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OPEC Launches 2020 Annual Statistical Bulletin

Gasoil News - Published on Thu, 16 Jul 2020

Image Source: OPEC Annual Statistical Bulletin
The OPEC Secretariat has launched the 55th edition of one of its flagship publications, the Annual Statistical Bulletin. The 2020 ASB provides a wide range of data on the oil and gas industry worldwide, as well as key economic indicators, serving as an important source of reliable information for research analysts and academics, as well as policymakers and other industry stakeholders. The publication provides detailed and comprehensive time-series data on different aspects of the petroleum industry, including production, demand, imports and exports, as well as exploration and transportation activities. The flagship publication also provides key statistical data on oil and natural gas activities in each of OPEC’s 13 Member Countries: Algeria, Angola, Congo, Equatorial Guinea, Gabon, IR Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the UAE and Venezuela.

Publication’s main highlights

Total world crude oil production declined in 2019 by 0.56 million barrels/day (mb/d), or 0.7 per cent, as compared to 2018, to average 75.26 mb/d, following a historical high during 2018. OPEC crude oil production declined sharply year-on-year by 1.86 mb/d, or 6.0 per cent, while crude production by non-OPEC countries grew by 1.30 mb/d, or 2.9 per cent.

With an average of 99.67 mb/d in 2019, world oil demand grew by 0.9 per cent y-o-y, with the largest increases recorded for the Asia and Pacific region (particularly China and India), Africa and the Middle East. OECD oil demand fell slightly in 2019, while oil demand in OPEC Member Countries returned to growth in 2019.

OPEC Member Countries exported an average of 22.48 mb/d of crude oil in 2019, a sharp decrease of about 1.80 mb/d, or 7.4 per cent, compared to 2018. Following the pattern of previous years, the bulk of crude oil from OPEC Member Countries was exported to the Asia and Pacific region, followed by Europe. North America imported 1.22 mb/d of crude oil from OPEC Member Countries, which was about 1.41 mb/d, or 53.6 per cent, less than the 2018 volumes.

World proven crude oil reserves stood at 1,551 billion barrels (bn b) at the end of 2019, increasing by 3.6 per cent from the level of 1,497 bn b recorded at the end of 2018. Proven crude oil reserves in OPEC Member Countries increased by 3.7 per cent to 1,227 bn b at the end of 2019.

World refinery capacity expanded by 1.41 million barrels/calendar day (mb/cd) to stand at 100.98 mb/cd during 2019. The Asia and Pacific region, particularly China, as well as Western Europe and the Middle East, contributed the most in terms of refining capacity additions.

The OPEC Reference Basket averaged $64.04/b in nominal terms during 2019, down from $69.78/b in 2018, a decrease of $5.74/b, or 8.2 per cent. The volatility level was $4.11/b, or 6.4 per cent, relative to the yearly average.

The ASB can be accessed through an online interactive version, as well as the ASB smart app, under
http://asb.opec.org

Source :

Posted By : Yogender Pancholi on Thu, 16 Jul 2020
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