Global oil supply and demand analysis for August 2016. Forecasts oil production, consumption and price for the next five years.

1. GLOBAL OIL SUPPLY and DEMAND ANALYSIS
Industry Analysis for Oil
August 17th
2016
Eric Corbett

2. 1
Key Assumptions
Given the overall complexity of the oil industry, robust assumptions must be made for future
projections in order to create an accurate outlook. All data regarding global supply, demand, production
and other quantitative measures is derived from the International Energy Agency (IEA) and the US
Energy and Information Administration (EIA). This report also operates under the assumption that
economic growth is the main driver of oil demand, with GDP being the main indicator of economic
growth. At this time, it is assumed that oil will remain the largest provider of energy for the foreseeable
future. All numbers represented in this report are in $USD unless otherwise stated.
Global Overview
The oil market has undergone substantial changes since Q1/2014. Prices fell from above
$100/bbl in June 2014 to $53/bbl by year end. After a brief rebound, oil prices continued to fall where
it reached its low of $28.50/bbl in January 2016 (Refer to Figure 1)1
. Market equilibrium has not been
established due to producers vastly oversupplying the market. Further compounding the supply issues
are the new innovations in oil production. Technological advances have lowered the cost of production
for non-traditional sources of oil. As a result, oil previously deemed uneconomic has become a viable
part of the oil supply chain. The rise in Shale Oil has caused the United States to go from a net importer
of oil to a net exporter. Despite this market instability, the Organization of the Petroleum Exporting
Countries (OPEC) has continued to be efficient and economic supplier of oil due to their inherently low
cost of production. The fall in oil prices resulted in closure of some less efficient oil operations although
not enough to sufficiently cause a material decline in supply.
After the activity seen at the beginning of Q1/2016, when the price of oil reached a twelve-year
low, the fact that crude oil has in the past two months moved within a range, from the high $40s/bbl to
the low $50s/bbl should be a relief for producers and exporting nations. At this time, the International
Energy Agency (IEA) has signaled a return to balance and upward direction in which the market is
heading. The year-to-date data suggests a transformation in the market from a major surplus in Q1/2016
to near-balance in Q2/2016 (Refer to Appendix A)2
.

3. 2
Figure 1: Historical Price of Oil
After the activity seen at the beginning of Q1/2016, when the price of oil reached a twelve-year
low, the fact that crude oil has in the past two months moved within a range, from the high $40s/bbl to
the low $50s/bbl should be a relief for producers and exporting nations. At this time, the International
Energy Agency (IEA) has signaled a return to balance and upward direction in which the market is
heading. The year-to-date data suggests a transformation in the market from a major surplus in Q1/2016
to near-balance in Q2/2016 (Refer to Appendix A)2
.
In China for example, data suggests that year-over-year demand growth was only 130 kb/d, part
of a recent trend of smaller increases (Refer to Table 1)3
. For the United States, estimated gasoline
exportations in 2016 were up just 75 kb/d, up from the year earlier4
. The saving grace for oil demand
has been Europe, where year-over-year growth reached a five-quarter high (Refer to Table 2)5
. This is
unlikely to last, with the ongoing pessimism of the European economies now dealing with added
uncertainty following the result of the UK referendum, on membership with the European Union.
On the supply side, forecasts for non-OPEC production have proven to be accurate thus far in
2016. Non-OPEC production remains on course to fall by 0.9 mb/d this year before staging a modest
recovery in 20176
. For low-cost Middle Eastern OPEC countries, production has grown steadily in
recent years, with notable increases contributed by Iraq in 2015 and Iran in 2016. Table 1 shows that

4. 3
oil output from the region rose to a record high in June. As such, the Middle East’s market share of
global oil supplies rose to 35%, the highest since the late 1970’s7
.
Demand:
Naturally, with rising GDP and global populations, demand for oil will steadily increase while
it remains the dominant form of energy. With oil being a finite resource, long run demand will trump
supply. In 2016, every major global economy is experiencing growth in demand for oil. Table 1 shows
us that global demand in 2013 was 92mb/d and has been on the rise. It is expected that by Q4/2017,
global demand will be 97.4mb/d8
. Demand growth is greatest in countries with high population growth
such as China and India.
Total world oil demand growth for 2016 now stands at 1.6 mb/d, leading to total consumption
of 96.8 mb/d9
. In 2017, world oil demand is projected to grow at a slower rate to 2016, increasing by
0.8 mb/d to average around 97.4 mb/d. Non-OECD countries are set to continue leading oil demand
growth with an average of 1.2 mb/d in total demand, while OECD countries are anticipated to see a
demand increase of 0.2 mb/d10
. The progress of economic development in major economies around the
globe is the key risk factor affecting world oil demand projections for 2017.
Oil demand growth for 2017 is forecast at 0.8 mb/d year over year. This is consistent with the
five-year average11
. Various assumptions have been considered in 2017 projections, the most notable
being that global economic activities are anticipated to rise by 3.4% year over year12
. However, OECD
oil demand is anticipated to remain unchanged while OECD Asia Oceania is expected to decline. In the
non-OECD area, growth is expected to be around 1.0 mb/d with the Middle East and Other Asia as the
major contributing region to overall growth13
.
Figure 2 shows us that demand and supply are likely to cross in Q1/2017, the first time in
nearly two years. From Q1/2014, global oil consumption has been on the rise with global supply
peaking14
.

5. 4
Figure 2: World Oil Production and Consumption
Supply:
Supply is derived from demand and thus oil production will increase to meet the growth
experienced in consumption. Crude oil production by OPEC is an important factor that affects oil prices.
OPEC actively manages oil production in its member countries by setting production targets.
Historically, crude oil prices have seen increases in times when OPEC production targets are reduced
(Refer to Appendix B)15
. OPEC countries produce 40% of the world’s crude oil and account for 60%
of the total petroleum traded internationally16
. Due to this massive market share, OPEC actions are able
to influence world oil prices by changing production levels. These engineered changes in supply affect
the price, and thus the global demand of oil.
For the first time in over five years, total world oil supply contract by 0.3mb/d to 95.8mb/d.
Net difference in production amount is -1.3mb/d in comparison to years of production growth. In 201717
,
world oil supply is projected to remain unchanged as OPEC will not be increasing its production levels.
Both OECD and Non-OECD countries are expected to abide by this decision meaning that production
levels will stay on par with those of 2016. Non-OECD producers will still be out producing OECD
countries by a small margin through 2017.

6. 5
EIA estimates that global inventory for oil averaged 1.9mb/d in 2015. The pace of inventory
build is expected to slow to an average of 0.8mb/d in 2016 (Refer to Figure 3)18
.This trend should hold
steady until there is either another technological breakthrough or change in government regulation
(Refer to Figure 3)19
.
World oil supply year-to-date has decreased by 1.06mb/d but this number is marginally inflated.
Fort McMurray fires across Alberta, Canada in addition to closures of US oil rigs could partially be
responsible for this decrease in production. Aside from the ongoing civil unrest in the Middle East,
slight increases in global supply can be expected as Canadian tar sands resume normal production
levels.
Figure 3: Surplus Crude Oil Production Capacity
Analysis:
Current market trends force producers to adopt an output maximization strategy and sell as
much oil as possible at whatever the price consumers are willing to pay. Starting in 2014 and carrying

7. 6
over into 2016, analysts and investors alike have tried to understand when the oil market would return
to equilibrium.
Oil consumption appears likely to continue growing, driven primarily from rapidly-growing
emerging economies and the likelihood that oil production is near its peak. Current condition of the oil
market points towards a recovery, but not a strong one in the immediate future without the proper
catalyst. Over the past two years, supply has greatly exceeded that of demand as seen in Table 1.
However, data does point towards a narrowing gap between the two to begin in 2017 and occur for the
next several years. Without a major spike in demand or a larger than anticipated fall in oil production,
the road to recovery is a long, bumpy ride, but this is expected after the world’s largest commodity hit
a twelve year low.
Very similar to monetary policy, spare production capacity has acted as a means for which
OPEC can exert upward pressure on oil prices. How and when OPEC exercises its available production
capacity is often used as an indicator for the strength of global oil markets. Spare capacity indicates the
oil market’s ability to respond to uncertainty and potential crisis. Naturally, as spare production capacity
rises, available oil in the market dwindles, and thus oil prices incorporate a risk premium into their
price. The Law of Supply shows us that as spare production capacity decreases, oil demand will to
continue to increase.
With increases in international trade partnerships like the Trans-Pacific Partnership (TPP) and
the removal of the US crude export ban, global trade of oil will continue to rise throughout the
foreseeable future. Coupled with rising energy usage amongst fast-growing Asian economies, both
global demand and supply are expected to increase above historical norms. Asia’s key role in the future
demand can partially be explained by the rise in the region’s share of global oil trade.
In regards to forecasting, Appendix A shows us that current demand is projected to be around
96mb/d. As the supply of oil from OPEC and non-OPEC countries begins to top off, world demand for
oil should start to see incremental increases quarter-over-quarter. Given historical growth rates of
demand for oil fluctuating between 0.9% and 1.2%, by 2021, global demand for oil should exceed

8. 7
100mb/d. With a growth rate of 1.1% per year, this is a very achievable metric. Demand growth is
projected to be towards the upper limit as depressed oil prices will cause a short term increase in
demand. This same stimulus can be expected for every pullback in price as supply and demand
relationship dictates.
The recurring theme in today’s global market is that oil is on track and approaching market
equilibrium, but the road ahead is far from smooth as seen in the modest fall back in oil prices to $45/bbl.
The price of oil can be expected to move between $45/bbl and $55/bbl for the next five years.

9. 8
Bibliography
1. Macrotrends, “Crue Oil Prices – 70 year Historical Chart”. Accessed August 17th
2016. http://www.macrotrends.net/1369/crude-oil-price-history-chart
2. International Energy Agency, “Oil Market Report: July 13 2016”. Accessed August
17th
2016. https://www.iea.org/oilmarketreport/omrpublic/currentreport/
3. Ibid
4. US Energy Information Administration, “US Total Gasoline Retail Sales by Refiners”.
Accessed August 18th
2016.
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=a103600001&f=a
5. International Energy Agency, “Oil Market Report: July 13 2016”. Accessed August
17th
2016. https://www.iea.org/oilmarketreport/omrpublic/currentreport/
6. Ibid
7. Ibid
8. Ibid
9. Ibid
10. Ibid
11. Ibid
12. International Monetary Fund, “World Economic Outlook: January 2016”. Accessed
August 20th
2016. http://www.imf.org/external/pubs/ft/weo/2016/update/01/
13. International Energy Agency, “Oil Market Report: July 13 2016”. Accessed August
17th
2016. https://www.iea.org/oilmarketreport/omrpublic/currentreport/
14. US Energy Information Administration, “Short Term Energy Outlook: August 2016”.
Accessed August 17th
2016. https://www.eia.gov/forecasts/steo/report/global_oil.cfm
15. US Energy Information Administration, “What Drives Crude Oil Price?”. Accessed
August 18th
2016. https://www.eia.gov/finance/markets/supply-opec.cfm
16. Ibid
17. International Energy Agency, “Oil Market Report: July 13 2016”. Accessed August
17th
2016. https://www.iea.org/oilmarketreport/omrpublic/currentreport/
18. US Energy Information Administration, “Short Term Energy Outlook: August 2016”.
Accessed August 17th
2016. https://www.eia.gov/forecasts/steo/report/global_oil.cfm
19. Ibid

10. 9
Appendix A: World Oil Supply and Demand

11. 10
Appendix B: Changes in OPEC Production and Oil Prices

12. 11
T
T
2013 2014 1Q15 2Q15 3Q15 4Q15 2015 1Q16 2Q16 3Q16 4Q16 2016 1Q17 2Q17 3Q17 4Q17 2017
OECD DEMAND
Americas
Europe
Asia Oceania
24.2 24.2
13.6 13.5
8.3 8.1
24.3 24.2 24.8 24.5 24.5
13.5 13.6 14.2 13.7 13.7
8.7 7.6 7.7 8.2 8.0
24.5 24.5 24.8 24.6 24.6
13.6 13.8 14.2 13.7 13.8
8.5 7.6 7.7 8.2 8.0
24.6 24.6 25.0 24.7 24.7
13.6 13.9 14.2 13.7 13.8
8.6 7.6 7.7 8.2 8.0
Total OECD 46.1 45.8 46.5 45.3 46.7 46.3 46.2 46.6 45.9 46.7 46.5 46.4 46.7 46.1 46.9 46.6 46.6
NON-OECD DEMAND
FSU
Europe
China
Other Asia
Americas
Middle East
Africa
4.7 4.9
0.7 0.7
10.4 10.8
11.7 12.0
6.6 6.8
7.9 8.0
3.9 4.0
4.6 4.9 5.1 5.0 4.9
0.7 0.7 0.7 0.7 0.7
11.2 11.4 11.5 11.5 11.4
12.3 12.5 12.3 12.8 12.5
6.6 6.8 6.9 6.8 6.8
7.6 8.3 8.6 8.1 8.2
4.1 4.1 4.0 4.2 4.1
4.9 5.0 5.1 5.0 5.0
0.7 0.7 0.7 0.7 0.7
11.4 11.7 11.8 11.9 11.7
13.1 13.1 12.9 13.4 13.1
6.5 6.7 6.8 6.8 6.7
7.8 8.3 8.7 8.3 8.2
4.2 4.2 4.2 4.3 4.2
4.9 5.0 5.1 5.1 5.0
0.7 0.7 0.7 0.7 0.7
11.8 11.9 12.0 12.1 12.0
13.7 13.7 13.4 13.9 13.7
6.5 6.7 6.8 6.8 6.7
8.0 8.4 8.8 8.4 8.4
4.4 4.4 4.3 4.4 4.4
Total Non-OECD
Total Demand
1
45.9 47.2
92.0 93.0
47.1 48.8 49.0 49.2 48.5
93.6 94.1 95.7 95.5 94.7
48.6 49.7 50.1 50.4 49.7
95.2 95.6 96.8 96.9 96.1
49.9 50.8 51.2 51.5 50.9
96.6 96.9 98.1 98.1 97.4
OECD SUPPLY
Americas
4
Europe
Asia Oceania
17.2 19.1
3.3 3.3
0.5 0.5
20.0 19.6 20.1 20.1 19.9
3.4 3.5 3.4 3.6 3.5
0.4 0.4 0.5 0.5 0.5
19.9 18.9 19.2 19.5 19.4
3.6 3.4 3.2 3.4 3.4
0.4 0.4 0.4 0.4 0.4
19.5 19.4 19.6 19.6 19.5
3.4 3.4 3.2 3.4 3.4
0.4 0.4 0.4 0.4 0.4
Total OECD 21.0 22.9 23.8 23.5 23.9 24.2 23.9 24.0 22.7 22.9 23.3 23.2 23.3 23.2 23.2 23.4 23.3
NON-OECD SUPPLY
FSU
Europe
China
Other Asia
2
Americas
2,4
Middle East
Africa
2
13.9 13.9
0.1 0.1
4.2 4.2
2.6 2.6
4.2 4.4
1.4 1.4
1.9 2.0
14.0 14.0 13.9 14.1 14.0
0.1 0.1 0.1 0.1 0.1
4.3 4.4 4.3 4.3 4.3
2.8 2.7 2.7 2.7 2.7
4.6 4.6 4.6 4.6 4.6
1.3 1.3 1.3 1.3 1.3
2.0 2.0 2.0 2.0 2.0
14.3 14.0 14.0 14.0 14.1
0.1 0.1 0.1 0.1 0.1
4.2 4.0 4.0 4.0 4.1
2.7 2.7 2.7 2.7 2.7
4.4 4.4 4.6 4.6 4.5
1.3 1.3 1.3 1.2 1.3
2.0 1.9 2.0 2.0 2.0
14.0 14.0 14.0 14.1 14.0
0.1 0.1 0.1 0.1 0.1
4.0 4.0 4.0 4.0 4.0
2.7 2.6 2.7 2.7 2.7
4.7 4.7 4.7 4.7 4.7
1.2 1.2 1.2 1.2 1.2
2.0 2.0 2.1 2.1 2.0
Total Non-OECD
Processing gains
3
Global Biofuels
Total Non-OPEC Supply
2
28.4 28.7
2.2 2.2
2.0 2.2
53.6 56.0
29.2 29.0 28.9 29.1 29.1
2.2 2.2 2.2 2.2 2.2
1.8 2.4 2.6 2.3 2.3
57.1 57.2 57.6 57.8 57.4
28.9 28.5 28.6 28.7 28.7
2.3 2.3 2.3 2.3 2.3
1.9 2.5 2.7 2.4 2.4
57.0 56.0 56.5 56.7 56.5
28.7 28.7 28.7 28.8 28.7
2.3 2.3 2.3 2.3 2.3
2.0 2.5 2.9 2.5 2.5
56.3 56.6 57.1 57.0 56.8
32.8 33.0
6.9 7.0 7.0 7.1 7.0
OPEC
Crude
NGLs
Total OPEC
2
Total Supply
4
31.4 31.2
6.3 6.5
37.8 37.7
91.3 93.8
31.4 32.4 32.7 32.6 32.3
6.6 6.7 6.7 6.7 6.7
38.0 39.1 39.4 39.4 39.0
95.1 96.3 97.0 97.2 96.4
6.8 6.8 6.9 6.9 6.9
39.5 39.8
96.5 95.8
STOCK CHANGES AND MISCELLANEOUS
Reported OECD
Industry
Government
-0.2 0.4
0.0 0.0
0.8 1.0 0.8 0.4 0.8 0.4
0.0 0.0 -0.1 0.1 0.0 0.1
Total
Floating storage/Oil in transit
Miscellaneous to balance
5
-0.2 0.4
0.1 0.0
-0.6 0.4
0.9 1.0 0.8 0.4 0.8 0.4
0.4 0.4 -0.2 0.5 0.3 0.2
0.2 0.7 0.7 0.7 0.6 0.7
Total Stock Ch. & Misc -0.6 0.8 1.5 2.2 1.3 1.7 1.6 1.3 0.2
Memo items:
Call on OPEC crude + Stock ch.6
32.1 30.4 29.9 30.3 31.4 31.0 30.7 31.5 32.7 33.4 33.3 32.7 33.3 33.3 34.0 34.0 33.7
1 Measured as deliveries from refineries and primary stocks, comprises inland deliveries, international marine bunkers, refinery fuel, crude for direct burning,
oil from non-conventional sources and other sources of supply.
2 Other Asia excludes Indonesia throughout. Latin America excludes Ecuador throughout. Africa excludes Angola and Gabon throughout.
Total Non-OPEC excludes all countries that were members of OPEC at 1 July 2016.
Total OPEC comprises all countries which were OPEC members at 1 July 2016.
3 Net volumetric gains and losses in the refining process and marine transportation losses.
4 Comprises crude oil, condensates, NGLs, oil from non-conventional sources and other sources of supply.
5 Includes changes in non-reported stocks in OECD and non-OECD areas.
6 Equals the arithmetic difference between total demand minus total non-OPEC supply minus OPEC NGLs.
Table 1
WORLD OIL SUPPLY AND DEMAND
(million barrels per day)

13. 12
T
2015 2016 2017 1Q16 2Q16 3Q16 4Q16 1Q17 Apr 16 May 16 Jun 16
OPEC
Crude Oil
Saudi Arabia
Iran
Iraq
UAE
Kuwait
Neutral Zone
Qatar
Angola
Nigeria
Libya
Algeria
Ecuador
Venezuela
Indonesia
Gabon
10.13
2.86
3.99
2.88
2.75
0.07
0.66
1.76
1.80
0.40
1.11
0.54
2.40
0.69
0.23
10.21 10.31
3.15 3.61
4.28 4.29
2.81 2.88
2.83 2.82
0.00 0.00
0.66 0.66
1.77 1.73
1.76 1.55
0.36 0.31
1.10 1.10
0.54 0.55
2.34 2.23
0.71 0.74
0.22 0.22
10.22 10.25 10.45
3.56 3.61 3.66
4.36 4.27 4.25
2.82 2.91 2.91
2.73 2.85 2.87
0.00 0.00 0.00
0.66 0.66 0.66
1.75 1.72 1.72
1.62 1.44 1.58
0.35 0.28 0.31
1.09 1.09 1.11
0.54 0.55 0.55
2.30 2.22 2.18
0.73 0.74 0.74
0.22 0.22 0.22
Total Crude Oil
Total NGLs1
32.28
6.67 6.86 6.99
32.76 32.99
6.77 6.83 6.89 6.94 6.94
32.95 32.81 33.21
6.83 6.83 6.83
38.95 39.54 39.81 39.77 39.63 40.03Total OPEC2
NON-OPEC2,3
OECD
Americas
United States
Mexico
Canada
Chile
Europe
UK
Norway
Others
Asia Oceania
Australia
Others
19.93 19.36 19.50
12.94 12.53 12.53
2.60 2.48 2.37
4.39 4.35 4.60
0.01 0.01 0.01
3.48 3.43 3.35
0.97 1.02 0.97
1.95 1.94 1.89
0.56 0.47 0.49
0.46 0.42 0.42
0.38 0.34 0.35
0.08 0.08 0.08
19.88 18.86 19.24
12.73 12.56 12.36
2.54 2.49 2.45
4.61 3.81 4.42
0.01 0.01 0.01
3.64 3.43 3.23
1.09 1.07 0.90
2.03 1.91 1.87
0.51 0.45 0.45
0.43 0.42 0.41
0.36 0.34 0.33
0.08 0.08 0.08
19.46 19.50
12.48 12.45
2.43 2.40
4.55 4.65
0.01 0.01
3.43 3.43
1.00 1.00
1.94 1.93
0.49 0.50
0.40 0.41
0.33 0.33
0.08 0.08
19.25 18.56 18.77
12.63 12.59 12.45
2.48 2.48 2.49
4.13 3.48 3.82
0.01 0.01 0.01
3.57 3.48 3.24
1.08 1.09 1.03
2.03 1.94 1.76
0.46 0.45 0.44
0.42 0.42 0.42
0.34 0.34 0.34
0.09 0.07 0.08
Total OECD 23.87 23.21 23.28 23.96 22.71 22.87 23.29 23.33 23.24 22.46 22.42
NON-OECD
Former USSR
Russia
Others
Asia2
China
Malaysia
India
Others
Europe
Americas
2
Brazil
Argentina
Colombia
Others
Middle East
2,4
Oman
Syria
Yemen
Others
Africa
Egypt
Others
14.00 14.07 14.02
11.06 11.18 11.14
2.94 2.89 2.88
7.04 6.76 6.63
4.33 4.06 3.98
0.71 0.72 0.72
0.87 0.84 0.83
1.14 1.14 1.10
0.14 0.14 0.13
4.59 4.51 4.71
2.53 2.60 2.88
0.63 0.62 0.61
1.01 0.91 0.86
0.42 0.38 0.37
1.28 1.25 1.21
0.99 1.00 0.96
0.03 0.03 0.03
0.05 0.02 0.02
0.21 0.21 0.21
2.00 1.96 2.04
0.67 0.64 0.62
1.10 1.10 1.21
14.26 14.04 13.99
11.24 11.17 11.16
3.02 2.87 2.83
6.91 6.74 6.69
4.18 4.04 4.01
0.73 0.72 0.72
0.85 0.84 0.83
1.15 1.14 1.13
0.14 0.14 0.14
4.36 4.43 4.59
2.40 2.52 2.71
0.62 0.62 0.62
0.96 0.91 0.89
0.38 0.39 0.38
1.26 1.25 1.25
1.01 1.00 1.00
0.03 0.03 0.03
0.02 0.02 0.02
0.21 0.21 0.21
1.95 1.92 1.98
0.65 0.65 0.64
1.08 1.05 1.12
14.00 14.05
11.16 11.12
2.84 2.93
6.70 6.64
4.00 3.99
0.72 0.70
0.85 0.84
1.13 1.11
0.13 0.13
4.64 4.67
2.77 2.81
0.62 0.61
0.87 0.87
0.38 0.37
1.24 1.22
0.99 0.97
0.03 0.03
0.02 0.02
0.21 0.21
2.01 2.02
0.63 0.63
1.16 1.18
14.05 14.02 14.06
11.16 11.18 11.18
2.89 2.85 2.88
6.78 6.73 6.70
4.09 4.02 4.02
0.71 0.72 0.72
0.84 0.85 0.82
1.15 1.13 1.13
0.14 0.14 0.14
4.31 4.50 4.49
2.38 2.57 2.59
0.62 0.62 0.62
0.92 0.91 0.90
0.39 0.39 0.38
1.25 1.26 1.25
1.00 1.01 1.00
0.03 0.03 0.03
0.02 0.02 0.02
0.21 0.21 0.21
1.87 1.91 1.96
0.65 0.64 0.64
1.00 1.05 1.10
Total Non-OECD
Processing gains
5
28.71 28.73
2.27 2.29
2.38 1.97
56.66 56.33
Global Biofuels
TOTAL NON-OPEC
TOTAL SUPPLY
29.06 28.69 28.74
2.24 2.27 2.29
2.26 2.38 2.45
57.43 56.54 56.77
96.38
28.87 28.52 28.64
2.27 2.27 2.27
1.89 2.50 2.74
56.98 56.00 56.51
96.52 95.81
28.41 28.56 28.60
2.27 2.27 2.27
2.39 2.45 2.65
56.31 55.74 55.94
96.09 95.37 95.97
Table 2
WORLD OIL PRODUCTION
(million barrels per day)

14. 13
Eric G. Corbett
2209 Glengrove Cres. Oakville, ON (905) 510 – 5453 corbete@mcmaster.ca
EDUCATION AND PROFESSIONAL DEVELOPMENT
Honour’s Bachelor of Commerce, Level III
DeGroote School of Business, McMaster University, Hamilton, ON September 2013 – Present
• Area of Concentration: Finance
• Commerce Level 3 Dean’s List Recipient, 2015-2016
• Expected date of completion: April 2017
Chartered Financial Analyst (CFA) Candidate
• Currently enrolled in CFA Level 1 with exam date scheduled for June 2017.
Canadian Securities Course (CSC) 2016
• Canadian Securities Course Designation, License 921086
WORK EXPERIENCE
Commercial Banking Summer Student, Canadian Imperial Bank of Commerce (CIBC) May – August 2016
• Analyzed and categorized over 7000 records on the employee intranet through the use of Excel and VBA Macro models to
ensure all relevant work files were fully functional with 100% accuracy.
• Provided direct support for commercial bankers by preparing and drafting necessary documents, resulting in greater work flow
and streamlined communication.
Crew Leader, Rubaroc Rubber Safety Surfacing May – September 2015
• Developed efficient and synergistic relationships among two employees while effectively managing them to ensure the job was
completed to company standards.
• Regularly processed inventory reports and product orders based on upcoming jobs which eliminated redundant shipping costs
and reduced break-even amount per job by 2%.
• Responsible for driving the company truck to transport employees and inventory from the office to the job site which increased
speed and service to customers.
Founder and General Manager, All in One Student Services February – September 2014
• Successfully conducted door to door sales and job quoting which allowed the business to generate $18,000 in revenues over a
four month period.
• Maintained accurate records of revenues and expenses which enabled the company to finish with a 95% profit margin.
CAREER RELATED SKILLS
• Proficient in all Microsoft Office programs includingMicrosoft Word, Excel and Powerpoint.
• Proficient in all Microsoft Office programs including Microsoft Word, Excel and PowerPoint.
EXTRACURRICULAR ACTIVITIES
DeGroote Commerce Society, First Year Representative September – April 2013
• Scheduled events for first year students giving them the opportunity to network with fellow students.
• Created a budget for future events and coordinated three fundraisers which resulted in a $600 year end cash surplus.
ACTIVITIES AND INTERESTS
• Investing – strong passion for fixed-income and equity investments.