OPEC launches 2018 Annual Statistical Bulletin

No 11/2018
Vienna, Austria
07 Jun 2018

The OPEC Secretariat has announced the release of the 53rd edition of the Annual Statistical Bulletin (ASB). This year’s ASB provides updated statistical data on the oil and natural gas activities of each of OPEC’s 14 Member Countries: Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Islamic Republic of Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. As in previous years, it also contains valuable industry data for various countries around the world, organized mainly by geographic region, and covers the world’s major economic areas.

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.

The ASB provides a wide range of data on the oil and gas industry worldwide. It specifically 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, production and transportation activities. The ASB serves as an important source of reliable information for research analysts and academics, as well as policymakers and other industry stakeholders.

To download the PDF version of the 2018 ASB, please visit the OPEC website: http://www.opec.org/opec_web/en/publications/202.htm.

The interactive version of the ASB – as well as the ASB Smart App, which enables the download of complete time-series data back to 1960 – can be accessed under:  http://asb.opec.org.