OPECís Annual Statistical Bulletin to be launched 24 June 2015
Vienna, Austria, 24 Jun 2015--The OPEC Secretariat is pleased to announce the release of the 50th edition of the Annual Statistical Bulletin (ASB). Over the last five decades, OPEC Member Countries have accomplished substantial achievements in ensuring adequate crude oil supply to meet increasing demand. Proven crude oil reserves in OPEC Member Countries have increased from 245 billion barrels at the end of 1964 to 1206 billion barrels at the end of 2014. In addition crude oil production in OPEC Member Countries has almost tripled since then, from an average of 12.5 mb/d in 1964 to 30.7 mb/d during 2014.
This 50th edition of the ASB provides detailed and comprehensive time-series data on many different aspects of the global petroleum industry, including production, demand, imports and exports, as well as exploration, prices and transportation activities.
The publication contains, in particular, key statistical data on oil and natural gas activities in each of OPECís 12 Member Countries: Algeria, Angola, Ecuador, Islamic Republic of Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. Additionally, it provides valuable industry data for various countries with detailed classifications, mainly by geographical region, and covers the major economic areas around the world.
This yearís ASB includes the following important highlights:
In 2014, world crude oil production averaged at 73.4 mb/d, increasing by 0.7 per cent over 2013. Noticeable increases were seen in North America, particularly the US, as well as in Western Europe, more specifically Norway. Crude oil production declined year-on-year in Africa and the Middle East, and remained relatively flat in other regions, while in OPEC Member Countries, it reached 30.7 mb/d during 2014, down 2.9 per cent from 2013, year-on-year.
World oil demand averaged at 91.3 mb/d in 2014, up by 1.1 per cent year-on-year, with the largest increases taking place in China, the Middle East and in non-OECD Asia. 2014 oil demand in Africa and Latin America continued its upward trend, while demand in Western Europe declined for another year. Total OECD oil demand fell slightly during 2014, while OPEC Member Countries saw demand increase strongly for another year, rising by 2.9 per cent compared to 2013.
In 2014, the majority of crude oil from OPEC Member Countries was exported to Asian and Pacific countries (13.7 mb/d or 60.4 per cent). Substantial volumes of crude oil from OPEC Member Countries were also exported to Europe (3.8 mb/d or 16.7 per cent) and North America (3.1 mb/d or 13.9 per cent). Asian and Pacific countries were the largest importers of OPEC Member Countriesí petroleum products (2.7 mb/d or 60.8 per cent).
World proven crude oil reserves stood at 1,492.9 billion barrels at the end of 2014, 0.2 per cent higher as compared to the end of 2013. Proven crude oil reserves in OPEC Member Countries remained largely unchanged at the end of 2014 compared to 2013 and reached a level of 1,206 billion barrels.
The refinery capacity of OPEC Member Countries increased by 0.6 mb/cd or 5.4 per cent during 2014 compared to 2013, with the bulk of increases originating in the Middle East. World refinery capacity rose by 0.9 mb/d in 2014. Gains in Asia Pacific, as well as North and Latin America were partly offset by losses in Western Europe.
The OPEC Reference Basket averaged at $96.29/b in 2014, down from $105.87/b in 2013 and following a steep decline in the second half of 2014. This represented a decrease of $9.58/b or 9.0 per cent.
This yearís interactive version of the ASB is also available in PDF format. To download the PDF version, please visit the OPEC website:
The interactive version of the 2015 ASB, which enables the downloading of complete time- series data, can be accessed at: http://asb.opec.org.
The print edition of the 2015 ASB will be released alongside the World Oil Outlook later this year at a Press Conference scheduled for 5 November 2015.