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HP Industry Metrics

06.01.2014  |  Romanow, Stephany,  Hydrocarbon Processing Staff, Houston, TX

Keywords: [crude oil] [natuarl gas] [sale oil] [gasoline] [diesel] [fuel oil] [margins] [cracking spread]

The total liquid supply growth by non-OPEC countries continues to rise and is estimated to reach 54 million bpd (MMbpd) in 2014. Increasing crude oil supplies from North America are contributing to shifting global production capabilities. The new US crude oil supply presents a mismatch between rising light oil production and domestic refiners’ ability to handle them. Shale oil is too low in density to be absorbed entirely by the US refining system. US crude production climbed to a 28-year high in May 2014 and reached 8.43 MMbpd, the highest since October 1986. HP

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