ECO182 - Lecture 6

ECO182 - Lecture 6 - 2.36 5. Russia 2.6 5. South Korea 2.1...

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Crude Oil Imports (Top 15 Countries) (Thousand Barrels per Day) Country Jul-07 Jun-07 YTD 2007 Jul-06 Jan - July 2006 CANADA 1,797 1,873 1,839 1,624 1,742 MEXICO 1,469 1,392 1,458 1,561 1,662 SAUDI ARABIA 1,434 1,501 1,421 1,264 1,400 VENEZUELA 1,167 1,135 1,117 1,191 1,161 NIGERIA 890 893 1,002 1,014 1,097 ALGERIA 520 504 500 413 314 IRAQ 460 573 475 592 553 ANGOLA 392 502 542 666 480 COLOMBIA 207 143 122 144 165 KUWAIT 197 263 196 155 162 LIBYA 165 144 81 104 61 UNITED KINGDOM 162 127 121 229 146 ECUADOR 159 166 189 170 264 BRAZIL 147 121 160 187 121 EQUATORIAL GUINEA 113 69 64 31 67 Total imports = 9,901 thousand barrels per day = 9.9 mb/day
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Top World Oil Producers, Exporters, Consumers, and Importers, 2004 (millions of barrels per day) Producers 1 Total oil producti on Exporters 2 Net oil expo rts Consumer s 3 Total oil consumpt ion Importer s 4 Net oil impor ts 1. Saudi Arabia 10.37 1. Saudi Arabia 8.73 1. United States 20.5 1. United States 11.8 2. Russia 9.27 2. Russia 6.67 2. China 6.5 2. Japan 5.3 3. United States 8.69 3. Norway 2.91 3. Japan 5.4 3. China 2.9 4. Iran 4.09 4. Iran 2.55 4. Germany 2.6 4. Germany 2.5 5. Mexico 3.83 5. Venezuela
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Unformatted text preview: 2.36 5. Russia 2.6 5. South Korea 2.1 6. China 3.62 6. United Arab Emirates 2.33 6. India 2.3 6. France 2.0 7. Norway 3.18 7. Kuwait 2.20 7. Canada 2.3 7. Italy 1.7 8. Canada 3.14 8. Nigeria 2.19 8. Brazil 2.2 8. Spain 1.6 9. Venezuela 2.86 9. Mexico 1.80 9. South Korea 2.1 9. India 1.5 10. United Arab Emirates 2.76 10. Algeria 1.68 10. France 2.0 10. Taiwan 1.0 11. Kuwait 2.51 11. Iraq 1.48 11. Mexico 2.0 12. Nigeria 2.51 12. Libya 1.34 13. United Kingdom 2.08 13. Kazakhstan 1.06 14. Iraq 2.03 14. Qatar 1.02 Crude oil market q Q-W Q-US P $/b P $/b D-W S-W D-US S-US $ 80 85.2 mb/d 20 mb/d 10 mb/d ? $ 88 Imports WORLD USA ? 11 18 Imports after tariff q Q-W Q-US P $/b P $/b D-W S-W D-US S-US $ 80 85.2 mb/d 20 mb/d 10 mb/d $ 88 Imports = 10 WORLD USA 18 Imports after tariff =8 Autarky US price Inelastic US supply US puts $8 Tariff on imported oil...
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ECO182 - Lecture 6 - 2.36 5. Russia 2.6 5. South Korea 2.1...

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