Driving this edition of the Energy Security Fact Pack is the uptick in intensity of several geopolitical flashpoints, especially in key oil-producing countries and regions where political instability threatens production and increases the potential of supply disruptions and price volatility.The Fact Pack offers key insights into Q2’s most significant developments, including:Threats to oil supplies in Iraq, continued political instability in Libya, and even the crisis in Ukraine resulted in upward pressure on, and volatility in, global oil prices during Q2. Brent fluctuated between a low of $103 per barrel and high of $115, WTI a low of $91 and high of $107. U.S. oil production rose by a substantial 1.6 mbd in Q2 year-over-year, and consumption remained effectively flat as net oil imports declined a further 1 mbd to approximately 5.5 mbd. The net export of petroleum products increased 0.6 mbd year-over-year.The demand-supply balance in the global oil market remained tight as growth in U.S. supplies helped offset record levels of unplanned outages (above 3 mbd), primarily in Libya, Iran, Iraq, Syria, and Nigeria. OPEC spare production capacity represented just marginally higher than 2 percent of global consumption needs. Although U.S. sales of alternative fuel vehicles (AFV) continued to rise in Q2—with 19 models available—the oil intensity of the economy has remained largely unchanged since 2012, and U.S. household expenditures stayed above $400 billion (annualized).The Fact Pack’s twenty graphs explain all of this and much more. Download the complete Fact Pack, and join the conversation at @securing_energy and #SAFEenergyfacts.
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