02 August 2018, News Wires — Global oil demand grew by 1.7 percent in 2017, according to a new report released by Eni.
Eni’s 17th edition of the World Oil, Gas and Renewables Review showed that global oil demand grew by 1.2 percent in 2016.
World oil production in 2017 grew by 0.3 percent, according to the report, which revealed that the US and Canada set the biggest increases in the non-OPEC area.
“OPEC’s production, on the other hand, has declined following the cuts policy and the crisis in Venezuela,” Eni said in a company statement accompanying the release of the report.
The report also outlined that oil reserves decreased by 0.2 percent in 2017 and that OPEC remains the biggest reserves holder, with 72 percent of the world’s total.
The world’s top 10 reserves holders in 2017, as outlined in the report, can be seen below.
- Venezuela (302.809 billion barrels)
- Saudi Arabia (266.260 billion barrels)
- Canada (197.928 billion barrels)
- Iran (155.600 billion barrels)
- Iraq (147.223 billion barrels)
- Kuwait (101.500 billion barrels)
- UAE (97.800 billion barrels)
- Russia (80.000 billion barrels)
- Libya (48.363 billion barrels)
- Nigeria (37.453 billion barrels)
Eni’s World Oil, Gas and Renewables Review is an annual statistics report on oil, natural gas and renewables sources. The review is split into two volumes, with the first dedicated to the oil industry, and the second to natural gas and renewables.