories and vice-versa, and that a movement in one is partially responsible for an opposite movement in the other (r). Simply put, oil inventories buildup is one part of the recent price movement story, but definitely not the only one. …meanwhile, the music has stopped for the WTI-Brent waltz… While many geopolitical, economic, and other unpredictable events took the world by surprise in 2011 (including but not limited to the Arab spring, associated supply disruptions, fiscal quagmires in Europe and the US, emergency IEA’s members crude stock releases, maintenance in the North Sea, increased demand in Japan after the Fukushima Daiichi incident, the talk of economic sanctions to Iran, amongst others), the relationship between WTI and North Sea Brent (a global waterborne crude benchmark), seems to have changed, at least over the short to medium term. Brent and WTI have historically moved in tandem, with the price difference (known as the price differential and measured on a $/b basis) usually reflecting differences in transportation costs to demand centers in the global market. From 2008 to 2010 the WTI-Brent differential averaged $0.92/b, the data for the same time period displays an r of 1.00 and an R2 of 99% percent. However, for 2011, the differential widened substantially to an annual average of -$16.39/b (peaked at -$27.31/b in September), while the data for this time period (monthly data) shows an r of 0.65 and R2 of 42% indicating that the close relationship between Brent and WTI prices has changed as seen on Figure 9. Figure 9: West Texas Intermediate (WTI) & North Sea Brent (Brent) Spot Prices and Differential, January 2008-December 2011, ($/b)

Source: EIA data, figure by author.

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WTI - Brent Differential ($/b) (Right Scale)

West Texas Intermediate Price ($/b)

Europe Brent Spot Price ($/b)

Data analysis indicates that the price differential can be partially explained by a buildup in Cushing, OK inventories (r=0.47, R2=22%), which in turn can be partially explained by increased oil sands and US production (Canada: r=0.68, R2=46%; US: r=0.73, R2=54%). While increased production and lower demand have led to the buildup of inventories, financial markets also play a role. The futures market, where oil is traded for future delivery dates, plays a role in pricing crude based on future market expectations. A futures curve dictates the prices for crude oil to be delivered at a future date ranging from the end of the present (front end) month, to even a couple of years down the road. One measure of speculation is the differences between the prices for upcoming months. If the prices for the months ahead of the front month (earliest futures delivery date, Contract 1) is lower than say the upcoming months (Contracts 2 to 4), and therefore the difference between future and front-month contracts is positive, then there is an expectation that prices will rise in the future and the market is said to be trading in contango. As it can be observed in Figure 10, this has been the situation from early 2009 until the most recent months. This is important because if the contango is large enough (to cover physical and financial costs of storage), there is an incentive to hold on to stocks to receive further higher prices in the near term. This has in fact contributed to the stocks buildup over the last few years. Yet, as it can be observed, this situation has narrowed down over the last few months. Figure 10: WTI Futures Price Differences in Contracts, January 2008-December 2011

Source: EIA data, figure by author.

$(3.00)$(2.50)$(2.00)$(1.50)$(1.00)$(0.50)

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Relevant • Independent • Objective

Page 7

Another further consideration in understanding the price differential is the volatility (change) of the prices for both price benchmarks. In this context, the price volatility (as seen in Figure 11) is measured by CERI as the annualized monthly changes in prices for both WTI and Brent crude. The shaded areas indicate the maximum and minimum month over month percentage changes that occurred in a given year, while the bar indicates the difference between the two extremes (the range). Finally, the dots indicate the median annualized month over month percentage change for a given year. Figure 11: Benchmark Crude Oil Prices Volatility, 2008-2011 (%)

Source: EIA data, figure by author. The story here is simple, volatility was quite high in 2008, has been on a declining trend both in 2009 and 2010, yet increased again by 2011 for WTI but not Brent. WTI has seen wider price swings than Brent and this further reflects on local events that are affecting prices such as fiscal problems in the US, increased crude production and rising inventories, as well as a whole array of announcements of crude oil transportation infrastructure investments and changes that occurred in 2011 and that have become very much politicized. Further, it is important to iterate that the above mentioned issues are not the only issues linked to changes in oil prices and divergence across benchmarks. As seen in Figure 12, there are also important relationships amongst changes in local crude oil prices and factors such as economic growth (as measured by GDP) (r=0.66, R2=43%), as well as with major stock market indices performances such as those of the Standard & Poor’s 500 index (S&P500) (r=0.83, R2=86%) and the Dow Jones Industrial Average (DJIA) (r=0.53, R2=28%).

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WTI Crude Prices Volatility Range Brent Crude Prices Volatility RangeWTI Maximum Annual Volatility Brent Maximum Annual VolatilityWTI Annual Median Price Volatility Brent Annual Median Price Volatility

Figure 12: US Gross Domestic Product, WTI Prices, Dow Jones Industrial Average, and Standard & Poor’s 500 Index (Quarter over Quarter % Change), 2008--2011

Source: US Federal Reserve Economic Data (FRED), EIA data, figure by author. However, in terms of the future of price differential (Figure 13), Brent futures curve presents signs of backwardation (the opposite of contango) which is an indication that prices are expected to fall in the future. On the other hand, WTI is expected to continue to trade in contango over the next year, while a backward-dated end of the curve points to expectations of decreasing prices over the long term which might eventually lead to a narrowing in the Brent premium in the future. Figure 13: Inter Continental Exchange (ICE) Brent Crude & West Texas Intermediate (WTI) Futures Prices and Differential ($/b) on January 10, 2012 – Deliveries from February 2012 to December 2015

Source: InterContinental Exchange data, figure by author.

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January 10, 2012 ICE WTI Crude Futures

January 10, 2012 ICE Brent Crude Futures

CERI Commodity Report - Crude Oil

Page 8

…while, producers are having trouble moving their product … North America has one of the longest and most integrated networks of energy pipelines, yet there seems to be increased capacity constraints in the system. In the US, the US Gulf Coast (USGC) is the largest refining centre in North America (with a total of 56 out of a 167 refineries in the US (148) and Canada (19) combined), yet there are other major refining centers such as the US West Coast and the mid-Continent. Canadian refiners are well connected to local supplies by pipelines in the west part of the country while imports and some local supply volumes supply refineries in Eastern Canada. The remaining excess Canadian production is exported to the US (mainly to the Rockies and mid-Continent). But continued production (primarily from oil sands operations) is expected to exceed the export capacity of the infrastructure to move increasing volumes of Canadian crude to other refining centers in the US including the USGC. The type of product is also an important consideration, as more sour and heavy crude is being extracted while not all refineries have the capacity to deal with this type of crude. Crude moves to the US Midwest (Cushing) from the USGC and from Canada. Moving crude into the Midwest is not a problem, but moving it out is. Most pipelines (including Keystone) run towards the Midwest and not away from it. Production projections from CERI, the National Energy Board (NEB), the Canadian Association of Petroleum Producers (CAPP), and the Alberta Energy Resources Conservation Board (ERCB) indicate that there will be a rapid increase of crude oil production from the oil sands industry over the next decades. Meanwhile, there is also the prospect of increased supply from LTO both in Canada and the US, which will further put pressure on the pipeline transportation network. As the current increased supply has found short-term alternative routes to reach refining centers including moving crude by rail, barges, and truck, the North American industry and in particular the Canadian industry are looking at opportunities to expand the pipeline network to reach existing (USGC) as well as emerging demand centers (such as the Asia-Pacific region).

Figure 14: Canadian & US Crude Oil Pipelines

Source: Canadian Association of Petroleum Producers (CAPP). Various pipeline projects are currently either at the drawing board, the regulatory process, or shovel ready. These projects are displayed on Figure 14. Other proposals involve the reversal of pipelines for which current flows are exacerbating the issue. All of these projects have been featured front and centre over the last year, surrounded with controversy, and caught up at the crossroads of ideological and political debates. One will expect that the industry will face an uphill battle against pipeline opposition over the coming years while infrastructure and market diversification for the Canadian crude oil industry will become a centre piece of the public debate over the coming year. …but CERI continues to be front and centre! Meanwhile, CERI will continue to monitor markets and industry conditions and will remain at the forefront of the debate by providing in-depth analysis which is factual, objective, relevant, and independent whether it is in regards to the Keystone XL pipeline (see Geopolitics of Energy, November-December 2011), the oil sands industry, or other topics such as those featured in our upcoming studies regarding Canadian crude oil and natural gas access to the Pacific and NGLs supply in North America. 2011 was an exciting year. New trends are emerging in the energy industry in North America and CERI will continue to deliver relevant and objective energy-related analysis which is accessible to the public and that we hope contributes to a balanced debate. Stay tuned for more….!

Relevant • Independent • Objective

Page 9

National Energy Board, 2012. Energy Reports, Crude Oil, Tight Oil Developments in the WCSB (http://www.neb-one.gc.ca/clf-nsi/rnrgynfmtn/nrgyrprt/l/tghtdvlpmntwcsb2011/tghtdvlpmntwcsb2011-eng.html), accessed on January 5, 2012.

National Energy Board, 2012. Statistics, Crude Oil and Petroleum Products, Estimated Production of Canadian Crude Oil and Equivalent (http://www.neb-one.gc.ca/clf-nsi/rnrgynfmtn/sttstc/crdlndptrlmprdct/stmtdprdctn-eng.html), accessed on January 5, 2012.

North Dakota Department of Mineral Resources, 2011. Presentation (https://www.dmr.nd.gov/oilgas/presentations/MinotCOC2011-09-01.pdf), accessed on January 12, 2012.

Railroad Commission of Texas, 2012. Eagle Ford Shale Play, Eagle Ford Information (http://www.rrc.state.tx.us/eagleford/index.php), accessed on January 9, 2012.

Statistics Canada, 2012. E-stat for Education, Energy (http://estat.statcan.gc.ca/cgi-win/cnsmcgi.exe?LANG=E&EThemePath=ESTAT/&ESTATTheme=1741), accessed on January 10, 2012.

United States Energy Information Administration, 2011. Review of Emerging U.S. Shale Gas and Shale Oil Plays (http://www.eia.gov/analysis/studies/usshalegas/pdf/usshaleplays.pdf) accessed on January 9, 2012.

United States Energy Information Administration, 2012. Petroleum & Other Liquids, Data (http://www.eia.gov/petroleum/data.cfm), accessed on January 9, 2012.

References: Canadian Association of Petroleum Producers, 2011. Crude Oil

Forecast, Markets & Pipelines (http://www.capp.ca/getdoc.aspx?DocId=190838), accessed on January 10, 2012.

Canadian Association of Petroleum Producers, 2012. Statistical Handbook. (http://www.capp.ca/library/statistics/handbook/Pages/default.aspx#DNm2uxp2LyN3), accessed on January 5, 2012.

Canadian Energy Research Institute, 2011. Economic Impacts of Staged Development of Oil Sands Projects in Alberta (2010 – 2035) (http://ceri.ca/images/stories/2011-08-24_CERI_Study_125_Section_1.pdf), accessed on January 10, 2012.

Canadian Energy Research Institute, 2011. Geopolitics of Energy Special Edition on Keystone XL Pipeline. Volume 33, Issue 11&12. November-December 2011.

Energy Resources Conservation Board, 2011. ST 98 – 2011 Alberta’s Energy Reserves 2010 and Supply/Demand Outlook 2011 – 2020 (http://www.ercb.ca/docs/products/STs/st98_current.pdf), accessed on January 12, 2012.

Federal Reserve Bank of St. Louis, 2012. Economic Research, Federal Reserve Economic Data (FRED) (http://research.stlouisfed.org/fred2/), accessed on January 10, 2012.

InterContinental Exchange, 2012. Energy Futures and Options (https://www.theice.com/productguide/ProductGroupHierarchy.shtml?groupSummary=&group.groupId=5), Accessed on January 10, 2012.

National Energy Board, 2011. Canada’s Energy Future: Energy Supply and Demand Projections to 2035 – Energy Market Assessment (http://www.neb.gc.ca/clf-nsi/rnrgynfmtn/nrgyrprt/nrgyftr/2011/nrgsppldmndprjctn2035-eng.html), accessed on January 10, 2012.

CERI Commodity Report - Crude Oil

Page 10

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Relevant • Independent • Objective

Page 11

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CERI Commodity Report - Crude Oil

Page 12

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Page 13

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CERI Commodity Report - Crude Oil

Page 14

World Supply and Demand Balance (MMbpd)

OPEC Crude Oil Production (MMbpd)

WTI Price Projections ($US/barrel)

2009 2010 2011 2012 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12

World Demand 85.6 88.3 89.0 90.3 86.8 87.5 89.0 89.8 88.9 87.8 89.4 89.8 90.0 89.2 90.8 91.1

OECD 45.6 46.2 45.7 45.4 45.9 45.3 46.6 46.7 46.3 44.5 45.9 46.1 45.9 44.3 45.5 45.8

non-OECD 39.9 42.1 43.3 44.9 40.8 42.2 42.4 43.0 42.6 43.3 43.5 43.7 44.0 44.9 45.2 45.3

World Supply 85.6 87.5 88.3 89.8 86.7 87.1 87.8 88.3 88.4 87.5 88.2 89.1 89.2 89.5 90.1 90.7

Non-OPEC 51.5 52.6 52.7 53.7 52.2 52.6 52.6 53.1 52.7 52.3 52.5 53.3 53.6 53.5 53.6 54.0

OPEC NGLs 4.9 5.4 5.8 6.4 5.2 5.2 5.5 5.6 5.7 5.7 5.8 5.9 6.2 6.2 6.5 6.6

OPEC Crude 26.7 27.1 27.2 27.1 29.3 29.3 29.7 29.6 30.0 29.5 29.9 29.9 29.4 29.8 30.0 30.1

Supply - Demand1 0.0 -0.8 -0.7 -0.5 -0.1 -0.4 -1.3 -1.5 -0.4 -0.3 -0.7 -0.7 -0.9 0.5 -0.7 -0.8

OECD

Stocks (MMbbls) 2664 2682 2762 2742 2664 2631 2676 2667 2633 2593 2614 2582

Days Cover 58 59 59 59 58 59 58 58 57 59 57 56

Sustainable

Capacity Sep-11 Oct-11 Nov-11 Sep-11 Oct-11 Nov-11

Saudi Arabia 10.85 9.40 9.45 9.75 1.35 1.40 1.70

Iran 4.00 3.54 3.53 3.55 0.20 0.19 0.21

UAE 2.85 2.55 2.51 2.52 0.33 0.29 0.30

Kuwait 2.65 2.65 2.65 2.67 0.43 0.43 0.45

Qatar 0.90 0.82 0.81 0.82 0.09 0.08 0.09

Nigeria 2.60 2.18 2.02 2.10 0.51 0.35 0.43

Libya 1.75 0.08 0.35 0.55 -1.39 -1.12 -0.92

Algeria 1.43 1.29 1.29 1.29 0.09 0.09 0.09

Ecuador 0.49 0.50 0.50 0.50 0.07 0.07 0.07

OPEC-11 32.12 27.00 27.38 27.96 -0.31 0.07 0.65

Iraq1 2.50 2.70 2.69 2.72

Total OPEC 34.62 29.70 30.07 30.68

Production Over (+)/Under (-) Target

2010 2011 2012 2013 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13

High Price Case 111.93 112.20 110.00 112.20 113.30 112.20 112.20

Reference Case 79.45 95.05 101.75 102.00 85.13 94.49 102.22 89.48 93.99 100.00 102.00 103.00 102.00 102.00

Low Price Case 86.49 86.70 85.00 86.70 87.55 86.70 86.70

Relevant • Independent • Objective

Page 15

Data Appendix

CERI Commodity Report - Crude Oil

Page 16

A1: Historic Light Sweet Crude Futures Prices ($US per barrel)

A2: Historic Crude Product Futures Prices (¢US per gallon)

Notes (Tables A1 and A2): Prices are listed by contract month. Close: final contract close on the last day of trading. Last 3 Day Average Close: simple average con-

tract close on last three days of trading. Average When Near Month: simple average closing price on trading days when contract was near month. 12-Month Strip

Average: simple average of daily near 12-month contract closing prices in a given contract month. Spread: difference between one-month and two-month forward

prices in a given period. Source: New York Mercantile Exchange (NYMEX).

NYMEX Light Sweet Crude

Last 3 Day Avg. When 12-Month Spread

Close Average Near Mo. Strip Avg. (1-2 Mo.)

2009 58.61 58.58 55.69 63.97 -1.78

2010 77.20 77.37 78.28 81.19 -0.91

2011 94.11 93.62 94.15 96.21 -0.69

4Q 2010 78.61 78.77 79.50 82.28 -0.90

1Q 2011 90.75 89.32 88.54 92.18 -1.40

2Q 2011 104.63 103.29 104.65 106.69 -0.75

3Q 2011 91.01 91.57 94.86 96.36 -0.45

4Q 2011 90.07 90.29 88.55 89.59 -0.14

Yr-on-Yr Chg. 14.6% 14.6% 11.4% 8.9%

Jan-11 89.82 88.88 87.25 89.16 -0.55

Feb-11 88.86 90.37 90.54 93.38 -0.95

Mar-11 93.57 88.71 87.84 94.02 -2.71

Apr-11 104.00 102.47 101.11 103.82 -1.19

May-11 111.45 108.91 107.66 109.49 -0.55

Jun-11 98.44 98.48 105.16 106.76 -0.51

Jul-11 93.26 93.74 98.82 100.68 -0.52

Aug-11 97.50 96.89 95.25 96.21 -0.49

Sep-11 82.26 84.07 90.52 92.20 -0.34

Oct-11 86.89 86.85 87.36 88.74 -0.23

Nov-11 85.30 86.58 83.00 84.21 -0.24

Dec-11 98.01 97.45 95.29 95.84 0.04

Jan-12 97.22 94.88 98.12 99.19 -0.16

Yr-on-Yr Chg. 8.2% 6.7% 12.5% 11.3%

NYMEX Unleaded Gasoline NYMEX Heating Oil

Last 3 Day Avg. When 12-Month Spread Last 3 Day Avg. When 12-Month Spread

Close Average Near Mo. Strip Avg. (1-2 Mo.) Close Average Near Mo. Strip Avg. (1-2 Mo.)

2009 165.0 164.0 160.6 166.3 -0.6 162.6 161.4 161.8 175.0 -2.3

2010 210.3 209.5 208.8 203.7 -0.4 210.7 210.2 210.3 220.1 -1.8

2011 286.8 284.4 280.2 268.9 2.1 296.5 294.6 292.1 298.6 -0.9

4Q 2010 213.8 211.9 208.1 201.5 1.7 226.0 225.0 223.6 233.3 -1.9

1Q 2011 255.8 252.8 245.1 248.7 -5.0 273.9 270.9 262.5 268.5 -0.7

2Q 2011 324.1 320.2 312.0 298.0 2.8 313.4 310.3 307.2 313.3 -1.3

3Q 2011 305.9 302.7 297.3 273.5 7.7 303.6 301.3 300.2 309.1 -1.2

4Q 2011 261.2 262.1 266.3 255.3 2.9 295.3 296.0 298.5 303.5 -0.4

Yr-on-Yr Chg. 22.2% 23.7% 28.0% 26.7% 30.6% 31.6% 33.5% 30.1%

Jan-11 245.3 241.2 235.8 235.2 1.1 254.4 251.7 248.7 254.7 -1.2

Feb-11 249.1 244.3 244.2 248.0 -1.5 274.7 269.7 260.9 265.8 -0.4

Mar-11 273.0 272.9 255.2 263.0 -14.6 292.6 291.1 277.7 285.1 -0.6

Apr-11 310.8 307.3 299.7 290.5 -0.5 309.0 305.7 304.5 313.6 -1.2

May-11 346.5 343.8 326.8 312.4 3.2 325.6 324.0 320.6 329.8 -1.4

Jun-11 315.0 309.7 309.6 291.0 5.7 305.6 301.0 296.4 296.5 -1.2

Jul-11 303.2 297.7 295.1 273.7 4.2 293.3 289.3 297.7 307.4 -1.5

Aug-11 311.3 312.4 309.9 284.1 5.0 309.6 309.5 307.7 316.8 -1.2

Sep-11 303.2 297.8 287.0 262.8 13.9 307.8 305.2 295.1 302.9 -0.9

Oct-11 262.6 263.2 272.5 259.1 4.0 279.5 281.0 293.4 300.6 -0.8

Nov-11 264.3 268.9 268.1 254.1 4.5 304.3 306.7 295.9 299.2 0.2

Dec-11 256.8 254.2 258.3 252.6 0.3 302.1 300.4 306.3 310.6 -0.4

Jan-12 268.0 267.0 259.8 263.8 -0.4 291.8 291.0 290.2 295.6 -0.9

Yr-on-Yr Chg. 9.3% 10.7% 10.2% 12.2% 14.7% 15.6% 16.7% 16.1%

Relevant • Independent • Objective

Page 17

A3: World Crude Oil Contract Prices (FOB, $US per barrel)

A4: North American Posted Crude Prices (FOB, $US per barrel)

Notes: 1. ANS is Delivered price on US West Coast. 2. Edmonton Light Sweet. 3. Hardisty Heavy. Posted prices are based on price at the end of each month. Sources:

Oil & Gas Journal; Natural Resources Canada.

Notes: 1. Urals is Delivered price at Mediterranean. Contract prices are based on prices at the end of each month. Source: Weekly Petroleum Status Report.

Saudi U.A.E. Oman U.K. Norway Russia Venez. Colombia Ecuador Mexico Nigeria Indon.

Arab Lgt Dubai Oman Brent Ekofisk Urals1 T.J. Light C.Limon Oriente Isthmus Bonny Lgt Minas

2008 75.35 75.58 76.04 78.24 79.81 75.52 76.40 80.65 67.36 76.29 81.63 81.77

2009 72.41 73.86 74.05 73.63 74.44 72.58 72.99 75.34 67.42 72.88 75.44 77.94

2010 78.28 78.54 78.77 80.17 80.78 78.12 77.86 79.43 72.56 77.75 81.53 83.05

3Q 2010 74.36 73.53 73.75 76.87 77.22 74.50 73.75 75.21 68.85 73.64 77.37 77.28

4Q 2010 84.84 84.29 84.46 86.95 87.06 84.69 82.65 84.00 78.16 82.54 87.95 88.05

1Q 2011 103.46 101.94 102.22 106.13 107.57 102.99 98.91 103.70 94.70 98.80 108.96 107.80

2Q 2011 111.94 110.17 110.55 116.61 118.46 113.52 110.71 112.54 104.11 110.60 118.73 120.46

3Q 2011 108.05 106.23 106.57 112.37 113.94 110.24 103.33 108.88 101.28 103.21 113.74 116.02

Yr-on-Yr Chg. 45.3% 44.5% 44.5% 46.2% 47.5% 48.0% 40.1% 44.8% 47.1% 40.2% 47.0% 50.1%

Oct-10 81.25 79.89 80.16 82.90 82.77 80.89 78.79 81.21 75.81 78.68 83.87 82.25

Nov-10 81.90 82.31 82.49 83.68 83.89 82.23 79.38 80.10 74.16 79.27 84.82 84.47

Dec-10 91.37 90.67 90.72 94.28 94.52 90.94 89.79 90.69 84.50 89.68 95.16 97.42

Jan-11 94.75 92.48 92.58 96.86 97.22 92.82 89.14 90.83 83.38 89.03 98.24 100.24

Feb-11 104.55 103.88 104.37 106.94 108.51 104.69 99.06 105.80 94.74 98.95 109.60 107.59

Mar-11 111.07 109.46 109.70 114.59 116.99 111.47 108.53 114.47 105.99 108.42 119.04 115.58

Apr-11 120.89 118.09 118.52 125.27 126.67 121.05 119.72 122.58 115.04 119.61 127.49 129.54

May-11 107.58 106.06 106.75 112.59 114.73 110.10 107.70 109.81 102.01 107.59 114.73 116.79

Jun-11 107.36 106.35 106.39 111.97 113.97 109.40 104.70 105.24 95.27 104.59 113.98 115.05

Jul-11 115.46 111.98 112.22 118.27 120.26 116.91 111.06 115.19 106.63 110.94 120.01 124.25

Aug-11 105.61 103.88 104.24 110.58 112.19 109.20 99.50 105.24 97.09 99.39 112.32 115.32

Sep-11 103.09 102.82 103.26 108.27 109.36 104.62 99.42 106.20 100.12 99.31 108.89 108.49

Oct-11 106.40 104.13 104.96 109.44 111.42 108.10 103.40 106.20 103.69 105.18 113.09 110.01

Yr-on-Yr Chg. 31.0% 30.3% 30.9% 32.0% 34.6% 33.6% 31.2% 30.8% 36.8% 33.7% 34.8% 33.8%

United States Canada Light vs. Heavy

ANS1 Lost Hills Kern R. WTI WTS GCS Okla. Sw. Kans. Sw. Mich. So. Wyo. Sw. ELS2 HH3

2008 84.15 77.18 68.79 77.10 70.15 72.52 77.10 76.08 69.85 67.72 85.46 72.50

2009 60.21 71.86 64.48 69.37 64.02 62.37 69.37 68.31 61.37 63.40 75.00 70.21

2010 72.17 79.71 72.52 76.52 71.52 69.52 76.52 75.42 68.52 71.18 77.52 71.20

3Q 2010 70.28 77.97 69.75 73.42 68.42 66.42 73.42 72.17 65.42 67.35 74.45 68.05

4Q 2010 73.42 86.82 78.87 82.00 77.00 75.00 82.00 80.92 74.00 77.11 80.37 71.88

1Q 2011 88.20 107.28 98.90 93.17 89.83 87.83 94.83 93.83 86.83 88.87 88.01 76.58

2Q 2011 106.51 115.47 105.97 98.42 93.42 91.42 98.42 97.33 90.42 93.06 103.09 89.74

3Q 2011 108.32 111.47 101.17 83.67 78.50 76.67 83.67 82.67 75.67 79.03 91.81 79.18

Yr-on-Yr Chg. 54.1% 43.0% 45.0% 14.0% 14.7% 15.4% 14.0% 14.5% 15.7% 17.3% 23.3% 16.4%

Nov-10 70.66 84.85 77.10 80.25 75.25 73.25 80.25 79.00 72.25 75.51 80.73 74.27

Dec-10 78.21 92.45 84.40 87.75 82.75 80.75 87.75 86.75 79.75 82.63 85.59 79.42

Jan-11 85.74 93.45 84.90 80.50 80.50 78.50 85.50 84.50 77.50 80.28 83.43 75.08

Feb-11 85.74 107.45 99.30 94.50 89.50 87.50 94.50 93.50 86.50 87.88 83.59 69.93

Mar-11 93.11 120.95 112.50 104.50 99.50 97.50 104.50 103.50 96.50 98.44 97.02 84.71

Apr-11 93.11 127.55 117.75 110.50 105.50 103.50 110.50 109.50 102.50 104.43 110.68 94.00

May-11 110.06 113.75 104.45 97.00 92.00 90.00 97.00 96.25 89.00 92.09 100.91 89.98

Jun-11 116.36 105.10 95.70 87.75 82.75 80.75 87.75 86.25 79.75 82.66 97.67 85.23

Jul-11 108.33 111.15 100.65 92.25 87.25 85.25 92.25 91.25 84.25 87.20 95.20 83.66

Aug-11 108.33 113.55 102.20 83.00 78.00 76.00 83.00 82.00 75.00 77.95 88.15 74.47

Sep-11 108.30 109.70 100.65 75.75 70.25 68.75 75.75 74.75 67.75 71.95 92.07 79.42

Oct-11 101.44 122.60 112.60 89.75 84.75 82.75 89.75 88.75 81.75 86.07 92.90 81.86

Nov-11 108.88 116.75 107.00 93.25 88.25 86.25 93.25 95.75 85.25 89.67 101.09 93.36

Yr-on-Yr Chg. 54.1% 37.6% 38.8% 16.2% 17.3% 17.7% 16.2% 21.2% 18.0% 18.8% 25.2% 25.7%

CERI Commodity Report - Crude Oil

Page 18

A5: Crude Oil Quality Differentials (FOB, $US per barrel)

A6: Crude Oil spot Prices and Differentials (FOB, $US per barrel)

Notes: 1. OPEC-Reference Basket is average price of seven crude streams: Algeria Saharan Blend, Dubai Fateh, Indonesia Minas, Mexico Isthmus, Nigeria Bonny

Light, Saudi Arabia Light and Venezuela Tia Juana Light. Spot prices are average daily prices over a specific timeframe. Source: International Energy Agency (IEA) Oil

Market Report.

Notes: 1. Edmonton Light Sweet. 2. Hardisty Heavy. Based on contract prices at the end of each month. Sources: EIA Weekly Petroleum Status Report: Oil & Gas Journal; Natural Resources Canada.

Light vs. Heavy Sweet vs. Sour

Arab Lt Arab Hv Diff. Isthmus Maya Diff. ELS1 HH2 Diff. GCS WTS Diff.

2008 75.35 70.86 4.49 76.29 68.50 7.79 75.24 63.83 11.41 72.52 70.15 2.38

2009 72.41 70.79 1.62 72.88 67.26 5.61 70.03 65.55 4.47 62.37 64.02 -1.65

2010 78.28 75.91 2.37 77.75 70.09 7.66 75.26 69.13 6.14 69.52 71.52 -2.00

3Q 2010 74.36 71.89 2.47 73.64 66.59 7.05 71.62 65.46 6.16 66.42 68.42 -2.00

4Q 2010 84.84 81.94 2.90 82.54 74.71 7.84 79.36 70.98 8.38 75.00 77.00 -2.00

1Q 2011 103.46 99.34 4.12 98.80 90.24 8.56 89.27 77.67 11.60 87.83 89.83 -2.00

2Q 2011 111.94 106.69 5.25 110.60 102.48 8.12 106.52 92.73 13.79 91.42 93.42 -2.00

3Q 2011 108.05 103.89 4.17 103.21 97.41 5.80 95.90 82.71 13.19 76.67 78.50 -1.83

Yr-on-Yr Chg. 45.3% 44.5% 40.2% 46.3% 33.9% 26.3% 15.4% 14.7%

Nov-10 81.90 78.85 3.05 79.27 71.67 7.60 79.75 73.36 6.38 73.25 75.25 -2.00

Dec-10 91.37 88.22 3.15 89.68 80.60 9.08 84.92 78.80 6.12 80.75 82.75 -2.00

Jan-11 94.75 91.00 3.75 89.03 80.66 8.37 83.93 75.53 8.40 78.50 80.50 -2.00

Feb-11 104.55 100.30 4.25 98.95 90.96 7.99 84.68 70.84 13.84 87.50 89.50 -2.00

Mar-11 111.07 106.72 4.35 108.42 99.11 9.31 99.34 86.74 12.60 97.50 99.50 -2.00

Apr-11 120.89 115.84 5.05 119.61 109.35 10.26 115.57 98.15 17.42 103.50 105.50 -2.00

May-11 107.58 102.33 5.25 107.59 99.82 7.77 104.21 92.93 11.28 90.00 92.00 -2.00

Jun-11 107.36 101.91 5.45 104.59 98.26 6.33 99.92 87.19 12.73 80.75 82.75 -2.00

Jul-11 115.46 111.11 4.35 110.94 104.05 6.89 99.57 87.50 12.08 85.25 87.25 -2.00

Aug-11 105.61 101.46 4.15 99.39 94.65 4.74 95.92 81.03 14.89 76.00 78.00 -2.00

Sep-11 103.09 99.09 4.00 99.31 93.54 5.77 92.03 79.39 12.64 68.75 70.25 -1.50

Oct-11 106.40 102.40 4.00 105.18 99.28 5.90 91.02 80.21 10.81 82.75 84.75 -2.00

Nov-11 106.40 102.40 4.00 105.18 99.28 5.90 98.51 90.98 7.53 86.25 88.25 -2.00

Yr-on-Yr Chg. 29.9% 29.9% 32.7% 38.5% 23.5% 24.0% 17.7% 17.3%

Spot Prices Differentials

WTI Brent Dubai Urals Basket1 WTI-Brent WTI-Dubai WTI-Urals WTI-Basket

2008 100.06 97.26 94.18 94.76 94.45 -38.65 -35.57 -36.15 -35.84

2009 61.92 61.67 61.91 61.22 61.06 15.53 15.29 15.98 16.14

2010 79.45 79.50 78.08 78.29 77.45 14.61 16.03 15.82 16.66

3Q 2010 76.05 76.86 73.88 75.55 73.76 1.75 4.73 3.06 4.85

4Q 2010 85.13 86.46 84.39 85.30 83.88 4.29 6.36 5.45 6.87

1Q 2011 94.49 105.43 100.90 102.67 101.27 -0.80 3.73 1.96 3.36

2Q 2011 102.22 117.04 110.62 113.75 112.18 -26.03 -19.61 -22.74 -21.17

3Q 2011 89.48 113.41 107.09 111.43 108.44 -23.34 -17.02 -21.36 -18.37

Yr-on-Yr Chg. 17.7% 47.6% 45.0% 47.5% 47.0%

Nov-10 84.20 85.33 83.65 84.74 82.83 4.49 6.17 5.08 6.99

Dec-10 89.08 91.36 89.05 89.64 88.56 -2.50 -0.19 -0.78 0.30

Jan-11 89.38 96.54 92.52 93.72 92.83 -2.97 1.05 -0.15 0.74

Feb-11 89.57 103.76 100.24 101.48 100.29 0.24 3.76 2.52 3.71

Mar-11 102.99 114.60 108.71 111.50 109.84 -3.15 2.74 -0.05 1.61

Apr-11 109.89 123.49 116.00 119.38 118.09 -25.05 -17.56 -20.94 -19.65

May-11 101.22 114.55 108.38 110.96 109.94 -21.29 -15.12 -17.70 -16.68

Jun-11 96.21 114.04 107.77 111.67 109.04 -16.54 -10.27 -14.17 -11.54

Jul-11 97.26 116.88 109.99 114.90 111.62 -34.62 -27.73 -32.64 -29.36

Aug-11 86.30 110.37 105.02 109.17 106.32 -23.48 -18.13 -22.28 -19.43

Sep-11 85.55 113.12 106.30 110.38 107.61 -27.82 -21.00 -25.08 -22.31

Oct-11 86.45 109.43 103.95 108.10 106.29 -11.42 -5.94 -10.09 -8.28

Nov-11 97.17 110.66 109.00 110.54 110.08 -13.44 -11.78 -13.32 -12.86

Yr-on-Yr Chg. 15.4% 29.7% 30.3% 30.4% 32.9%

Relevant • Independent • Objective

Page 19

A7: World Petroleum Product Spot Prices ($US per barrel)

A8: Product Spot Prices in Selected American Cities (¢US per gallon)

Notes: 1. Reformulated regular unleaded gasoline. Spot prices are based on average daily prices over a specific timeframe. Source: EIA Weekly Petroleum Status

Report.

Notes: 1. Regular unleaded gasoline. 2. High Sulfur (3.0%) Residual Fuel Oil. 3. High Sulfur (3.5%) Residual Fuel Oil. Spot prices are based on average daily prices over a specific timeframe. Source: IEA Oil Market Report.

NY Harbor, Barges Rotterdam, Barges Singapore, Cargoes

Gasoline1 No. 2 H.O. Resid.2 Gasoline1 Gasoil Resid.3 Gasoline1 Gasoil Resid.3

2008 103.11 120.22 73.64 99.25 122.69 72.42 103.27 120.25 79.12

2009 69.90 69.15 55.23 70.73 68.90 54.44 70.38 69.13 58.43

2010 87.84 89.37 70.58 88.98 89.28 69.66 88.41 89.55 73.23

3Q 2010 82.69 85.28 68.39 84.26 86.62 67.04 82.49 86.27 69.88

4Q 2010 94.75 98.45 73.96 94.58 97.43 73.49 95.14 97.43 76.86

1Q 2011 110.64 118.14 89.04 111.05 117.69 87.93 113.49 119.30 93.13

2Q 2011 126.02 127.42 100.90 127.12 127.93 98.40 124.89 130.05 103.24

3Q 2011 120.93 124.90 99.25 123.14 125.46 99.31 124.45 124.69 103.36

Yr-on-Yr Chg. 46.2% 46.5% 45.1% 46.1% 44.8% 48.1% 50.9% 44.5% 47.9%

Nov-10 93.72 97.29 73.52 92.81 96.30 73.51 93.21 96.52 76.84

Dec-10 100.15 103.55 76.23 99.81 101.21 75.59 102.09 102.61 79.60

Jan-11 102.85 109.37 79.11 103.21 106.61 79.89 106.38 108.19 83.90

Feb-11 106.56 116.14 88.73 108.22 115.88 88.16 111.84 117.46 94.50

Mar-11 120.79 127.41 97.92 120.32 128.90 94.72 120.97 130.41 100.08

Apr-11 133.13 134.20 104.44 132.26 135.69 101.04 129.97 138.01 106.24

May-11 126.78 124.00 97.28 128.39 124.04 96.36 124.82 126.61 100.87

Jun-11 118.83 124.51 101.13 121.77 125.11 98.09 120.33 125.95 102.66

Jul-11 126.96 128.83 102.08 127.11 128.50 101.49 126.15 128.46 105.16

Aug-11 119.58 123.56 97.75 121.78 124.17 98.06 122.85 122.99 102.41

Sep-11 116.67 122.63 98.20 120.72 123.86 98.48 124.36 122.71 102.56

Oct-11 115.80 123.94 99.25 115.61 124.60 98.52 122.18 121.31 103.42

Nov-11 110.86 128.56 100.64 111.22 130.19 99.90 112.86 127.94 107.28

Yr-on-Yr Chg. 18.3% 32.1% 36.9% 19.8% 35.2% 35.9% 21.1% 32.6% 39.6%

NY Harbor US Gulf Los Angeles

Gasoline1 No. 2 H.O. Distill. Gasoline1 Jet Fuel Distill. Gasoline1 Distill.

2008 201.78 230.23 167.08 203.27 228.36 169.96 221.40 189.37

2009 196.58 189.77 193.59 192.64 192.32 191.28 206.52 195.21

2010 209.23 212.48 219.41 205.11 214.61 215.59 220.97 220.41

3Q 2010 196.90 202.83 212.10 195.03 207.20 208.83 217.60 215.07

4Q 2010 226.57 234.33 239.27 216.53 234.13 234.07 230.80 240.87

1Q 2011 261.47 280.27 287.10 258.67 286.10 282.50 278.60 290.03

2Q 2011 301.23 303.83 312.00 298.30 313.27 308.23 309.63 319.83

3Q 2011 287.47 297.83 305.33 282.27 302.90 300.93 290.13 303.27

Yr-on-Yr Chg. 46.0% 46.8% 44.0% 44.7% 46.2% 44.1% 33.3% 41.0%

Nov-10 224.40 232.00 237.70 211.50 232.30 232.40 224.50 238.50

Dec-10 238.90 246.80 250.00 231.00 245.30 244.60 242.00 250.30

Jan-11 244.80 260.40 264.20 239.00 261.90 260.10 244.70 261.50

Feb-11 255.80 277.00 284.00 251.10 283.90 279.30 275.80 285.30

Mar-11 283.80 303.40 313.10 285.90 312.50 308.10 315.30 323.30

Apr-11 317.80 319.60 327.10 313.60 326.70 323.10 337.30 338.70

May-11 302.40 295.20 303.50 302.40 308.50 300.10 305.50 313.40

Jun-11 283.50 296.70 305.40 278.90 304.60 301.50 286.10 307.40

Jul-11 302.10 306.80 317.00 297.50 313.10 311.70 294.80 311.60

Aug-11 283.50 294.60 301.00 280.10 300.80 297.40 283.90 297.10

Sep-11 276.80 292.10 298.00 269.20 294.80 293.70 291.70 301.10

Oct-11 277.20 295.30 300.80 268.90 296.60 296.00 294.90 308.90

Nov-11 262.90 305.40 309.50 253.90 304.60 304.60 273.70 319.20

Yr-on-Yr Chg. 17.2% 31.6% 30.2% 20.0% 31.1% 31.1% 21.9% 33.8%

CERI Commodity Report - Crude Oil

Page 20

B1: World Petroleum Supply and Demand Balance (million barrels per day)

Notes: 1. Totals for OECD and non-OECD supply include net refining gains; specific regions/groupings within each do not. 2. OPEC demand is an estimate based on

historical annual data. 3. Balance for World equals global stockbuilds (+) and stockdraws (-) for crude oil and petroleum products and miscellaneous gains and

losses. Regional surpluses (+) and deficits (-) are balanced through net-imports and stock changes in the short-term, and net-imports in the longer term. Supply

includes crude oil, condensates, NGLs, oil from non-conventional sources and processing gains. Demand is for petroleum products.

Source: IEA Oil Market Report.

OECD Non-OECD OPEC World

N. A. Europe Asia-Pac Total1 Asia Non-Asia FSU Total1 P. Gulf Non-Gulf Total2 Total3

Demand

2006 25.4 15.7 8.5 49.5 15.1 9.9 4.0 29.1 4.0 2.4 6.4 85.1

2007 25.5 15.4 8.4 49.3 16.1 10.8 4.2 31.1 4.2 2.5 6.7 87.1

2008 24.2 15.4 8.1 47.6 16.2 11.6 4.2 32.0 4.3 2.6 7.0 86.6

2009 23.3 14.7 7.7 45.6 17.0 11.4 4.2 32.6 4.5 2.7 7.3 85.6

2010 23.8 14.6 7.8 46.2 18.3 11.9 4.5 34.7 4.7 2.8 7.5 88.3

3Q 2009 23.3 14.6 7.2 45.1 17.2 12.0 4.1 33.3 4.5 2.7 7.3 85.7

4Q 2009 23.5 14.5 8.0 46.0 17.7 11.3 4.1 33.1 4.5 2.7 7.3 86.4

1Q 2010 23.4 14.3 8.2 45.9 17.8 11.1 4.4 33.3 4.7 2.8 7.5 86.8

2Q 2010 23.7 14.3 7.3 45.3 18.4 11.9 4.3 34.6 4.7 2.8 7.5 87.5

3Q 2010 24.1 14.9 7.6 46.6 17.8 12.6 4.6 35.0 4.7 2.8 7.5 89.0

4Q 2010 23.9 14.8 8.1 46.7 19.0 11.9 4.6 35.5 4.7 2.8 7.5 89.8

1Q 2011 23.8 14.2 8.3 46.3 18.9 11.4 4.5 34.8 4.9 2.9 7.9 88.9

2Q 2011 23.3 14.1 7.1 44.5 18.9 11.9 4.6 35.4 4.9 2.9 7.9 87.8

3Q 2011 23.5 14.7 7.7 45.9 18.4 12.3 4.8 35.5 4.9 2.9 7.9 89.4

Supply

2006 14.2 5.3 0.6 21.4 7.4 8.5 12.3 29.0 24.2 10.1 34.3 85.5

2007 13.8 5.0 0.6 20.7 7.4 8.1 12.8 29.1 23.7 10.7 34.9 85.8

2008 13.3 4.8 0.6 19.9 7.5 8.1 12.8 29.2 24.5 10.4 35.6 86.7

2009 13.6 4.5 0.7 20.0 7.5 8.3 13.3 29.9 23.0 10.5 34.1 85.6

2010 14.1 4.2 0.6 20.1 7.8 8.4 13.5 30.6 23.5 10.8 34.8 87.5

3Q 2009 13.7 4.3 0.7 19.8 7.6 8.3 13.4 30.2 23.0 9.8 33.5 85.9

4Q 2009 13.7 4.6 0.6 20.1 7.6 8.4 13.5 30.4 23.0 10.0 33.8 86.5

1Q 2010 14.0 4.5 0.6 20.3 7.7 8.4 13.5 30.4 23.1 10.2 34.1 86.7

2Q 2010 14.0 4.2 0.6 20.0 7.8 8.4 13.5 30.6 23.1 10.2 34.0 87.1

3Q 2010 14.1 3.8 0.6 19.7 7.8 8.4 13.5 30.6 23.6 10.5 34.6 87.8

4Q 2010 14.4 4.2 0.6 20.3 7.9 8.4 13.6 30.8 23.9 10.8 35.2 88.3

1Q 2011 14.4 4.1 0.5 20.3 7.8 8.6 13.6 30.9 24.8 10.5 35.8 88.4

2Q 2011 14.3 3.8 0.5 19.8 7.7 8.4 13.6 30.6 25.4 9.4 35.2 87.5

3Q 2011 14.5 3.6 0.5 19.9 7.6 8.4 13.5 30.4 26.0 9.1 35.7 88.3

Balance

2006 -11.2 -10.4 -7.9 -28.1 -7.7 -1.4 8.3 -0.1 20.2 7.8 27.9 0.4

2007 -11.7 -10.4 -7.8 -28.6 -8.7 -2.7 8.6 -2.0 19.5 8.3 28.2 -1.3

2008 -10.9 -10.6 -7.5 -27.7 -8.7 -3.5 8.6 -2.8 20.2 7.9 28.7 0.1

2009 -9.7 -10.2 -7.0 -25.6 -9.5 -3.1 9.1 -2.7 18.5 7.8 26.8 0.0

2010 -9.7 -10.4 -7.2 -26.1 -10.5 -3.5 9.0 -4.1 18.7 8.0 27.3 -0.8

3Q 2009 -9.6 -10.3 -6.5 -25.3 -9.6 -3.7 9.3 -3.2 18.5 7.1 26.3 0.2

4Q 2009 -9.8 -9.9 -7.4 -25.9 -10.1 -2.9 9.4 -2.8 18.4 7.4 26.5 0.1

1Q 2010 -9.4 -9.8 -7.6 -25.6 -10.1 -2.7 9.1 -2.8 18.3 7.5 26.5 -0.1

2Q 2010 -9.7 -10.1 -6.7 -25.3 -10.6 -3.5 9.2 -3.9 18.4 7.4 26.5 -0.4

3Q 2010 -10.0 -11.1 -7.0 -26.9 -10.0 -4.2 8.9 -4.4 18.8 7.8 27.1 -1.2

4Q 2010 -9.5 -10.6 -7.5 -26.4 -11.1 -3.5 9.0 -4.6 19.2 8.0 27.6 -1.5

1Q 2011 -9.4 -10.1 -7.8 -26.0 -11.1 -2.8 9.1 -3.9 19.9 7.6 27.9 -0.5

2Q 2011 -9.0 -10.3 -6.6 -24.7 -11.2 -3.5 9.0 -4.8 20.5 6.5 27.4 -0.3

3Q 2011 -9.0 -11.1 -7.2 -26.0 -10.8 -3.9 8.7 -5.1 21.1 6.2 27.9 -1.1

Relevant • Independent • Objective

Page 21

B2: World Petroleum Production (million barrels per day)

B3: OECD Commercial Petroleum Stocks (million barrels)

Notes: 1. Production includes crude oil, condensates and NGLs. 2. Reserve-Production ratio is based on latest month production and British Petroleum reserve

estimates. Sources: IEA Oil Market Report and BP Statistical Review of World Energy.

Notes: 1. Product includes only finished petroleum products. 2. Total stocks include NGLs, refinery feedstocks, additives/oxygenates and other hydrocarbons. All

stocks are closing levels for respective reporting period. Source: IEA Oil Market Report.

OECD Non-OECD OPEC World

N. A. Europe Asia-Pac Total Asia Non-Asia FSU Total P. Gulf Non-Gulf Total Total1

2008 13.94 4.75 0.65 19.33 7.43 8.56 12.82 28.82 24.54 10.41 35.64 83.79

2009 13.60 4.55 0.65 18.81 7.55 8.32 13.28 29.16 23.01 10.49 34.08 82.05

2010 14.10 4.16 0.61 18.87 7.80 8.47 13.55 29.83 23.46 10.75 34.84 83.54

3Q 2010 14.09 3.76 0.61 18.47 7.84 8.53 13.55 29.90 23.56 10.52 34.64 83.01

4Q 2010 14.44 4.22 0.58 19.24 7.92 8.51 13.66 30.09 23.90 10.77 35.18 84.51

1Q 2011 14.36 4.12 0.52 18.99 7.86 8.60 13.64 30.09 24.79 10.45 35.76 84.84

2Q 2011 14.26 3.81 0.50 18.58 7.65 8.43 13.58 29.66 25.39 9.35 35.22 83.46

3Q 2011 14.51 3.64 0.51 18.66 7.58 8.47 13.55 29.59 25.96 9.12 35.74 83.99

Yr-on-Yr Chg. 3.0% -3.2% -16.4% 1.0% -3.3% -0.7% 0.0% -1.0% 10.2% -13.3% 3.2% 1.2%

Nov-10 14.48 4.19 0.58 19.25 7.95 8.57 13.71 30.24 23.74 10.53 34.81 84.30

Dec-10 14.32 4.15 0.54 19.01 7.84 8.50 13.74 30.09 23.93 10.67 35.05 84.15

Jan-11 14.34 4.26 0.53 19.13 7.91 8.64 13.68 30.22 24.62 10.67 35.87 85.22

Feb-11 14.31 4.07 0.52 18.90 7.87 8.64 13.69 30.19 24.96 10.37 35.82 84.91

Mar-11 14.57 3.96 0.51 19.03 7.87 8.63 13.67 30.17 24.98 9.48 34.97 84.17

Apr-11 14.57 4.12 0.51 19.20 7.77 8.30 13.63 29.68 24.87 9.43 34.82 83.70

May-11 13.96 3.73 0.58 18.27 7.68 8.42 13.63 29.73 25.24 9.29 34.99 82.99

Jun-11 14.06 3.68 0.50 18.24 7.67 8.52 13.56 29.76 26.20 9.39 36.00 84.00

Jul-11 14.35 3.84 0.50 18.69 7.62 8.44 13.48 29.54 26.01 9.27 35.88 84.11

Aug-11 14.73 3.56 0.53 18.82 7.59 8.59 13.56 29.73 26.16 9.24 36.02 84.57

Sep-11 14.34 3.63 0.51 18.48 7.55 8.32 13.67 29.54 25.89 8.96 35.50 83.52

Oct-11 14.63 3.93 0.60 19.17 7.64 8.38 13.72 29.75 25.90 9.40 35.98 84.90

Nov-11 14.73 4.16 0.61 19.50 7.74 8.36 13.72 29.82 26.28 9.65 36.60 85.92

Yr-on-Yr Chg. 1.7% -0.7% 5.2% 1.3% -2.6% -2.5% 0.1% -1.4% 10.7% -8.3% 5.1% 1.9%

R/P Ratio2 13.2 9.6 19.2 12.6 12.0 19.5 25.5 20.3 77.5 55.4 70.2 40.1

North America Europe Asia-Pacific OECD

Crude Product Total Crude Product Total Crude Product Total Crude Product1 Total2

2008 466 684 1,300 343 575 992 163 174 407 972 1,432 2,698

2009 470 695 1,309 333 574 972 161 161 383 963 1,431 2,664

2010 471 706 1,327 323 554 947 158 163 390 952 1,422 2,664

3Q 2010 504 731 1,396 319 558 942 156 178 403 978 1,467 2,742

4Q 2010 471 706 1,327 323 554 947 158 163 390 952 1,422 2,664

1Q 2011 497 653 1,295 323 567 955 158 155 382 979 1,375 2,631

2Q 2011 500 680 1,339 318 546 932 160 171 405 977 1,397 2,676

3Q 2011 469 709 1,345 308 538 910 157 181 412 934 1,429 2,667

Yr-on-Yr Chg. -7.0% -3.0% -3.7% -3.4% -3.5% -3.4% 0.9% 1.9% 2.2% -4.5% -2.6% -2.7%

Oct-10 515 709 1,389 337 557 960 158 182 410 1,010 1,448 2,759

Nov-10 490 703 1,355 322 556 947 165 179 415 977 1,438 2,716

Dec-10 471 706 1,327 323 554 947 158 163 390 952 1,422 2,664

Jan-11 480 704 1,329 334 589 993 160 168 402 974 1,461 2,725

Feb-11 491 671 1,304 325 572 964 157 162 391 974 1,405 2,660

Mar-11 497 653 1,295 323 567 955 158 155 382 979 1,375 2,631

Apr-11 511 649 1,311 314 560 940 167 168 408 991 1,377 2,659

May-11 514 670 1,339 320 556 942 161 170 406 994 1,396 2,687

Jun-11 500 680 1,339 318 546 932 160 171 405 977 1,397 2,676

Jul-11 487 711 1,361 310 548 926 164 177 412 961 1,436 2,698

Aug-11 485 709 1,361 311 553 930 155 181 410 951 1,443 2,700

Sep-11 469 709 1,345 308 538 910 157 181 412 934 1,429 2,667

Oct-11 469 687 1,326 297 533 895 156 181 409 922 1,400 2,630

Yr-on-Yr Chg. -9.0% -3.2% -4.5% -11.8% -4.3% -6.8% -1.2% -0.6% -0.2% -8.7% -3.3% -4.7%

CERI Commodity Report - Crude Oil

Page 22

B4: OPEC Crude Oil Production and Targets (million barrels per day)

Notes: 1. Does not include NGLs; OPEC production targets apply to crude oil only. 2. Iraq does not have an official OPEC target. 3. OPEC-10 production targets. 4. As

of latest month. Source: IEA Oil Market Report.

B5: OECD Refinery Activity Crude Input (MMbpd) - Utilization (percent) - Refining Margins ($US/barrel)

Notes: 1. Based on dated Brent being processed in average US Gulf cracking refinery. 2. Based on dated Brent in average Rotterdam cracking refinery. 3. Based on

spot Dubai in average Singapore hydroskimming refinery. Source: IEA Oil Market Report.

Non-Persian Gulf OPEC-11 OPEC-11

Arabia Iran UAE Kuwait Qatar Venez. Nigeria Libya Algeria Angola Ecuador Total1 Target Iraq2

2008 9.19 3.90 2.59 2.60 0.85 2.35 1.95 1.72 1.36 1.85 0.50 28.85 27.75 2.38

2009 8.16 3.74 2.27 2.28 0.80 2.67 1.82 1.55 1.24 1.73 0.47 26.72 27.75 2.43

2010 8.40 3.70 2.31 2.30 0.80 2.53 2.08 1.55 1.25 1.73 0.47 27.13 27.75 2.36

3Q 2010 8.45 3.69 2.33 2.30 0.80 2.23 2.15 1.56 1.26 1.71 0.46 26.93 24.85 2.34

4Q 2010 8.57 3.67 2.33 2.30 0.81 2.36 2.21 1.56 1.27 1.61 0.47 27.17 24.85 2.43

1Q 2011 8.83 3.63 2.48 2.36 0.82 2.54 2.14 1.13 1.27 1.61 0.50 27.31 24.85 2.66

2Q 2011 9.20 3.65 2.48 2.45 0.82 2.56 2.25 0.12 1.26 1.55 0.50 26.82 24.85 2.67

3Q 2011 9.64 3.53 2.53 2.56 0.82 2.42 2.26 0.04 1.28 1.69 0.49 27.26 24.85 2.67

Yr-on-Yr Chg. 14.1% -4.3% 8.6% 11.3% 2.5% 8.5% 5.1% -97.4% 1.6% -1.2% 6.5% 1.2% 14.1%

Nov-10 8.50 3.68 2.29 2.29 0.82 2.19 2.18 1.56 1.27 1.66 0.47 26.91 24.85 2.42

Dec-10 8.60 3.68 2.32 2.32 0.82 2.20 2.26 1.56 1.27 1.62 0.48 27.12 24.85 2.45

Jan-11 8.80 3.66 2.44 2.31 0.82 2.21 2.24 1.58 1.27 1.68 0.48 27.48 24.85 2.66

Feb-11 8.90 3.68 2.48 2.35 0.82 2.20 2.16 1.39 1.28 1.60 0.50 27.35 24.85 2.73

Mar-11 8.91 3.55 2.52 2.43 0.82 2.49 2.01 0.45 1.26 1.63 0.51 26.55 24.85 2.62

Apr-11 8.80 3.60 2.51 2.41 0.81 2.52 2.22 0.20 1.28 1.58 0.50 26.42 24.85 2.60

May-11 9.00 3.70 2.42 2.44 0.82 2.49 2.25 0.08 1.24 1.57 0.50 26.51 24.85 2.68

Jun-11 9.80 3.65 2.50 2.49 0.82 2.62 2.28 0.08 1.26 1.49 0.50 27.49 24.85 2.72

Jul-11 9.70 3.53 2.50 2.51 0.82 2.43 2.32 0.06 1.28 1.67 0.49 27.3 24.85 2.65

Aug-11 9.80 3.51 2.53 2.53 0.82 2.51 2.28 0.00 1.28 1.69 0.49 27.43 24.85 2.68

Sep-11 9.40 3.54 2.55 2.65 0.82 2.29 2.18 0.08 1.29 1.70 0.50 27 24.85 2.70

Oct-11 9.45 3.53 2.51 2.65 0.81 2.55 2.02 0.35 1.29 1.72 0.50 27.38 24.85 2.69

Nov-11 9.75 3.55 2.52 2.67 0.82 2.53 2.10 0.55 1.29 1.69 0.50 27.96 24.85 2.72

Yr-on-Yr Chg. 14.7% -3.5% 10.0% 16.6% 0.0% 15.5% -3.7% -64.7% 1.6% 1.8% 6.4% 3.9% 12.4%

Quotas3 8.05 3.34 2.22 2.22 0.73 1.99 1.67 1.47 1.20 1.52 0.43 24.85

Over/Under4 21.1% 6.3% 13.5% 20.3% 12.3% 27.1% 25.7% -62.6% 7.5% 11.2% 16.3% 12.5%

Persian Gulf

North America Europe Asia-Pacific OECD

Input Util. Margin1 Input Util. Margin2 Input Util. Margin3 Input Util.

2008 17.4 83.2 0.61 13.2 84.4 4.29 6.7 80.0 -2.08 37.3 83.0

2009 17.3 82.6 -1.54 12.2 78.2 1.30 6.4 76.4 -3.23 35.9 79.9

2010 17.7 84.2 -2.10 12.4 79.4 2.28 6.6 78.0 -2.41 36.6 81.4

3Q 2010 18.1 86.5 -2.47 12.8 82.4 1.19 6.5 77.8 -1.7 37.5 83.5

4Q 2010 17.3 82.4 -3.66 12.3 79.0 2.47 6.7 80.0 -2.5 36.3 80.8

1Q 2011 17.2 81.8 -4.83 12.2 78.0 0.62 6.8 81.4 -1.8 36.2 80.4

2Q 2011 17.6 83.7 -3.31 11.9 76.5 0.27 6.2 74.2 -2.0 35.7 79.4

3Q 2011 18.3 87.5 -3.17 12.4 79.5 0.97 6.4 76.5 -0.6 37.2 82.6

Yr-on-Yr Chg. 1.1% 28.6% -3.5% -18.2% -1.5% -63.7% -0.9%

Oct-10 16.6 79.4 -3.02 11.6 74.5 2.82 6.4 75.6 -2.0 34.6 77.0

Nov-10 17.3 82.6 -3.87 12.7 81.3 2.65 6.8 80.5 -2.5 36.8 81.8

Dec-10 17.9 85.2 -4.08 12.7 81.2 1.94 7.0 83.8 -3.1 37.6 83.6

Jan-11 17.4 82.8 -4.22 12.6 80.6 1.15 7.0 83.1 -2.2 36.9 82.1

Feb-11 16.7 79.5 -5.44 12.2 78.0 0.18 7.1 84.4 -1.8 35.9 79.9

Mar-11 17.4 83.1 -4.82 11.7 75.3 0.54 6.5 76.7 -1.6 35.6 79.2

Apr-11 17.1 81.7 -4.13 11.6 74.5 -0.13 6.5 76.9 -2.1 35.2 78.3

May-11 17.5 83.3 -1.67 12.0 76.7 1.23 6.0 71.9 -2.0 35.5 78.8

Jun-11 18.1 86.1 -4.12 12.2 78.4 -0.28 6.2 73.9 -1.9 36.5 81.1

Jul-11 18.4 87.7 -1.86 12.4 79.5 0.78 6.4 75.9 -1.2 37.2 82.6

Aug-11 18.5 88.3 -0.96 12.6 80.9 2.53 6.5 77.8 0.4 37.7 83.7

Sep-11 18.1 86.4 -6.70 12.2 78.2 -0.39 6.4 75.7 -1.0 36.7 81.5

Oct-11 17.4 83.0 -3.83 12.0 77.0 1.52 6.4 75.5 0.4 35.8 79.5

Yr-on-Yr Chg. 4.6% 26.8% 3.3% -46% 0.0% -120.3% 3.3%

Relevant • Independent • Objective

Page 23

C1: US Petroleum Supply and Demand Balance (million barrels per day)

Notes: 1. Does not balance because of unaccounted for crude oil. Regional surpluses (+) and deficits (-) are balanced through net-imports/transfers and stock

changes in the short-term, and net-imports/transfers in the longer term. 2. As of most recent month. Supply includes crude oil, condensates, NGLs, oil from non-

conventional sources and processing gains. Demand is for petroleum products. Source: EIA Petroleum Supply Monthly.

United States1 East Mid-West

Supply Demand Net-Imp. Stk. Chg. Supply Demand Balance Supply Demand Balance

2008 7.71 19.41 11.04 0.20 0.13 5.83 -5.70 1.02 4.97 -3.95

2009 8.91 18.64 9.69 0.16 0.11 5.62 -5.51 1.73 4.71 -2.97

2010 9.48 19.15 9.46 0.05 0.12 5.61 -5.48 2.01 4.86 -2.84

3Q 2010 9.50 19.50 9.85 0.21 0.13 5.56 -5.44 2.06 4.98 -2.92

4Q 2010 9.72 19.26 8.59 -0.69 0.15 5.69 -5.54 2.11 4.95 -2.83

1Q 2011 9.59 19.08 8.71 -0.29 0.13 5.74 -5.61 2.16 4.73 -2.58

2Q 2011 9.80 18.75 8.97 0.41 0.13 5.24 -5.11 2.17 4.72 -2.55

3Q 2011 9.92 18.83 8.29 -0.29 0.14 5.21 -5.07 2.26 4.92 -2.66

Yr-on-Yr Chg. 4.5% -3.4% -15.9% 7.0% -6.3% 9.8% -1.2%

Oct-10 9.60 18.94 8.69 -0.36 0.13 5.42 -5.29 2.09 4.98 -2.89

Nov-10 9.70 19.07 8.54 -0.67 0.17 5.55 -5.37 2.13 4.86 -2.72

Dec-10 9.85 19.76 8.54 -1.04 0.15 6.11 -5.96 2.12 5.01 -2.89

Jan-11 9.53 19.12 9.27 0.32 0.13 5.82 -5.69 2.15 4.73 -2.57

Feb-11 9.45 18.87 7.93 -1.07 0.14 5.61 -5.47 2.12 4.77 -2.65

Mar-11 9.78 19.25 8.93 -0.13 0.12 5.79 -5.67 2.19 4.70 -2.51

Apr-11 9.69 18.61 8.69 0.22 0.12 5.37 -5.26 2.14 4.63 -2.49

May-11 9.85 18.36 9.03 0.93 0.14 5.01 -4.87 2.17 4.61 -2.43

Jun-11 9.85 19.28 9.19 0.10 0.13 5.35 -5.22 2.19 4.93 -2.74

Jul-11 9.86 18.56 8.75 0.40 0.14 5.18 -5.04 2.23 4.83 -2.60

Aug-11 10.04 19.15 8.07 -0.62 0.14 5.21 -5.07 2.26 4.97 -2.71

Sep-11 9.86 18.80 8.05 -0.66 0.13 5.24 -5.11 2.29 4.95 -2.67

Oct-11 10.11 18.56 7.89 -0.36 0.13 5.27 -5.13 2.38 4.98 -2.60

Yr-on-Yr Chg. 5.3% -2.0% -9.2% 3.1% -2.8% 14.1% 0.1%

% of Total2 100.0% 100.0% 1.3% 28.4% 23.5% 26.8%

South-Central North-West West Finished Petroleum Products

Supply Demand Balance Supply Demand Balance Supply Demand Balance

2008 4.33 4.90 -0.56 0.65 0.68 -0.03 1.58 3.04 -1.46

2009 4.85 4.82 0.03 0.68 0.65 0.03 1.54 2.83 -1.30

2010 5.13 5.14 0.00 0.74 0.65 0.09 1.47 2.90 -1.43

3Q 2010 5.12 5.28 -0.15 0.75 0.70 0.04 1.44 2.98 -1.55

4Q 2010 5.22 5.13 0.09 0.76 0.64 0.12 1.48 2.85 -1.37

1Q 2011 5.12 5.18 -0.05 0.77 0.66 0.11 1.41 2.77 -1.36

2Q 2011 5.29 5.25 0.03 0.78 0.67 0.11 1.43 2.86 -1.43

3Q 2011 5.36 5.08 0.27 0.80 0.70 0.10 1.37 2.92 -1.55

Yr-on-Yr Chg. 4.5% -3.7% 6.5% -0.5% -4.5% -2.0%

Oct-10 5.15 5.02 0.14 0.75 0.64 0.10 1.48 2.89 -1.40

Nov-10 5.17 5.21 -0.05 0.76 0.62 0.14 1.47 2.84 -1.37

Dec-10 5.33 5.15 0.18 0.76 0.65 0.11 1.49 2.84 -1.34

Jan-11 5.18 5.26 -0.08 0.76 0.64 0.12 1.31 2.68 -1.37

Feb-11 4.95 5.02 -0.07 0.76 0.67 0.09 1.48 2.80 -1.32

Mar-11 5.24 5.25 -0.02 0.78 0.67 0.11 1.46 2.84 -1.38

Apr-11 5.21 5.12 0.09 0.77 0.63 0.14 1.46 2.87 -1.40

May-11 5.33 5.27 0.05 0.79 0.66 0.13 1.42 2.82 -1.40

Jun-11 5.32 5.36 -0.04 0.79 0.73 0.06 1.41 2.90 -1.49

Jul-11 5.38 4.93 0.45 0.81 0.73 0.08 1.31 2.89 -1.58

Aug-11 5.47 5.26 0.21 0.81 0.72 0.09 1.38 3.00 -1.62

Sep-11 5.23 5.06 0.17 0.77 0.65 0.12 1.43 2.89 -1.46

Oct-11 5.38 4.90 0.47 0.80 0.64 0.16 1.42 2.77 -1.36

Yr-on-Yr Chg. 4.3% -2.3% 7.8% -0.3% -4.4% -3.9%

% of Total2 53.2% 26.4% 8.0% 3.4% 14.0% 14.9%

CERI Commodity Report - Crude Oil

Page 24

C2: US Petroleum Demand by Product (million barrels per day)

Notes: 1. Total includes other finished petroleum products. 2. Total petroleum demand includes refinery feedstocks, additives/oxygenates and other hydrocarbons.

Source: EIA Petroleum Supply Monthly.

C3: US Petroleum Stocks (million barrels)

Notes: 1. Petroleum stocks include crude oil, finished products, NGLs, refinery feedstocks, additives/oxygenates and other hydrocarbons. 2. Includes Strategic

Petroleum Reserves. 3. Total includes other finished petroleum products. All stocks are closing levels for respective reporting period. Source: EIA Petroleum Supply

Monthly.

Finished Petroleum Products NGLs Petroleum

Gasoline Jet Fuel Distil. Resid. Total1 Total Total2

2008 8.92 1.46 3.81 0.62 17.11 1.97 19.04

2009 8.98 1.40 3.62 0.50 16.62 2.15 18.73

2010 9.03 1.43 3.81 0.54 16.95 2.18 19.15

3Q 2010 9.27 1.48 3.82 0.52 17.43 2.04 19.50

4Q 2010 8.99 1.40 3.94 0.57 16.93 2.33 19.26

1Q 2011 8.60 1.36 3.94 0.60 16.47 2.55 19.08

2Q 2011 8.86 1.48 3.75 0.52 16.72 2.06 18.75

3Q 2011 8.87 1.48 3.78 0.37 16.77 2.06 18.83

Yr-on-Yr Chg. -4.3% -0.2% -1.0% -28.1% -3.8% 1.2% -3.4%

Oct-10 9.09 1.43 3.77 0.51 16.83 2.11 18.94

Nov-10 8.90 1.40 3.88 0.63 16.90 2.21 19.07

Dec-10 8.97 1.38 4.17 0.57 17.07 2.67 19.76

Jan-11 8.41 1.36 3.97 0.62 16.37 2.74 19.12

Feb-11 8.65 1.34 3.87 0.63 16.35 2.52 18.87

Mar-11 8.75 1.39 3.99 0.55 16.69 2.40 19.25

Apr-11 8.76 1.45 3.69 0.60 16.53 2.08 18.61

May-11 8.78 1.43 3.66 0.48 16.43 2.00 18.36

Jun-11 9.05 1.55 3.90 0.47 17.20 2.09 19.28

Jul-11 8.96 1.47 3.45 0.32 16.46 2.03 18.56

Aug-11 8.91 1.56 3.96 0.32 17.11 2.06 19.15

Sep-11 8.75 1.42 3.93 0.48 16.73 2.10 18.80

Oct-11 8.62 1.37 3.94 0.40 16.47 2.20 18.56

Yr-on-Yr Chg. -5.1% -4.1% 4.6% -20.6% -2.1% 4.4% -2.0%

Petroleum Stocks1 Crude Oil Finished Products

East Mid-West S-Cent N-West West U.S. Total2 Gasoline Jet Fuel Distil. Resid. Total3

2008 182 234 1,148 30 141 1,735 1,026 98 38 146 36 368

2009 192 249 1,164 31 139 1,776 1,052 86 43 165 38 375

2010 173 262 1,182 34 143 1,794 1,059 63 43 164 41 357

3Q 2010 192 270 1,218 33 143 1,857 1,087 70 47 167 40 367

4Q 2010 173 262 1,182 34 143 1,794 1,059 63 43 164 41 357

1Q 2011 163 256 1,174 34 141 1,770 1,089 61 40 149 37 336

2Q 2011 171 264 1,192 34 147 1,808 1,085 56 42 144 37 330

3Q 2011 181 272 1,156 33 140 1,781 1,028 57 46 154 35 335

Yr-on-Yr Chg. -5.9% 0.5% -5.2% -0.4% -2.0% -4.1% -5.4% -18.6% -1.6% -7.8% -13.2% -8.6%

Oct-10 188 262 1,218 33 144 1,846 1,092 66 44 162 41 353

Nov-10 186 261 1,199 34 146 1,826 1,077 66 44 162 41 352

Dec-10 173 262 1,182 34 143 1,794 1,059 63 43 164 41 357

Jan-11 178 262 1,188 35 141 1,803 1,074 69 41 162 39 361

Feb-11 176 259 1,164 35 139 1,773 1,077 68 39 154 35 346

Mar-11 163 256 1,174 34 141 1,770 1,089 61 40 149 37 336

Apr-11 160 257 1,180 35 144 1,776 1,096 55 39 143 39 326

May-11 169 262 1,193 35 146 1,805 1,096 57 41 145 37 331

Jun-11 171 264 1,192 34 147 1,808 1,085 56 42 144 37 330

Jul-11 179 271 1,193 32 145 1,820 1,066 54 44 158 37 345

Aug-11 181 269 1,180 32 138 1,801 1,046 55 43 157 39 340

Sep-11 181 272 1,156 33 140 1,781 1,028 57 46 154 35 335

Oct-11 175 268 1,155 33 139 1,770 1,035 56 46 143 37 323

Yr-on-Yr Chg. -7.2% 2.2% -5.2% 0.1% -3.5% -4.1% -5.3% -14.1% 3.2% -11.6% -10.5% -8.4%

Relevant • Independent • Objective

Page 25

C4: US Petroleum Net Imports by Source (million barrels per day)

Notes: 1. Total includes net-imports from Russia and Asia-Pacific region. 2. Total OPEC includes the other eight cartel members. 3. As of latest month. Source EIA

Petroleum Supply Monthly.

C5: US Regional Crude Oil Production (million barrels per day)

Notes: 1. California includes Federal Offshore crude oil production. 2. Gulf of Mexico includes Federal Offshore production adjacent to Texas and Louisiana. 3. Crude

oil Reserve-Production ratio as of latest production month. Crude oil production does not include NGLs. Source: EIA Petroleum Supply Monthly.

OPEC

Canada Mexico Lat. Am. Europe Africa M.E. Total1 Venez. S. Arabia Nigeria Total2 P. Gulf

2008 2.46 1.30 2.15 0.86 1.69 2.40 12.87 1.19 1.53 0.99 5.90 2.37

2009 2.26 0.95 1.84 0.37 1.39 1.73 9.90 1.05 1.01 0.79 4.70 1.69

2010 2.34 0.83 1.56 0.30 1.60 1.76 9.46 0.95 1.12 1.00 4.79 1.75

3Q 2010 2.35 0.87 1.59 0.21 1.74 1.78 9.85 0.95 1.12 1.08 4.98 1.78

4Q 2010 2.33 0.77 1.47 0.05 1.52 1.61 8.59 0.91 1.12 0.92 4.29 1.56

1Q 2011 2.54 0.70 1.43 0.18 1.49 1.61 8.71 1.01 1.11 0.94 4.52 1.59

2Q 2011 2.27 0.62 1.56 0.27 1.32 1.89 8.97 0.99 1.16 0.86 4.54 1.84

3Q 2011 2.37 0.68 1.36 -0.09 1.16 2.10 8.29 0.85 1.29 0.77 4.51 2.02

Yr-on-Yr Chg. 1.0% -22.5% -15.0% -139.9% -33.2% 18.2% -15.9% -10.4% 15.9% -28.7% -9.6% 13.9%

Oct-10 2.16 0.84 1.48 0.08 1.45 1.58 8.69 0.92 1.12 0.87 4.19 1.48

Nov-10 2.33 0.81 1.56 -0.11 1.50 1.69 8.54 0.91 1.14 0.85 4.40 1.65

Dec-10 2.52 0.66 1.38 0.19 1.61 1.56 8.54 0.89 1.09 1.04 4.28 1.56

Jan-11 2.58 0.82 1.62 0.22 1.59 1.71 9.27 1.02 1.10 0.99 4.75 1.69

Feb-11 2.62 0.59 1.21 0.03 1.39 1.45 7.93 0.98 1.11 0.95 4.35 1.43

Mar-11 2.43 0.70 1.47 0.28 1.50 1.66 8.93 1.04 1.11 0.88 4.46 1.64

Apr-11 2.36 0.44 1.62 0.20 1.42 1.71 8.69 0.96 1.11 0.91 4.38 1.68

May-11 2.21 0.70 1.55 0.28 1.32 1.87 9.03 0.98 1.19 0.83 4.46 1.81

Jun-11 2.25 0.70 1.51 0.33 1.21 2.09 9.19 1.04 1.17 0.85 4.78 2.03

Jul-11 2.33 0.75 1.47 -0.03 1.34 2.20 8.75 0.92 1.33 0.87 4.83 2.14

Aug-11 2.31 0.69 1.28 -0.14 1.22 1.97 8.07 0.86 1.08 0.87 4.52 1.91

Sep-11 2.47 0.59 1.32 -0.09 0.92 2.12 8.05 0.79 1.48 0.56 4.18 2.02

Oct-11 2.37 0.58 1.37 -0.01 0.90 1.94 7.89 0.86 1.12 0.69 4.16 1.90

Yr-on-Yr Chg. 9.7% -30.6% -7.0% -111.4% -38.1% 22.6% -9.2% -6.0% -0.3% -20.7% -0.7% 28.4%

% of Total3 30.0% 7.4% 17.4% -0.1% 11.4% 24.6% 100.0% 10.9% 14.2% 8.7% 52.8% 24.1%

Region of Origin

PAD District U.S. Major Producers

East Mid-West S-Cent N-West West Total Alaska Calif.1 Louis. Texas G. of Mex.2

2008 0.02 0.53 2.70 0.36 1.34 4.95 0.68 0.65 0.20 1.07 1.16

2009 0.02 0.58 3.06 0.35 1.27 5.27 0.63 0.63 0.20 1.08 1.51

2010 0.02 0.65 3.18 0.35 1.24 5.44 0.62 0.62 0.18 1.12 1.65

2Q 2010 0.02 0.61 3.17 0.34 1.23 5.37 0.63 0.60 0.18 1.08 1.65

3Q 2010 0.02 0.66 3.18 0.35 1.18 5.40 0.57 0.61 0.18 1.11 1.62

4Q 2010 0.02 0.72 3.24 0.37 1.22 5.56 0.59 0.62 0.18 1.18 1.60

1Q 2011 0.02 0.76 3.35 0.37 1.21 5.71 0.58 0.63 0.19 1.23 1.61

2Q 2011 0.02 0.73 3.18 0.36 1.19 5.49 0.60 0.59 0.18 1.24 1.49

Yr-on-Yr Chg. 9.1% 20.0% 0.4% 7.9% -3.3% 2.3% -4.8% -1.7% -0.3% 15.1% -10.1%

Aug-10 0.02 0.66 3.14 0.34 1.12 5.29 0.52 0.60 0.17 1.10 1.60

Sep-10 0.02 0.72 3.27 0.37 1.20 5.59 0.56 0.64 0.19 1.18 1.63

Oct-10 0.02 0.71 3.24 0.37 1.16 5.51 0.54 0.63 0.18 1.16 1.63

Nov-10 0.02 0.73 3.21 0.37 1.24 5.57 0.61 0.63 0.18 1.19 1.57

Dec-10 0.02 0.72 3.27 0.37 1.24 5.62 0.62 0.62 0.18 1.21 1.60

Jan-11 0.02 0.71 3.14 0.36 1.19 5.41 0.59 0.60 0.18 1.09 1.53

Feb-11 0.02 0.81 3.63 0.40 1.36 6.23 0.68 0.68 0.21 1.37 1.75

Mar-11 0.02 0.75 3.27 0.36 1.08 5.48 0.46 0.61 0.18 1.25 1.56

Apr-11 0.02 0.69 3.03 0.35 1.15 5.24 0.57 0.58 0.17 1.14 1.46

May-11 0.02 0.75 3.26 0.37 1.22 5.63 0.61 0.61 0.18 1.28 1.51

Jun-11 0.02 0.74 3.26 0.37 1.20 5.59 0.61 0.60 0.19 1.29 1.49

Jul-11 0.02 0.76 3.29 0.37 1.18 5.61 0.58 0.60 0.19 1.36 1.46

Aug-11 0.02 0.75 3.21 0.35 1.11 5.44 0.54 0.58 0.18 1.36 1.38

Yr-on-Yr Chg. 0.9% 13.4% 2.1% 2.3% -0.8% 2.9% 3.9% -3.9% 1.9% 24.0% -13.6%

R/P Ratio3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

CERI Commodity Report - Crude Oil

Page 26

C6: US Refinery Activity Crude Input (MMbpd) - Utilization (percent)

Notes: 1) As of most recent month. Source: EIA Petroleum Supply Monthly.

C7: US Refinery Margins ($US per barrel)

Note: Based on specific crude being processed in average cracking refinery in a given area. As of February 2010, NY Harbor Arab Med. is now East Coast Composite.

Source: Oil and Gas Journal.

East Mid-West South-Central North-West West U.S.

Input Util. Input Util. Input Util. Input Util. Input Util. Input Util.

2008 1.33 77.4 3.22 87.7 7.01 83.2 0.54 88.1 2.76 86.2 14.86 84.3

2009 1.25 77.9 3.21 87.1 7.30 86.1 0.55 87.6 2.62 81.8 14.93 84.8

2010 1.14 82.4 3.34 89.7 7.66 89.0 0.55 88.4 2.63 82.2 15.32 87.4

3Q 2010 1.18 84.1 3.43 92.2 7.79 90.3 0.57 91.8 2.60 80.9 15.57 88.5

4Q 2010 1.05 78.6 3.37 90.9 7.94 92.5 0.57 91.6 2.81 89.4 15.73 90.5

1Q 2011 1.00 63.0 3.32 89.3 7.32 84.7 0.54 86.4 2.49 79.6 14.67 82.9

2Q 2011 1.08 66.6 3.36 90.3 7.69 89.0 0.55 87.3 2.55 81.4 15.22 85.8

3Q 2011 1.25 77.4 3.45 92.7 7.94 91.9 0.54 85.8 2.75 88.0 15.93 89.8

Yr-on-Yr Chg. 6.6% 0.4% 2.0% -6.3% 5.7% 2.3%

Oct-10 0.83 59.3 3.09 82.9 7.45 86.3 0.54 86.2 2.55 79.3 14.45 82.1

Nov-10 0.92 65.8 3.28 88.1 7.73 89.6 0.55 88.1 2.65 82.2 15.13 86.0

Dec-10 1.40 115.9 3.73 102.0 8.63 101.5 0.62 100.5 3.22 108.3 17.59 103.8

Jan-11 1.05 66.4 3.37 90.5 7.69 89.0 0.53 84.5 2.39 76.4 15.03 84.9

Feb-11 0.98 62.0 3.33 89.5 6.81 78.7 0.55 88.6 2.45 78.3 14.12 79.8

Mar-11 0.96 60.6 3.28 88.0 7.47 86.4 0.54 86.1 2.63 84.0 14.87 84.0

Apr-11 0.96 59.3 3.26 87.7 7.48 86.5 0.49 79.2 2.53 81.0 14.73 83.1

May-11 1.15 71.2 3.33 89.5 7.64 88.4 0.56 90.1 2.44 78.1 15.13 85.3

Jun-11 1.12 69.2 3.49 93.7 7.95 92.0 0.58 92.8 2.66 85.0 15.80 89.1

Jul-11 1.29 79.7 3.48 93.6 7.91 91.5 0.55 87.8 2.79 89.0 16.02 90.3

Aug-11 1.23 75.8 3.37 90.7 8.13 94.1 0.55 88.6 2.74 87.5 16.03 90.4

Sep-11 1.24 76.6 3.49 93.7 7.78 90.0 0.51 81.1 2.74 87.5 15.76 88.8

Oct-11 1.13 69.9 3.36 90.2 7.60 87.9 0.56 89.4 2.39 76.4 15.04 84.8

Yr-on-Yr Chg. 36.6% 8.6% 2.1% 3.9% -6.3% 4.1%

% of Total1 7.5% 22.3% 50.6% 3.7% 15.9% 100.0%

NY Harbor Chicago US Gulf Los Angeles

(East Coast Comp.) (WTI) (WTS) (ANS)

2009 3.62 5.28 5.06 12.57

2010 5.49 6.42 7.53 14.47

2011 9.35 22.28 16.85 16.10

4Q 2010 6.73 5.91 8.85 14.66

1Q 2011 5.62 13.93 20.41 18.64

2Q 2011 10.07 26.80 24.52 18.30

3Q 2011 16.13 31.77 16.50 14.82

4Q 2011 5.57 16.63 5.95 12.66

Yr-on-Yr Chg. -17.2% 181.5% -32.8% -13.7%

Dec-10 7.11 6.67 10.14 15.38

Jan-11 6.36 9.59 14.69 13.36

Feb-11 5.00 15.28 24.00 21.20

Mar-11 5.50 16.93 22.55 21.36

Apr-11 7.89 24.42 25.26 23.46

May-11 13.09 30.07 23.85 17.27

Jun-11 9.24 25.90 24.45 14.16

Jul-11 11.89 28.98 28.34 13.47

Aug-11 10.65 35.22 13.96 17.42

Sep-11 25.86 31.12 7.19 13.57

Oct-11 6.96 27.15 8.47 19.55

Nov-11 6.75 15.40 5.28 10.61

Dec-11 3.01 7.34 4.10 7.81

Yr-on-Yr Chg. -57.7% 10.0% -59.6% -49.2%

Relevant • Independent • Objective

Page 27

D1: Canada Petroleum Supply and Demand Balances (million barrels per day)

D2: Canada Demand by Product (million barrels per day)

Notes: 1. As of most recent month. See notes for Table C1 for additional comments. Source: Statistics Canada’s Energy Statistics Handbook.

D3: Canada Petroleum Stocks (million barrels)

Notes: 1. Total includes other finished petroleum products. 2. Total petroleum demand includes refinery feedstocks, additives/oxygenates and other hydrocarbons. Source: Statistics Canada’s Energy Statistics Handbook.

Notes: 1. Total includes other finished petroleum products. 2. Total petroleum stocks include NGLs, refinery feedstocks, additives/oxygenates and other hydrocarbons. All stocks are closing levels. Source: Statistics Canada’s Energy Statistics Handbook.

Canada East West

Supply Demand Net-Exp Stk. Chg. Supply Demand Balance Supply Demand Balance

2008 3.21 1.77 1.48 0.03 0.37 1.09 -0.72 2.84 0.68 2.17

2009 3.22 1.68 1.59 0.04 0.30 1.04 -0.74 2.93 0.64 2.29

2010 3.36 1.74 1.69 0.07 0.32 1.08 -0.76 3.04 0.67 2.38

1Q 2010 3.35 1.75 1.69 0.08 0.40 1.07 -0.67 2.95 0.67 2.28

2Q 2010 3.34 1.69 1.68 0.03 0.37 1.06 -0.69 2.97 0.63 2.34

3Q 2010 3.36 1.81 1.71 0.16 0.37 1.11 -0.75 3.00 0.69 2.30

4Q 2010 3.61 1.73 1.90 0.02 0.36 1.06 -0.69 3.25 0.68 2.58

1Q 2011 3.57 1.78 1.68 -0.10 0.37 1.10 -0.73 3.21 0.68 2.52

Yr-on-Yr Chg. 6.5% 2.1% -0.3% -9.6% 2.2% 8.7% 2.0%

Apr-10 3.29 1.60 1.81 0.13 0.38 1.01 -0.63 2.91 0.59 2.31

May-10 3.35 1.68 1.65 -0.02 0.37 1.05 -0.68 2.98 0.62 2.35

Jun-10 3.38 1.78 1.57 -0.02 0.35 1.12 -0.77 3.03 0.67 2.36

Jul-10 3.33 1.87 1.51 0.05 0.33 1.16 -0.82 3.00 0.72 2.29

Aug-10 3.47 1.85 1.82 0.21 0.38 1.14 -0.77 3.09 0.71 2.39

Sep-10 3.29 1.70 1.80 0.21 0.39 1.04 -0.65 2.90 0.66 2.24

Oct-10 3.41 1.61 1.83 0.03 0.35 0.96 -0.61 3.06 0.66 2.41

Nov-10 3.71 1.77 1.98 0.03 0.38 1.07 -0.70 3.34 0.69 2.64

Dec-10 3.72 1.81 1.89 -0.01 0.36 1.13 -0.77 3.35 0.68 2.67

Jan-11 3.59 1.66 1.83 -0.09 0.37 1.03 -0.66 3.22 0.63 2.58

Feb-11 3.59 1.79 1.66 -0.14 0.36 1.10 -0.74 3.23 0.68 2.54

Mar-11 3.54 1.90 1.56 -0.08 0.37 1.17 -0.80 3.17 0.73 2.44

Apr-11 3.53 1.62 1.82 -0.09 0.40 1.01 -0.61 3.13 0.61 2.52

Yr-on-Yr Chg. 7.3% 1.2% 0.4% 3.8% 0.0% 7.8% 3.2%

% of Total1 100.0% 100.0% 11.2% 62.3% 88.8% 37.7%

Finished Products NGLs Petrol.

Gasoline Distil. Resid. Total1 Total Total2

2008 0.72 0.54 0.11 1.73 0.55 2.28

2009 0.73 0.51 0.09 1.70 0.53 2.22

2010 0.75 0.55 0.09 1.78 0.53 2.32

2Q 2010 0.77 0.53 0.09 1.77 0.45 2.22

3Q 2010 0.78 0.54 0.07 1.84 0.49 2.32

4Q 2010 0.75 0.58 0.10 1.83 0.59 2.42

1Q 2011 0.73 0.58 0.10 1.81 0.56 2.36

2Q 2011 0.76 0.55 0.08 1.79 0.55 2.34

Yr-on-Yr Chg. -0.3% 4.2% -13.1% 1.0% 21.5% 5.1%

Jun-10 0.79 0.55 0.09 1.88 0.46 2.34

Jul-10 0.80 0.50 0.07 1.80 0.43 2.24

Aug-10 0.79 0.56 0.07 1.87 0.53 2.40

Sep-10 0.75 0.57 0.08 1.83 0.50 2.33

Oct-10 0.73 0.55 0.08 1.77 0.55 2.32

Nov-10 0.76 0.57 0.10 1.82 0.60 2.43

Dec-10 0.77 0.63 0.10 1.90 0.61 2.51

Jan-11 0.70 0.56 0.11 1.74 0.58 2.32

Feb-11 0.73 0.60 0.10 1.82 0.55 2.36

Mar-11 0.76 0.59 0.09 1.86 0.55 2.41

Apr-11 0.73 0.51 0.07 1.69 0.55 2.23

May-11 0.76 0.56 0.08 1.76 0.55 2.31

Jun-11 0.80 0.58 0.08 1.93 0.55 2.47

Yr-on-Yr Chg. 1.3% 4.4% -4.2% 2.2% 19.7% 5.6%

Finished Products Crude Oil Petrol.

Gasoline Distil. Resid. Total1 Total Total2

2008 14.2 17.1 3.1 70.3 71.9 142.2

2009 15.5 15.8 2.6 65.8 76.5 142.3

2010 19.2 16.7 3.3 54.5 99.5 154.0

2Q 2010 15.4 14.4 3.4 51.1 89.1 140.1

3Q 2010 17.4 17.0 3.7 55.6 95.8 151.4

4Q 2010 19.2 16.7 3.3 54.5 99.5 154.0

1Q 2011 20.1 15.5 3.6 56.2 93.9 150.1

2Q 2011 17.1 14.5 3.0 52.1 99.8 151.9

Yr-on-Yr Chg. 10.6% 0.5% -12.6% 2.1% 12.1% 8.4%

Jun-10 15.4 14.4 3.4 51.1 89.1 140.1

Jul-10 16.2 15.5 3.1 53.3 89.9 143.2

Aug-10 17.3 16.4 3.0 55.0 94.7 149.7

Sep-10 17.4 17.0 3.7 55.6 95.8 151.4

Oct-10 17.6 16.1 3.2 53.4 97.2 150.6

Nov-10 18.2 16.5 3.3 54.1 100.5 154.6

Dec-10 19.2 16.7 3.3 54.5 99.5 154.0

Jan-11 19.5 16.3 3.7 55.3 98.5 153.9

Feb-11 19.8 16.1 3.3 55.2 95.8 151.0

Mar-11 20.1 15.5 3.6 56.2 93.9 150.1

Apr-11 18.1 17.2 3.8 56.5 98.5 155.1

May-11 17.6 15.4 3.6 54.9 99.8 154.7

Jun-11 17.1 14.5 3.0 52.1 99.8 151.9

Yr-on-Yr Chg. 10.6% 0.5% -12.6% 2.1% 12.1% 8.4%

CERI Commodity Report - Crude Oil

Page 28

D4: Canada Crude Oil Production (million barrels per day)

Note: Total includes small amounts of production from Manitoba and Ontario. Source: Statistics Canada’s Energy Statistics Handbook.

D5: Canada Petroleum Imports by Source (thousand barrels per day)

Notes: 1. Includes all non-OPEC production. 2. Includes production by the other seven OPEC members. 3. As of most recent month. Sources: Statistics Canada’s

Energy Statistics Handbook.

Non-OPEC OPEC Imports

Mexico U.S. U.K. Norway Total1 Algeria Nigeria S. Arabia Venez. Total2 P. Gulf Total

2008 26 24 112 141 497 177 23 64 34 347 113 844

2009 26 13 107 98 490 132 48 66 25 297 92 787

2010 26 12 97 72 454 113 75 69 27 323 109 777

2Q 2010 31 13 87 47 411 127 69 70 48 362 119 773

3Q 2010 36 9 89 91 486 103 88 90 42 350 117 837

4Q 2010 7 6 73 50 411 125 76 45 11 314 102 725

1Q 2011 15 9 65 69 407 138 78 70 0 332 115 739

2Q 2011 15 5 53 36 326 121 66 91 40 330 103 656

Yr-on-Yr Chg. -53.0% -59.8% -38.9% -23.4% -20.6% -4.8% -4.2% 30.1% -16.9% -9.0% -13.0% -15.1%

Jun-10 20 5 34 23 314 137 86 71 44 404 138 719

Jul-10 46 4 88 117 473 135 46 135 35 384 168 856

Aug-10 16 4 128 121 523 118 137 38 41 381 86 904

Sep-10 45 21 51 35 464 56 82 97 50 286 97 749

Oct-10 0 5 50 67 432 136 51 0 0 187 0 619

Nov-10 13 6 80 0 356 103 110 69 33 403 157 759

Dec-10 9 8 88 82 444 136 66 66 0 351 149 796

Jan-11 10 10 13 67 361 134 31 69 0 299 133 660

Feb-11 13 8 75 50 341 113 92 76 0 352 148 694

Mar-11 20 8 107 91 519 168 111 65 0 345 65 864

Apr-11 24 8 51 35 361 151 32 70 32 322 107 684

May-11 20 4 39 25 333 116 63 135 87 402 135 734

Jun-11 0 4 69 49 285 95 103 67 0 265 67 549

Yr-on-Yr Chg. -100.0% -21.3% 104.0% 112.2% -9.5% -30.9% 20.4% -5.3% -100.0% -34.6% -51.3% -23.6%

% of Total3 0.0% 0.7% 12.6% 9.0% 51.8% 17.2% 18.8% 12.2% 0.0% 48.2% 12.2% 100.0%

Major Producers Canada Petroleum Type

Alta. Sask. B.C. N.W.T. Atlantic Total1 Light SCO Heavy Bitumen NGLs

2008 1.87 0.44 0.03 0.02 0.34 2.74 0.87 0.56 0.46 0.69 0.16

2009 1.98 0.42 0.03 0.02 0.27 2.75 0.77 0.76 0.43 0.63 0.16

2010 2.09 0.42 0.03 0.02 0.28 2.88 0.80 0.78 0.42 0.71 0.15

1Q 2010 1.94 0.43 0.03 0.02 0.30 2.75 0.82 0.63 0.43 0.70 0.16

2Q 2010 2.10 0.42 0.03 0.02 0.29 2.88 0.80 0.78 0.42 0.72 0.15

3Q 2010 2.10 0.42 0.03 0.01 0.28 2.87 0.79 0.82 0.42 0.69 0.15

4Q 2010 2.24 0.43 0.03 0.02 0.27 3.02 0.81 0.90 0.42 0.73 0.15

1Q 2011 2.22 0.44 0.04 0.02 0.27 3.01 0.83 0.84 0.42 0.76 0.15

Yr-on-Yr Chg. 14.4% 1.8% 5.3% -7.9% -10.8% 9.6% 1.9% 32.1% -2.6% 9.2% -4.1%

Apr-10 2.04 0.42 0.03 0.02 0.30 2.84 0.82 0.74 0.42 0.69 0.15

May-10 2.11 0.41 0.03 0.02 0.29 2.89 0.80 0.78 0.42 0.74 0.15

Jun-10 2.15 0.41 0.03 0.02 0.27 2.92 0.77 0.83 0.42 0.74 0.15

Jul-10 2.15 0.42 0.03 0.01 0.26 2.90 0.75 0.85 0.42 0.71 0.15

Aug-10 2.14 0.42 0.03 0.02 0.29 2.93 0.80 0.84 0.42 0.70 0.15

Sep-10 1.99 0.42 0.03 0.02 0.30 2.79 0.81 0.77 0.42 0.64 0.15

Oct-10 2.09 0.43 0.03 0.02 0.26 2.86 0.79 0.79 0.43 0.70 0.15

Nov-10 2.31 0.43 0.03 0.02 0.28 3.11 0.82 0.95 0.43 0.76 0.15

Dec-10 2.32 0.43 0.03 0.02 0.26 3.10 0.82 0.95 0.42 0.75 0.16

Jan-11 2.21 0.43 0.03 0.02 0.27 3.00 0.82 0.83 0.42 0.78 0.15

Feb-11 2.24 0.44 0.04 0.02 0.26 3.04 0.83 0.85 0.42 0.78 0.15

Mar-11 2.19 0.44 0.04 0.02 0.27 2.99 0.84 0.83 0.43 0.73 0.16

Apr-11 2.18 0.41 0.04 0.02 0.29 2.98 0.85 0.82 0.41 0.74 0.15

Yr-on-Yr Chg. 7.2% -3.8% 7.3% -5.5% -1.6% 4.8% 3.9% 10.3% -3.6% 6.5% -0.1%

Relevant • Independent • Objective

Page 29

E1: World Drilling Activity (active oil and gas rigs)

Notes: 1. Does not include active rigs in the Former Soviet Union and onshore rigs in China. 2. As of latest month. Source: Baker Hughes, Inc.

E2: North American Drilling Activity (active oil and gas rigs)

Notes: 1. Excluding Mexico. 2. Includes drilling on inland waterways. 3. As of latest month. Source: Baker Hughes, Inc.

OECD Non-OECD OPEC World

N. A. Europe Asia-Pac Total Asia Non-Asia Total1 P. Gulf Non-Gulf Total Total1

2008 2,361 75 36 2,472 152 410 561 112 193 305 3,338

2009 1,432 69 25 1,527 156 323 479 102 170 272 2,277

2010 1,968 78 21 2,067 189 390 579 109 173 282 2,929

3Q 2010 2,067 76 23 2,166 195 438 633 110 184 295 3,093

4Q 2010 2,173 83 22 2,278 194 428 623 111 197 307 3,208

1Q 2011 2,386 93 17 2,496 -49 679 630 167 176 343 3,469

2Q 2011 2,104 92 17 2,213 -36 653 618 176 156 332 3,163

3Q 2011 2,491 103 17 2,611 -40 658 618 172 155 327 3,557

Yr-on-Yr Chg. 20.5% 35.5% -24.6% 20.6% -120.5% 50.2% -2.3% 56.2% -15.9% 11.1% 15.0%

Nov-10 2,190 85 21 2,296 194 437 631 112 194 306 3,233

Dec-10 2,189 83 22 2,294 200 431 631 107 194 301 3,226

Jan-11 2,354 93 20 2,467 -51 686 635 156 179 335 3,437

Feb-11 2,431 95 16 2,542 -45 690 645 172 177 349 3,536

Mar-11 2,372 92 16 2,480 -51 660 609 174 171 345 3,434

Apr-11 2,054 89 17 2,160 -43 637 594 180 168 348 3,102

May-11 2,064 94 15 2,173 -32 663 631 174 152 326 3,130

Jun-11 2,193 94 18 2,305 -32 660 628 174 149 323 3,256

Jul-11 2,345 101 17 2,463 -39 653 614 174 144 318 3,395

Aug-11 2,534 110 17 2,661 -42 662 620 170 162 332 3,613

Sep-11 2,594 98 18 2,710 -39 659 620 173 159 332 3,662

Oct-11 2,629 100 19 2,748 -39 673 634 185 155 340 3,722

Nov-11 2,600 101 16 2,717 -36 673 637 183 146 329 3,683

Yr-on-Yr Chg. 18.7% 18.8% -23.8% 18.3% -118.6% 54.0% 1.0% 63.4% -24.7% 7.5% 13.9%

% of Total2 70.6% 2.7% 0.4% 73.8% -1.0% 18.3% 17.3% 5.0% 4.0% 8.9% 100.0%

United States Canada North America1

East Mid-West S-Cent N-West West Total Land2 Offshore Total Oil Gas Total

2009 71 189 683 109 36 1,086 1,042 44 221 507 800 1,307

2010 112 282 969 131 46 1,540 1,509 32 351 949 942 1,891

2011 133 399 1,132 156 55 1,876 1,844 32 432 1,415 893 2,308

4Q 2010 128 332 1,030 148 49 1,687 1,665 22 405 1,141 952 2,093

1Q 2011 126 355 1,041 146 50 1,716 1,691 26 603 1,419 900 2,319

2Q 2011 127 382 1,115 152 53 1,829 1,798 31 188 1,137 880 2,017

3Q 2011 137 416 1,176 158 59 1,945 1,911 34 443 1,495 894 2,389

4Q 2011 141 442 1,198 170 59 2,013 1,977 36 494 1,609 898 2,507

Yr-on-Yr Chg. 10.0% 32.9% 16.3% 14.9% 21.8% 19.3% 18.8% 59.5% 21.8% 41.0% -5.7% 19.8%

Dec-10 129 349 1,038 146 49 1,711 1,687 24 398 1,169 940 2,109

Jan-11 125 363 1,030 143 50 1,711 1,686 26 612 1,415 909 2,323

Feb-11 130 348 1,048 143 49 1,718 1,692 26 629 1,440 907 2,347

Mar-11 121 354 1,044 151 51 1,720 1,694 26 567 1,403 884 2,287

Apr-11 121 380 1,087 152 51 1,790 1,762 28 184 1,088 885 1,973

May-11 129 384 1,117 153 54 1,836 1,804 32 143 1,101 878 1,979

Jun-11 132 382 1,141 153 55 1,863 1,829 34 236 1,222 877 2,099

Jul-11 137 387 1,161 159 56 1,900 1,865 35 347 1,368 880 2,248

Aug-11 136 421 1,186 156 59 1,957 1,923 35 473 1,536 894 2,430

Sep-11 137 441 1,179 159 63 1,978 1,946 32 510 1,581 907 2,488

Oct-11 143 442 1,202 167 62 2,017 1,982 35 508 1,592 933 2,525

Nov-11 140 443 1,204 169 56 2,011 1,975 36 487 1,618 880 2,498

Dec-11 140 441 1,188 173 60 2,011 1,975 36 487 1,618 880 2,498

Yr-on-Yr Chg. 8.7% 26.2% 14.5% 18.8% 21.0% 17.5% 17.1% 51.0% 22.4% 38.4% -6.4% 18.4%

% of Total3 5.6% 17.6% 47.6% 6.9% 2.4% 80.5% 79.1% 1.4% 19.5% 64.8% 35.2% 100.0%

CERI Commodity Report - Crude Oil

Page 30

Geographical Specifications

1. The World: OECD is comprised of countries from three regions: North America (Canada, Mexico, US); Europe (Austria, Belgium, Czech Republic,

Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Luxembourg, the Netherlands, Norway, Poland, Portugal, the Slovak

Republic, Spain, Sweden, Switzerland, Turkey, UK); and Asia-Pacific (Australia, Japan, New Zealand, South Korea). OPEC is comprised of Persian Gulf (Iran,

Iraq, Kuwait, Qatar, Saudi Arabia, United Arab Emirates) and non-Persian Gulf countries (Algeria, Indonesia, Libya, Nigeria, Venezuela). Non-OECD is

comprised of countries from three regions: Former Soviet Union (Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kirghizstan, Moldova, Russia,

Tajikistan, Turkmenistan, Ukraine, Uzbekistan); Asia (including non-OECD

Oceania); and non-Asia (Africa, Middle East, Latin America, and non-

OECD Europe). 2. United States: East (PADD I) – New England

(Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island,

Vermont); Central Atlantic (Delaware, Maryland, New Jersey, New York,

Pennsylvania, and the District of Columbia) and Lower Atlantic (Florida,

Georgia, North Carolina, South Carolina, Virginia, and West Virginia). Mid

-West (PADD II) – Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan,

Minnesota, Missouri, Nebraska, North Dakota, Ohio, Oklahoma, South

Dakota, Tennessee, and Wisconsin. South-Central (PADD III) – Alabama,

Arkansas, Louisiana, Mississippi, New Mexico and Texas. North-West

(PADD IV) – Colorado, Idaho, Montana, Idaho, Montana, Wyoming. West

(PADD V) – Alaska, Arizona, California, Hawaii, Nevada, Oregon,

Washington.

3. Canada: East is comprised of Ontario, Manitoba, Quebec and the

Maritime provinces (New Brunswick, Newfoundland and Labrador, Nova

Scotia, and Prince Edward Island). West is comprised of Alberta, British

Columbia, Saskatchewan and the northern territories (NorthWest

Territories, Nunavuut, and Yukon).

Additional Notes

1. Petroleum and oil refer to crude oil and natural gas liquids (NGLs),

whereas crude oil refers to its namesake and field condensates.

Condensates derived from natural gas processing plants are classified as

NGLs. 2. The spot price is for immediate delivery of crude oil or refined

products at a specific location. Spot transactions are generally on a cargo

by cargo basis. In contrast, a futures price is for delivery of a specified

quantity of a commodity at a specified time and place in the future. 3.

Crude oil sold Free-On-Board (FOB) is made available to the buyer at the

loading port at a particular time, with transportation and insurance the

responsibility of the buyer. Crude oil sold Cost-Insurance-Freight (CIF) is

priced at a major destination point, with the seller responsible for the

transportation and insurance to that point. A “Delivered” transaction is

similar to a CIF transaction, except the buyer in the former pays based on the quantity and quality ascertained at the unloading port, whereas in a CIF

transaction, the buyer accepts the quantity and quality as determined at the loading port. 4. Processing gain is the volume of which refinery output is

greater than crude oil inputs. The difference is due to the processing of crude oil products, which in total have a lower specific gravity than crude oil. 5.

Unaccounted for crude oil reconciles the difference between crude input to refineries and the sum of domestic production, net imports/exports, stock

changes and documented losses (in the U.S.). 6. Totals may not equal the sum of their parts in the statistical tables due to rounding.

Crude Stream

Producing

Country or

Region

API

Gravity

(@60° F)

Sulfur

Content

(%)

BBLs/Metric

Tonne

Tapis Blend Malaysia 44 0.1 7.910

Ekofisk Blend Norway 43 0.2 7.773

WTI Texas 40 0.3 7.640

GCS Gulf of Mexico 40 0.3 7.640

Oklahoma Sweet Oklahoma 40 0.3 7.640

Kansas Sweet Kansas 40 0.4 7.640

Wyoming Sweet Wyoming 40 0.2 7.640

ELS Alberta 40 0.5 7.640

Brent Blend United kingdom 38 0.8 7.551

Bonny Light Nigeria 37 0.1 7.506

Oman Blend Oman 36 0.8 7.462

Arabian Light Saudi Arabia 34 1.8 7.373

Minas Indonesia 34 0.1 7.373

Isthmus Mexico 34 1.5 7.373

Michigan Sour Michigan 34 1.7 7.373

WTS Texas 33 1.7 7.328

Urals Russia 32 1.7 7.284

Tia Juana Light Venezuela 32 1.2 7.284

Dubai U.A.E. 31 1.7 7.239

Lost Hills California 30 0.6 7.194

Cano Limon Colombia 28 0.6 7.105

Arabian Heavy Saudi Arabia 27 2.8 7.061

ANS Alaska 27 1.1 7.061

Oriente Ecuador 25 1.4 6.971

Hardisty Heavy Alberta 25 2.1 6.971

Maya Mexico 22 3.3 6.838

Kern River California 13 1.0 6.436

Crude Oil Qualities

For more information, please contact Dinara Millington at (403) 220-2384 or dmillington@ceri.ca. Canadian Energy Research Institute 150, 3512 – 33 Street NW Calgary, AB T2L 2A6