The 55th Annual Statistical Bulletin (ASB) of the Organisation of Petroleum Exporting Countries (OPEC) which highlights accurate data on the global oil and gas industry annually has been released. It provides statistical data for all of OPEC’s Member Countries from 2015 – 2019.
Here are some of the highlights from the bulletin:
The African-member countries of OPEC are Algeria, Angola, Congo, Equatorial Guinea, Gabon, Libya and Nigeria. Others are The Islamic Republic of Iran, Iraq, Kuwait, the United Arab Emirates and Venezuela.
Total world crude oil production declined in 2019 by 0.56 million barrels/day (mb/d), or 0.7%, as compared to 2018, to average 75.26 mb/d, following a historical high during 2018.
The crude oil production for OPEC member countries declines sharply by 1.86 mb/d, or 6.0%, while crude production by non-OPEC countries grew by 1.30 mb/d, or 2.9%.
The top three oil-producing nations, according to the compiled date were the United States with a 12.23 mb/d production, Russia with 10.63 mb/d and the Kingdom of Saudi Arabia with 9.81 mb/d.
Distillates and gasoline accounted for about 55.0% of the world oil demand in 2019 and residual fuel oil requirement accounted for about 7.0% of total oil demand in 2019.
Following a slight decrease in 2018, proven crude oil reserves in OPEC member countries increased by 3.7% to 1,227 billion barrels at the end of 2019. The world proved oil reserves were 1,5551 billion barrels at the end of 2019, an increase of 3.6% from the level of 1,497 billion barrels in 2018.
Also, the proven reserve of natural gas in the world rose by 1.6% to approximately 206.2 trillion standard cubic metres (tr s cu m). That of OPEC Member Countries rose by 0.6% from 2018 to 73.14 tr s cu m at the end of 2019.
The world refinery capacity also expanded by 1.41 million barrels/calendar day (mb/cd) at 100.98 mb/cd in 2019. The Asia and Pacific region, as well as Western Europe and the Middle East, contributed the most to the additions in the refining capacity.
The OPEC Reference Basket also averaged $64.04/b in nominal terms in 2019, down from $69.78/b in 2018, a decrease of $5.74/b, or 8.2%. The statistics stated that the volatility level was $4.11/b, or 6.4%.
%20of%20the%20strongOrganisation%20of%20Petroleum%20Exporting%20Countries%20(OPEC)/strong%20which%20highlights%20accurate%20data%20on%20the%20global%20oil%20and%20gas%20industry%20annually%20has%20been%20released.%20It%20provides%20statistical%20data%20for%20all%20of%20OPEC's%20Member%20Countries%20from%202015%20-%202019.Here%20are%20some%20of%20the%20highlights%20from%20the%20bulletin:The%20African-member%20countries%20of%20OPEC%20are%20Algeria,%20Angola,%20Congo,%20Equatorial%20Guinea,%20Gabon,%20Libya%20and%20Nigeria.%20Others%20are%20The%20Islamic%20Republic%20of%20Iran,%20Iraq,%20Kuwait,%20the%20United%20Arab%20Emirates%20and%20Venezuela.Total%20world%20crude%20oil%20production%20declined%20in%202019%20by%200.56%20million%20barrels/day%20(mb/d),%20or%200.7%,%20as%20compared%20to%202018,%20to%20average%2075.26%20mb/d,%20following%20a%20historical%20high%20during%202018.The%20crude%20oil%20production%20for%20OPEC%20member%20countries%20declines%20sharply%20by%201.86%20mb/d,%20or%206.0%,%20while%20crude%20production%20by%20non-OPEC%20countries%20grew%20by%201.30%20mb/d,%20or%202.9%.The%20top%20three%20oil-producing%20nations,%20according%20to%20the%20compiled%20date%20were%20the%20United%20States%20with%20a%2012.23%20mb/d%20production,%20Russia%20with%2010.63%20mb/d%20and%20the%20Kingdom%20of%20Saudi%20Arabia%20with%209.81%20mb/d.Distillates%20and%20gasoline%20accounted%20for%20about%2055.0%%20of%20the%20world%20oil%20demand%20in%202019%20and%20residual%20fuel%20oil%20requirement%20accounted%20for%20about%207.0%%20of%20total%20oil%20demand%20in%202019.Following%20a%20slight%20decrease%20in%202018,%20proven%20crude%20oil%20reserves%20in%20OPEC%20member%20countries%20increased%20by%203.7%%20to%201,227%20billion%20barrels%20at%20the%20end%20of%202019.%20The%20world%20proved%20oil%20reserves%20were%201,5551%20billion%20barrels%20at%20the%20end%20of%202019,%20an%20increase%20of%203.6%%20from%20the%20level%20of%201,497%20billion%20barrels%20in%202018.Also,%20the%20proven%20reserve%20of%20natural%20gas%20in%20the%20world%20rose%20by%201.6%%20to%20approximately%20206.2%20trillion%20standard%20cubic%20metres%20(tr%20s%20cu%20m).%20That%20of%20strongOPEC/strong Member%20Countries%20rose%20by%200.6%%20from%202018%20to%2073.14%20tr%20s%20cu%20m%20at%20the%20end%20of%202019.The%20world%20refinery%20capacity%20also%20expanded%20by%201.41%20million%20barrels/calendar%20day%20(mb/cd)%20at%20100.98%20mb/cd%20in%202019.%20The%20Asia%20and%20Pacific%20region,%20as%20well%20as%20Western%20Europe%20and%20the%20Middle%20East,%20contributed%20the%20most%20to%20the%20additions%20in%20the%20refining%20capacity.The%20OPEC%20Reference%20Basket%20also%20averaged%20$64.04/b%20in%20nominal%20terms%20in%202019,%20down%20from%20$69.78/b%20in%202018,%20a%20decrease%20of%20$5.74/b,%20or%208.2%.%20The%20statistics%20stated%20that%20the%20volatility%20level%20was%20$4.11/b,%20or%206.4%.){kind=link}