765:’ (OPEC) started an oil embargo, targeted at nations thought to be supporting Israel during the conflict. The countries primarily targeted were Japan, US, Canada, UK and the Netherlands. Originally, oil exports from Arab nations were to be reduced by 5% monthly until Israel met the demands of the Arab nations. However, in December, a full embargo was put in place, restricting all trade of oil. Following the events of this first oil crisis, Japan became more aware to their vulnerability to external oil prices and began focusing on increasing their self-dependence on their own natural resources and energy sources. Their whole oil industry was redesigned.
805:
845:
people, domestically and internationally. Lockdown created a halt in economic activity as people were unable to leave home to attend jobs or to support the economy (e.g. tourism, travel, shopping), affecting both supply and demand. Inability for movement impacted the oil industry heavily as travel restrictions correlate to a cut in demand for jet fuel. The closure of factories and reduced commute amid the crisis further reduced need for fuels.
2497:
25:
3243:
111:
3257:
977:
index to hub-based pricing such as the Henry Hub and Dutch Title
Transfer. However, most East Asian nations continue to use the JCC to price LNG. cheaper alternative. In 2014, senior gas analyst at the Institute of Energy Economics, Hiroshi Hashimoto, stated “the aim is to link 100% to Henry Hub prices, rather than JCC as has been the custom globally”.
965:
781:(GFC) was one of the greatest periods of extreme economic stress since the 1930s. Thousands of businesses suffered heavy losses and/or bankruptcy, with millions of people losing their jobs. The intense period of recession's influential impact on the JCC is highly notable, observed in the first spike seen in 'Crude oil import Prices in Japan 1980-2019' graph.
788:(GDP) is in elevated periods, disposable income is greater, allowing for increased purchase of goods. This creates dependent relationship oil consumption growth rates have with GDP growth rates. It can be observed that in periods of high GDP growth rate, oil consumption growth rates soon also increase. The same can be said for decreases in GDP grow rates.
981:
prices. This is due to the fact that the JCC is derived from the price of crude oil when imported into Japan. However, this figure can greatly change from the international market price on the day of transportation. By shifting to a gas-based pricing index, LNG contracts can be based on current market value, remaining competitive with other indexes.
976:
The main concern for users is that JCC is predominately used for pricing LNG contracts. Oil-based LNG contracts are priced considerably higher than alternatives as they reflect the price of oil imports. In
European and North American nations, LNG pricing has already shifted from an oil-based pricing
972:
The JCC price index was established in the early 1950s to reflect the market fundamentals of the time. However, as these have shifted over time, the JCC has failed to keep up to date with these changes. After the impacts of the
Fukushima Disaster, JCC reached an all-time high of US$ 114.75/bbl in
824:
All 50 reactors were recorded as offline by 2012. One fifth of Japan's energy generating capacity was lost as a result. The loss of domestic energy sources created immense pressure on the
Japanese economy as demand for LNG imports rose substantially. In the initial years and immediately after the
768:
The first oil crisis resulted in recession, inflation and a trade deficit in Japan as all purchasing power was removed from Japan and given to the Arab oil producing nations. In regard to the JCC, the ban on supply heavily increased import prices. Crude oil import prices rose by 300% globally. In
199:
LNG contract pricing has been based on the JCC index since the 1970s. LNG was initially introduced in Japan as an energy substitute to reduce the country's high dependence on oil. In turn, this guaranteed that gas could remain competitive with oil by having similar pricing. The JCC is used as the
848:
In Japan, crude oil imports dropped by 25% in 2020, with only 2.28 million barrels per day imported in May 2020. This figure is the lowest it has been in 53 years. This is a direct result of the abrupt freeze of production and supply amid the pandemic. Price of the JCC during the pandemic can be
816:
hit the east coast of Japan. The generators at the
Fukushima Nuclear Power plant nearby shut down automatically after detecting the earthquake. The shortly followed tsunami flooded the nuclear power plants, destroying the reactors and releasing radiation. This destruction of the nuclear plant is
791:
The period of 2008-2009 saw a decline in both GDP growth rate and oil consumption growth rate in Japan. JCC spiked in 2008 at US$ 100.98/bbl before dramatically declining in 2009 to $ 61.29. This aligns with the economic concepts of recession. In times of recession, demand dramatically reduces,
146:, Japan's rapid industrialisation made them one of the largest energy consumers. However, Japan's limited domestic resources of fuel means the country relies heavily on imports. In the 1950s, the Japan Crude Cocktail was formulated to create a pricing index of customs-cleared crude oil imports.
980:
In addition to the cheaper prices that a gas-based index would offer, the shift would also remove the current time lag between crude oil and LNG prices. The LNG pricing formula in Japan is . (See JCC formula subheading). JCC prices take on average 5 months to be reflected in LNG contract
844:
as a result of the health risks. The World Bank stated that the "global economic shock of the COVID-19 pandemic has driven most commodity prices down and is expected to result in substantially lower prices over 2020". This is due to the mass mandatory quarantine that restricted any movement of
161:
This
Petroleum Association of Japan (PAJ) was established in 1955, around the time of the JCC development. The PAJ consists of 11 refiners and primary distributors in Japan. They are responsible for providing central information on the petroleum industry for the public, as well as advocating,
795:
In the recent years leading to the GFC, China's crude oil imports exponentially increased. With greater economic resources, China began to dominate the consumption of crude oil, reducing crude oil supply available and thus consumption for other nations. From 2005 to 2007, Japan's crude oil
388:
The JCC has had continuous price fluctuations over its history, whilst still steadily increasing. From the raw data and graph, the two major spikes in prices can be seen in 2008 and 2011–12. A comparatively dramatic price low can be observed in 2016.
99:. The official name of the JCC is the Japan Customs-cleared Crude Oil Price. The valuation of the JCC closely reflects the market state of supply and demand. Clear fluctuations in JCC pricing can be linked to distinct events such as the 2007-08
1722:
196:(LNG) contracts are legal agreements for the sale and purchase of LNG between sellers and buyers LNG is an energy commodity, just like crude oil, allowing for a price relationship between the two.
3027:
3084:
3144:
1618:
825:
disaster, LNG imports accounted for 40% of Japan's power. The sudden steep incline in demand rapidly drove prices. From 2010 to 2012, JCC rose from US$ 79.43/bbl to US$ 114.75/bbl.
344:
267:
2463:
2531:
1843:
1141:
796:
consumption per day reduced by 318,000 barrels. Limited supply, drives prices up, reflected in the 2005-2007 JCC increased from US$ 51.57/bbl to US$ 70.09/bbl.
1131:
1005:
122:(LNG) contracts as no global benchmark existed. However, as JCC is based on oil prices as opposed to gas, there has been a rise in objection to its use. In
1613:
1608:
1593:
1588:
1136:
1558:
2989:
1182:
1151:
1146:
1925:
394:
3103:
3008:
1799:
1623:
2532:"A Comparative History of Oil and Gas Markets and Prices: is 2020 just an extreme cyclical event or an acceleration of the energy transition?"
1207:
813:
3125:
2599:
1930:
1598:
1172:
849:
observed in the table generated below. Prices fell to US$ 24.55/bb in June 2020 as demand for crude oil in Japan dramatically declined.
1177:
2311:
1990:
1706:
818:
205:
104:
778:
100:
2458:
1762:
1515:
2558:
840:
exponentially infected all parts of the globe, creating an international health outbreak and pandemic. Many nations were sent into
374:= The additional freight charges, discounts or premiums incurred. This constant term is determined through contract negotiations.
2347:
2000:
1495:
1192:
1187:
998:
3288:
2005:
1563:
1448:
2923:
2852:
2473:
2244:
1910:
1463:
1381:
1308:
96:
153:
codes; 2709.00 100, 2709.00 900, 2710.19 162, 2710.19 164, 2710.19 166, 2710.19 169, 2710.19 172, 2710.19 174, 2710.19.179.
292:
228:
3283:
2713:
1681:
1578:
1568:
1490:
2453:
2448:
1985:
1970:
1419:
3278:
2500:
2468:
991:
355:
222:
828:
It wasn't until 2015 when some of Japan's nuclear plants were restarted, that JCC prices to return to a lower price.
170:
2055:
1656:
1641:
1603:
1364:
1241:
2945:
2427:
1960:
1701:
1505:
95:
countries. The JCC is the average price of customs-cleared crude oil imports into Japan and is published by the
3066:
2478:
2352:
1409:
1401:
1352:
1303:
1223:
1108:
1103:
2578:
1955:
1696:
1386:
1236:
1073:
1048:
968:
Comparison of natural gas prices in Japan (LNG import), Germany (Russian gas at border), and United States
785:
382:
The Japan Crude
Cocktail prices are given in USD per barrel (USD/bbl). JCC prices are available from the
221:
The JCC pricing index is based on the average price of customs-cleared crude oil imports into Japan. The
173:, KASHIMA Oil, Kygnus Sekiyu, Taiyo Oil Company, Showa Yokkaichi Sekiyu, Fuji Oil Company, Seibu Oil and
2332:
1774:
1757:
1691:
1453:
1320:
1273:
1246:
1088:
1040:
193:
119:
1374:
2871:
761:
between Israel and Arab nation resulted in the first oil crisis internationally. In
October 1973, the
3039:
2794:
2744:
2229:
1899:
1661:
1543:
1369:
1342:
1325:
1251:
2377:
2322:
2249:
2138:
1950:
1868:
1548:
1414:
2970:
2224:
1646:
1256:
1156:
1014:
287:
The JCC figure is then used to generate the price of LNG contracts using the following formula.
804:
2372:
1500:
1475:
1278:
1263:
837:
225:
sector within the
Japanese government publishes the data used to calculate the JCC each month.
174:
150:
3185:
2831:
3047:
2960:
2902:
2810:
2802:
2762:
2752:
2199:
1920:
1523:
1441:
1359:
1197:
1078:
3207:
3085:"Most Commodity Prices to Drop in 2020 As Coronavirus Depresses Demand and Disrupts Supply"
2785:
Xunpeng, Shi (2016). "Gas and LNG Pricing and
Trading Hub in East Asia: An introduction".
2432:
2422:
2164:
1915:
1804:
1730:
1533:
1528:
1458:
1426:
1337:
1053:
393:
2618:
3043:
2798:
2748:
38:
Please help update this article to reflect recent events or newly available information.
2269:
2189:
2179:
2169:
2110:
2085:
1794:
1735:
1666:
1553:
1538:
1347:
1285:
1030:
758:
180:
The PAJ publish a range of oil statistics monthly on their website, including the JCC.
166:
2907:
2890:
2694:
3272:
3248:
2974:
2337:
2294:
2259:
1888:
1769:
1742:
1676:
1068:
208:(EMEA). For example, the index is heavily used in China, South Korea, India, Taiwan.
127:
3262:
2397:
2327:
2219:
2209:
2204:
2194:
2184:
2070:
2050:
1995:
1779:
1747:
1686:
1583:
1485:
1391:
1268:
1202:
201:
143:
2289:
973:
2014. Since this event, there has been growing unrest amongst users of the index.
784:
Worldwide, oil demand heavily relies upon income rather than market demand. When
3051:
2367:
2239:
2060:
2030:
1975:
1965:
1671:
1651:
1330:
1313:
1231:
1093:
1063:
1058:
130:
nations, LNG pricing has shifted from use of the JCC to gas-based indexes (e.g.
3186:"Perspectives on the Development of LNG Market Hubs in the Asia Pacific Region"
3104:"The possible economic consequences of a novel coronavirus (COVID-19) pandemic"
2832:"Perspectives on the Development of LNG Market Hubs in the Asia Pacific Region"
2806:
2757:
2732:
110:
3238:
2417:
2284:
2274:
2040:
1878:
1784:
3242:
2412:
2143:
2090:
2035:
2025:
1935:
1883:
1819:
1814:
1809:
1789:
1470:
1098:
1025:
162:
researching and enhancing communication among the public and oil companies.
131:
92:
88:
3145:"Japan's May crude imports fall to 53-year low as COVID-19 cuts oil demand"
2656:
3226:
3009:"How The Fukushima Nuclear Disaster Affected The Energy Industry In Japan"
3028:"The Fukushima nuclear accident and its effect on global energy security"
2675:
2407:
2387:
2382:
2362:
2357:
2133:
2123:
2045:
1980:
1752:
1480:
1436:
1431:
1295:
841:
769:
1970, almost 85% of Japan's crude oil imports came from the Middle East.
3163:
3067:"Impact of Fukushima Nuclear Disaster on Oil-Consuming Sectors of Japan"
2815:
2767:
2965:
2637:
2075:
2065:
1945:
1940:
1855:
964:
401:
2392:
2279:
2264:
2254:
2214:
2128:
983:
368:
changes in response to changes in the JCC, also known as the ‘slope’
123:
2733:"Gas and LNG pricing and trading hub in East Asia: An introduction"
2174:
2148:
2118:
2080:
2020:
2015:
2010:
963:
803:
392:
109:
2402:
2342:
2095:
1573:
762:
383:
987:
2234:
2100:
1873:
384:
Organisation for Economic Co-operation and Development (OECD).
18:
149:
The Customs-cleared crude oils applicable have the following
87:(JCC) is the informal nickname given to the pricing index of
1863:
16:
Informal nickname given to the pricing index of Crude Oil
3126:"How the Pandemic Wiped Out Oil Demand Around the World"
279:= The total volume of customs cleared crude oil imports
165:
The 11 refiners and primary distributors of the PAJ are
273:= The total value of customs cleared crude oil imports
3208:"East meets West - Japan Crude Cocktail and Henry Hub"
2600:"Japanese LNG prices cool off 6 years after Fukushima"
2946:"Causes and Consequences of the Oil Shock of 2007–08"
295:
231:
3227:"Time Lag between Crude Oil and LNG Price Movements"
2464:
International Association of Oil & Gas Producers
2441:
2307:
2157:
2109:
1897:
1854:
1839:
1830:
1715:
1632:
1514:
1400:
1294:
1222:
1165:
1124:
1117:
1039:
73:
68:
60:
853:Price of Crude Oil (JCC) During COVID-19 Pandemic
338:
261:
118:The JCC was historically the main index to price
2891:"First Oil Shock Impact on the Japanese Economy"
2579:"Challengest o JCC Pricing in Asian LNG Markets"
808:Fukushima Disaster 2011 at Nuclear Power Plant
2617:US Energy Information Administration (2020).
999:
763:Organisation of Petroleum Exporting Countries
8:
55:
2924:"Japan Still Reliant on Middle Eastern Oil"
3184:Energy Information Administration (2017).
2830:Energy Information Administration (2017).
1851:
1836:
1121:
1006:
992:
984:
410:
54:
2964:
2906:
2814:
2766:
2756:
300:
294:
244:
230:
200:pricing index in LNG contracts mainly in
2541:: 1–22 – via University of Oxford.
851:
64:Japan, South Korea, India, Taiwan, China
2674:Petroleum Association of Japan (2015).
2655:Petroleum Association of Japan (2015).
2517:
1926:China National Offshore Oil Corporation
2584:. Oxford Institute for Energy Studies.
1800:Unconventional (oil and gas) reservoir
1559:2020 Russia–Saudi Arabia oil price war
3179:
3177:
2953:Brookings Papers on Economic Activity
2939:
2937:
2846:
2844:
2780:
2778:
412:Price of Crude Oil (JCC) (1980-2019)
339:{\displaystyle P_{LNG}=a\times JCC+b}
262:{\displaystyle JCC={\frac {\$ X}{Y}}}
7:
3193:US Energy Information Administration
2623:US Energy Information Administration
2593:
2591:
2572:
2570:
2568:
2552:
2550:
2548:
2525:
2523:
2521:
1931:China National Petroleum Corporation
2988:World Nuclear Association (2020).
1991:National Iranian South Oil Company
1707:Western Canadian Sedimentary Basin
819:Fukushima Daiichi Nuclear Disaster
792:driving down prices for suppliers
247:
206:Europe, the Middle East and Africa
14:
2459:Intercontinental Exchange Futures
2348:Chicago Bridge & Iron Company
2001:Oil & Gas Development Company
779:Global Financial Crisis 2007-2008
773:Global Financial Crisis 2007-2008
3255:
3241:
2638:"Petroleum Association of Japan"
2496:
2495:
169:, Cosmo Oil Marketing, TOA Oil,
23:
2006:Oil and Natural Gas Corporation
3168:Petroleum Association of Japan
2895:Procedia Economics and Finance
2680:Petroleum Association of Japan
2661:Petroleum Association of Japan
2474:Society of Petroleum Engineers
2245:Port Harcourt Refining Company
1911:Abu Dhabi National Oil Company
157:Petroleum Association of Japan
97:Petroleum Association of Japan
1:
2908:10.1016/S2212-5671(12)00271-7
2695:"Definition of LNG Contracts"
1420:Production sharing agreements
814:Tohoku earthquake and tsunami
2990:"Fukushima Daiichi Accident"
2454:Canadian petroleum companies
2449:American Petroleum Institute
1986:National Iranian Oil Company
1971:Kuwait Petroleum Corporation
3054:– via Science Direct.
3052:10.1016/j.enpol.2012.11.046
3026:Hayashi, Masatsugu (2013).
2714:"Crude Oil vs. Natural Gas"
2559:"FAQ: Japan Crude Cocktail"
2469:International Energy Agency
1454:Enhanced oil recovery (EOR)
364:= The extent to which the P
356:Cost, Insurance and Freight
3305:
3124:Sell, Christopher (2020).
2807:10.1016/j.ngib.2016.12.008
2758:10.1016/j.ngib.2016.12.008
2056:PTT Public Company Limited
1657:East Midlands Oil Province
1642:List of natural gas fields
1242:Integrated asset modelling
861:Price of Crude Oil USD/bb
419:
416:
404:for month to month pricing
3083:Felsenthal, Mark (2020).
2994:World Nuclear Association
2872:"OPEC enacts oil embargo"
2853:"Crude oil import prices"
2491:
2428:Weatherford International
1961:Iraq National Oil Company
1021:
32:This article needs to be
2944:James, Hamilton (2009).
2577:Stern, Jonathon (2014).
2530:Stern, Jonathon (2020).
960:Future Directions of JCC
3143:Takeo, Kumagai (2020).
3065:ADBI Institute (2017).
2479:World Petroleum Council
2353:China Oilfield Services
1410:Petroleum fiscal regime
1109:Western Canadian Select
1104:West Texas Intermediate
800:Fukushima Disaster 2011
105:2011 Fukushima Disaster
101:Global Financial Crisis
3289:Foreign trade of Japan
3007:Lonsdorf, Kat (2020).
2889:Marius, Mihut (2012).
2787:Natural Gas Industry B
2737:Natural Gas Industry B
2731:Shi, Xungpeng (2016).
2712:Andrew, Hecht (2020).
1956:Indian Oil Corporation
1442:Submersible pump (ESP)
1387:Underbalanced drilling
1208:of gasoline and diesel
969:
809:
786:Gross Domestic Product
408:
340:
263:
138:Historical Development
115:
2333:Cameron International
1775:Petrodollar recycling
1758:fossil fuel phase-out
1321:Differential sticking
1274:Reflection seismology
1247:Petroleum engineering
1089:OPEC Reference Basket
967:
807:
753:First Oil Crisis 1973
396:
341:
264:
194:Liquified Natural Gas
142:Following the end of
120:Liquified Natural Gas
113:
3284:Benchmark crude oils
3225:Koyama, Ken (2015).
2693:Law Insider (2020).
2230:Occidental Petroleum
1544:1990 oil price shock
1370:Shale oil extraction
1343:Drilling engineering
1326:Directional drilling
1252:Reservoir simulation
293:
229:
85:Japan Crude Cocktail
56:Japan Crude Cocktail
3206:MJM Energy (2014).
3044:2013EnPol..59..102H
2799:2016NGIB....3..352S
2749:2016NGIB....3..352S
2539:OIES Energy Insight
2378:Naftiran Intertrade
2323:Amec Foster Wheeler
2250:Reliance Industries
2139:Naftiran Intertrade
1951:Hindustan Petroleum
1549:2000s energy crisis
854:
812:In March 2011, the
413:
358:(CIF) price of LNG
223:Ministry of Finance
114:Sample of Petroleum
57:
3279:Petroleum in Japan
2966:10.1353/eca.0.0047
2557:CME Group (2020).
2225:Marathon Petroleum
1647:List of oil fields
1257:Reservoir modeling
1015:Petroleum industry
970:
852:
810:
411:
409:
378:Pricing, 1980-2019
336:
259:
116:
2509:
2508:
2487:
2486:
2373:Nabors Industries
2303:
2302:
1501:Well intervention
1476:Petroleum product
1375:Ljungström method
1279:Seismic inversion
1264:Petroleum geology
1218:
1217:
957:
956:
832:COVID-19 Pandemic
744:
743:
407:
257:
175:Cosmo Oil Company
151:Harmonised System
81:
80:
53:
52:
3296:
3265:
3260:
3259:
3258:
3251:
3246:
3245:
3234:
3233:
3231:
3222:
3216:
3215:
3203:
3197:
3196:
3190:
3181:
3172:
3171:
3164:"Oil Statistics"
3159:
3153:
3152:
3140:
3134:
3133:
3121:
3115:
3114:
3108:
3099:
3093:
3092:
3080:
3074:
3073:
3071:
3062:
3056:
3055:
3023:
3017:
3016:
3004:
2998:
2997:
2985:
2979:
2978:
2968:
2950:
2941:
2932:
2931:
2919:
2913:
2912:
2910:
2886:
2880:
2879:
2870:History (2010).
2867:
2861:
2860:
2848:
2839:
2838:
2836:
2827:
2821:
2820:
2818:
2782:
2773:
2772:
2770:
2760:
2728:
2722:
2721:
2709:
2703:
2702:
2690:
2684:
2683:
2676:"Members of PAJ"
2671:
2665:
2664:
2652:
2646:
2645:
2633:
2627:
2626:
2614:
2608:
2607:
2595:
2586:
2585:
2583:
2574:
2563:
2562:
2554:
2543:
2542:
2536:
2527:
2499:
2498:
2200:Hess Corporation
1921:Bharat Petroleum
1852:
1837:
1524:1967 Oil Embargo
1360:Lost circulation
1198:Posted oil price
1122:
1079:Isthmus-34 Light
1008:
1001:
994:
985:
855:
748:Price Variations
414:
397:
345:
343:
342:
337:
311:
310:
268:
266:
265:
260:
258:
253:
245:
69:Refinery details
58:
48:
45:
39:
27:
26:
19:
3304:
3303:
3299:
3298:
3297:
3295:
3294:
3293:
3269:
3268:
3261:
3256:
3254:
3247:
3240:
3237:
3229:
3224:
3223:
3219:
3205:
3204:
3200:
3188:
3183:
3182:
3175:
3161:
3160:
3156:
3142:
3141:
3137:
3130:Bloomberg Green
3123:
3122:
3118:
3106:
3101:
3100:
3096:
3082:
3081:
3077:
3069:
3064:
3063:
3059:
3025:
3024:
3020:
3006:
3005:
3001:
2987:
2986:
2982:
2948:
2943:
2942:
2935:
2922:Nippon (2019).
2921:
2920:
2916:
2888:
2887:
2883:
2869:
2868:
2864:
2850:
2849:
2842:
2834:
2829:
2828:
2824:
2784:
2783:
2776:
2730:
2729:
2725:
2711:
2710:
2706:
2692:
2691:
2687:
2673:
2672:
2668:
2654:
2653:
2649:
2636:Knoema (2020).
2635:
2634:
2630:
2616:
2615:
2611:
2598:Nikkei (2017).
2597:
2596:
2589:
2581:
2576:
2575:
2566:
2556:
2555:
2546:
2534:
2529:
2528:
2519:
2515:
2510:
2505:
2483:
2437:
2433:John Wood Group
2423:Valaris Limited
2316:
2313:
2310:
2299:
2165:APA Corporation
2153:
2105:
1904:
1901:
1893:
1848:
1845:
1842:
1832:
1826:
1727:Classification
1711:
1634:
1628:
1564:Nationalization
1534:1979 oil crisis
1529:1973 oil crisis
1510:
1496:Water injection
1464:Steam injection
1459:Gas reinjection
1427:Artificial lift
1396:
1338:Drill stem test
1290:
1214:
1161:
1113:
1035:
1017:
1012:
962:
834:
802:
775:
755:
750:
745:
380:
367:
352:
296:
291:
290:
285:
246:
227:
226:
219:
214:
191:
186:
159:
140:
49:
43:
40:
37:
28:
24:
17:
12:
11:
5:
3302:
3300:
3292:
3291:
3286:
3281:
3271:
3270:
3267:
3266:
3252:
3236:
3235:
3217:
3198:
3173:
3154:
3149:S&P Global
3135:
3116:
3094:
3089:The World Bank
3075:
3057:
3018:
2999:
2980:
2933:
2914:
2881:
2862:
2840:
2822:
2774:
2743:(4): 352–356.
2723:
2704:
2685:
2666:
2647:
2628:
2609:
2587:
2564:
2544:
2516:
2514:
2511:
2507:
2506:
2504:
2503:
2492:
2489:
2488:
2485:
2484:
2482:
2481:
2476:
2471:
2466:
2461:
2456:
2451:
2445:
2443:
2439:
2438:
2436:
2435:
2430:
2425:
2420:
2415:
2410:
2405:
2400:
2395:
2390:
2385:
2380:
2375:
2370:
2365:
2360:
2355:
2350:
2345:
2340:
2335:
2330:
2325:
2319:
2317:
2308:
2305:
2304:
2301:
2300:
2298:
2297:
2292:
2287:
2282:
2277:
2272:
2270:Surgutneftegas
2267:
2262:
2257:
2252:
2247:
2242:
2237:
2232:
2227:
2222:
2217:
2212:
2207:
2202:
2197:
2192:
2190:Eneos Holdings
2187:
2182:
2180:ConocoPhillips
2177:
2172:
2170:Cenovus Energy
2167:
2161:
2159:
2155:
2154:
2152:
2151:
2146:
2141:
2136:
2131:
2126:
2121:
2115:
2113:
2111:Energy trading
2107:
2106:
2104:
2103:
2098:
2093:
2088:
2083:
2078:
2073:
2068:
2063:
2058:
2053:
2048:
2043:
2038:
2033:
2028:
2023:
2018:
2013:
2008:
2003:
1998:
1993:
1988:
1983:
1978:
1973:
1968:
1963:
1958:
1953:
1948:
1943:
1938:
1933:
1928:
1923:
1918:
1913:
1907:
1905:
1898:
1895:
1894:
1892:
1891:
1886:
1881:
1876:
1871:
1866:
1860:
1858:
1849:
1840:
1834:
1828:
1827:
1825:
1824:
1823:
1822:
1817:
1812:
1807:
1797:
1795:Swing producer
1792:
1787:
1782:
1777:
1772:
1767:
1766:
1765:
1760:
1750:
1745:
1740:
1739:
1738:
1733:
1725:
1719:
1717:
1713:
1712:
1710:
1709:
1704:
1699:
1694:
1689:
1684:
1679:
1674:
1669:
1667:Gulf of Mexico
1664:
1659:
1654:
1649:
1644:
1638:
1636:
1630:
1629:
1627:
1626:
1621:
1616:
1611:
1606:
1601:
1596:
1591:
1586:
1581:
1576:
1571:
1566:
1561:
1556:
1554:2010s oil glut
1551:
1546:
1541:
1539:1980s oil glut
1536:
1531:
1526:
1520:
1518:
1512:
1511:
1509:
1508:
1503:
1498:
1493:
1488:
1483:
1478:
1473:
1468:
1467:
1466:
1461:
1451:
1446:
1445:
1444:
1439:
1434:
1424:
1423:
1422:
1417:
1406:
1404:
1398:
1397:
1395:
1394:
1389:
1384:
1379:
1378:
1377:
1367:
1362:
1357:
1356:
1355:
1348:Drilling fluid
1345:
1340:
1335:
1334:
1333:
1323:
1318:
1317:
1316:
1306:
1300:
1298:
1292:
1291:
1289:
1288:
1286:Seismic source
1283:
1282:
1281:
1271:
1266:
1261:
1260:
1259:
1254:
1244:
1239:
1234:
1228:
1226:
1220:
1219:
1216:
1215:
1213:
1212:
1211:
1210:
1200:
1195:
1190:
1185:
1180:
1175:
1169:
1167:
1163:
1162:
1160:
1159:
1154:
1149:
1144:
1139:
1134:
1128:
1126:
1119:
1115:
1114:
1112:
1111:
1106:
1101:
1096:
1091:
1086:
1084:Japan Cocktail
1081:
1076:
1071:
1066:
1061:
1056:
1051:
1045:
1043:
1037:
1036:
1034:
1033:
1031:Primary energy
1028:
1022:
1019:
1018:
1013:
1011:
1010:
1003:
996:
988:
961:
958:
955:
954:
952:
948:
947:
945:
941:
940:
938:
934:
933:
931:
927:
926:
923:
919:
918:
915:
911:
910:
907:
903:
902:
899:
895:
894:
891:
887:
886:
883:
879:
878:
875:
871:
870:
867:
863:
862:
859:
833:
830:
801:
798:
774:
771:
759:Yom Kippur War
754:
751:
749:
746:
742:
741:
738:
734:
733:
730:
726:
725:
722:
718:
717:
714:
710:
709:
706:
702:
701:
698:
694:
693:
690:
686:
685:
682:
678:
677:
674:
670:
669:
666:
662:
661:
658:
654:
653:
650:
646:
645:
642:
638:
637:
634:
630:
629:
626:
622:
621:
618:
614:
613:
610:
606:
605:
602:
598:
597:
594:
590:
589:
586:
582:
581:
578:
574:
573:
570:
566:
565:
562:
558:
557:
554:
550:
549:
546:
542:
541:
538:
534:
533:
530:
526:
525:
522:
518:
517:
514:
510:
509:
506:
502:
501:
498:
494:
493:
490:
486:
485:
482:
478:
477:
474:
470:
469:
466:
462:
461:
458:
454:
453:
450:
446:
445:
442:
438:
437:
434:
430:
429:
426:
422:
421:
420:Price USD/bbl
418:
391:
379:
376:
365:
350:
335:
332:
329:
326:
323:
320:
317:
314:
309:
306:
303:
299:
284:
281:
256:
252:
249:
243:
240:
237:
234:
218:
215:
213:
210:
190:
187:
185:
182:
167:Idemitsu Kosan
158:
155:
139:
136:
128:North American
79:
78:
75:
71:
70:
66:
65:
62:
51:
50:
31:
29:
22:
15:
13:
10:
9:
6:
4:
3:
2:
3301:
3290:
3287:
3285:
3282:
3280:
3277:
3276:
3274:
3264:
3253:
3250:
3249:Energy portal
3244:
3239:
3228:
3221:
3218:
3213:
3209:
3202:
3199:
3194:
3187:
3180:
3178:
3174:
3169:
3165:
3158:
3155:
3150:
3146:
3139:
3136:
3131:
3127:
3120:
3117:
3112:
3105:
3098:
3095:
3090:
3086:
3079:
3076:
3068:
3061:
3058:
3053:
3049:
3045:
3041:
3037:
3033:
3032:Energy Policy
3029:
3022:
3019:
3014:
3010:
3003:
3000:
2995:
2991:
2984:
2981:
2976:
2972:
2967:
2962:
2958:
2954:
2947:
2940:
2938:
2934:
2929:
2925:
2918:
2915:
2909:
2904:
2901:: 1042–1048.
2900:
2896:
2892:
2885:
2882:
2877:
2873:
2866:
2863:
2858:
2854:
2851:OECD (2020).
2847:
2845:
2841:
2833:
2826:
2823:
2817:
2812:
2808:
2804:
2800:
2796:
2792:
2788:
2781:
2779:
2775:
2769:
2764:
2759:
2754:
2750:
2746:
2742:
2738:
2734:
2727:
2724:
2719:
2715:
2708:
2705:
2700:
2696:
2689:
2686:
2681:
2677:
2670:
2667:
2662:
2658:
2651:
2648:
2643:
2639:
2632:
2629:
2624:
2620:
2613:
2610:
2605:
2601:
2594:
2592:
2588:
2580:
2573:
2571:
2569:
2565:
2560:
2553:
2551:
2549:
2545:
2540:
2533:
2526:
2524:
2522:
2518:
2512:
2502:
2494:
2493:
2490:
2480:
2477:
2475:
2472:
2470:
2467:
2465:
2462:
2460:
2457:
2455:
2452:
2450:
2447:
2446:
2444:
2440:
2434:
2431:
2429:
2426:
2424:
2421:
2419:
2416:
2414:
2411:
2409:
2406:
2404:
2401:
2399:
2396:
2394:
2391:
2389:
2386:
2384:
2381:
2379:
2376:
2374:
2371:
2369:
2366:
2364:
2361:
2359:
2356:
2354:
2351:
2349:
2346:
2344:
2341:
2339:
2336:
2334:
2331:
2329:
2326:
2324:
2321:
2320:
2318:
2315:
2306:
2296:
2295:Valero Energy
2293:
2291:
2288:
2286:
2283:
2281:
2278:
2276:
2273:
2271:
2268:
2266:
2263:
2261:
2260:Suncor Energy
2258:
2256:
2253:
2251:
2248:
2246:
2243:
2241:
2238:
2236:
2233:
2231:
2228:
2226:
2223:
2221:
2218:
2216:
2213:
2211:
2208:
2206:
2203:
2201:
2198:
2196:
2193:
2191:
2188:
2186:
2183:
2181:
2178:
2176:
2173:
2171:
2168:
2166:
2163:
2162:
2160:
2156:
2150:
2147:
2145:
2142:
2140:
2137:
2135:
2132:
2130:
2127:
2125:
2122:
2120:
2117:
2116:
2114:
2112:
2108:
2102:
2099:
2097:
2094:
2092:
2089:
2087:
2084:
2082:
2079:
2077:
2074:
2072:
2069:
2067:
2064:
2062:
2059:
2057:
2054:
2052:
2049:
2047:
2044:
2042:
2039:
2037:
2034:
2032:
2029:
2027:
2024:
2022:
2019:
2017:
2014:
2012:
2009:
2007:
2004:
2002:
1999:
1997:
1994:
1992:
1989:
1987:
1984:
1982:
1979:
1977:
1974:
1972:
1969:
1967:
1964:
1962:
1959:
1957:
1954:
1952:
1949:
1947:
1944:
1942:
1939:
1937:
1934:
1932:
1929:
1927:
1924:
1922:
1919:
1917:
1914:
1912:
1909:
1908:
1906:
1903:
1896:
1890:
1889:TotalEnergies
1887:
1885:
1882:
1880:
1877:
1875:
1872:
1870:
1867:
1865:
1862:
1861:
1859:
1857:
1853:
1850:
1847:
1838:
1835:
1833:organisations
1831:Companies and
1829:
1821:
1818:
1816:
1813:
1811:
1808:
1806:
1803:
1802:
1801:
1798:
1796:
1793:
1791:
1788:
1786:
1783:
1781:
1778:
1776:
1773:
1771:
1770:Petrocurrency
1768:
1764:
1761:
1759:
1756:
1755:
1754:
1751:
1749:
1746:
1744:
1743:Oil shale gas
1741:
1737:
1734:
1732:
1729:
1728:
1726:
1724:
1723:Abbreviations
1721:
1720:
1718:
1714:
1708:
1705:
1703:
1700:
1698:
1695:
1693:
1690:
1688:
1685:
1683:
1682:Permian Basin
1680:
1678:
1675:
1673:
1670:
1668:
1665:
1663:
1660:
1658:
1655:
1653:
1650:
1648:
1645:
1643:
1640:
1639:
1637:
1631:
1625:
1622:
1620:
1619:United States
1617:
1615:
1612:
1610:
1607:
1605:
1602:
1600:
1597:
1595:
1592:
1590:
1587:
1585:
1582:
1580:
1579:Seven Sisters
1577:
1575:
1572:
1570:
1567:
1565:
1562:
1560:
1557:
1555:
1552:
1550:
1547:
1545:
1542:
1540:
1537:
1535:
1532:
1530:
1527:
1525:
1522:
1521:
1519:
1517:
1513:
1507:
1504:
1502:
1499:
1497:
1494:
1492:
1489:
1487:
1484:
1482:
1479:
1477:
1474:
1472:
1469:
1465:
1462:
1460:
1457:
1456:
1455:
1452:
1450:
1447:
1443:
1440:
1438:
1435:
1433:
1430:
1429:
1428:
1425:
1421:
1418:
1416:
1413:
1412:
1411:
1408:
1407:
1405:
1403:
1399:
1393:
1390:
1388:
1385:
1383:
1380:
1376:
1373:
1372:
1371:
1368:
1366:
1363:
1361:
1358:
1354:
1351:
1350:
1349:
1346:
1344:
1341:
1339:
1336:
1332:
1329:
1328:
1327:
1324:
1322:
1319:
1315:
1312:
1311:
1310:
1307:
1305:
1302:
1301:
1299:
1297:
1293:
1287:
1284:
1280:
1277:
1276:
1275:
1272:
1270:
1267:
1265:
1262:
1258:
1255:
1253:
1250:
1249:
1248:
1245:
1243:
1240:
1238:
1235:
1233:
1232:Core sampling
1230:
1229:
1227:
1225:
1221:
1209:
1206:
1205:
1204:
1201:
1199:
1196:
1194:
1191:
1189:
1186:
1184:
1181:
1179:
1176:
1174:
1171:
1170:
1168:
1164:
1158:
1155:
1153:
1150:
1148:
1145:
1143:
1140:
1138:
1135:
1133:
1130:
1129:
1127:
1123:
1120:
1116:
1110:
1107:
1105:
1102:
1100:
1097:
1095:
1092:
1090:
1087:
1085:
1082:
1080:
1077:
1075:
1072:
1070:
1069:Indian Basket
1067:
1065:
1062:
1060:
1057:
1055:
1052:
1050:
1047:
1046:
1044:
1042:
1038:
1032:
1029:
1027:
1024:
1023:
1020:
1016:
1009:
1004:
1002:
997:
995:
990:
989:
986:
982:
978:
974:
966:
959:
953:
950:
949:
946:
943:
942:
939:
936:
935:
932:
929:
928:
924:
921:
920:
916:
913:
912:
908:
905:
904:
900:
897:
896:
892:
889:
888:
884:
881:
880:
876:
873:
872:
868:
865:
864:
860:
858:Month (2020)
857:
856:
850:
846:
843:
839:
836:In 2020, the
831:
829:
826:
822:
820:
817:known as the
815:
806:
799:
797:
793:
789:
787:
782:
780:
772:
770:
766:
764:
760:
752:
747:
739:
736:
735:
731:
728:
727:
723:
720:
719:
715:
712:
711:
707:
704:
703:
699:
696:
695:
691:
688:
687:
683:
680:
679:
675:
672:
671:
667:
664:
663:
659:
656:
655:
651:
648:
647:
643:
640:
639:
635:
632:
631:
627:
624:
623:
619:
616:
615:
611:
608:
607:
603:
600:
599:
595:
592:
591:
587:
584:
583:
579:
576:
575:
571:
568:
567:
563:
560:
559:
555:
552:
551:
547:
544:
543:
539:
536:
535:
531:
528:
527:
523:
520:
519:
515:
512:
511:
507:
504:
503:
499:
496:
495:
491:
488:
487:
483:
480:
479:
475:
472:
471:
467:
464:
463:
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283:LNG Contracts
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189:LNG Contracts
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91:used in most
90:
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63:
59:
47:
35:
30:
21:
20:
3263:Japan portal
3220:
3211:
3201:
3192:
3167:
3162:PAJ (2020).
3157:
3148:
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3129:
3119:
3110:
3102:PwC (2020).
3097:
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3078:
3060:
3035:
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3012:
3002:
2993:
2983:
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2884:
2875:
2865:
2857:OECD Library
2856:
2825:
2816:10453/145718
2790:
2786:
2768:10453/145718
2740:
2736:
2726:
2717:
2707:
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2679:
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2641:
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2603:
2538:
2398:Schlumberger
2328:Baker Hughes
2220:Marathon Oil
2210:Imperial Oil
2205:Husky Energy
2195:Galp Energia
2185:Devon Energy
2071:Saudi Aramco
2051:Petrovietnam
1996:NNPC Limited
1900:National oil
1780:Petrofiction
1748:Orphan wells
1716:Other topics
1687:Persian Gulf
1614:Saudi Arabia
1584:Standard Oil
1392:Well logging
1269:Petrophysics
1083:
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975:
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144:World War II
141:
117:
84:
82:
74:Commissioned
44:October 2023
41:
33:
3038:: 102–111.
2959:: 215–283.
2876:History.com
2718:The Balance
2699:Law Insider
2657:"About PAJ"
2368:Halliburton
2240:Phillips 66
2061:QatarEnergy
2031:Petrobangla
1966:KazMunayGas
1856:Supermajors
1805:heavy crude
1692:Prudhoe Bay
1672:Niger Delta
1652:Caspian Sea
1415:Concessions
1365:Measurement
1331:Geosteering
1314:Squeeze job
1224:Exploration
1173:Consumption
1132:Consumption
1125:Natural gas
1054:Bonny Light
212:JCC Formula
204:(APAC) and
3273:Categories
2793:(4): 352.
2513:References
2418:Transocean
2285:Tullow Oil
2275:TechnipFMC
2041:PetroChina
1879:ExxonMobil
1785:Shale band
1662:East Texas
1635:and fields
1449:Downstream
1402:Production
1309:Completion
1237:Geophysics
1178:Production
1137:Production
1074:Indonesian
1049:Argus Sour
1041:Benchmarks
930:September
93:East Asian
2975:201760160
2928:Nipon.com
2413:TC Energy
2314:companies
2144:Trafigura
2091:Sonatrach
2036:Petrobras
2026:Pertamina
1936:Ecopetrol
1902:companies
1846:companies
1844:petroleum
1820:tight oil
1815:oil shale
1810:oil sands
1790:Shale gas
1731:sweet oil
1702:Venezuela
1677:North Sea
1633:Provinces
1624:Venezuela
1471:Midstream
1166:Petroleum
1026:Petroleum
951:December
944:November
874:February
400:See also
319:×
248:$
132:Henry Hub
126:and most
89:Crude Oil
2501:Category
2408:Subsea 7
2388:Petrofac
2383:NOV Inc.
2363:GE Power
2358:Enbridge
2312:services
2134:Mercuria
2124:Glencore
2086:Sonangol
2046:Petronas
1981:Naftogaz
1753:Peak oil
1736:sour oil
1491:Upstream
1486:Refining
1481:Pipeline
1437:Pumpjack
1432:Gas lift
1353:invasion
1296:Drilling
1183:Reserves
1142:Reserves
937:October
866:January
842:lockdown
838:COVID-19
103:and the
3040:Bibcode
2795:Bibcode
2745:Bibcode
2619:"Japan"
2076:Sinopec
2066:Rosneft
1946:Gazprom
1941:Equinor
1869:Chevron
1516:History
1382:Tracers
1304:Blowout
1193:Exports
1188:Imports
1152:Exports
1147:Imports
922:August
700:104.16
692:110.61
684:114.75
652:100.98
61:Country
34:updated
2973:
2642:Knoema
2604:Nikkei
2442:Others
2393:Saipem
2290:Tüpraş
2280:TNK-BP
2265:Sunoco
2255:Repsol
2215:Lukoil
2158:Others
2129:Gunvor
1763:timing
1697:Russia
1609:Norway
1594:France
1589:Canada
925:43.42
917:32.78
909:24.55
901:24.96
893:42.21
890:April
885:62.16
882:March
877:70.63
869:70.33
740:66.78
732:72.85
724:54.42
716:41.79
676:109.3
668:79.43
660:61.29
644:70.09
636:64.03
628:51.57
620:36.59
612:29.26
604:24.96
596:25.01
588:28.72
580:17.38
572:13.68
564:20.55
556:20.55
548:18.02
540:16.48
532:17.47
516:20.14
508:22.64
500:16.91
492:15.47
484:17.99
476:16.08
460:29.35
452:30.47
444:34.57
436:35.92
428:33.11
354:= The
124:Europe
3230:(PDF)
3212:MZINE
3189:(PDF)
3107:(PDF)
3070:(PDF)
2971:S2CID
2949:(PDF)
2835:(PDF)
2582:(PDF)
2535:(PDF)
2309:Major
2175:Cepsa
2149:Vitol
2119:Enron
2081:SOCAR
2021:Pemex
2016:PDVSA
2011:Orlen
1976:Lotos
1916:ANCAP
1884:Shell
1841:Major
1599:India
1203:Price
1157:Price
1099:Urals
1094:Tapis
1064:Dubai
1059:Brent
914:July
906:June
737:2019
729:2018
721:2017
713:2016
708:54.2
705:2015
697:2014
689:2013
681:2012
673:2011
665:2010
657:2009
649:2008
641:2007
633:2006
625:2005
617:2004
609:2003
601:2002
593:2001
585:2000
577:1999
569:1998
561:1997
553:1996
545:1995
537:1994
529:1993
524:19.3
521:1992
513:1991
505:1990
497:1989
489:1988
481:1987
473:1986
468:27.9
465:1985
457:1984
449:1983
441:1982
433:1981
425:1980
417:Year
184:Users
171:ENEOS
77:1950s
2957:2009
2403:Snam
2343:CH2M
2096:TPAO
1604:Iraq
1574:OPEC
1569:GECF
1118:Data
898:May
777:The
757:The
83:The
3111:PwC
3048:doi
3013:NPR
2961:doi
2903:doi
2811:hdl
2803:doi
2763:hdl
2753:doi
2338:CGG
2235:OMV
2101:YPF
1874:Eni
402:PAJ
366:LNG
351:LNG
217:JCC
134:).
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