From: Subject: Spare Capacity And Oil Price Dynamics Date: Mon, 6 Feb 2006 02:54:22 -0800 MIME-Version: 1.0 Content-Type: multipart/related; type="text/html"; boundary="----=_NextPart_000_0000_01C62AC8.A221D5B0" X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2900.2180 This is a multi-part message in MIME format. ------=_NextPart_000_0000_01C62AC8.A221D5B0 Content-Type: text/html; charset="Windows-1252" Content-Transfer-Encoding: quoted-printable Content-Location: http://www.mees.com/postedarticles/oped/v49n05-5OD01.htm Spare Capacity = And Oil Price Dynamics

Middle East Economic=20 Survey

 

VOL. = XLIX

No 5

30-January-2006

OIL=20 PRICES

Spare Capacity And Oil Price Dynamics
By Bassam Fattouh

Dr Fattouh is a Reader in Finance and Management in the = Department of=20 Financial and Management Studies, SOAS, University of London. This = article is=20 based on the author=92s presentation at The Commodities Investors Forum, = Geneva,=20 Switzerland, 16 November 2005.

1.  Introduction

The oil price=20 hikes in 2005 revealed an oil market that has lost a great deal of its=20 flexibility and capacity to deal with oil supply disruptions or large = unexpected=20 (or even expected) increases in global oil demand. For most of the 1980s = and=20 1990s, spare capacity of OPEC, chiefly that of Saudi Arabia, helped = offset large=20 demand and supply shocks and hence acted as the =93cornerstone of world = oil market=20 stability =96 both for the upstream and the downstream=94.1 = Spare=20 capacity however has witnessed a gradual decline since the early 1990s. = Many=20 observers argue that the conditions responsible for the emergence of a = large=20 spare capacity cushion in the mid-1980s (mainly the surge in non-OPEC = supply=20 accompanied by a decline in global demand) cannot be repeated and thus = spare=20 capacity is a thing of the past. International institutions such as the = IMF and=20 IEA argue that the erosion of spare capacity has been the result of = worldwide=20 under-investment in the oil sector and hence they call for removing = barriers to=20 investment in order to restore spare capacity in all parts of the supply = chain.=20 Others such as Goldman Sachs are more pessimistic about the realization = of=20 investments, arguing that =93demand destruction will be needed to = recreate a spare=20 capacity cushion in order to return to a period of lower energy=20 prices=94.2 A group of observers = think that=20 Saudi Arabia=92s declared policy of maintaining a volume of spare = capacity of=20 2-3mn barrels could be achieved, but this spare capacity is too little = for a=20 system as big and complex as that of world petroleum. It is interesting = to note=20 that although these views are fundamentally different from each = other,=20 they all seem to agree on one thing: we have entered a =93new era=94 in which oil market=92s ability to rely on = spare capacity to=20 absorb shocks has greatly diminished. This situation, if it turns to be = correct,=20 would have dramatic effects on the behavior and on the stability of oil=20 prices. 

2. =  The Gradual=20 Erosion Of The Spare Capacity Cushion

Figure = 1 below shows=20 the year-to-year changes in global oil demand and non-OPEC supply over = the=20 period 1990-2006. As can be seen, the year-to-year change in world = demand has=20 outpaced that in non-OPEC supply in almost every year throughout the = last decade=20 (exceptions were 2000, 2001, and 2002 which saw large increases in = Russian oil=20 production).3 In fact, over the period 1990-2004, global = demand for=20 oil increased by around 16mn b/d, while the increase in non-OPEC supply = amounted=20 to only around 6mn b/d. It is worth noting that during 2000-04, Russia = has been=20 responsible for the bulk of the increase in non-OPEC supply while the = production=20 for other non-OPEC countries has been flat.

The = difference between=20 the increase in global demand and non-OPEC supply had to be met by OPEC. = During=20 1990-2004, OPEC supplied the additional 10mn b/d with production in 2004 = reaching around 33mn b/d. The impact of the increase in demand for OPEC = oil has=20 been the gradual decline in OPEC spare production capacity, a process = which=20 accelerated in the 1990s and early 2000. While in 1985, spare capacity = amounted=20 to around 10mn b/d it declined to less than 2mn b/d or around 2% of = global oil=20 demand in 2004.

Investment to increase the volume of surplus capacity was = required early=20 on to avoid this situation. Recognizing this critical juncture, however, = has not=20 been timely. The growth of global oil demand was consistently = underestimated by=20 the various energy agencies, and since demand pessimism was associated = with=20 exaggerated expectations about non-OPEC supply, there was no incentive = for OPEC=20 to invest in maintaining or increasing spare capacity.

The = general decline in=20 the cushion of spare production capacity in the upstream has been = accompanied by=20 bottlenecks in all parts of the oil supply chain. Investment in = downstream=20 assets such as pipelines, refineries and tankers has failed to keep pace = with=20 the growth in global oil demand. The dramatic rise in oil product prices = in the=20 last two years has brought to the fore the role of shortage in refining=20 capacity. In a recent speech, the Saudi Foreign Minister Prince Sa'ud = al-Faisal=20 argues that =93the basic problem of the current energy crisis... is that = the=20 current refineries are incapable of meeting demand on oil products, = shortage in=20 storage capacity and restrictions imposed on the oil industry thus = paralyzing it=20 from building more refineries=85 Not a single refinery was built in the = United=20 States in the last three decades while the difference in standard = requirements=20 on oil products from one state to the other inside the United States,=20 particularly due to environmental concerns, has greatly deteriorated the = energy=20 crisis=94.4

3. = The Decline In=20 Spare Capacity And Price Dynamics

The = loss of spare=20 capacity has strong implications both on price levels and the dynamic = behaviour=20 of crude oil and oil product prices. Figure 2 describes a useful model = to=20 explain the current behaviour of oil prices. History of low investment = in the=20 oil industry, accelerated increase in global oil demand and low non-OPEC = supply=20 growth led to the reduction of OPEC spare capacity. These same factors=20 contributed to bottlenecks in the oil supply chain, especially in = refining. As a=20 result, the global oil system=92s ability to respond to demand or supply = shocks=20 weakened considerably at times when the oil system witnessed a number of = such=20 shocks (political, climatic, technical =96 and speculation about the = ability of=20 OPEC to respond to them). In the absence of the capacity cushion, the = impact of=20 these shocks is highly magnified on oil prices. In particular, when = capacity=20 constraints become the main force in the market, the following price = dynamics=20 are likely to emerge. First, we expect to see an accelerated rise in the = average=20 level of oil prices. Second, we expect an increase in the volatility of = oil=20 prices. Third, we are likely to witness more occasional spikes in crude = and=20 product oil prices. Finally, refining bottlenecks add a further = dimension to the=20 oil price dynamics by widening oil price differentials.

In fact we have=20 seen all of these effects in the last two years or so. Figure 3 = summarises the=20 main features of recent oil price dynamics by comparing the distribution = of spot=20 WTI prices for the period 1991-2002 (Period I) with that of 2003-05 = (Period II).=20 First, the average price of Spot WTI has almost doubled, increasing from = a daily=20 average of $21.25/B in Period I to $42.30/B in period II. This is quite = evident=20 in Figure 3 where there has been a significant shift in the mean of = distribution=20 between the two periods. Second, the standard deviation (which can be = used as a=20 crude measure of volatility) has more than doubled between the two = periods=20 rising from $4.92/B to $11.40/B. This is reflected in the higher = dispersion of=20 the distribution in Period II when compared to Period I.  Third, = Period II=20 witnessed many occasional spikes in oil prices with WTI price exceeding = the=20 $70/B mark. As can be seen from Figure 3, there have been many occasions = in=20 which oil prices have hit the $60-70/B range compared only to few = situations in=20 which oil prices have hit what was considered then the upper range of=20 $35-40/B.  Finally, there is the issue of the widening of oil price = differential. As can = be seen from=20 Figure 4, the daily average of price differential between WTI spot at = Cushing=20 and Iranian Heavy Period I was around $3.5/B and more than doubled to = $7.58/B in=20 Period II. This can be attributed to the two main aspects of the = refining=20 problem:

(i)        An insufficient volume of total capacity = and
(ii)
      The=20 mismatch between the structure of refining plants and that of the world = oil=20 slate, and the rising demand for light petroleum = products.

4.=20 Conclusion

It is clear from the above discussion that the oil industry = faces major=20 challenges =96 not only to invest in upstream and downstream to meet the = expected=20 growth in global demand for oil, but also to invest in new spare = capacity that=20 is needed to provide the global oil system with the flexibility required = to=20 respond to shocks and provide a more stable oil pricing system. The main = question is: which parties are going to bear the costs of investment in = spare=20 capacity? The international oil companies are not willing to bear them. = In fact,=20 investment in spare capacity does not conform to the principle of = shareholder=20 value maximization as it implies the company is holding idle assets. On = the=20 other hand, most national oil companies, due to many financial and = political=20 constraints, may not be able to invest in new spare capacity, with the = exception=20 of Saudi Arabia whose declared policy is to maintain a volume of spare = capacity=20 of 2-3mn b/d.

Failure or inability to address this complicated issue of who = bears the=20 costs of spare capacity simply means that the world has to get used to = more oil=20 price hikes and price volatility. The =91international oil order=92 = where non-OPEC=20 supplies much of the incremental global oil demand and OPEC provides the = capacity cushion is no longer viable. The huge spare capacity of the = past is a=20 luxury that the oil industry enjoyed for a while, but seems that can no = longer=20 afford.

Notes

1.=20   Naimi, A (2005), Globalization And The Future Of The Oil Market,=20 Middle East Economic Survey (MEES), VOL XLVIII, No 22,=20 30-May.
2. =  =20 Goldman Sachs (2005) Super Spike Period May Be Upon Us: Sector=20 Attractive, p18 downloaded from:
http://www.oilcast.com/pdfs/superspike.pdf

3.   According to the = IEA, global=20 demand is also likely to outpace supply both in 2005 and = 2006.
4.   Oil crisis = very dangerous,=20 lack of refining capacity to blame Saudi minister, downloadable=20 from:

 http://www.mabico.com/en/news/20050922/government_ministries/article= 47770/ 

Figure=20 1

Year = To Year Change=20 In Global Oil Demand And Non-OPEC Supply

 

Source: BP=20 Statistical Review.

Figure 2 =20

Spare Capacity And=20 Oil Price Dynamics

 Figure 3

Oil = Price=20 Distribution

  

 Figure = 4

Oil = Price=20 Differentials

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