Algiers — The share of production by OPEC member countries reached 42% of the global volume of crude oil produced in 2018, according to data from the 54th edition of the Annual Statistical Bulletin (ASB) published by the Organization on its website web.

Thus, OPEC produced 31.755 million barrels per day (mb/d) in 2018, while total world production was 75.78 mb/d, notes the same source.

However, the bulletin said OPEC oil production fell by 415,000 bpd, or 1.3% year-on-year, while non-OPEC crude production increased. 1.628 mb/d, or 3.8%.

Overall, world oil production increased sharply in 2018 by 1.213 mb/d, or 1.6% compared to 2017.

This increase is a historic record and the highest annual growth since 2015, notes OPEC.

In 2018, the top three crude oil producing countries were the United States (10.96 mb/d), Russia (10.53 mb/d) and Saudi Arabia (10.32 mb/d).

As for global oil demand, it increased in 2018 by 1.5% year on year, with an average of 98.73 Mb / d, the largest increases having been recorded in the Asia and Pacific region (notably China and India) and North America.

Oil demand in OECD countries rose sharply for the fourth consecutive year in 2018, while oil demand in OPEC member countries fell slightly after rising in 2017.

Distillates and gasoline accounted for around 55% of global oil demand in 2018, with an upward trend. Residual fuel oil requirements accounted for approximately 7.2% of total fuel oil demand in 2018.

OPEC exported 24.67 Mb/d of crude oil in 2018

Separately, the countries of the Organization exported an average of 24.67 mb/d of crude oil in 2018, a slight increase of around 14,000 b/d, or 0.1%, compared to 2017.

Following the trend of previous years, the bulk of crude oil from OPEC member countries (15.86 Mb/d or 64.3%) was exported to the Asia and Pacific region.

Considerable volumes of crude oil, around 4.58 mb/d were also exported to Europe in 2018, which is down from the 4.65 mb/d recorded in 2017.

North America imported 2.81 mb/d of crude oil from OPEC member nations, which was around 406,000 b/d, or 12.6%, less than 2017 volumes.

As for the exports of petroleum products from OPEC member countries, they averaged 4.71 Mb / d in 2018, an increase of around 784,000 b / d, or 20.0% , compared to 2017.

As for imports of petroleum products by OPEC member countries, they stood at 2.62 mb / d in 2018, 593,000 b / d, or 29.3%, higher than in 2017.

In addition, the world's proven crude oil reserves stood at 1.498 billion barrels at the end of 2018, a slight increase of 0.4% compared to the level of 1.492 billion reached at the end of 2017.

Proven crude oil reserves in OPEC member countries fell slightly by 0.2% to 1.189 billion barrels at the end of 2018 for the second consecutive year.

At the end of 2018, the world's proven natural gas reserves increased by 0.7% to around 203.2 trillion standard cubic meters.

Proven natural gas reserves in OPEC member countries stood at 72.68 trillion standard cubic meters at the end of 2018, up 0.6% from the end of 2017.

Global refinery capacity increased by 876,000 baris/calendar day (b/cd) to 99.51 Mb/cd in 2018.

The Asia-Pacific region, particularly China, as well as the Middle East contributed the most to the expansion of refining capacity.

Refining capacity in OECD countries fell slightly in 2018 compared to 2017, as capacity expansion in North America was offset by shutdowns in Europe.

Globally, refining throughput increased 1.6% to 84.94 mb/d in 2018, with the largest increases recorded in Asia and the Pacific, North America, Europe and in the Middle-East.

OPEC's benchmark basket averaged $69.78/bbl in nominal terms in 2018, compared to $52.43/bbl in 2017, an increase of $17.35/bbl, or 33 .1%.

The volatility level was $6.59/b, or 9.4%, compared to the annual average.