Research and Markets: Italy Oil and Gas Report Q2 2011 — Oil imports are growing steadily because supply is contracting and demand is rising
July 20, 2011 03:17 PM Eastern Daylight Time
Business Monitor International’s Italy Oil and Gas Report provides industry professionals and strategists, corporate analysts, oil and gas associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Italy’s oil and gas industry.
BMI forecasts that Italy will account for 12.37% of Developed European regional oil demand by 2015, while contributing 4.25% to supply. In Developed Europe, overall oil consumption in 2010 was an estimated 13.02mn barrels per day (b/d). It is set to recover to around 13.18mn b/d by 2015. Developed Europe regional oil production was 6.96mn b/d in 2001, and in 2010 averaged an estimated 4.40mn b/d. It is set to fall to just 3.53mn b/d by 2015. Oil imports are growing steadily because supply is contracting and demand is rising, albeit slowly. In 2010, net crude imports were an estimated 8.62mn b/d. By 2015, they are expected to have reached 9.65mn b/d. Norway will remain the only major net exporter, with the UK a growing net importer.
As regards natural gas, the Developed Europe region in 2010 consumed an estimated 416.5bn cubic metres (bcm), with demand of 457.1bcm targeted for 2015, representing 9.7% growth. Production of an estimated 255.7bcm in 2010 is set to fall to 254.0bcm in 2015, which implies net imports rising from the estimated 2010 level of 160.8bcm to some 203.1bcm by the end of the period. Italy’s share of gas consumption in 2010 was an estimated 17.29%, while it contributed around 2.93% to production. By 2015, its share of gas consumption is forecast to be 17.41%, with a 2.76% contribution to regional supply. The 2010 full-year outturn was US$77.45/bbl for OPEC crude, which delivered an average for North Sea Brent of US$80.34/bbl and for West Texas Intermediate (WTI) of US$79.61/bbl. The BMI price target of US$77 was reached thanks to the early onset of particularly cold weather, which drove up demand for and the price of heating oil during the closing weeks of the year.