The OPEC Secretariat today launched the 55th edition of one of its flagship publications, the Annual Statistical Bulletin (ASB), via videoconference and livestream on the OPEC website
The launch was attended by Mohammad Sanusi Barkindo, OPEC Secretary General; Professor Jonas Puck, the Academic Director of the Executive Academy at the Vienna University of Economics and Busines which sponsored the event; Member Country representatives; and Members of Management from the OPEC Secretariat.
The 2020 ASB provides a wide range of data on the oil and gas industry worldwide, as well as key economic indicators, serving as an important source of reliable information for research analysts and academics, as well as policymakers and other industry stakeholders. The publication provides detailed and comprehensive time-series data on different aspects of the petroleum industry, including production, demand, imports and exports, as well as exploration and transportation activities.
The flagship publication also provides key statistical data on oil and natural gas activities in each of OPEC’s 13 Member Countries: Algeria, Angola, Congo, Equatorial Guinea, Gabon, IR Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the UAE and Venezuela.
This year’s publication has not only been optimized in terms of size and valuable information but also through enhancing its accompanying features such as the ASB interactive version, which has a completely new and enhanced design. The ASB is also available through an in-house developed App, both for iOS as well as Android.
In his remarks, OPEC Secretary General emphasized that policymakers, energy analysts, academics and industry leaders have increasingly come to rely on the insights gleaned from the pages of the ASB as a trusted reference tool for vital data on the global oil and gas industry. Through the ASB and indeed all of its publications and communications, OPEC is dedicated to enhancing data transparency through wider dissemination of high-quality, timely oil and gas data. This underpins OPEC’s overarching goal of fostering sustainable oil market stability for the benefit of producers, consumers and the global economy.
Professor Jonas Puck, who attended the launch as a special guest and sponsor of the event, delivered his welcoming remarks emphasizing the importance of reliable and comprehensive data for analysis and decision-making.
After the opening remarks, Ms. Boshra AlSeiari, Head of OPEC’s Data Services Department, provided a detailed presentation of the publication’s main highlights, which include:
- Total world crude oil production declined in 2019 by 0.56 million barrels/day (mb/d), or 0.7 per cent, as compared to 2018, to average 75.26 mb/d, following a historical high during 2018. OPEC crude oil production declined sharply year-on-year by 1.86 mb/d, or 6.0 per cent, while crude production by non-OPEC countries grew by 1.30 mb/d, or 2.9 per cent.
- With an average of 99.67 mb/d in 2019, world oil demand grew by 0.9 per cent y-o-y, with the largest increases recorded for the Asia and Pacific region (particularly China and India), Africa and the Middle East. OECD oil demand fell slightly in 2019, while oil demand in OPEC Member Countries returned to growth in 2019.
- OPEC Member Countries exported an average of 22.48 mb/d of crude oil in 2019, a sharp decrease of about 1.80 mb/d, or 7.4 per cent, compared to 2018. Following the pattern of previous years, the bulk of crude oil from OPEC Member Countries —was exported to the Asia and Pacific region, followed by Europe. North America imported 1.22 mb/d of crude oil from OPEC Member Countries, which was about 1.41 mb/d, or 53.6 per cent, less than the 2018 volumes.
- World proven crude oil reserves stood at 1,551 billion barrels (bn b) at the end of 2019, increasing by 3.6 per cent from the level of 1,497 bn b recorded at the end of 2018. Proven crude oil reserves in OPEC Member Countries increased by 3.7 per cent to 1,227 bn b at the end of 2019.
- World refinery capacity expanded by 1.41 million barrels/calendar day (mb/cd) to stand at 100.98 mb/cd during 2019. The Asia and Pacific region, particularly China, as well as Western Europe and the Middle East, contributed the most in terms of refining capacity additions.
- The OPEC Reference Basket averaged $64.04/b in nominal terms during 2019, down from $69.78/b in 2018, a decrease of $5.74/b, or 8.2 per cent. The volatility level was $4.11/b, or 6.4 per cent, relative to the yearly average.