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The 20Th World Petroleum Congress 4-8 December 2011, Doha, Qatar

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The 20Th World Petroleum Congress 4-8 December 2011, Doha, Qatar The 20th World Petroleum Congress 4-8 December 2011, Doha, Qatar DELEGATE REGISTRATION NOW OPEN Register online at www.20wpc.com Host Sponsor National Sponsors Platinum Sponsors Gold Sponsors Silver Sponsors Official Partners Official International Business Newspaper Official Daily Newsletter Official International Business Newspaper www.20wpc.com [email protected] he ‘Information Age’ has transformed lives across These have all tied in with the industry’s perennial the planet in previously unimaginable ways need for access to accurate, objective and timely infor- over the past two decades. The internet, mobile mation to support its activities right along the supply phones, laptops, satellite navigation systems, so- chain, as it seeks to meet the rising number of challenges Commentary cial networking sites and other, now-familiar high- facing it today and in the future. These challenges are tech systems and equipment have created a new global centred around expectations of continued rises in de- culture, even with its own evolving language. mand, but must accommodate, at the same time, more However, it has not always been a pure process. stringent rules and regulations, the drive for more effi- Sometimes misinformation slips in, disguised as infor- ciency and, more generally, the need to reconcile energy mation. Access to information does not always mean ac- use with sustainable development and environmental cess to good information. harmony, as our Member Countries’ Heads of State and Indeed, this has always been the case with informa- Government pointed out at the Third OPEC Summit in tion. However remarkable today’s technology may be, hu- 2007. man nature remains the same. Most people value honest, This is where the media come in. In their diverse objective, helpful information and will be happy to share forms, they provide a vital channel for spreading infor- this with others. A minority think otherwise and will adapt mation about the oil sector within the energy industry it- information channels for their own ends. Some people just self, to decision-makers further afield, to academics, to make mistakes in conveying information. This is as true associated institutions and to the public at large. Their today as it was half a century ago when OPEC was formed. reports and in-depth features — as well as being accu- But the differences with the past in today’s heavily rate, objective and timely, as mentioned above — must computerized world lie in the sheer speed of communi- also be interesting and informative enough to catch the cations and the recently acquired expectation for it to be attention of their targeted audiences in a highly competi- instant, the astonishing volume of information we have tive global media environment. access to with just a tap on a touch-screen, and the rap- Indeed, OPEC has recognized the very special quali- idly expanding global outreach of the information revo- ties required of top-rate journalists and other media pro- lution itself. Indeed, the world is still far from coming to fessionals in ‘The OPEC Award for Journalism’, which will terms with the true potential and repercussions of the be presented for the second time at next June’s OPEC Information Age, economically, politically and socially. International Seminar. This will continue to reveal itself as the years pass. With all this in mind, therefore, it is always heartening The oil industry has adjusted well to this new com- for us when long-established, highly acclaimed institu- munications era, and this has coincided with other im- tions or individuals in the media achieve something spe- portant advances affecting the flow of information. cial. This does not mean that we always agree with what OPEC has played a big part in this progress. This in- they write about us or our Member Countries! But, at the cludes enhancing dialogue and cooperation between same time, we recognise that they are acting in accord- OPEC and non-OPEC producers and between producers ance with their set professional standards, and, what is and consumers. The activities of the International Energy more, over the years this has contributed significantly to Forum are prominent here, especially the affiliated Joint the healthy evolution of the energy industry — which, af- Organizations Data Initiative, whose specific purpose is ter all, is our common aim. the collation and supply of data about the industry. The Hence, we should like to congratulate the staff, past bilateral energy dialogues OPEC has entered into with the and present, of Petroleum Intelligence Weekly, on reach- European Union, China and Russia play an important role ing its 50th anniversary in October (see page 34). And too, as do the closer ties with the International Energy we look forward to this widely read industrial newsletter Agency, the International Monetary Fund and other such maintaining its high standard of reporting on the oil in- bodies. dustry long into the future. Market Spotlight Organization of the Petroleum Exporting Countries 4 OMonthlyPOilMEarketCReport October 2011 Feature Article: Growing economic uncertainties impact oil price volatility Oil market highlights 1 Feature article 3 Crude oil price movements 5 Commodity markets 11 World economy 16 World oil demand 27 World oil supply 38 Product markets and refinery operations 48 Tanker market 54 Oil trade 57 Stock movements 64 Balance of supply and demand 69 Contents Growing economic Helferstorferstrasse 17, A-1010 Vienna, Austria Tel +43121112 Fax +4312164320 E-mail: [email protected] Web site: www.opec.org uncertainties Conference impact oil price volatility 6 There’s a bright future out there… New Technology 12 Oil stability needed more than ever as uncertainty clouds global energy map — El-Badri (p10) Angola’s Dalia oil field pioneers Total enhanced oil recovery technique Focus on Africa 16 Newsline 20 Reuters Africa seeking to build oil Fuel-efficient cars still consumers’ choice as electric vehicles come up short wealth with local content Iraq’s crude oil production set to reach eight-year high in 2011 (p22) Shutterstock Saudi Aramco aiming to become biggest integrated energy firm (p23) UAE, Saudi Arabia seeing the future power of solar (p24) Venezuela’s Junin 6 looking good for early 50,000 b/d production (p25) Providing modern energy to billions who lack it is achievable — IEA (p26) US shale oil output facing high costs, potential curbs from new regulations (p27) Publishers OPEC Organization of the Petroleum Exporting Countries OPEC Membership and aims Helferstorferstraße 17 OPEC is a permanent, intergovernmental OPEC bulletin 1010 Vienna, Austria Organization, established in Baghdad, on September Telephone: +43 1 211 12/0 10–14, 1960, by IR Iran, Iraq, Kuwait, Saudi Arabia Telefax: +43 1 216 4320 and Venezuela. Its objective — to coordinate Contact: The Editor-in-Chief, OPEC Bulletin and unify petroleum policies among its Member Fax: +43 1 211 12/5081 Cover Countries, in order to secure fair and stable prices E-mail: [email protected] This month’s cover shows the imposing Mount for petroleum producers; an efficient, economic and Kilimanjaro in Tanzania, Africa. The OPEC regular supply of petroleum to consuming nations; Bulletin has been focussing on oil activities on Web site: www.opec.org and a fair return on capital to those investing in the the continent in the last few issues. Visit the OPEC Web site for the latest news and infor Cover image courtesy Shutterstock. industry. The Organization comprises 12 Members: mation about the Organization and back issues of the Qatar joined in 1961; SP Libyan AJ (1962); United OPEC Bulletin - which are also available free of charge Arab Emirates (Abu Dhabi, 1967); Algeria (1969); Vol XLII, No 8, October 2011, ISSN 0474—6279 in PDF format. Nigeria (1971); Angola (2007). Ecuador joined OPEC in 1973, suspended its Membership in 1992, and Hard copy subscription: $70/year rejoined in 2007. Gabon joined in 1975 and left in 1995. Indonesia joined in 1962 and suspended its Membership on December 31, 2008. IEA-OPEC Workshop 28 Kuwait to host IEA-OPEC workshop on CO2 use in enhanced oil recovery Obituary 29 Arts and Life 30 Prince Sultan bin Reuters Abdulaziz Al-Saud Glimpses into museums in Nigeria and worldwide Anniversary 34 SG’s Diary 36 Secretariat Briefings 37 PIW is 50! Secretariat Activities 38 OPEC sponsors news agencies round table at World Newspaper Week OPEC Fund News 40 OFID to host meeting of new UN Market Review 44 Group on sustainable energy for all Noticeboard 58 OPEC Publications 60 Secretariat officials Contributions Editorial staff Secretary General The OPEC Bulletin welcomes original contributions on Editor-in-Chief/Editorial Coordinator Ulunma Angela Agoawike Abdalla Salem El-Badri the technical, financial and environmental aspects Director, Research Division Editor of all stages of the energy industry, research reports Dr Hasan M Qabazard Jerry Haylins Head, Data Services Department and project descriptions with supporting illustrations Associate Editors Keith Aylward-Marchant, James Griffin, Fuad Al-Zayer and photographs. Alvino-Mario Fantini, Steve Hughes Head, Finance & Human Resources Department Production In charge of Administration and IT Services Editorial policy Diana Lavnick Department The OPEC Bulletin is published by the OPEC Design & Layout Alejandro Rodriguez Elfi Plakolm Secretariat (Public Relations and Information Head, Energy Studies Department Photographs (unless otherwise credited) Oswaldo Tapia Department). The contents do not necessarily reflect Diana Golpashin Head, Petroleum Studies Department the official views of OPEC nor its Member Countries. Distribution Dr Hojatollah Ghanimifard Names and boundaries on any maps should not be Mahid Al-Saigh Head, PR & Information Department regarded as authoritative. No responsibility is taken Ulunma Angela Agoawike for claims or contents of advertisements. Editorial General Legal Counsel Asma Muttawa material may be freely reproduced (unless copyright- Head, Office of the Secretary General ed), crediting the OPEC Bulletin as the source. A copy Indexed and abstracted in PAIS International Abdullah Al-Shameri to the Editor would be appreciated.
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