BAKU, Azerbaijan, June 18
By Leman Zeynalova – Trend:
Total proved oil reserves of the world stood at 1.733 trillion barrels in 2019, as compared to 1.735 trillion barrels in 2018, Trend reports with reference to BP’s Statistical Review of World Energy.
This is while at the end of 1999 and at the end of 2009, this figure was estimated at 1.277 trillion barrels and 1.531 trillion barrels, respectively.
Oil consumption grew by 0.9 million barrels per day (b/d), or 0.9 percent slightly lower than the 10-year average of 1.3 percent p.a. Growth was led by China, where demand rose by 680,000 b/d, the largest increase in the country’s demand since 2015.
Elsewhere in the developing world, growth was below average, with Iran (180,000 b/d) the only major exception. OECD demand fell by 290,000 b/d, the first decline since 2014.
By product, consumption growth was led by ethane and LPG (380,000 b/d), helped by the substitution of naphtha in petrochemicals, with naphtha demand down slightly (-15,000 b/d). Diesel grew a little above average (360,000 b/d) as preparations for the International Maritime Organisation’s bunker fuel sulphur specification change in 2020 lifted marine diesel demand. In contrast, this shift reduced demand for high sulphur fuel oil, contributing to a 320,000 b/d decline in fuel oil consumption.
Oil production fell slightly by 60,000 b/d in 2019 as strong non-OPEC production growth, led by the US, was offset by a sharp decline in OPEC production.
The US posted the largest increase of any country for the third consecutive year, with its output rising by a massive 1.7 million b/d, although this was down from the record increase in 2018 (2.2 million b/d). There was also significant growth from Brazil (200,000 b/d) and Canada (150,000 b/d), although in the latter’s case, this was a pronounced slowdown in growth compared to 2017 and 2018.
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