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CHAPTER ONE
Developments in Global Markets
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2008
2009
2010
2011
2012
2
I. MAJOR DEVELOPMENTS IN THE WORLD OIL
MARKET IN 2012 AND RELATED FACTORS
In order to shed some light and take a comprehensive look at
major developments taken place in global oil market in 2012, the
following sections review in some details various aspects of the
market, in particular world oil supplies, world oil demand, trends
of crude oil and major oil products’ prices, crude oil freight rates,
changes in global oil inventories, and their impact on the value of
OAPEC members’ oil exports.
1. Supplies
Average oil supplies (crude oil and natural gas liquids) went up in
2012,by 2.4 million b/d, or 2.7%, compared with the previous year, to
reach 90.0 million b/d, as shown in
Table (1-1)
and
Figure (1-1)
.
Figure 1-1
World Supplies of Oil and NGL’s, 2008-2012
(Million b/d)
