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World oil production ups, OPEC oil production falls in 2014

Oil&Gas Materials 25 June 2015 16:22 (UTC +04:00)
n 2014, world crude oil production increasing by 0.7 per cent compared to 2013 and averaged at 73.4 million barrels per day, the Organization of the Petroleum Exporting Countries (OPEC) says in its Annual Statistical Bulletin.

Baku, Azerbaijan, June 25

By Elena Kosolapova - Trend:
In 2014, world crude oil production increasing by 0.7 per cent compared to 2013 and averaged at 73.4 million barrels per day, the Organization of the Petroleum Exporting Countries (OPEC) says in its Annual Statistical Bulletin.
Oil production in OPEC Member Countries decreased by 2.9 percent to 30.7 million barrels per day in the reporting period.

Noticeable increases originated in North America, particularly the US, as well as in Western Europe, more specifically Norway, according to the OPEC.

Crude oil production declined year-on-year in Africa and the Middle East, and remained relatively flat in other regions.

The overall OPEC share to the world crude production total in 2014 was at 41.8 percent, lower than in 2013, when it was 43.3 percent. Non-OPEC oil supply and OPEC NGLs, as well as non-conventional oil production inched to 62.3 million barrels per day, increasing by 3.9 percent as compared to the 2013 levels, the report said.

World oil demand averaged at 91.3 million barrels per day in 2014 (1.1 percent increase compared to 2013), with the largest increases taking place in China, the Middle East - particularly in Saudi Arabia, Iran, Qatar and the United Arab Emirates, - and in non-OECD Asia.

The 2014 oil demand in Africa and Latin America continued its upward trend, while oil demand declined for another year in Western Europe. Total OECD oil demand fell slightly during 2014, while oil demand in OPEC Member Countries increased strongly for another year by 2.9 percent, as compared to 2013. Distillates and gasoline account for around 55 percent of total world oil demand and are on increasing trend, while residual fuel oil requirements declined for another year, according to the report.

In 2014, the majority of oil from OPEC Member Countries was exported to Asian and Pacific countries (13.7 million barrels per day or 60.4 percent). Substantial volumes of crude oil from OPEC Member Countries were also exported to Europe (3.8 million barrels per day or 16.7 percent) and North America (3.1 million barrels per day or 13.9 percent).

Asian and Pacific countries were the largest importers of OPEC Member Countries petroleum products (2.7 million barrels per day or 60.8 percent). North America was the region in 2014 that recorded the largest yearly increase in oil exports (0.7 million barrels per day or 11.7 percent) with the bulk of these volumes being petroleum products.

OPEC Member Countries petroleum products exports in 2014 stood at 4.5 million barrels per day, while during the same year the imports were at 1.6 million barrels per day (1.4 percent increase).

World proven crude oil reserves stood at 1,492.9 billion barrels at the end of 2014, 0.2 percent higher as compared to the end of 2013.

The largest non-OPEC additions originated in North America, particularly the US, as well as Asia and Pacific predominantly China and India. Proven crude oil reserves in OPEC Member Countries remained largely unchanged at the end of 2014, as compared to 2013 and reached a level of 1.206 trillion barrels. The overall OPEC percentage share of world proven crude oil reserved at the end of 2014 stood at 80.8 percent.

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