Θ Oil Irganization SENSE by yourDragonXi Δ 13th of January 2014 Ω 11:02 AM

ΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞ
~ International Energy Agency (IEA) ~ Research by VTT ~ sense for Ξ	~ sense for Ξ ~ sense for Ξ ~ sense for Ξ	~ sense for Ξ ~ sense for Ξ ~ sense for Ξ
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«Oil Sensing	Θ	Θ
ΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞ

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~ International Energy Agency

»International Energy Agency

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~ Research by VTT

»Research by VTT

Oil markets
ξ the rise in crude oil price has been dramatic, with an oil price approaching $100 per barrel
ξ factors affected are the crisis in the Middle-East and Nigeria, and natural disasters
ξ these events, combined with the increased demand for energy, have led to decreased excess oil production capacity

IEA and EIA projections on future oil price development
ξ prices have been rising and stocks falling over most of the second half of 2007, recently falling below the five-year average
ξ $100/bbl may be just a symbolic figure but it is a strong reminder that consumers and governments have to implement measures that improve energy efficiency
ξ in the longer term, greater investment in the upstream and downstream sectors is needed
ξ the resources are there, but access to resources, aging infrastructure and chronic new project delays and cost inflation mean
ξ it will take time to also increase investment in alternative energy sources

Energy consumption by sector
ξ transport is the single largest energy end-use sector with a share of 28%
ξ the industrial sector is nearly as large, with a share of 26%
ξ transport is also the largest oil end-use sector
ξ transport represents some 60% of the world's oil consumption compared to 45% in 1973
ξ road transport is almost completely dependent on oil, and oil will be increasingly used in the transportation
ξ ExxonMobil predicts that unconventional oil and biofuels will contribute in total some 6% to the liquids supply in 2030

Gasoline, diesel
ξ fossil fuels are expected to be the leading energy source, especially in transport sector,
ξ for many decades despite the environmental concerns linked to them
ξ the type of crude oil and the oil refining technology available limit the relative shares of oil products that can be produced from a barrel of crude oil
ξ gradually the crude oil pool is turning heavier, and sulfur content of crude oil will rise
ξ combined with increasing demand of gasoline and diesel plus tightening of the fuel quality requirements, this means that
ξ the refineries should increase performance and thus, complexity
ξ modern refineries with sufficient cracking and hydrotreatment capacity will be essential to meet the market demand for high-quality transport fuels, especially in developed countries
ξ upgrading of refineries, or building up new ones will require substantial investments
ξ gasoline and diesel are expected to dominate in transport sector still in 2050

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