1. www.eia.gov U.S. Energy Information Administration Independent Statistics & Analysis Cyclical and Structural Changes in Oil Markets for Columbia University January 29, 2016 | New York, NY by Adam Sieminski, Administrator U.S. Energy Information Administration

2. world supply and demand million barrels per day implied stock change million barrels per day Oil supply and demand begin to rebalance in 2017 Source: EIA, Short-Term Energy Outlook,January 2016 2 Columbia University | GCC Countries in the New Oil World Workshop January 29, 2016

3. world crude oil and liquid fuels production growth million barrels per day OPEC drives production growth as North American and other non- OPEC production declines Source: EIA, Short-Term Energy Outlook, January 2016 3 Columbia University | GCC Countries in the New Oil World Workshop January 29, 2016

4. monthly percent change three month rolling average Columbia University | GCC Countries in the New Oil World Workshop January 29, 2016 Production growth in top crude producing regions (Permian, Bakken, Niobrara, and Eagle Ford) reverses in early 2015 Source: EIA, Drilling Productivity Report, January 2016 4

5. world liquid fuels consumption million barrels per day (MMb/d) annual change (MMb/d Chinese demand growth slows but remains over 300 thousand barrels per day in 2016 and 2017 Source: EIA, Short-Term Energy Outlook, January 2016 5 Columbia University | GCC Countries in the New Oil World Workshop January 29, 2016

6. China refined petroleum oil exports thousand barrels per day China crude oil imports thousand barrels per day China is increasingly becoming a petroleum product exporter as it liberalizes its refining sector Source: China National Bureau of Statistics, China General Administration of Customs, Bloomberg 6 Columbia University | GCC Countries in the New Oil World Workshop January 29, 2016