Definition of Supply -
In order to achieve a mass balance in the world oil supply and demand table (Table 1), supply includes not only crude oil and NGLs, but also various types of heavy oil-like hydrocarbons and natural gas-based, coal-based and renewable-based (biofuel) sources which are used as oil product equivalents and are included in our definition of demand. These non-conventional oils include other hydrocarbons and alcohols (including Brazilian alcohol fuel and those used in gasoline blending elsewhere), biodiesel, Canadian synthetic oil production, Venezuelan Orimulsion, oil shales, coal-based and natural gas-based oil substitutes and methane-based blending components such as MTBE. Total supply of these products is estimated at around 2.0 mb/d in 2006. Since March 2006, Venezuelan heavy Orinoco crude has been included in the conventional crude oil category. Refinery processing gains are also shown as a source of oil supply in Table 1. Care needs to be taken in reading the text and tables to distinguish between crude oil and total oil supply. Thus, in Tables 1 and 3, total oil supply is shown (excluding OPEC crude for the forecast period).
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