Global Energy Outlook: World Oil Review 2018 (Vol.1)

(http://www.MaritimeCyprus.com) World Oil Review, is devoted to oil reserves, supply, demand, trade and prices with a special focus dedicated to crude oil quality and to the refining industry.

  • In 2017 oil reserves decreased slightly (-0.2%) mainly due to reduction in some OPEC countries.
  • World oil production remained nearly at the same level of 2016 (+0.3%).
  • OPEC-non OPEC cuts agreement and US tight oil increase led by upward trend in oil price caused a lightening in crude quality in comparison to 2016.
  • The regional crude balances confirmed the surplus in Middle East as the highest in the world and the deficit in the Asia-Pacific as the deepest.
  • World oil demand grew by 1.7%, more than 2016 (+1.2%) after another year of low oil price.
  • Middle East and Asia keep leading world refining capacity growth with 75% of the 0.7 Mb/d increase vs 2016.

In 2017 oil reserves decreased slightly (-0.2%) mainly due to reduction in some OPEC countries.  OPEC remains the biggest reserves holder (72% of world’s total).  In pole position still Venezuela, followed by Saudi Arabia and Canada.

World oil production remained nearly at the same level of 2016 (+0.3%). United States and Canada set the biggest increase in non OPEC area. Contraction in OPEC’s production due to cuts policy and Venezuela’s crisis, even if Libya doubled its production and Iran continued to increase.

OPEC-non OPEC cuts agreement and US tight oil increase led by upward trend in oil price caused a lightening in crude quality in comparison to 2016. The OPEC cuts, in particular in Saudi Arabia, along with the deep decline in Venezuela and Mexico drove a decrease in Medium & Sour category (-3%). On the other side, recovery in Libya and US tight oil rebound led the increase in Light & Sweet category (+5%).

The regional crude oil balances in 2017 confirmed the structural changes occurred since 2010. The surplus in Middle East remained the highest in the world, confirming the same level of 2016.  The deficit in the Asia Pacific, the deepest in the world, continued to grow.  North America slightly reduced its crude deficit according to the increase in domestic production.

World oil demand grew by 1.7%, more than 2016 (+1.2%) after another year of low oil price. The growth remained above the five-year average of 1.5% seen in 2012-2016. For the third consecutive year, OECD gave positive support to global growth, but non OECD maintained the dominant share with around 70%.

Middle East and Asia keep leading world refining capacity growth with 75% of the 0.7 Mb/d increase vs 2016. In Europe, a minor cut reduced capacity by around 0.2 Mb/d.

For more details click on below image to download ENIWorld Oil Review 2018 (88 pages).

Source: ENI

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