(Petrolytics) -In addition to the OPEC+ meeting this week to discuss the easing of production cuts, the group has released their 2020 Annual Statistics Bulletin. The report highlights a few key figures for calendar year 2019, namely:
- Total world crude oil production declined 0.56 mmbopd (0.7%) compared to 2018 to average 75.26 mmbopd
- OPEC crude oil production decreased by 1.86 mmbopd (6%)
- Non-OPEC crude oil production increased by 1.3 mmbopd (2.9%)
- Total world oil demand increased by 0.9% to 99.67 mmbopd (led by China and India)
- OPEC members exports decreased by 1.80 mmbopd (7.4%) to 22.48 mmbopd
- North America imports from OPEC countries declined by 1.41 mmbopd (53.6%) from the previous year
- World proven crude oil reserves is 1,551 billion barrels (+3.6%)
- World refinery capacity grew by 1.41 mmbopd to 100.98 mmbopd
- OPEC reference basket price was $64.04/bbl (-$5.74; -8.2% relative to 2018)
The most surprising figure (or not) was the significant decline in North American imports. A decline was expected, but the magnitude was quite surprising. Next year's OPEC annual statistics bulletin will be quite colorful, we'd imagine.
Today's assorted articles include:
- The increasing interest in hydrogen is good news for natural gas
- Woodside petroleum writes-off roughly $4B
- Interesting paper on the labor market for college graduates post the Great Recession
Again with these write-offs. We'll continue to see more as companies view this as an opportune time to jump on the bandwagon of bad news. Blaming this on coronavirus is easy, but not necessarily the truth.
Hope everyone stays safe.