Energy Trade

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The data described in the previous sections provides the types and amounts of energy produced and consumed. Yet a large part of energy use in society is dependent upon the global trade of these resources, the companies that exist in global energy markets, and the consequences of how these resources are distributed. This section briefly examines these topics.

Fossil fuels are the most traded commodity worldwide, with petroleum at the top of the list. There is not one country in the world that can survive without importing or exporting a portion of its resources. Tables 6.14 and 6.15 describe the top ten importers and exporters of oil, coal, and natural gas in 2004. It is interesting to note that the United States is the number one importer of petroleum and natural gas. More detailed information on the U.S. petroleum supply is presented later in the chapter.

Energy commodities are traded and delivered by hundreds of thousands of companies worldwide. Most of these companies operate on a global scale; that is, they extract and produce energy in several countries rather than just their country of origin. Table 6.16 lists the top twenty-five global energy companies of 2005

TABLE 6.14

Top Ten Importers and Exporters of Crude Oil (2004)

Top Importers Top Exporters

TABLE 6.14

Top Ten Importers and Exporters of Crude Oil (2004)

Top Importers Top Exporters

Country

Net Imports (million barrels/day)

Country

Net Exports (million barrels/day)

United States

12.1

Saudi Arabia

8.73

Japan

5.3

Russia

6.67

China

2.9

Norway

2.91

Germany

2.4

Iran

2.55

Korea, South

2.2

Venezuela

2.36

France

1.9

United Arab Emirates

2.33

Italy

1.7

Kuwait

2.20

Spain

1.6

Nigeria

2.19

India

1.5

Mexico

1.80

Taiwan

1.0

Algeria

1.68

Sources: Importers: Energy Information Administration (EIA), "Non-OPEC Fact Sheet," http://www.eia.doe.gov/emeu/cabs/topworldtables3_4.html; exporters: EIA, "Non-OPEC Fact Sheet," http://www.eia.doe.gov/emeu/cabs/topworldtables1_2.html. Accessed October 10, 2006.

Sources: Importers: Energy Information Administration (EIA), "Non-OPEC Fact Sheet," http://www.eia.doe.gov/emeu/cabs/topworldtables3_4.html; exporters: EIA, "Non-OPEC Fact Sheet," http://www.eia.doe.gov/emeu/cabs/topworldtables1_2.html. Accessed October 10, 2006.

TABLE 6.15 2

Top Ten Importers and Exporters of Coal and Natural Gas (2004)

TABLE 6.15 2

Top Ten Importers and Exporters of Coal and Natural Gas (2004)

Rank

Natural Gas (billion cubic ft)

Coal (trillion Btu)

Country

Imports

Country

Exports

Country

Imports

Country

Exports

1

United States

4,259

Russia

7,656

Japan

4,415.7

Australia

5,324.2

2

Germany

3,182

Canada

3,673

Korea, South

1,867.6

China

2,939.0

3

Japan

2,868

Norway

2,663

Taiwan

1,499.0

Indonesia

2,169.8

4

Italy

2,398

Algeria

2,150

Germany

1,035.7

South Africa

1,988.4

5

Ukraine

2,373

Netherlands

1,891

United Kingdom

831.0

Russia

1,358.3

6

France

1,581

Turkmenistan

1,483

United States

694.5

Colombia

1,234.4

7

Russia

1,293

Indonesia

1,353

Canada

629.3

United States

1,135.1

8

Korea, South

1,022

Malaysia

1,040

India

606.9

Canada

811.5

9

Spain

952

United States

854

Italy

589.5

Poland

678.4

10

Turkey

767

Qatar

850

Russia

575.0

Kazakhstan

456.7

Source: Energy Information Administration (EIA), 2006, "International Data Tables," International Energy Annual 2004, http://www.eia.doe.gov/emeu/international/contents.html. Accessed October 10, 2006.

ranked by their profits. This list was compiled by Platfs, an energy information company that provides yearly rankings of the top 250 energy companies. Although Platfs considers companies in nine industrial categories, most of those represented in table 6.16 are from the integrated oil and gas (IOG) sector. In fact, of the thirty-two IOG companies found in the top 250, seventeen of them are in the top twenty-five. This point highlights the importance of oil and natural gas commodities in the global market. Other classifications not on the table are the coal and consumable fuels, gas utility, independent power producers, and storage and transfer industrial sectors.

TABLE 6.16

Top Twenty-five Global Energy Companies (2005)

TABLE 6.16

Top Twenty-five Global Energy Companies (2005)

Rank

Company

Country

Industry

Date Established

Profits (million)

]

Exxon-Mobil Corp.

United States

Oil and Gas

]870

$36,]30

2

Royal Dutch Shell

Netherlands

Oil and Gas

$25,6]8

3

BP plc

United Kingdom

Oil and Gas

]889

$22,]57

4

Total

France

Oil and Gas

]924

$]4,940

5

ConocoPhillips

United States

Oil and Gas

]9]7

$]3,640

6

PetroChina Co. Ltd.

China

Oil and Gas

]988

$]6,52]

7

Chevron Corp.

United States

Oil and Gas

]879

$]4,099

8

Petroleo Brasileiro SA

Brazil

Oil and Gas

]953

$]0,582

9

ENI SpA

Italy

Oil and Gas

]953

$]0,698

]0

Statoil ASA

Norway

Oil and Gas

]972

$4,736

]]

Valero Energy Corp.

United States

Refining and Marketing

]955

$3,590

]2

Marathon Oil Corp.

United States

Oil and Gas

]887

$3,05]

]3

Occidental Petroleum Corp.

United States

Oil and Gas

]920

$5,272

]4

China Petroleum

China

Oil and Gas

2000

$4,248

]5

LUKoil Co.

Russia

Oil and Gas

]993

$4,248

]6

Repsol YPF SA

Spain

Oil and Gas

]986

$3,798

]7

Electricite de France

Spain

Electric Utility

]987

$3,947

]8

Centrica plc

United Kingdom

Diversified Utility

$],720

]9

Gazprom OAO

Russia

Oil and Gas

]993

$7,298

20

Oil and Natural Gas Corp. Ltd.

India

Exploration and Production

]956

$3,209

2]

Norsk Hydro AS

Norway

Exploration and Production

]905

$2,422

22

E.On AG

Germany

Electric Utility

]929

$5,33]

23

ENEL SpA

Italy

Electric Utility

]962

$3,]93

24

Imperial Oil Ltd.

Canada

Oil and Gas

] 880

$2,237

25

Electrabel SA

Belgium

Electric Utility

]905

$2,323

Source: Piatt's, 2005, "Top 250 Global Energy Company Rankings," http://www.platts.com/top250/index.xml. Data used with permission from Platt's.

A final, important thing to point out about energy trade is distribution inequality: a large gap exists between rich and poor nations. Recall the discrepancy in energy use shown in figure 6.1, which demonstrates that Africa and Central and South America use far less energy than North America and Europe. This point can also be made in relation to world economics.

Table 6.17 shows energy consumption per capita and gross domestic product (GDP) of the world's regions and some selected countries. Energy consumption per capita is a widely used indicator of energy dynamics. It describes how much energy is used by each person per year in a given country or region. The indicator accounts for an individual's share of energy resources ex-

TABLE 6.17

Energy and Economic Indicators by Region and Selected Country

TABLE 6.17

Energy and Economic Indicators by Region and Selected Country

Region and Selected Countries

Energy Consumption per capita (million Btu) (2004)

GDP (billion U.S. dollars, purchasing power parity) 2005

Africa

15.7

2,365

Nigeria

8.1

174.1

South Africa

115.2

533.2

Asia and Oceania

38.5

22,644

China

45.9

8,859

India

14.5

3,611

Japan

177.7

4,018

Central and South America

50.8

3,515

Brazil

49.3

1,556

Venezuela

115.3

153.7

Eurasia

157.2

2,408

Russia

208.8

1,589

Europe

146.5

13,668

France

186.1

1,816

Germany

178.3

2,504

United Kingdom

166.5

1,830

Middle East

116.0

1,546.9

Saudi Arabia

236.5

338

North America

280.2

14,546.9

Canada

418.4

1,114

United States

342.7

12,360

World Total

70.1

60,710

Sources: Energy consumption per capita: Energy Information Administration (EIA), "International Data," International Energy Annual 2004, http://www.eia.doe.gov/emeu/international/contents.html; GDP data: CIA World Factbook, 2006, http://www.cia.gov/cia/publications/factbook/index.html. Accessed October 13, 2006.

Sources: Energy consumption per capita: Energy Information Administration (EIA), "International Data," International Energy Annual 2004, http://www.eia.doe.gov/emeu/international/contents.html; GDP data: CIA World Factbook, 2006, http://www.cia.gov/cia/publications/factbook/index.html. Accessed October 13, 2006.

Source:G. Marland, T. A. Boden, and R. J. Andres, 2006, "Global, Regional, and National CO2 Emissions," in Trends: A Compendium of Data on Global Change, Carbon Dioxide Information Analysis Center (Oak Ridge, TN: Oak Ridge National Laboratory, U.S. Department of Energy), http://cdiac.ornl.gov/trends/emis/tre_glob.htm. Accessed October 1, 2006.

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Source:G. Marland, T. A. Boden, and R. J. Andres, 2006, "Global, Regional, and National CO2 Emissions," in Trends: A Compendium of Data on Global Change, Carbon Dioxide Information Analysis Center (Oak Ridge, TN: Oak Ridge National Laboratory, U.S. Department of Energy), http://cdiac.ornl.gov/trends/emis/tre_glob.htm. Accessed October 1, 2006.

pended. The main point of this table is to demonstrate that richer countries and regions (those with a higher GDP) typically consume more energy per capita than those in poorer regions.

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