DAILY ENERGY REPORT
DAILY ENERGY REPORT
Saudi-Russia meeting, OPEC and NOPEC, US crude exports to Europe, Japan and the price cap, OECD taxes on gasoline and diesel, and more
CHART OF THE DAY
Figure (1)
What’s in a Liter of Oil for Consuming Countries, 2021 (%)
Source: OPEC, 2023, and EOA, 2023
Commentary
Figure (1) above shows how revenues from a liter of oil were divided in 2021. It shows that in most OECD countries, the largest share went to governments in oil-consuming countries in the form of taxes.
EOA’s Main Takeaway
1- Oil-consuming countries have been frequently making more money than oil-producing countries.
2- The dependence of oil-consuming countries on the massive revenues from gasoline and diesel taxes that can reach hundreds of billions of dollars a year, will likely create problems as they seek to adopt electric vehicles. A question to ask is how will they replace the hundreds of billions of dollars that will be lost as they electrify the transportation system.
STORY OF THE DAY
SPA: Saudi Energy Minister Meets Russia’s Deputy Minister in Riyadh
Summary:
The Saudi Press Agency (SPA) reported that Saudi Energy Minister Prince Abdulaziz bin Salman met today with Russia’s Deputy Prime Minister Alexander Novak in Riyadh. According to SPA, the two discussed preparations for the next meeting of the JMMC and the status of the global oil market. They also affirmed the commitment of their two countries to the decision taken by OPEC+ last October to reduce oil production by 2 million barrels per day (b/d) until the end of 2023, and the continuous cooperation between Moscow and Riyadh within the framework of the oil group to enhance the stability and balance of the global market.