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[JP Morgan] Oil & Gas Basics

[JP Morgan] Oil & Gas Basics

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Published by: trop41 on Nov 07, 2012
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10/28/2013

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OECD Oil Demand vs. Refinery Capacity

OECD Oil Demand vs. Refinery Capacity

In million b/d

20

25

30

35

40

45

50

55

'83'85'87'89'91'93'95'97'99'01'03'05

Refined Products Import Gap
Refinery Capacity
Oil Demand

Source: JPM Energy Strategy, IEA, EIA

Downstream investment, or lack
thereof, is cyclical and tends to over-
shoot in both directions

There’s no reason to think that this
investment cycle won’t —eventually —
be the same

OECD demand exceeds OECD refinery
capacity. That means that, increasingly,
‘spare’ refinery capacity is in the non-
OECD. That means that —just like
crude production —most of the world’s
refined products production is
geographically far away from most of
the world’s consumption

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