2013 GLOBAL OIL MARKET OUTLOOK - IRPC · Iraq 2.65 2.89 Venezuela 2.33 2.80 UAE 2.33 2.60 Kuwait...
Transcript of 2013 GLOBAL OIL MARKET OUTLOOK - IRPC · Iraq 2.65 2.89 Venezuela 2.33 2.80 UAE 2.33 2.60 Kuwait...
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2013 GLOBAL OIL MARKET
OUTLOOK
PTT Group Oil Market Intelligence team
15 October 2012
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AGENDA
Global Oil Demand
Oil Price Outlook
Global Oil Supply
Thailand Petroleum Demand Outlook
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Oil Demand Outlook
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Oil Supply Outlook
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HOW IS THE WORLD SUPPLIED?
Source : EIA, IEA, OPEC and Prism
Non-OPEC production makes up two-thirds of the world’s oil supply; whereas OPEC contributes the remaining portion
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WHAT IS THE TREND FOR SUPPLY?
PRISM DEMANDNON-OPEC
SUPPLYOPEC NGL
CONDENSATECALL ON
OPEC
2011 88.36 52.43 5.46 30.50
2012 89.20 52.95 5.84 30.41
2013 90.08 53.92 6.08 30.08
OIL SUPPLY OUTLOOK GROWTH 2012 AND 2013 (MMBD)
Source : EIA, IEA, OPEC and Prism
MMBD
0.87
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MAJORITY OF NON-OPEC SUPPLY GROWTH COME FROM THE AMERICA
2013 AVERAGE DEMAND – (Non-OPEC + OPEC NGLS/Condensate) = Call On OPEC
Source : EIA, IEA, OPEC and Prism
WORLD OIL SUPPLY & DEMAND GROWTH 2012 VS 2013
MMBD
EUROPE
AFRICA
ASIA
FSU
AMERICA
-0.13
0.13
0.11
0.10
0.64
0.24
-0.34
OTHERS0.12
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CAN THE US BE SELF-SUSTAINED IN THE FUTURE?
US Crude Production
US Crude Oil Import
US Oil Demand
Source : EIA Annual Energy Outlook Report 2012
US OIL DEMAND & PRODUCT IMPORT FORECAST
2025 2035
More Self-Sufficient
FORECAST
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SHALE OIL & GAS ACROSS THE US
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SAUDI ARABIA, BIG BOSS OF OPEC
UNIT/MMBD
20112012YTD
Saudi Arabia
9.23 9.79
Iran 3.62 3.23
Iraq 2.65 2.89
Venezuela 2.33 2.80
UAE 2.33 2.60
Kuwait 2.47 2.73
Nigeria 2.10 2.14
Qatar 0.81 0.78
Angola 1.68 1.75
Libya 0.49 1.32
Algeria 1.26 1.23
Ecuador 0.47 0.490
5
10
15
20
25
30
35
2009 2010 2011 2012
Qatar UAE Ecuador Algeria
Kuwait Angola Nigeria Venezuela
Libya Iraq Iran Saudi
MMBDOPEC PRODUCTION BY COUNTRIES
Source : BLOOMBERG LP PROFESSIONAL, REUTERS, PRISM
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OPEC SURPLUS CAPACITY
OPEC spare capacity will increase +0.2 MMB/D to 2.375 MMB/D in 2013. This will add more supply buffer to the crude oil market.
* OPEC capacity excludes Iran and Iraq 20
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BALANCE OF THE MARKET IN 2013
1Q/11 2Q/11 3Q/11 1Q/124Q/11 2Q/12 4Q/123Q/12 2Q/131Q/13 3Q/13 4Q/13
-0.48 -0.40 -1.42 -0.34
1.34 1.52
-0.21
0.65 0.95 0.99
-3.1 0.0
Stock Build
Stock Draw
MMBD
28
28.5
29
29.5
30
30.5
31
31.5
32
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
OPEC Crude Production PRISM Forecast Call On OPEC
Source : Average EIA/IEA/OPEC
2012 20132011MMBD
If there is no additional supply outages, the oil market in 2013 will be better balanced and can result in crude stock gain
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‹#›
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SUPPLY SHOCK TO WATCH
2.90/2.89
Iraq
0.15/0.03
Syria
1.30/1.21
Libya
2.12/1.50
Nigeria
0.20/0.15
Sudan & South Sudan
SPR Release
3.00/1.56
Iran
UNIT MMBD (EST. YTD)CRUDE PRODUCTION 2012CRUDE EXPORT 2012
Source : IEA , PIRA and Prism
OECD SPR STOCKS
UNIT/MMB
CRUDE PRODUCT
AMERICA 700 1
EU 190 235
ASIA 390 20
TOTAL 1,280 246 23
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Oil Price Outlook
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2013 OIL MARKET OUTLOOK SUMMARYM
acro
& O
il D
eman
dO
ther
Fac
tors
Oil
Sup
ply
EU crisisFiscal cliff
Moderate Economic Growth
But downside risks remain…
EU crisisFiscal cliffOil Demand + 0.9 MBD to 90.1 MBD
Geopolitical Risks
Weather
Disaster
Green Trend Policy
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2013 OIL PRICE SCENARIO
Spain & Greece Debt Crisis
Israel attacks Iran
Israel Election
Sudan-S. SudanOutput Resume
MENATensions
US SummerStockpiling
OPEC Meeting
IranElection
North SeaMaintenance
Fiscal Cliff
SPR Release
JapanElection
Winter Demand
OPEC Meeting
GermanElection
ItalyElection
KEY
Seaway Pipeline Expansion
Hurricane season
Source : Thaioil
US Election
Q4-2012 Q1-2013 Q2-2013 Q3-2013 Q4-2013
New China’s leader
The image is for illustration purposes only. It is not intended to indicate oil price movement.
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2013 OIL PRICE OUTLOOK
What We See…. “Volatile oil prices on economic and politic uncertainties”
2013 Dubai $105
Factors to watch….
US Fiscal Cliff Middle East Tension EU Debt Crisis
Range $90-120
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Unit: $BBL BRENT
Q4-12 2012 2013CGES 100.9 109.6 90.7
Citi 105.0 110.0 99.0
UBS 100.0 107.9 100.0
Soc Gen 103.3 109.5 102.9
Deutsche Bank 100.0 106.3 104.0
PRISM 111.0 112.0 108.0
ABN Amro 105.0 110.0 110.0
BofA Merrill 108.0 111.0 110.0
JBC Energy 110.8 112.0 110.7
JPMorgan 105.0 110.0 113.0
ANZ 114.0 111.5 118.5
BNP Paribas 117.0 113.0 120.0
Barclays 117.0 113.0 125.0
Goldman Sachs 125.0 120.0 130.0
Median from Reuters 107.0 110.0 107.0
Source : Reuters Polls (selected companies from a total of 31 companies) as of 27 September 2012
What others see. . . • Slowing global economic growth and receding worries over a loss of Middle East supply are the key factors to bring oil prices down next year• Only 4% of analysts expect Brent to below $100 next year• 51% of analysts believe Brent will average between $100-110 in 2013
Oil Outlook
2013 OIL PRICE OUTLOOK
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Thailand Oil Demand Outlook
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Source: Thaioil
OIL DEMAND FORECAST FRAMEWORK
Oil Prices OutlookMOPS Prices Outlook (Gasoline/Diesel/Jet/FO/LPG)
Economic Factor
GDP, Private Consumption,Manufacturing Production Index, Car Sales, Tourism
Government Policies Factor
Bio-fuel, Fuel Specification,
Energy Prices e.g. Diesel, NGV, LPG
Petroleum Pricing Structure,
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GROWTH DESPITE GLOBAL SLOWDOWN
Thai GDP is forecasted to grow around 5%. • Global economic slowdown namely US, EU and China largely depresses Thai export value.
Source: Bank of Thailand (Inflation Report July 2012) / PRISM
GDP Growth %yoy
2012F 2013F
JP Morgan 3.5 2.3
Standard Chartered 3.5 4.9
Kasikorn Research 5.0 5.0
HSBC 5.5 4.5
Nomura 5.5 4.7
Thai Fiscal Policy Office 5.0-6.0 5.2-6.2
Phatra Securities 5.7 4.5
Goldman Sachs 5.7 4.8
PRISM 5.7 5.0
Bank of Thailand 5.7 5.0
SCB 5.7 5.2
NESDB 5.5-6.5 n.a.
Tisco Securities 6.0 5.0
UBS 6.0 5.5
Median 5.7 4.5
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Source: Thaioil
Oil Prices OutlookMOPS Prices Outlook (Gasoline/Diesel/Jet/FO/LPG)
Government Policies Factor
Economic Factor
GDP, Private Consumption,Manufacturing Production Index, Car Sales, Tourism
Bio-fuel, Fuel Specification,
Energy Prices e.g. Diesel, NGV, LPG
Petroleum Pricing Structure,
OIL DEMAND FORECAST FRAMEWORK
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Gasoline 91
Phase Out
GOV’T POLICY… THE BIGGEST FACTOR
Implication on Oil Demand
30 Baht diesel
Gas price Increase
Thailand oil demand is highly affected by government policy.
Bio-fuel
• Diesel has surged by 7% this year after the price is closely monitored by government of which trend is likely to continue.
• Ministry of Energy has target of reducing energy consumption per unit of GDP by 25% by 2030
• LPG and NGV retail price to be increase but still cheaper than gasoline and diesel
Source: Department of Alternative Energy Development and Efficiency / Thaioil
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UNSTOPPABLE DEMAND
Mogas +1%
Diesel +4%+ Price control at 30B/litre+ Diesel tax delay+ NGV price to rise+ 8%
+ 1%
+ 4%
+ 3% +12%
Thai Petroleum Demand 2011-13
Source: Department of Energy Business / Thaioil
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THANK YOU
PTT Group Oil Market Intelligence Team
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