World crude oil production declined by 701,000 barrel around 0.9 percent in 2017 year-on-year to reach 74.69 million barrel per day (mb/d), marking the first yearly fall since 2009, the Organization of the Petroleum Exporting Countries (OPEC) said on Thursday.
According to 2018 OPEC Annual Statistical Bulletin (ASB), OPEC crude oil production fell year-on-year by 926,000 b/d, or 2.8 percent, while crude production in non-OPEC countries registered gains.
World oil demand averaged 97.20 mb/d in 2017, up by 1.7 percent year-on-year, with the largest increases taking place in Asia and Pacific region, particularly China and India, Europe and North America.
"The 2017 oil demand in Africa and the Middle East grew by around 100,000 b/d, as compared to 2016, while oil demand declined in Latin America for the third year in a row," the report indicates.
- OPEC exports
Total exports of crude oil from OPEC member countries averaged 24.86 mb/d in 2017 declining by 406,000 b/d, or 1.6 percent on an annual basis.
As in previous years, the bulk of crude oil from member countries was exported to the Asia and Pacific region, with an amount of 15.56 mb/d, or 62.6 percent.
Significant volumes of crude oil were also exported to Europe, which increased its imports from OPEC member countries from 4.40 mb/d in 2016 to 4.64 mb/d in 2017. North America imported 3.21 mb/d of crude oil from member countries, which was 82,000 b/d, or 2.5 percent less compared to 2016 volumes.
Total world proven crude oil reserves stood at 1,483 billion barrels at the end of 2017, decreasing slightly by 0.4 percent from the level of 1,489 billion barrels reached at the end of the previous year.
By Gulsen Cagatay