OPEC launches Annual Statistical Bulletin

OPEC launches Annual Statistical Bulletin

Some highlights from the 2017 ASB include: In 2016, world crude oil production inched up by 0.35 mb/d, or 0.5 per cent, as compared to 2015, to reach 75.48 mb/d, marking the seventh consecutive year of growth. The majority of non-OPEC countries registered substantial declines in their 2016 average crude production, as compared to 2015. In 2016, the top three crude oil producing countries were Saudi Arabia (10.46 mb/d), Russia (10.29 mb/d) and the United States (8.88 mb/d). World oil demand averaged 95.12 mb/d in 2016, up by 1.5 per cent year-on-year (y-o-y), with the largest increases in the Asia Pacific region, particularly China and India, as well as Western Europe, North America and Africa. 2016 oil demand in the Middle East remained flat y-o-y, while oil demand declined in Latin America for the second year in a row. Total OECD oil demand grew solidly for the second consecutive year in 2016, while oil demand in OPEC Member Countries declined for the first time since 1999, dropping by 0.20 mb/d or 2.2 per cent. Total exports of crude oil from OPEC Member Countries stood at 25.01 mb/d in 2016, up from 23.49 mb/d in 2015. This increase represents a 6.5 per cent growth rate y-o-y. As in previous years, the bulk of crude oil from OPEC Members was exported to the Asia Pacific region at a level of 15.72 mb/d or 62.9 per cent. Total world proven crude oil reserves stood at 1,492 billion barrels (bn b) at the end of 2016, increasing slightly by 0.3 per cent from the previous year’s level of 1,488 bn b. The largest additions came from Iraq, Venezuela and Norway. Total OPEC Members’ proven crude oil reserves increased by 0.5 per cent to 1,217 bn b at the end of 2016, with a share of 81.5 per cent of total world crude oil reserves. World refinery capacity expanded by 0.45 million barrels per calendar day (mb/cd) to stand at 97.37 mb/cd at the end of 2016, mainly supported by additions in North America and the Middle East, as well as the Asia Pacific region. The OPEC Reference Basket averaged $40.76/b in 2016, down from $49.49/b in 2015 and reaching the lowest yearly average since 2004. The yearly decline valued at $8.73/b, or 17.6 per cent, as compared to 2015. The 2016 volatility stood at $7.28/b, or 17.9 per cent, relative to the yearly average. Source / More: opec oilandgasOil and Gas News Undiluted !!! “The squeaky wheel gets the oil” Follow us: @OilAndGasPress on Twitter | OilAndGasPress on Facebook ]]>

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