OPEC Believes World Crude Oil Reserves Now 1483Bn

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The Organization of the Petroleum Exporting Countries (OPEC) has disclosed that the total world proven crude oil reserves stood at 1.483 billion barrels at the end of 2017. decreasing slightly by 0.4 per cent from the level of 1.489 billion barrels reached at the end of the previous year.

It added that the total proven crude oil reserves in member countries decreased by 0.3 per cent to 1.214 billion at the end of 2017.

This information was contained in the newly launched OPEC’s 2018 Annual Statistical Bulletin (ASB) which was released in Vienna. Austria. The 2018ASB. the 53rd in the series.provided updated statistical data on the oil and natural gas activities of each of OPEC’s 14 member countries. Information from the bulletin revealed that the total exports of crude oil from OPEC member countries averaged 24.86 million barrels per day in 2017 declining by 406.000 barrels per day. 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 million barrels per day 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 million barrels per day in 2016 to 4.64 million barrels per day in 2017 with North America importing 3.21 million barrels per day of crude oil from member countries. which was 82.000 barrels per day. or 2.5 per cent. less compared to 2016 volumes. In 2017. world crude oil production declined by 701.000 barrels per day. or 0.9 per cent. as compared to 2016. to reach 74.69 million barrels per day. marking the first yearly decline since 2009. OPEC crude oil production fell year-on-year by 926.000 barrels per day. or 2.8 per cent. while crude production in non-OPEC countries registered gains. World oil demand averaged 97.20 million barrels per day in 2017. up by 1.7 per cent year-on-year. 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 barrels per day. as compared to 2016. while oil demand declined in Latin America for the third year in a row. Also in 2017. total world proven natural gas reserves rose by 0.2 per cent to approximately 199.4 trillion standard cubic meters. Proven natural gas reserves in member countries stood at 95.95 trillion standard cubic meters. unchanged from the level of the previous year. The ASB stated that world refinery capacity expanded by 104.000 barrels per calendar day to stand at 96.93 million barrels per calendar day 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 million barrels per day in 2017. with the largest gains in the Asia and Pacific region and North America. 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.