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2018-06-08 13:20:00

OPEC: WORLD OIL DEMAND UP, PRODUCTION DOWN

OPEC: WORLD OIL DEMAND UP, PRODUCTION DOWN

OPECThe OPEC Secretariat has announced the release of the 53rd edition of the Annual Statistical Bulletin (ASB).

Some highlights from the 2018 ASB include:

In 2017, world crude oil production declined by 701,000 b/d, or 0.9 per cent, as compared to 2016, to reach 74.69 mb/d, marking the first yearly decline since 2009. OPEC-14 crude oil production fell year-on-year by 926,000 b/d, or 2.8 per cent, while crude production in non-OPEC countries registered gains.

World oil demand averaged 97.20 mb/d in 2017, up by 1.7 per cent y-o-y, with the largest increases taking place in 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 exports of crude oil from OPEC Member Countries averaged 24.86 mb/d in 2017 declining by 406,000 b/d, or 1.6 per cent, as compared to 2016. As in previous years, the bulk of crude oil from Member Countries was exported to the Asia and Pacific region, in the amount of 15.56 mb/d or 62.6 per cent. Significant volumes of crude oil were also exported to Europe, which increased its imports from OPEC Member Countries from 4.40 mb/d in 2016 to 4.64 mb/d in 2017. North America imported 3.21 mb/d of crude oil from Member Countries, which was 82,000 b/d, or 2.5 per cent, less compared to 2016 volumes.

Total world proven crude oil reserves stood at 1483 billion barrels (bn b) at the end of 2017, decreasing slightly by 0.4 per cent from the level of 1,489 bn reached at the end of the previous year. Total proven crude oil reserves in Member Countries decreased by 0.3 per cent to 1,214 bn b at the end of 2017.

In 2017, total world proven natural gas reserves rose by 0.2 per cent to approximately 199.4 trillion standard cubic meters (cu m). Proven natural gas reserves in Member Countries stood at 95.95 trillion standard cu m, unchanged from the level of the previous year.

World refinery capacity expanded by 104,000 barrels per calendar day (b/cd) to stand at 96.93 mb/cd during 2017, mainly supported by additions in the Asia and Pacific region, particularly China and India. Global refinery throughput ramped up by 1.6 per cent to reach 83.7 mb/d in 2017, with the largest gains in the Asia and Pacific region and North America.

The OPEC Reference Basket averaged $52.43/b in 2017, up from $40.76/b in 2016. The yearly increase valued at $11.67/b, or 28.6 per cent, compared to 2016. The 2017 volatility stood at $5.00/b, or 9.5 per cent, relative to the yearly average.

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Earlier:

 Trends
2018, May, 30, 13:50:00

OPEC: CONFORMITY LEVEL 152%

OPEC - The JMMC reported that participating countries have achieved a conformity level of 152% during the fourth month of the second year of the Declaration of Cooperation. This demonstrates the commitment of participating countries to the restoration of market stability, which is intended to serve the long term interests of producers, consumers and the global economy.

 Trends
2018, May, 30, 13:35:00

GLOBAL ECONOMY GROWTH 3.9%

IMF - We expect growth to stay strong this year and next—at 3.9 percent. This is being driven by stronger investment and a rebound in trade. Once again, the momentum is broad-based, encompassing the United States, Europe, Japan, China, Russia, and many other emerging market and developing countries.

 Trends
2018, May, 28, 11:10:00

TOTAL DECARBONIZATION OF THE GLOBAL ECONOMY

GAZPROM - It seems that putting renewables ahead of everything else doesn’t accomplish anything in today’s world. And striving for a total decarbonization of the global economy is downright quixotic. One should understand that fossil fuels will continue to play an essential role in the next 20 years.

 Trends
2018, May, 23, 10:15:00

NO OIL FUTURE 2040

BLOOMBERG - Natural gas will probably emerge as the main fossil fuel “winner” as it balances renewables in power generation and is used as a substitute for oil in petrochemicals. Long-term gas demand is set to increase by 15 percent, or by 750 billion cubic meters, compared to business as usual,

 Trends
2018, March, 28, 11:15:00

GLOBAL ENERGY DEMAND + 2.1%

IEA - Global energy demand rose by 2.1% in 2017, more than twice the previous year’s rate, boosted by strong global economic growth, with oil, gas and coal meeting most of the increase in demand for energy, and renewables seeing impressive gains.

 Trends
2018, March, 23, 08:10:00

ASIA NEEDS NUCLEAR

WNN - Asia needs nuclear energy to meet its economic, energy and environmental goals, but such plans are still in the development phase in the South East region of the continent, Agneta Rising, director general of World Nuclear Association, said.

 Trends
2018, March, 16, 10:30:00

OIL DEMAND GROWTH - 2018: 1.5 MBD

IEA - Looking at demand, our estimate for global growth in 2018 has increased by 90 kb/d taking it up to 1.5 mb/d. Although this is a modest revision, it is interesting that provisional data suggests very strong starts to the year in China and India, which, taken together, accounted for nearly 50% of global demand growth in 2017. Cold weather in some parts of the northern hemisphere in January-February saw an increase in heating demand.

Tags: OIL, DEMAND, PRODUCTION, RESERVES