OPEC
Data and transparency
OPEC’s Annual Statistical Bulletin 2018 O
PEC is currently on its 53rd edition of the Annual Statistical Bulletin (ASB) – a report
that was first published in 1965. The ASB, one of OPEC’s flagship publications, has been a useful reference tool for analysts and academics, policymakers and industry specialists over the decades and makes available important data about the global oil and gas industry worldwide.
“In publishing the ASB, OPEC continues to strive to ensure greater data transparency,” writes OPEC Secretary General Mohammad Sanusi Barkindo in the Foreword of the 2018 edition. “This has long been one of OPEC’s key objectives. The increased dissemination of information about the oil and gas industry and its many stakeholders enables the organization to fulfil its commitment to contribute to market stability through the enhanced sharing of data.” The ASB provides key statistical data for all of OPEC’s member countries. In addition to providing information about other non-OPEC oil producing countries, it also brings together data on exports, imports, production, refineries and shipping.
The 2018 ASB, which comprises data up to the end of 2017, includes the following highlights: • In 2017, world crude oil production declined by 701,000 barrels per day (b/d), or 0.9 percent, as compared to 2016, to
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reach 74.69m b/d marking the first yearly decline since 2009. OPEC crude oil production fell year- on-year by 926,000 b/d, or 2.8 percent, while crude production in non-OPEC countries registered gains. The biggest increases were for the United States with 498,000 b/d, or 5.6 percent, and Libya with 427,000 b/d or 109.5 percent, while the largest declines for Saudi Arabia with 501,000 b/d, or 4.8 percent, and Venezuela with 338,000 b/d or 14.2 percent. In 2017, the top three crude oil producing countries were Russia (10.35m b/d), Saudi Arabia (9.96m b/d) and the United States (9.36m b/d).
• World oil demand averaged 97.20m b/d in 2017, up by 1.7 percent year-on-year, with the largest increases taking place in the Asia and Pacific region (particularly China and India), Europe, and North America. The 2017 oil demand in Africa and the Middle East grew by around 100,000 b/d, as compared to 2016, while oil demand declined in Latin America for the third year in a row. Total OECD oil demand grew solidly for the third consecutive year in 2017, while oil demand in OPEC member countries returned to modest growth after declining during 2016. Distillates and gasoline account for around 55.6 percent of 2017 total world oil demand and are on increasing trends. The share of residual fuel oil requirements out of total oil demand in 2017 amounts roughly to 7.2 percent.
2018 Organization of the Petroleum Exporting Countries
OPEC Annual Statistical Bulletin
“OPEC continues to strive to ensure greater data transparency. This has long been one of OPEC’skey objectives”
OPEC Secretary General Mohammad Sanusi Barkindo
• Total world proven crude oil reserves stood at 1,483bn barrels at the end of 2017, decreasing slightly by 0.4 percent from the level of 1,489bn barrels reached at the end of the previous year. Total proven crude oil reserves in member countries decreased by 0.3 percent to 1,214bn barrels at the end of 2017 but slightly increased their share of total world crude oil reserves, from 81.8 percent in 2016 to 81.9 percent in 2017. In 2017, total world proven natural gas reserves rose by 0.2 percent to approximately 199.4 trillion standard cu m. This increase in natural gas reserves came mainly on the back of new discoveries in
the Asia and Pacific region. Proven natural gas reserves in member countries stood at 95.95tr standard cu m, unchanged from the level of the previous year.
As in previous years, the 2018 edition of the ASB is available in various formats. These include a print edition, a PDF version and an interactive online version, which includes historical time-series data going back to 1960. In addition, there is a SmartApp version which is freely available for iOS and Android devices.
See more at
https://asb.opec.org/
1965 – 2018 53rd edition
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