OPEC exports largest share of petroleum to Asian and Pacific countries in 2013
OPEC member countries exported 4.5 mb/d of petroleum products in 2013, with the largest share devoted to Asian and Pacific countries (3.1 mb/d or 68.5 percent), the Organization of the Petroleum Exporting Countries (OPEC) said its latest “Annual Statistical Bulletin” released Tuesday.
The report noted that European and North American countries received smaller shares of OPEC petroleum product exports (0.6 mb/d or 14.0 percent and 0.2 mb/d or 5.2 percent, respectively).
The refinery capacity of OPEC member countries increased by a 4.9 percent during 2013 compared to 2012. In 2013, OPEC Member Countries held 11.0 percent of total world refinery capacity, up from 10.5 percent in 2012.
OPEC countries remained important players in the natural gas market during 2013, with proven natural gas reserves of 95,034 billion standard cubic meters. This marked a slight decrease of 0.1 percent from 2012, with a total world share of 47.4 percent.
However, the OPEC Reference Basket averaged at $105.87/barrel in 2013, down from $109.45/barrel in 2012. This represented a decrease of $3.58/barrel or 3.3 percent with a volatility of $3.93/barrel or, equivalently, 3.7 percent relative to the yearly average. The minimum monthly average crude price was $100.65/barrel in May 2013 and the maximum was $112.75/barrel in February 2013.
In 2013, crude oil from OPEC was exported to Asian and Pacific countries (14.3 mb/d or 59.3 percent), Europe (4.1 mb/d or 17.2 percent) and North America (3.9 mb/d or 16.3 percent).
In 2013, world crude oil production increased slightly, by 0.1 percent, over 2012. Crude oil production in OPEC was down 2.5 percent during 2013, year-on-year. The overall OPEC share of total global production in 2013 averaged at 43.4 percent, slightly lower than in 2012, when it was 44.6 percent.
Moreover, world oil demand rose by 1.2 percent in 2013, with the largest increases taking place in North America, particularly the United States, and in emerging economies. The 2013 oil demand in the Middle East, Africa and Latin America continued its upward trend. Moreover, oil demand rose in Asia and Pacific countries, particularly China, Thailand and Indonesia. Total OECD oil demand remained stagnant during 2013, while oil demand in OPEC Member Countries increased for another year by 4.1 percent year-on-year.
World crude oil reserves were 0.4 percent higher at the end of 2013 as compared to 2012, with the largest non-OPEC additions originating in Western Europe, predominantly Norway and the UK as well as Latin America, particularly Colombia, Brazil and Argentina. Proven crude oil reserves in OPEC indicated an increase of 0.4 percent in 2013 to reach a level of 1,206 billion barrels.
The overall OPEC percentage share at the end of 2013 stood at 81.0 percent, higher than in 2012, when it was 80.9 percent.
Meanwhile, the price of oil inched further above $102 a barrel Wednesday amid a new push for a cease-fire between Israel and Palestine and after Europe imposed additional sanctions on Russia that fell short of a heavy hit.
By early afternoon in Europe, the benchmark US oil contract for September delivery was up 20 cents to $102.59 a barrel in electronic trading on the New York Mercantile Exchange. On Tuesday, the contract slipped 47 cents.
Brent crude for September delivery, a benchmark for international oils, was up 43 cents to $107.76 on the ICE Futures exchange in London. Still, prices have been fluctuating within a relatively narrow band in the past few days, as “sentiment on the oil market is relaxed despite the many sources of geopolitical tension,” said analysts from Commerzbank in Frankfurt in a note to clients.
- Even the numbers are on the feminist side: companies with females in top management yield higher returns
- Kingdom in debt, Kingdom in danger: Saudi Arabia's pending deficit raises frightening possibilities
- 'Dead aid': is there any hope left for South Sudan's economy?
- Why the ME's high net worth individuals should be investing in family businesses
- The antithesis of economic development: an inside look in to Morocco's archaic, yet alive, class system
- OPEC forecasts "growing" oil demand despite recent price dips
- Onwards and upwards: Iran’s oil output up to 2.8 mbpd in February
- IMF: Middle East to supply 34 percent of world’s oil demand by 2020
- OPEC revenues remain stable, despite drop of crude price
- Qatar’s trade balance show surplus of $29 bln, rises 7.9% in Q1