Eni presents the 17th edition of the World Oil, Gas and Renewables Review, the world statistical review on oil, natural gas and renewable sources. The present World Oil Review is dedicated to reserves, production, consumption, import / export and oil prices, with a particular focus on the quality of crude oil and the refining industry. The second volume, World Gas and Renewables Review, dedicated to natural gas and renewable sources (solar, wind and biofuels), will be published in the autumn.
In the 2017 the crude oil reserves decreased slightly (-0,2%), mainly due to the reduction in some OPEC countries, which, overall, confirms the record for reserves held (equal to 72% of the global total). Venezuela is confirmed first in reserves, followed by Saudi Arabia and Canada.
World oil production remained almost at the same level as 2016 (+ 0,3%). In the non-OPEC area, the United States and Canada showed the most significant increase. OPEC production instead fell following the agreement on the cuts and the crisis in Venezuela, despite the production of Libya doubled and that of Iran has continued to grow.
In terms of quality, the OPEC-non-OPEC agreement on cuts and the rising effect of the oil price on US production growth led to a lighter barrel compared to 2016. On the one hand, OPEC production cuts, in particular those of Saudi Arabia, together with the collapse of production in Venezuela and Mexico, led to the decrease in the Medium & Sour category (-3%). On the other hand, the recovery in Libya and the rebound of tight oil in the United States led to the increase in the Light & Sweet category (+ 5%).
In the 2017 the regional crude oil balance confirmed the changes underway by the 2010. The surplus in the Middle East remains the highest in the world and almost at the same level as the 2016. The largest deficit is concentrated in the Asia-Pacific region and continues to grow. North America slightly reduces its deficit due to the increase in domestic production.
The growth in global oil demand was higher than that of 2016 (+ 1,7% vs + 1,2%), after another year of low oil prices. The increase remains above the average of the last five years (+ 1,5% in the 2012-2016). For the third year in a row, OECD countries have made a positive contribution to global growth, even if demand remains driven by non-OECD countries, which represent around 70% of the total increase.
The global refining capacity has increased by 0,7 Mb / g compared to the 2016, led by the Middle East and Asia, which represent 75% of growth. In Europe there is a modest reduction in refining capacity of around 0,2 Mb / g.