Abstract
Crude petroleum, also called crude oil, is the largest single source of energy in the world, accounting for approximately 40% in oil equivalents of energy consumed in the world in 2006. In addition, petroleum-derived feedstocks are the bases for over 51% of the ethylene capacity and 75% of the aromatics capacity in the world. This product review presents an overview of the markets for crude petroleum and its products.
As of January 1, 2007, the estimated world proved reserves of crude petroleum were 1.3 trillion barrels. OPEC currently accounts for about 67% of total world oil reserves. Saudi Arabia holds the single largest share of the world’s petroleum reserves, accounting for nearly 20% of the total. On a regional basis, the Middle East accounts for 56% of the world’s reserves; North America is second with 16% of the world’s reserves, and Africa is third with about 9%.
The following pie chart shows world proved reserves of crude petroleum:
The following pie chart shows proved reserves of crude petroleum in “Rest of the World”:
As of early 2007, global crude petroleum demand continued to rise due to strong economic growth, despite sharp crude price increases. Industry sources expect world oil demand to continue to grow by an average of 2–3% through 2011.
Oil demand will continue to rise in the United States and in developing regions of Asia. The transportation sector will continue its increased demand growth for oil, even with the introduction of environmentally friendly vehicles and energy alternatives such as gas to liquids, ethanol and biodiesel.
In the developing world, oil demand is projected to grow in most end-use sectors. As technology and economies improve, countries are converting from traditional fuels for residential and commercial use (such as wood burning for heating and cooking) to diesel-fired electricity. In addition, industrial demand for petrochemical feedstocks will increase.
chemical research, production, consumption, capacities, supply demand, import export, reports