Eni’s World Oil and Gas Review

Eni has presented its thirteenth edition of the World Oil and Gas Review, a statistical review of the global oil and gas market and refining industry with a particular focus on crudes quality. Last year, a slight growth in oil reserves was registered thanks to the contribution of the non-OPEC countries, with the US leading the way, followed by Norway. OPEC countries’ reserves remain substantially stable. The US, in recent years, has become a leader in oil and gas production growth, at the same time consolidating its position as a leading world consumer.

World tour

The US holds its leadership in the crude oil production growth, with an increase of 12.2% compared to 2012 by virtue of the contribution of tight oil. US production counterbalances the drop of Iran and Libya by 9.8% and 35.5% respectively.

Last year, for the first time since the economic crisis, the OECD countries also recorded a positive trend of oil demand, however the European consumption crisis remains. Among the non-OECD countries, China’s continuous predominance place it as the second largest country in the world for consumption.

The European refining sector is committed to a deep rationalisation process. However, despite the shutdown of several plants, European refining overcapacity endures, amplified even more by a general decrease of demand.

The availability of low cost crude enhances the competitiveness of US refineries. Asia Pacific and the Middle East are confirmed as the areas in which investments have been lately concentrating to support a growing demand.

Last year, worldwide growth in gas consumption was modest at approximately 1%. The large availability of domestic gas production endorses the growth in consumption in the US, confirming to be the first world consumer of gas.

Edited from press release by Claira Lloyd

Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/06102014/eni-world-oil-gas-review/