Organization of Petroleum Exporting Countries

The OPEC Annual Statistical Bulletin (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, production and transportation activities. The publication contains, in particular, key statistical data on oil and natural gas activities in each of OPEC’s 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 year’s 2015 ASB, which comprises data up to the end of 2014, includes the following important highlights:In 2014, world crude oil production averaged at 73.4 million barrels/day, increasing by 0.7 per cent, over 2013. Noticeable increases originated 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. Crude oil production in OPEC Member Countries reached 30.7m b/d during 2014, down 2.9 per cent from 2013, year-on-year. The overall OPEC share to the world crude production total in 2014 was at 41.8 per cent, lower than in 2013, when it was 43.3 per cent. Non-OPEC oil supply and OPEC NGLs, as well as non-conventional oil production inched to 62.3m b/d, increasing by 3.9 per cent as compared to the 2013 levels.World oil demand averaged at 91.3m b/d in 2014, up by 1.1 per cent year-on-year, with the largest increases taking place in China, the Middle East — particularly in Saudi Arabia, Islamic Republic of Iran, Qatar and the United Arab Emirates, — and in non-OECD Asia. The 2014 oil demand in Africa and Latin America continued its upward trend, while oil demand declined for another year in Western Europe. Total OECD oil demand fell slightly during 2014, while oil demand in OPEC Member Countries increased strongly for another year by 2.9 per cent, as compared to 2013. Distillates and gasoline account for around 55 per cent of total world oil demand and are on increasing trend, while residual fuel oil requirements declined for another year.In 2014, the majority of crude oil from OPEC Member Countries was exported to Asian and Pacific countries (13.7m b/d or 60.4 per cent). Substantial volumes of crude oil from OPEC Member Countries were also exported to Europe (3.8m b/d or 16.7 per cent) and North America (3.1m b/d or 13.9 per cent). Asian and Pacific countries were the largest importers of OPEC Member Countries petroleum products (2.7m b/d or 60.8 per cent). North America was the region in 2014 that recorded the largest yearly increase in oil exports (0.7 m b/d or 11.7 per cent) with the bulk of these volumes being petroleum products. OPEC Member Countries petroleum products exports in 2014 stood at 4.5m b/d, while during the same year the imports were at 1.6m b/d, up 1.4 per cent year-on-year.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. The largest non-OPEC additions originated in North America, particularly the US, as well as Asia and Pacific predominantly China and India. Proven crude oil reserves in OPEC Member Countries remained largely unchanged at the end of 2014, as compared to 2013 and reached a level of 1,206bn b. The overall OPEC percentage share of world proven crude oil reserved at the end of 2014 stood at 80.8 per cent. OPEC Member Countries remained important players in the natural gas market during 2014, with proven natural gas reserves of 95,129bn standard cubic metres. This marked a slight increase of 0.1 per cent from 2013, with a total world share of 47.3 per cent.The refinery capacity of OPEC Member Countries increased by 0.6m b/cd or 5.4 per cent during 2014 compared to 2013, with the bulk of increases originating in the Middle East. In 2014, OPEC Member Countries held 11.6 per cent of total world refinery capacity in 2014. World refinery capacity rose by 0.9m b/d in 2014. Gains in Asia Pacific, as well as North and Latin America have been partly offset by losses in Western Europe. The 2014 world refinery capacity inched to 95.7m b/cd during 2014.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 with a volatility of $14.56/b or, equivalently, 15.1 per cent relative to the yearly average. The minimum monthly average crude price was $59.46/b in December 2014 and the maximum was $107.89/b in June 2014.