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INTERNATIONAL ENERGY AGENCY

USERS’ GUIDE (2003 Edition)

Bitumen. Bitumen is a solid, semi-solid or viscous hydrocarbon with a colloidal structure, being brown to black in colour, obtained as a residue in the distillation of crude oil, by vacuum distillation of oil residues from atmospheric distillation. Bitumen is often referred to as asphalt and is primarily used for construction of roads and for roofing material. This category includes fluidised and cut back bitumen.

Paraffin Waxes. These are saturated aliphatic hydrocarbons. These waxes are residues extracted when dewaxing lubricant oils. They have a crystalline structure which is more-or-less fine according to the grade. Their main characteristics are as follows: they are colourless, odourless and translucent, with a melting point above 45°C.

Petroleum Coke. Petroleum coke is a black solid residue, obtained mainly by cracking and carbonising residue feedstock, tar and pitches in processes such as delayed coking or fluid coking. It consists mainly of carbon (90 to 95%) and has a low ash content. It is typically used as a feedstock in coke ovens for the steel industry, for heating purposes, for electrode manufacture and for production of chemicals. The two most important qualities are ‘green coke’ and ‘calcinated coke’. This category also includes unrecoverable ‘catalyst coke’ deposited on the catalyst during refining processes.

Tar. Naturally occurring, viscous and dense hydrocarbon.

Sulphur. Elemental sulphur recovered in the treating processes in the refinery.

Aromatics. A class of unsaturated cyclic hydrocarbons such as benzene, toluene and xylene produced within refineries.

Olefins. A class of unsaturated aliphatic hydrocarbons having one or more double bonds, produced by cracking naphtha or other petroleum fractions at high temperatures (e.g. propylene).

11 AUGUST 2003

71

USERS’ GUIDE (2003 Edition)

INTERNATIONAL ENERGY AGENCY

UNITS AND CONVERSION FACTORS

Data collected from IEA Member countries are reported in thousands of metric tons converted to barrels using conversion factors based on actual density.

Average Conversion Factors (bbls/metric tons)

 

Standard

Exceptions

Crude oil

7.37

 

 

NGL

10.30

Japan

8.85

Refinery feedstocks

7.40

 

 

Non crude

7.40

Canada

6.80

Refinery gas

8.00

Australia

9.71

 

 

Canada

6.60

 

 

Japan

6.99

LPG

11.60

 

 

Ethane

16.85

 

 

Naphtha

8.50

Europe

8.90

Aviation gasoline

8.90

 

 

Motor gasoline

8.53

Europe

8.45

Jet/kerosene

7.93

Europe

7.88

Other kerosene

7.74

Europe

7.88

Gas/diesel

7.46

 

 

Residual fuel oil

6.66

Europe

6.45

Petroleum coke

5.50

 

 

 

ranging from

 

 

Other products

6.4 to 7.7

 

 

 

 

 

 

Note that, with the exception of European countries, data are generally collected for local purposes in volume terms and converted to tons for submission to the IEA. The conversion factors used to provide data for the Report, which are listed above, are therefore the same, to the extent possible, as those used by the countries in making their submissions to ensure the volumetric data incorporated in the Report are correct.

72

11 AUGUST 2003

INTERNATIONAL ENERGY AGENCY

USERS’ GUIDE (2003 Edition)

INDEX TO GLOSSARIES

For full definition, please refer to appropriate section as indicated.

Additive..........................................................................

Refining

Alkylation.......................................................................

Refining

Antiknock. .....................................................................

Refining

AOS ...................................................................................

Trade

API. ....................................................................................

Prices

API Gravity........................................................................

Supply

Apparent Demand. ........................................................

Demand

ARA....................................................................................

Prices

Arbitrage.................................................................

Prices, Trade

Associated Gas. ...............................................................

Supply

Backwardation...................................................................

Prices

Basis Risk..........................................................................

Prices

Basis. .................................................................................

Prices

Bearish and Bullish...........................................................

Prices

Bitumens ..........................................................................

Supply

Cash Market.......................................................................

Prices

Cash Price. ........................................................................

Prices

Cash Settlement. ...............................................................

Prices

Catalytic Cracking. ........................................................

Refining

Cetane Number..............................................................

Refining

CFD - Contract for Differences. ........................................

Prices

CFTC. .................................................................................

Prices

CIF......................................................................................

Prices

Coking. ..........................................................................

Refining

Commercial. ......................................................................

Prices

Condensates. ...................................................................

Supply

Consumption. ................................................................

Demand

Contango. ..........................................................................

Prices

Conventional Oil Supplies. ..............................................

Supply

Conversion/Upgrading..................................................

Refining

Cooling Degree-days.....................................................

Demand

Covering. ...........................................................................

Prices

Crack Spread. ....................................................................

Prices

Crack .................................................................................

Trade

Cracking. .......................................................................

Refining

Crude Imports ...................................................................

Trade

Crude Oil in Terms of Days of

 

Forward Refinery Throughputs. ......................................

Stocks

Days of Forward Demand. ...............................................

Stocks

Days of IEA Net Imports...................................................

Stocks

Deliveries. ......................................................................

Demand

Delivery Month. .................................................................

Prices

Delivery Points. .................................................................

Prices

Demand..........................................................................

Demand

Demand Pull .....................................................................

Trade

Development Well. ...........................................................

Supply

Dieselisation..................................................................

Demand

Distillation - Atmospheric Crude Oil Distillation. .........

Refining

Downstream. .................................................................

Refining

Economic Growth..........................................................

Demand

End-User Prices. ...............................................................

Prices

Enhanced Oil Recovery (EOR).........................................

Supply

Expiry Date. .......................................................................

Prices

Expiry Month. ....................................................................

Prices

Flaring...............................................................................

Supply

Floating Storage/Oil in Transit.........................................

Stocks

FOB. ...................................................................................

Prices

FPSO.................................................................................

Supply

Fracturing. ........................................................................

Supply

Fundamentals....................................................................

Prices

Funds.................................................................................

Prices

Futures Contract. ..............................................................

Prices

Futures Transaction. .........................................................

Prices

GOM ..................................................................................

Stocks

Government-Controlled Stocks. ......................................

Stocks

Gross Input to Atmospheric Crude Oil

 

Distillation Units. ...........................................................

Refining

Heating Degree Days.....................................................

Demand

Hedge.................................................................................

Prices

Horizontal and Directional Drilling. .................................

Supply

HSFO..................................................................................

Prices

Hydrocracking. ..............................................................

Refining

Hydrotreating. ...............................................................

Refining

Industry Stocks. ...............................................................

Stocks

Imports ..............................................................................

Trade

IPE.....................................................................................

Prices

Isomerisation. ................................................................

Refining

Licence Round.................................................................

Supply

Liquidity. ...........................................................................

Prices

Long Position. ..................................................................

Prices

Long Hedge. .....................................................................

Prices

Lower 48. .........................................................................

Supply

LSFO. ................................................................................

Prices

LSWR. ...............................................................................

Prices

Market Trend.....................................................................

Prices

MOS ...................................................................................

Trade

MTBE..............................................................................

Refining

Net Position. .....................................................................

Prices

Netback .............................................................................

Trade

Non-Commercials.............................................................

Prices

Non-Reporting. .................................................................

Prices

Northwest Europe .............................................................

Trade

NYMEX. .............................................................................

Prices

Octane Number..............................................................

Refining

Offshore-Loaded..............................................................

Supply

OPEC................................................................................

Supply

Open Interest. ...................................................................

Prices

Operating Capacity........................................................

Refining

Option. ..............................................................................

Prices

Physical Delivery. .............................................................

Prices

Price Spread. ....................................................................

Prices

Price-Setting Market .........................................................

Trade

Primary Stocks. ................................................................

Stocks

Processing Gain. ...............................................

Supply, Refining

Refinery Yield. ...............................................................

Refining

Refinery..........................................................................

Refining

Refining Margin. ............................................................

Refining

Reforming. .....................................................................

Refining

Reserves. .........................................................................

Supply

Residue. .........................................................................

Refining

Satellite Field. ..................................................................

Supply

Secondary Stocks. ...........................................................

Stocks

Secondary Recovery. ......................................................

Supply

Shale Oil...........................................................................

Supply

Short Hedge......................................................................

Prices

Short Position...................................................................

Prices

Short Squeeze. .................................................................

Prices

Sidetracking.....................................................................

Supply

SIMEX................................................................................

Prices

Spare (Idle) Capacity .....................................................

Refining

Spot Month. ......................................................................

Prices

Spot...................................................................................

Prices

Spudding. ........................................................................

Supply

Stock Change. ..................................................................

Stocks

Straight-Run. .................................................................

Refining

Structural Supply ..............................................................

Trade

Subsea Template. ............................................................

Supply

Supply Push .....................................................................

Trade

Swaps. ..............................................................................

Prices

Sweet/Sour Crude............................................................

Supply

Swing Supply ....................................................................

Trade

Synthetic Crudes. ............................................................

Supply

Tanker-Tracking Data. .....................................................

Supply

Tariff ..................................................................................

Trade

Technical Rally or Decline. ..............................................

Prices

Technicals.........................................................................

Prices

Tertiary Recovery. ...........................................................

Supply

Tertiary Stocks. ................................................................

Stocks

Thermal Cracking. .........................................................

Refining

Treating..........................................................................

Refining

Utilisation Rate. .............................................................

Refining

Vacuum Distillation. ......................................................

Refining

Visbreaking....................................................................

Refining

Volume. .............................................................................

Prices

Wildcat well......................................................................

Supply

Working Days. ...............................................................

Demand

Workover. ........................................................................

Supply

11 AUGUST 2003

73

OIL MARKET REPORT CONTACTS

Editor

Klaus Rehaag

 

(+33) 0*1 40 57 65 90

 

e-mail: klaus.rehaag @iea.org

Demand

Antoine Halff

 

(+33) 0*1 40 57 65 93

 

e-mail: antoine.halff@iea.org

Supply

David Fyfe

 

(+33) 0*1 40 57 65 94

 

e-mail: david.fyfe@iea.org

OECD Stocks

Harry Tchilinguirian

 

(+33) 0*1 40 57 65 22

 

e-mail: harry.tchilinguirian@iea.org

Prices and Refinery Activity

Lawrence Eagles

 

(+33) 0*1 40 57 66 58

 

e-mail: lawrence.eagles@iea.org

Statistical Support

Toril Ekeland

 

(+33) 0*1 40 57 66 36

 

e-mail: toril.ekeland@iea.org

Administrative Support

Anne Mayne

 

(+33) 0*1 40 57 65 96

 

e-mail: anne.mayne@iea.org

 

Brid Deely

 

(+33) 0*1 40 57 67 31

 

e-mail: bridget.deely@iea.org

Fax:

(+33) 0*1 40 57 65 99/40 57 65 09

 

* 0 only within France

Editorial Enquiries

 

Oil Industry and Markets Division

Tel. (+33) 0*1 40 57 65 90

International Energy Agency (IEA)

 

9 rue de la Fédération

 

75739 PARIS Cedex 15, FRANCE

 

For all Subscription and Delivery Enquiries please contact:

International Energy Agency

Attn: Ms. Sandra Coleman

Oil Market Report Subscriptions

BP 586-75726 Paris Cedex 15, France

Tel. +33 (0) 1 40 57 65 57

Fax. +33 (0) 1 40 57 65 69

E-mail: omr@iea.org

Visit our website: http://www.iea.org

 

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