OpeOluwani Akintayo
20 June 2018, Sweetcrude, Lagos — World oil production declined by 701,000 barrels per day, or 0.9 percent, in 2017, statistics obtained from the Organisation of the Petroleum Exporting Countries, OPEC’s newly launched 2018 Annual Statistical Bulletin has said.
According to the bulletin, oil production by the 14 OPEC member nations fell year-on-year by 926,000 b/d, or 2.8 percent, while crude production in non-OPEC countries registered gains.
The annual statistical bulletin, 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 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.
World oil demand averaged 97.20 mb/d in 2017, up by 1.7 percent 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 about100,000 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 percent, 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 percent.
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 OPEC countries, which was 82,000 b/d, or 2.5 percent, less compared to 2016 volumes.
