According to the 2008 Fortune 500’s list of the most profitable companies, Oil refiners still are on top of the world in terms of profits with the same major Oil producers occupying the top 5 slots.
Exxon Mobile which was 2007’s top income earner fell to second spot, being beaten by Wal-Mart Stores. Exxon Mobile was able to take home over $40 B in profits. Chevron ($18.6B profits) and Conoco Phillips ($11.9B) rounded up the major oil players in the top 5
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Well not really the entire world, but for the countries of Belgium, France, Germany, Italy, Netherlands, United Kingdom and the United States.
Price values are in $/gallon.
Raw Data can be downloaded here:
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Well according to the CIA Factbook. In 2005 the Philippines consumed about 340,000 barrels/day, while it imported 353,700 bbl/day (2004 est).
In terms of Oil Production. According to the Philippine Department of Energy(DOE) (as of November 2006) the Philodrill Corporation produced a total of 162,963 barrels of crude oil. The Nido fields off the coast of Palawan has produced 106,939 barrels while Matinloc made 56,024 barrels. The Malampaya Natural Gas field has been also able to produce 4,908,180.87 barrels of condensate oil.
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If this WSJ article is to be believed. Then we shouldn’t be hoping for any relief from the high oil prices. Because it seems that the major oil producers have done nothing to increase production despite the high demand:
Last year, the region’s six largest petroleum exporters — Saudi Arabia, United Arab Emirates, Iran, Kuwait, Iraq and Qatar — curbed their output by 544,000 barrels a day. At the same time, their domestic demand increased by 318,000 barrels a day, leading to a loss in net exports of 862,000 barrels a day, according to the U.S. Energy Information Administration.
