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Glossary of Terms

OPEC Monthly Oil Market Report – September 2017

97

Acronyms

ARA

Amsterdam-Rotterdam-Antwerp

BoE

Bank of England

BoJ

Bank of Japan

BOP

Balance of payments

BRIC

Brazil, Russia, India and China

CAPEX

capital expenditures

CFTC

Commodity Futures Trading Commission

CIF

cost, insurance and freight

CPI

consumer price index

DCs

developing countries

DUC

drilled, but uncompleted (oil well)

ECB

European Central Bank

EIA

US Energy Information Administration

Emirates NBD

Emirates National Bank of Dubai

EMs

emerging markets

EV

electric vehicle

FAI

fixed asset investment

FCC

fluid catalytic cracking

FDI

foreign direct investment

Fed

US Federal Reserve

FID

final investment decision

FOB

free on board

FPSO

floating production storage and offloading

FSU

Former Soviet Union

FX

Foreign Exchange

FY

fiscal year

GDP

gross domestic product

GFCF

gross fixed capital formation

GoM

Gulf of Mexico

GTLs

gas-to-liquids

HH

Henry Hub

HSFO

high-sulphur fuel oil

ICE

Intercontinental Exchange

IEA

International Energy Agency

IMF

International Monetary Fund

IOCs

international oil companies

ISM

Institute of Supply Management

LIBOR

London inter-bank offered rate

LLS

Light Louisiana Sweet

LNG

liquefied natural gas

LPG

liquefied petroleum gas

LR

long-range (vessel)

LSFO

low-sulphur fuel oil

MCs

(OPEC) Member Countries

MED

Mediterranean

MENA

Middle East/North Africa

MOMR

(OPEC) Monthly Oil Market Report

MPV

multi-purpose vehicle

MR

medium-range or mid-range (vessel)