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2019-06-04 15:25:00

2018 OIL PRODUCTION +1.213 MBD

2018 OIL PRODUCTION +1.213 MBD

OPECOPEC launches 2019 Annual Statistical Bulletin

Some of the highlights from the 2019 ASB include:

  • Total world crude oil production increased sharply in 2018 by 1.213 million barrels/day (mb/d), or 1.6%, as compared to 2017, to reach 75.78 mb/d, marking a historical high and the highest annual growth since 2015. OPEC crude oil production declined y-o-y by 415,000 b/d, or 1.3%, while crude production by non-OPEC countries grew by 1.628 mb/d, or 3.8%. In 2018, the top three crude oil producing countries were the United States (10.96mb/d), Russia (10.53mb/d) and Saudi Arabia (10.32mb/d).
  • With an average of 98.73 mb/d in 2018, world oil demand grew by 1.5 % y-o-y, with the largest increases recorded for the Asia and Pacific region (particularly China and India) and North America. OECD oil demand grew solidly for the fourth consecutive year in 2018, while oil demand in OPEC Member Countries declined slightly after increasing during 2017. Distillates and gasoline accounted for around 55% of 2018 world oil demand with an upward trend. Residual fuel oil requirements were about 7.2% of total oil demand in 2018.
  • OPEC Member Countries exported an average of 24.67 mb/d of crude oil in 2018, a slight increase of about 14,000 b/d, or 0.1 %, compared to 2017. Following the trend in previous years, the bulk of crude oil from OPEC Member Countries — 15.86 mb/d or64.3% — was exported to the Asia and Pacific region. Considerable volumes of crude oil — about 4.58 mb/d — were also exported to Europe in 2018, which represents a decline compared with the 4.65 mb/d recorded in 2017. North America imported 2.81 mb/d of crude oil from OPEC Member Countries, which was about 406,000 b/d, or 12.6 %, less than the 2017 volumes. Exports of petroleum products from OPEC Member Countries averaged 4.71 mb/d during 2018, up by around 784,000 b/d, or 20.0 %, compared to 2017. Imports of petroleum products by OPEC Member Countries stood at 2.62 mb/d in 2018, roughly 593,000 b/d, or 29.3%, higher than in 2017.
  • World proven crude oil reserves stood at 1,498 billion barrels (bn b) at the end of 2018, increasing slightly by 0.4 % from the level of 1,492bn b recorded at the end of 2017. Proven crude oil reserves in OPEC Member Countries decreased slightly by 0.2% to 1,189bn b at the end of 2018 for the second consecutive year. At the end of 2018, world proven natural gas reserves rose by 0.7% to approximately 203.2 trillion standard cubic metres (cu m). Proven natural gas reserves in OPEC Member Countries stood at 72.68 trillion standard cu m at the end of 2018, up 0.6% from the level at the end of 2017.
  • World refinery capacity expanded by 876,000 barrels/calendar day (b/cd) to stand at 99.51m b/cd during 2018. The Asia and Pacific region, particularly China, as well as the Middle East, contributed the most in terms of refining capacity additions. Refinery capacity in the OECD declined marginally in 2018, as compared to 2017, with capacity expansions in North America being offset by closures in Europe. Globally, refinery throughput surged by 1.6 % to reach 84.94 mb/d in 2018, with the largest gains in the Asia and Pacific region, North America, Europe and the Middle East.
  • The OPEC Reference Basket averaged $69.78/b in nominal terms during 2018, up from $52.43/b in 2017, an increase of $17.35/b, or 33.1%. The volatility level was $6.59/b, or 9.4%, relative to the yearly average.

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Earlier:

2018 OIL PRODUCTION +1.213 MBD
2019, June, 3, 12:50:00
OIL PRICE: ABOVE $60
Front-month Brent crude futures were at $60.96 at 0844 GMT, down $1.03 or 1.7% below Friday’s close. Prices had dropped by more than 3% on Friday, with May recording the biggest monthly loss in six months. U.S. West Texas Intermediate (WTI) crude futures were at $52.98 per barrel, down 52 cents, or 1%.
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ARAMCO'S OIL PRICES DIFFERENCES
Aramco hiked the July price differential for its flagship Arab Light grade by 60 cents/b to a premium of $2.70/b to the average of Oman/Dubai, the highest since January 2014, when it was a premium of $3.75/b to Oman/Dubai.
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IRAN'S OIL EXPORTS DOWN
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Tags: OPEC, OIL, PRICE, PRODUCTION
Chronicle:
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2018 OIL PRODUCTION +1.213 MBD
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OIL PRICE: BELOW $75
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