2018 OIL PRODUCTION +1.213 MBD
OPEC - OPEC 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.
2019, June, 3, 12:50:00OIL 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%.
2019, June, 3, 12:45:00OPEC+ OIL CONSENSUS
Saudi Arabia produced 9.65 million barrels per day (bpd) of oil in May, a Saudi industry source said, a deeper cut than its target set by the Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+.
2019, June, 3, 12:35:00ARAMCO'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.
2019, May, 30, 18:20:00DIVERSIFICATION IS IMPORTANT
To put these two things together, the shale oil affecting both the volume of export and the price, plus the developments in clean technologies, tell me that for those countries who meet in Vienna, it has never been more important for them to diversify their economies. We have seen in Algeria, for example, one of the main reasons is the low oil price and the impact on the economy, and the same with Venezuela and elsewhere.
2019, May, 24, 10:20:00OPEC+ COMPLIANCE 168%
Although compliance to the cuts had a slow start, OPEC's JMMC noted in a press release following their meeting in Jeddah, Saudi Arabia, that compliance had hit a record high of 168% in April 2019. Average conformity reached 120% since January 2019.
2019, May, 20, 11:25:00IRAN'S OIL EXPORTS DOWN
Iran has sent abroad between 250,000 bpd and 500,000 bpd of oil so far in May, according to two industry sources who track the flows. Data from Refinitiv Eikon put crude shipments at about 250,000 bpd and exports of crude and condensate, a light oil, at about 400,000 bpd.