BP has released its Statistical Review of World Energy 2014. The report reveals the following in regards to oil prices, consumption, production, refining and trade:
According to BP, dated Brent averaged US$ 108.66/bbl in 2013, a price that represents a decrease of US$ 3.01/bbl from the 2012 level. West Texas Intermediate (WTI) continued to trade at a large discount to Brent (US$ 10.67/bbl), driven by growing US production. Since 2011, the WTI discount has averaged US$ 14.81/bbl, compared with an average premium of US$ 1.39 for the preceding decade.
Global oil consumption grew by 1.4 million bpd (1.4%) in 2013. BP highlights that countries outside the OECD now account for the majority (51%) of consumption. OECD consumption declined by 0.4% over the year, the seventh decrease in the past eight years.
The US (+400 000 bpd) recorded the largest increment to global oil consumption in 2013, outpacing Chinese growth (+390 000 bpd) for the first time since 1999.
Light distillates were the fastest growing refined product category by volume.
Global oil production growth was not as significant as growth in consumption, rising by just 560 000 bpd, or 0.6%. The US (+1.1 million bpd) recorded the largest growth in the world and the largest annual increment in the country’s history for a second consecutive year.
The US accounted for nearly all (96%) of the non-OPEC output increase of 1.2 million bpd to reach a record of 50 million bpd. Increases in Canada (+210 000 bpd) and Russia (+150 000 bpd) offset declines in Syria (-120 000 bpd), the UK and Norway (-80 000 bpd each) and Australia (-70 000 bpd). OPEC output fell by 600 000 bpd, the first decline since 2009. Declines in Libya (-520 000 bpd), Iran (-190 000 bpd), Saudi Arabia (-110 000 bpd), and Nigeria (-100 000 bpd) outweighed an increase in the UAE (+250 000 bpd).
Global refinery crude runs increased by a below average sum, 390 000 bpd, or 0.5%. Non-OECD countries accounted for all of the net increase, rising by 730 000 bpd. OECD throughputs declined by 340 000 bpd, the seventh decline in the past nine years despite an increase of 320 000 bpd in US refinery runs, as the US continues to ramp up net product exports.
Global refinery capacity utilisation declined 80.4%, the lowest since 1987, while global refining capacity increased by 1.4 million bpd, with large capacity additions in China and Saudi Arabia outpacing capacity reductions in the Atlantic Basin and Japan.
Global oil trade in 2013 grew by 2.1% or 1.2 million bpd – among importers, growth in Europe and emerging economies more than offset declines in the US and Japan. At 56.5 million bpd, trade accounted for 61.8% of global consumption, up from 58.3% a decade ago. US net import fell by 1.4 million bpd to 6.5 million bpd, just over half the level of net imports in 2005, and the lowest elvel since 1998. China’s net oil imports reached 7 million bpd, surpassing the US as the world’s largest net oil importer.
Adapted from a report by Emma McAleavey.
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