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70 comments on Oilwatch Monthly - September 2007

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westexas on September 17, 2007 - 3:08pm Permalink | Subthread | Parent | Comments top

The EIA defines consumption as Total Liquids consumption, inclusive of refinery gains (although refinery gains don't yet appear to be a big factor in many exporting countries).

I've put it this way, ignoring refinery gains and transportation costs:

Assume that Export Land, EL, produced two mbpd, and shipped two mbpd to Import Land, IL, for refining. Each country consumed one mbpd. So, EL's net exports would be one mbpd and IL's net imports would be one mbpd.

If EL refined all of their oil, and exported one mbpd of product to IL, EL would still have net exports of one mbpd and IL would still have one mbpd of net imports.

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ThatsItImout on September 18, 2007 - 3:47am Permalink | Subthread | Parent | Comments top

WT, thanks for the clarification....I know that the U.S. has lately been importing gasoline stocks like crazy over and above the crude imports....it still amazes me that Europe for instance will export gasoline, as cheap as we sell it for at the pump! (?)

RC

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70 comments on Oilwatch Monthly - September 2007

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