TABLE OF CONTENTS

Foreword
Acknowledgements
Table of Contents
Executive Summary

1. Demand
Highlights
Summary
OECD Demand
Americas
Europe
Asia Oceania
Non-OECD Demand
Africa
Asia (non-OECD)
Europe (non-OECD)
Former Soviet Union (FSU)
Latin America
Middle East

2. Supply
Highlights
Trends in global oil supply
Non-OPEC supply overview
United States
Canada
Mexico
Brazil
Other Latin America
North Sea
Australia
People’s Republic of China
Other Asia
Russia
Kazakhstan
Azerbaijan
Africa
OPEC
OPEC gas liquids supply
Biofuel supply
Ethanol markets regional outlook
Biodiesel markets regional outlook

3. Refining and trade
Highlights
Overview
Refining sector outlook
Regional developments in refining
North America
Europe
Former Soviet Union
Middle East
Africa
People’s Republic of China
India
Other Asia
Latin America
Crude oil trade
Product trade
LPG/ethane
Gasoline/naphtha
Diesel/kerosene
Fuel oil
Physical flows: implications for shipping
Developments in marine bunkers
Switch to low sulphur fuel oil
Switch to diesel
On-board scrubbers
Switch to alternative fuels
Conclusion

4. Trends in global oil storage
Highlights
Global overview
OECD Americas
OECD Europe
OECD Asia Oceania
Non-OECD Asia
Middle East
Africa
Former Soviet Union
Latin America

5. TABLES

LIST OF FIGURES
LIST OF MAPS
LIST OF TABLES
LIST OF BOXES