CARIBBEAN ENERGY INFORMATION SYSTEM (CEIS) FEBRUARY 2013 ISSUE
Caribbean Oil Consumption The Caribbean region (18 targeted countries) consumes close to 201.1 Million barrels of oil per year which is equivalent to just about 551,000 barrels per day and 0.6% of total global oil consumption. Although not a significant figure when compared to larger countries, the Region’s reliance on imported crude oil and refined petroleum products is impacted by fluctuations in international prices for the precious commodity. Demand is still rapidly growing and as prices are always increasing while the supply continues to decrease, the Caribbean will increase their demand during periods where prices 18 targeted Caribbean have decreased or countries consume over held constant and purchase less during 200,000,000 barrels of periods of price inCrude oil per year. creases. Over 50,000 barrels
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Over half the popuconsumed per day. lation in the Caribbean lives in and around the more developed/urban or metropolitan areas (coastline areas). Over 15 million adults spend an average of an hour and a half a day in their cars during their commute to and from work. As gas prices continue to rise, travelling to work is becoming an increasingly costly endeavour. continued on page 2/
CARIBBEAN PETROLEUM UPDATE
To access CEIS website
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CONTACT US
Caribbean Energy Information System Scientific Research Council Hope Gardens, Kingston 6, Jamaica 1-876-927-1779 (Telephone) 1-876-977-1840 (Fax) ceis@src-jamaica.org www.ceis-caribenergy.org
is a monthly Bulletin which highlights petroleum issues affecting or relevant to the Caribbean, international developments that may affect the region’s way of life and movements in oil prices and retail prices for fuel regionally.
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Call: 1-876-927-1779 | Caribbean Petroleum Update : February 2013
Caribbean Oil Consumption ...............................................continued from page 1
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Any change in fuel prices, result in a change in the cost of almost everything else. This is due to the fact that much of the Caribbean’s economies are driven by imported energy. The price of food goes up when oil prices increase, as energy is needed for every activity especially in the areas of transportation, electricity generation, manufacturing and agriculture production.
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Antigua and Barbuda with a population growth rate of 1.28% per year has a population of over 89,000 with 30% of residents living in urban areas. Antigua and Barbuda consumes over 5000 bbl/ d, all of which are imported. The Bahamas, Barbados and Belize have a population of over 316,000, 287,000 and 327,000 respectively. An average of approximately 45% of their population resides in urban areas. Bahamas, Barbados and Belize have an
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average growth rate of approximately 0.9%, 0.34% and 2.01%, and consumption of crude oil and petroleum products is 35000, 10000 and 2000 barrels per day respectively. British Virgin Islands (BVI) has a population of over 31,000 and a population growth rate of 2.44%. Forty two percent (42%) of the population lives in urban areas. BVI relies on imported oil and consumes approximately 2200 bbl/ d.
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Caribbean Petroleum Update : February 2013 | Call: 1-876-927-1779
Dominica has a population of over 73000 and a population growth rate of 0.25%. Dominica imports 100% of petroleum needs and consumes a total of 1000 bbl/ d as 67% of the population lives in urban areas. Grenada’s population stands at approximately 109,000 with a growth rate of 0.58%. Consumption is approximately 2500 bbl/d which is all imported. Over 40% of imported oil is consumed in and around the capital as 39% of the population lives in urban areas. Guyana imports and consumes 11000 bbl/d. Guyana has a population of approximately 741,900 and a population growth rate of 0.33%. 29% of the population resides in urban area and consumption is expected to remain similar for the year to come. Jamaica has a population of approximately 2.79 Million people and a growth rate of 0.71%. More than half the petroleum products are consumed in and around the capital and 53% of the population lives in the urban area. Jamaica imports 100% of its petroleum needs and consumes approximately. 64,300 barrels per day. Montserrat has a population of 5,000 with a growth rate of .48%. 14% of the population lives in C
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urban areas consumption is a little below 1,000 bbl/d. St. Kitts and Nevis, St. Lucia and St. Vincent and the Grenadines have a population of 50,726, 162,000 and 103,500 respectively. St. Kitts and Nevis and St. Lucia have a growth rate of 0.81% and 0.38% respectively, while St. Vincent and the Grenadines has a population growth rate of -0.31%. The countries all rely on imported oil and consume 1100 bbl/d, 5,200 bbl/d and 1,900 bbl/d respectively with 28%, 49% and 69% of the respective countries population residing in and around the urban areas. Suriname and Trinidad and Tobago have a population of 560,000 and 1.2 Million and a growth rate of 69% and 14% respectively. In Suriname 69% of the population lives in the urban areas and they consume a total of 9,800 bbl/d while in Trinidad and Tobago 14% of the population live in the urban area and they have a total consumption of 112,000 bbl/d. Turks and Caicos, with a population of over 46,000 and a growth rate of -0.12% , 93% of which lives in urban areas which result in a consumption of 2.600 bbl/d, 95% of which is consumed in and around the countries capital.
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Cuba and Dominican Republic (DomRep) have a combined population of over 21 Million (Cuba over 11 million and DomRep over 10 million). DomRep has a population growth rate of 1.31%, 69% of which lives in urban areas. DomRep relies heavily on imported oil as they consume a total of 114,000 bbl/d. Cuba on the other hand has a population growth rate of -0.12%, 75% of which lives in the urban areas and as such they consume a total of 170,000 bbl/d. All the countries except for Belize, Cuba, Suriname and Trinidad and Tobago have no natural petroleum resources and rely heavily on imported crude oil or petroleum products for energy. Belize produces a total of 4,000 bbl/d while only 1800 bbl/d are consumed hence making them net exporters. Cuba’s maximum production capacity is utilized locally. They produce 55,000 bbl/d and they consume 170,800 bbl/d. The remaining 121,000 barrels are imported. Suriname is also a net importer as they consume approximately 9,800 bbl/d and the produce 14460 bbl/d. Trinidad and Tobago (T&T) are net exporters as they produce over 135,000 bbl/d and consumed only 112,000 bbl/d. T&T’s production capacity exceeds their demand and as such they are able to export large quantities to the US. They are also one of the major suppliers of Natural gas to the US. S
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Call: 1-876-927-1779 | Caribbean Petroleum Update : February 2013
PETROLEUM NEWS & HAPPENINGS OUR gives JPS until March 15 to submit details of proposal to supply 360 MW of power [...]...read more OUR reviewing Electricity Generation Proposals [...]...read more Chevron makes final exit from the Caribbean [...]...read more There will be no oil storage facility on Nevis [...]...read more 115 MW Project Bid Process Adjusted [...]...read more Petrojam to launch Graduate Internship Programme [...]...read more
Government aims to slash light bill by J$2b [...]...read more JPS J$1.4b Forex fallout [...]...read more BP: Gulf of Mexico oil spill ‘shared responsibility’ [...]...read more Accident waiting to happen? Electricity grid system has weaknesses, says OUR Committee [...]...read more If President Chavez goes, what future for Petrocaribe Beneficiaries? [...]...read more
Blame Gov’t for JPS bills – our boss says high energy cost is political leaders’ fault [...]...read more Clash over JPS – Paulwell said to be at odds with Mian over status of 360-megawatt project [...]...read more Barbados police investigating missing oil industry data [...]...read more OUR bows out, but JPS not giving up on new plant [...]...read more Bahamas government worried over high costs of electricity [...]...read more
Petrojam to supply cleaner diesel fuel [...]...read more St Lucia opposition says no to Petrocaribe. [...]...read more Revenue, profit plunge at JPS [...]...read more JPS proposes late-payment fee instead of disconnection [...]...read more Paulwell slows process in order to fast-track energy proposals [...]...read more Prepaid power? – Gov’t flirts with possibility of buying electricity before actual use [...]...read more
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Caribbean Petroleum Update : February 2013 | Call: 1-876-927-1779
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REGULAR UNLEADED GASOLINE AVERAGE PRICES AT THE PUMP February 2013 Retail prices for Regular Unleaded Gasoline for the thirteen Caribbean countries reviewed at the end of February 2013 saw prices remaining relatively stable in seven countries (Antigua and Barbuda, Belize, British Virgin Island, St. Lucia, St. Vincent and the Grenadines and Trinidad and Tobago) compared to January. There were no recorded decrease in prices for February when compared to the prices in January. Of the 6 countries that experienced price increases, Suriname had the greatest increase of US$0.05/Litre. Fluctuations in prices were in the range of 0%3.52%. The average retail prices at the end of February 2013 for the 13 countries, when compared to the average retail prices seen in January of 2013, increased by US$0.01/Litre.ď‚Ą
Regular Unleaded Gasoline Average Retail Price (US$/Litre) 2013 COUNTRIES
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ANTIGUA/ BARBUDA
1.23
1.23
2 Mths Avg 1.23
BAHAMAS [91 OCT]
1.37
1.41
1.39
BELIZE [87 OCT]
1.33
1.33
1.33
B.V.I [87 OCT]
1.21
1.21
1.21
DOMINICA
1.18
1.20
1.19
GRENADA (95 OCT)
1.29
1.29
1.29
GUYANA
1.15
1.21
1.18
JAMAICA
1.21
1.24
1.22
ST. LUCIA
1.26
1.26
1.26
ST. VINCENT/ GRENADINES
1.22
1.22
1.22
SURINAME [95 OCT]
1.42
1.47
1.44
TRINIDAD/ TOBAGO [92 OCT]
0.42
0.42
0.42
TURKS/ CAICOS
1.52
1.56
1.54
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NOTE: *US Gallon = 3.785 L *Imperial Gallon = 4.546 L *As at November 1, 2009 MTBE was phased out from all gasoline blends in Jamaica and replaced with 10% Ethanol.
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Call: 1-876-927-1779 | Caribbean Petroleum Update : February 2013
REGULAR UNLEADED GASOLINE AVERAGE PRICES AT THE PUMP CHART OF RETAIL PUMP PRICES FOR FEBRUARY 2013
Comparative Retail Pump Prices Regular Unleaded Gasoline FEBRUARY Avg vs 2 Mths Avg (Jan - February 2013)
1.80
US$/Litre
1.60 1.40 1.20 1.00 0.80 0.60 0.40 0.20 -
10 Caribbean Countries
See prices for all products at www.cippet.org
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Caribbean Petroleum Update : February 2013 | Call: 1-876-927-1779
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http://www.guardian.co.uk/news/
The latest figures from BP's annual Statistical Review of World Energy show that world oil consumption fell by 1.2m barrels per day (bpd) in 2009, the second consecutive annual decline and the largest volume since 1982.
Other key findings are:
The world's oil production dropped by 2m bpd, or 2.6% - also the largest decline since 1982
Global oil refining capacity additions totalled 2m bpd, with the Asia-Pacific region accounting for 80% of the increase
Proven oil reserves stood at 1.33 trillion barrels last year, an increase of 700,000m barrels from 2008
Gas reserves grew by 2.21tn cubic metres last year, while production fell by 2.1%, marking the first decline on record
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Call: 1-876-927-1779 | Caribbean Petroleum Update : February 2013 Average Weekly & Monthly Crude Oil Prices (Dec 2012 ď §February 2013)
98.0 96.0
97.0
95.5
US$/BBL US$/BBL
94.0 92.0
92.0
92.0
90.0
87.3
87.3
88.0 86.0 84.0 82.0
Dec
Jan
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80.0
WK 1
WK 2
WK 3
WK 4
Period
Average Monthly World Crude Oil Prices (2010 - 2012) 109.61
106.0
110
US$/BBL
International Crude Oil prices over the period December 2012 to February 2013 saw prices on the upward trend in February, when compared to the two previous months. The highest weekly price seen in February for the product was US$97.00/BBL - reflected at the end of the second week. Crude Oil prices for the month of February rose closer to US$100/BBL as there was an average increase of $1.19/BBL on the average price in January. The average price for the product in February (US$95.1/BBL) was approximately 1.28% and 8.3% higher than January 2013 and December 2012 prices respectively.ď‚Ą
100
88.14
90 80 70
2010
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2011
2012
60
Caribbean Energy Information System (CEIS) primary report of historical annual petroleum energy statistics provided for 18 Caribbean Countries. Included are data on total energy production, consumption, and trade; overviews of petroleum, natural gas, electricity, as well as financial and environmental indicators for over twenty years.
Jan
Feb Mar Apr May Jun
Jul
Aug Sep Oct Nov Dec
Period
Yr Avg
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