Release Date: December 2007
Next Release Date: December 2008  

• Data, Charts and Graphs
  
  
• Major Findings
• Financial Information
• Production
• Refining & Marketing
• About the Financial Reporting System Companies
• Market Overview
  
  
• Acronyms
• Financial Terms
• Glossary
  
  
  

Market Overview

1. Crude oil prices increased 17 percent (in constant 2006 dollars) to $59.02 per barrel in 2006. Natural gas prices decreased 15 percent to $6.42 per thousand cubic feet in 2006. Petroleum product prices rose by more than the increase in crude oil prices (on a per-barrel basis).

2. World oil demand increased by 0.8 million barrels per day (mmbd) to 84.5 mmbd, the smallest increase since 2002.

3. Worldwide reserve additions replaced 96 percent of oil production in 2006. The U.S. reserve replacement rate in 2006 was 81 percent for oil.

4. U.S. petroleum product demand decreased by 0.6 percent to 20.7 million barrels per day in 2006.

5. U.S. natural gas demand fell 1.9 percent in 2006 to 21.8 trillion cubic feet.

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