Baku, Azerbaijan, July 30
By Leman Zeynalova - Trend:
In 2018, oil reserves rose slightly (+0.4 percent), mainly due to growth in the US, Trend reports citing the World Oil Review – 2019 of Italy’s Eni company.
“The values also rose in Brazil and Norway. The OPEC slowed down, in particular for the downsizing of Iraq, even if the Cartel confirms its predominance with a 73 percent share of the total world. Venezuela is in first position, followed by Saudi Arabia and Canada,” said the company.
Eni said that 2018 recorded an overall growth in oil production of 2.5 Mb/d, 88 percent due to the US, which hit a new record, consolidating the first position in the rank of world producers.
“The US also broke into the international crude trade, doubling export volumes and entering the top ten rank. An important recovery for Canada that exceeded the threshold of 5 Mb/d and a record also for Russia, which accelerated in the second part of the year. Zero growth instead for OPEC, which, despite the increases in the Gulf countries (especially Saudi Arabia), suffered losses due to sanctions against Iran (-0.2 Mb/d) and the collapse of Venezuela (-0.6 Mb/d),” reads the report.
Eni said that the new record of tight oil production continued to increase the share of sweet light crudes, which rose above 20 percent worldwide.
“Only WTI, the US light crude, covers 60 percent of global growth. The collapse of Venezuela and Mexico and Iran's retreat prevailed over increases in Saudi Arabia and Iraq, reducing the weight of medium sour crude oil for the first time below 40 percent, with impacts on price differentials and refining,” said the report.
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