OPEC’s Annual Statistical Bulletin

OPEC has announced the launch of the 48^th ASB which provides information and data on varying aspects of the global petroleum industry. The report covers imports, exports, exploration, production and transportation activities. The report focuses on OPEC’s 12 member countries but also provides comparable date for non-OPEC industry countries around the world.

Highlights

Production

• During 2012, global crude oil production increased by 3.4% year on year with the majority of increase volume coming from North America, Africa and the Middle East.
• Crude production in Western Europe and Latin America has shown some decline.
• OPEC member country production rose to 32.4 million bpd in 2012.

Demand

• In 2012, world oil demand rose by 0.9%.
• Main demand increases occurred in the Middle East, Asia and Pacific countries as well as Latin America.
• In 2012, total OECD oil demand increased by 1.1% and OPEC member countries demand increased by 3.9% year on year.

Exports

• During 2012, the majority of exported crude oil from OPEC member countries went to Asian and Pacific countries.
• 18.3% of OPEC member country exports went to North America and 16.3% to Europe.
• During 4.4 million bpd of petroleum products were exported from OPEC member countries in 2012.

Reserves

• Compared to the end of 2011, world crude oil reserves stood 0.9% higher at the end of 2012.
• At the end of 2012, OPEC’s overall percentage in world oil reserves stood at 81.2%.
• OPEC member countries had proven natural gas reserves of 95 132 billion m³ at the end of 2012.

Adapted from press release by Claira Lloyd.

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