5/14/12

On Oil Production, Consumption and Light Sweet and Heavy Sour Crude

Before we started using it, there was about 76 cubic miles of oil on Earth,
or a sphere with a diameter of 5.26 miles, about as tall as the tallest mountain on Earth,
of which since 1859, we have consumed about half.

If Earth’s diameter is about 7,960 miles and the diameter of all the oil is about 5.26 miles,
and about half of it is gone, is less than ½ of 1% of Earth is made of oil?

In 2000, the difference between non-OPEC light sweet and sour crude oil production of 66 mb/d
was 41% light sweet and 59% sour.

mb/d = million barrels per day

From 2000 to 2004, non-OPEC light sweet production fell 3.26 mb/d, from 27.06 mb/d to 23.8 mb/d.

34% to 67%, light sweet to sour.
3. Oil producing nations export petroleum products only after domestic needs are met.

A ‘2000’ nation producing 5 mb/d, consuming 1.0 mb/d of light sweet can export 1.05 mb/d of light sweet. (41% light sweet production)

If a ‘2004’ nation’s total oil production increased 6% to 5.3 mb/d, like non-OPEC production above,
and total light sweet production dropped to 34% while domestic consumption rose to 1.1 mb/d,
then light sweet exports fell about 33.3%, to 0.7 mb/d.

If between 2000 and 2004, non-OPEC lost 3.26 mb/d as OPEC added 1 mb/d of light sweet,
did total global light sweet production fall to about 2.26 mb/d?
If total oil production rises or stays the same
while light sweet production falls while consumption rises in oil producing nations
and China and India…?

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