One's Observations

A collection of some things I observe along the way.

Retrieving...
9/28/2009

Who's Buying Oil?

"As the U.S. strategic petroleum reserve (SPR) approaches capacity (721.5 million barrels filled out of a total possible 727 million, and will be filled by January 2010), the federal government will fade out of the oil-buying business. Some bearish traders believe that this factor can weigh in on prices, since most petroleum stocks in the United States are government-held rather than private. Bullish traders have also used the filling of the Chinese SPR as a reason that oil should go much higher."

"So which countries are executing preparedness plans to fill their strategic reserves with $70 oil now (as opposed to $140+)? Below are the 10 countries that consume the most oil in the world, as of 2008, the latest figures available from the BP Statistical Review of World Energy." (
Safe Haven Report)


Consumption
Million Barrels/Day

U.S.

19.4

China (Including Hong Kong SAR)

8.3

Japan

4.8

India

2.8

Russian Federation

2.7

Germany

2.5

Brazil

2.4

South Korea

2.3

Canada

2.3

Saudi Arabia

2.2

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