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OPEC

Helferstorferstrasse 17, A-1010 Vienna, Austria

www.opec.org 2018

Organization of the Petroleum Exporting Countries

OPEC Annual Statistical BulletinOPEC Annual Statistical Bulletin 2018

1965 - 2018

53
rd edition Notes:Totals may not add up due to independent rounding. Major OPEC Members' flows of crude and refined oil (1,000 b/d) 2017

OPEC Africa

OPEC Middle East

OPEC Latin America

18

15,315

680
1,984 3,100 841
1,892 62869

252471

123
86
303
663
1 849
6 3 50
103
1,297 290
908
Iraq

IR Iran

Kuwait

Qatar

Saudi Arabia

United Arab Emirates Venezuela

EcuadorAlgeria

Gabon

Equatorial

Guinea

NigeriaAngola

Libya

Questions on data

Data queries: dataqueries@opec.org.

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Photographs

Page 5: Courtesy OPEC. Pages 7, 13, 23, 35, 53, 77, 87, 99, 109: Shutterstock. © 2018 Organization of the Petroleum Exporting Countries

ISSN 0475-0608

Director, Research Division

Ayed S. Al-Qahtani

Project Leader

Head, Data Services Department

Adedapo Odulaja

Coordinator, Statistics Team

Hossein Hassani

Statistics Team

Mohammad Sattar, Ryszard Pospiech, Mihni Mihnev

Coordinator, IT Development Team

Mohamed Mekerba

IT Development Team

Vedran Hrgovcic, Zairul Arifin Editorial Team

Head, Public Relations and Information Department

Hasan Hafidh

Editor

Alvino-Mario Fantini, Mathew Quinn

Coordinator, Design and Production

Carola Bayer

Senior Production Assistant

Diana Lavnick

Graphic Designer

Tara StarneggTeam for the preparation of the OPEC Annual Statistical Bulletin

Online Annual Statistical Bulletin 2018:

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1

Contents

OPEC Annual Statistical Bulletin 2018

Foreword5

Key messages

6

Tables

Page

Section 1: Summary

7

Table 1.1OPEC Members' facts and figures8

Table 1.2OPEC Members' crude oil production allocations9

Section 2: Macro-economics

13 Feature Box:OPEC MCs' historical population trends15

Table 2.1OPEC Members' population16

Table 2.2 OPEC Members' GDP at current market prices17 Table 2.3 OPEC Members' real GDP growth rates PPP based weights18

Table 2.4OPEC Members' values of exports19

Table 2.5 OPEC Members' values of petroleum exports20

Table 2.6OPEC Members' values of imports21

Table 2.7Current account balances in OPEC Members22

Section 3: Oil data: upstream

23

Feature Box:Recent developments in oil supply25

Table 3.1World proven crude oil reserves by country26

Table 3.2Active rigs by country27

Table 3.3Wells completed in OPEC Members29

Table 3.4Producing wells in OPEC Members30

Table 3.5Daily and cumulative crude oil production in OPEC Members31

Table 3.6World crude oil production by country32

Table 3.7Non-OPEC oil supply and OPEC NGLs33

Section 4: Oil data: downstream

35

Feature Box:Downstream indicators continue to improve, as the global oil market gradually rebalances37

Table 4.1Refinery capacity in OPEC Members by company and location38 Table 4.2Charge refinery capacity in OPEC Members40

Table 4.3World refinery capacity by country40

Table 4.4World refinery throughput by country42

Table 4.5Output of petroleum products in OPEC Members43 Table 4.6World output of petroleum products by country45 Table 4.7Oil demand by main petroleum product in OPEC Members46

Table 4.8World oil demand by country48

Table 4.9World oil demand by main petroleum product and region50

Section 5: Oil trade

53
Feature Box:The development of Middle East's crude oil exports to China55 Table 5.1 OPEC Members' crude oil exports by destination56 Table 5.2OPEC Members' petroleum products exports by destination58

Table 5.3World crude oil exports by country60

Table 5.4World exports of petroleum products by country63 Table 5.5World exports of petroleum products by main petroleum product and region65 Table 5.6World exports of crude oil and petroleum products by country67

Table 5.7World imports of crude oil by country69

Table 5.8World imports of petroleum products by country71 Table 5.9World imports of petroleum products by main petroleum product and region72 Table 5.10World imports of crude oil and petroleum products by country74 2

Contents

OPEC Annual Statistical Bulletin 2018

Section 6: Oil transportation77

Feature Box:Comparison of West African freight rates towards East and West79 Table 6.1World tanker fleet by year of build and categories80

Table 6.2World LPG carrier fleet by size80

Table 6.3World combined carrier fleet by size82

Table 6.4Average spot freight rates by vessel category82

Table 6.5Dirty tanker spot freight rates84

Table 6.6Clean tanker spot freight rates85

Section 7: Oil prices

87
Feature Box:The effect of Asian refining capacity improvements on crude quality spreads89 Table 7.1OPEC Reference Basket (ORB) and corresponding components spot prices90

Table 7.2Selected spot crude oil prices91

Table 7.3ICE Brent, NYMEX WTI and DME Oman annual average of the 1 st , 6 th and 12 th forward months94 Table 7.4OPEC Reference Basket in nominal and real terms94

Table 7.5

Annual average of premium factors for selected OPEC Reference Basket components95 Table 7.6Spot prices of petroleum products in major markets96 Table 7.7Retail prices of petroleum products in OPEC Members97

Table 7.8Crack spread in major markets98

Section 8: Taxes on oil

99
Feature Box:A glimpse at US gasoline taxation scheme101 Table 8.1Composite barrel and its components in major OECD oil consuming countries102 Table 8.2Tax to CIF crude oil price ratio in major OECD oil consuming countries103

Table 8.3Euro Big 4 household energy prices103

Section 9: Natural gas data

109
Feature Box:Historical trends in natural gas liquids and natural gas production111 Table 9.1World proven natural gas reserves by country112 Table 9.2Yearly and cumulative marketed natural gas production in OPEC Members114 Table 9.3World marketed production of natural gas by country115

Table 9.4World natural gas exports by country117

Table 9.5World natural gas imports by country118

Table 9.6World natural gas demand by country120

Table 9.7World LNG carrier fleet by size122

Graphs

Page

Section 2: Macro-economics

13 Feature Box:OPEC MCs' historical population trends15

Graph 1

OPEC MCs' share of total world population15

Graph 2Total and OPEC MCs' population growth15

Graph 2.1OPEC Members' population16

Graph 2.2Population as a share of total OPEC16

Graph 2.3OPEC Members' GDP at current market prices17 Graph 2.4GDP at current market prices as a share of total OPEC17 Graph 2.5Real GDP growth rates PPP based weights for total OPEC18

Graph 2.6Real GDP growth rates for OPEC Members18

Graph 2.7OPEC Members' values of exports 19

Graph 2.8Values of exports as a share of total OPEC19 Graph 2.9OPEC Members' values of petroleum exports20 Graph 2.10Values of petroleum exports as a share of total OPEC20

Graph 2.11OPEC Members' values of imports21

Graph 2.12Values of imports as a share of total OPEC21 Graph 2.13Current account balances in total OPEC22 Graph 2.14Current account balances in OPEC Members22 3

Contents

OPEC Annual Statistical Bulletin 2018

Section 3: Oil data: upstream23

Feature Box:Recent developments in oil supply25

Graph 1

Canada crude oil production vs non-crude oil supply25 Graph 2US crude oil production vs non-crude oil supply25

Graph 3.1World proven crude oil reserves28

Graph 3.2OPEC Members' proven crude oil reserves28

Graph 3.3World crude oil production28

Graph 3.4OPEC Members' crude oil production28

Graph 3.5Non-OPEC oil supply and OPEC NGLs29

Section 4: Oil data: downstream

35

Feature Box:Downstream indicators continue to improve, as the global oil market gradually rebalances37

Graph 1

Y-o-y refinery intake growth37

Graph 2Y-o-y refinery capacity additions37

Graph 4.1World refinery capacity49

Graph 4.2World output of petroleum products49

Graph 4.3OPEC output of petroleum products 49

Graph 4.4World oil demand52

Graph 4.5OPEC Members' oil demand52

Graph 4.6World oil demand by main petroleum product52

Section 5: Oil trade

53
Feature Box:The development of Middle East's crude oil exports to China55

Graph 1

Chinese oil demand and crude imports55

Graph 2Chinese crude imports from the Middle East55

Graph 5.1World crude oil exports by region61

Graph 5.2OPEC Members' crude oil exports61

Graph 5.3World trade of crude oil62

Graph 5.4OPEC Members' petroleum products exports by destination64 Graph 5.5Percentage share of OPEC Members' crude oil exports by regions68 Graph 5.6OPEC Members' exports of crude and petroleum products68 Graph 5.7OPEC Members' exports of petroleum products68 Graph 5.8OPEC Members' crude oil exports by destination70 Graph 5.9OPEC Members' flows of crude and refined oil 76

Section 6: Oil transportation

77
Feature Box:Comparison of West African freight rates towards East and West79

Graph 1

Freight rates from West Africa by destination79

Graph 2

Empirical densities obtained via normal kernel estimation of differences between US

PADD3 and Far East Asia freight rates79

Graph 6.1World tanker fleet by year of build and categories81 Graph 6.2World tanker fleet by year of build and categories81 Graph 6.3Average spot freight rates by vessel category83

Graph 6.4Dirty tanker spot freight rates84

Graph 6.5Dirty tanker spot freight costs84

Graph 6.6Clean tanker spot freight rates85

Graph 6.7Clean tanker spot freight costs85

Section 7: Oil prices

87

Feature Box:Average yearly 12 month moving correlation between Cushing stock levels and Brent-WTI spread89

Graph 1Conversion capacity growth and crude quality spread89

Graph 7.1OPEC Reference Basket90

Graph 7.2Differentials of selected spot crude oil prices to OPEC Reference Basket (1)92 Graph 7.3Differentials of selected spot crude oil prices to OPEC Reference Basket (2)92 Graph 7.4Differentials of selected spot crude oil prices to OPEC Reference Basket (3)93 Graph 7.5Differentials of selected spot crude oil prices to OPEC Reference Basket (4)93 Graph 7.6OPEC Reference Basket in nominal and real terms94 Graph 7.7Spot petroleum product prices - US Gulf96 Graph 7.8Spot petroleum product prices - Singapore96 Graph 7.9Spot petroleum product prices - Rotterdam96 4

Contents

OPEC Annual Statistical Bulletin 2018

Section 8: Taxes on oil99

Feature Box:A glimpse at US gasoline taxation scheme101

Graph 1Federal excise tax on gasoline101

Graph 2Local taxation101

Graph 8.1Composite barrel and its components103

Graph 8.2Composite barrel and its components in percentage104 Graph 8.3Tax versus CIF crude oil price for major OECD oil consuming countries - USA106 Graph 8.4Tax versus CIF crude oil price for major OECD oil consuming countries - Canada106 Graph 8.5Tax versus CIF crude oil price for major OECD oil consuming countries - Japan106 Graph 8.6Tax versus CIF crude oil price for major OECD oil consuming countries - France106 Graph 8.7Tax versus CIF crude oil price for major OECD oil consuming countries - Germany106 Graph 8.8Tax versus CIF crude oil price for major OECD oil consuming countries - Italy106 Graph 8.9Tax versus CIF crude oil price for major OECD oil consuming countries - UK106 Graph 8.10Tax versus CIF crude oil price for major OECD oil consuming countries - G7106 Graph 8.11Tax versus CIF crude oil price for major OECD oil consuming countries - OECD106 Graph 8.12Tax to CIF crude oil price ratio for major OECD oil consuming countries - USA107 Graph 8.13Tax to CIF crude oil price ratio for major OECD oil consuming countries - Canada107 Graph 8.14Tax to CIF crude oil price ratio for major OECD oil consuming countries - Japan107 Graph 8.15Tax to CIF crude oil price ratio for major OECD oil consuming countries - France107 Graph 8.16Tax to CIF crude oil price ratio for major OECD oil consuming countries - Germany107 Graph 8.17Tax to CIF crude oil price ratio for major OECD oil consuming countries - Italy107 Graph 8.18Tax to CIF crude oil price ratio for major OECD oil consuming countries - UK107 Graph 8.19Tax to CIF crude oil price ratio for major OECD oil consuming countries - G7107 Graph 8.20Tax to CIF crude oil price ratio for major OECD oil consuming countries - OECD107

Graph 8.21Euro Big 4 household energy prices108

Graph 8.22Euro Big 4 share of tax in household energy prices108

Section 9: Natural gas data

109
Feature Box:Historical trends in natural gas liquids and natural gas production111 Graph 1Total world natural gas and NGLs production111 Graph 2Ratio of total world NGLs to natural gas production111

Graph 3OPEC natural gas and NGLs production111

Graph 4OPEC natural gas and NGLs111

Graph 9.1World proven natural gas reserves113

Graph 9.2OPEC Members' proven natural gas reserves113 Graph 9.3World marketed production of natural gas113 Graph 9.4OPEC Members' marketed production of natural gas113

Graph 9.5World natural gas exports119

Graph 9.6World natural gas imports119

General notes

123

Definitions124

Country groupings125

Economic organizations126

Abbreviations126

Selected oil companies127

Major sources127

Conversion factors128

Map Major OPEC flows of crude and refined oilinside back cover

Disclaimer

The data contained in the OPEC Annual Statistical Bulletin (the 'ASB') is historical and obtained directly from OPEC Member Countries and third parties listed in

the publication.

Whilst reasonable efforts have been made to ensure the accuracy of the ASB's content, the OPEC Secretariat makes no warranties or representations as

to its accuracy, relevance or comprehensiveness, and assumes no liability or responsibility for any inaccuracy, error or omission, or for any loss or damage

arising in connection with or attributable to any action or decision taken as a result of using or relying on the information in the ASB. The ASB is not intended

as a benchmark or input data to a benchmark. Definition of terms, as well as names and boundaries on any maps, shall not be regarded as authoritative.

The information contained in the ASB, unless copyrighted by a third party, may be used and/or reproduced for research, educational and other non-

commercial purposes without the OPEC Secretariat's prior written permission provided that OPEC is fully acknowledged as the copyright holder. Written

permission from the OPEC Secretariat is required for any commercial use. 5

OPEC Annual Statistical Bulletin 2018

Foreword

Mohammad Sanusi Barkindo

Secretary GeneralIt is an honour to introduce the 53 rd edition of the Annual Statistical Bulletin (ASB). First published in 1965, the

ASB, one of OPEC"s flagship publications, has experienced tremendous improvement over the years in both content

and quality, along with growing popularity.

Over the decades, the ASB has been a useful reference tool for analysts and academics, policymakers and

industry specialists. It is an important source of information that benefits a variety of oil industry stakeholders, and

makes available important and useful data about the global oil and gas industry worldwide.

In publishing the ASB, OPEC continues to strive to ensure greater data transparency. This has long been

one of OPEC"s key objectives. The increased dissemination of information about the oil and gas industry and its

many stakeholders enables the Organization to fulfil its commitment to contribute to market stability through the

enhanced sharing of data.

In this spirit, the ASB provides key statistical data for all of OPEC"s 14 Member Countries — Algeria, Angola,

Ecuador, Equatorial Guinea, Gabon, Islamic Republic of Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the

United Arab Emirates and Venezuela. In addition to providing information about other non-OPEC oil producing

countries, it also brings together data on exports, imports, production, refineries and shipping.

As in previous years, the 2018 edition of the ASB is available in various formats. These include a print edition,

a PDF version and an interactive online version, which includes historical time-series data going back to 1960. In

addition, there is a SmartApp version which is freely available for iOS and Android devices.

The ASB is the product of numerous months of hard and labour-intensive work involving analysts, researchers

and statisticians, both at the OPEC Secretariat and our Member Countries. It is through such collaborative efforts

that the Organization continues to ensure the sharing of data. Because of this achievement, I would like to express

my appreciation to the staff at the OPEC Secretariat — and all the colleagues and other officials in our Member

Countries — for their continuous hard work to make this publication possible.

Mohammad Sanusi Barkindo, OPEC Secretary General

6

OPEC Annual Statistical Bulletin 2018

Key messages

The OPEC Annual Statistical Bulletin (ASB) provides detailed and comprehensive time-series data on many different

aspects of the global petroleum industry, including production, demand, imports and exports, as well as exploration

and transportation activities.

The publication contains key statistical data on oil and natural gas activities in each of OPEC"s 14 Member

Countries: Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, the Islamic Republic of Iran, Iraq, Kuwait, Libya,

Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. Additionally, it provides valuable industry

data for various countries with detailed classifications, mainly by geographical region, and covers the major

economic areas around the world.

This year"s 2018 ASB, which comprises data up to the end of 2017, includes the following important highlights:

In 2017, world crude oil production declined by 701,000 b/d, or 0.9 per cent, as compared to 2016, to reach

74.69m b/d marking the first yearly decline since 2009. OPEC crude oil production fell year-on-year by 926,000

b/d, or 2.8 per cent, while crude production in non-OPEC countries registered gains. The biggest increases were

for the United States with 498,000 b/d, or 5.6 per cent, and Libya with 427,000 b/d or 109.5 per cent, while the

largest declines for Saudi Arabia with 501,000 b/d, or 4.8 per cent, and Venezuela with 338,000 b/d or 14.2 per

cent. In 2017, the top three crude oil producing countries were Russia (10.35m b/d ), Saudi Arabia (9.96m b/d)

and the United States (9.36m b/d).

World oil demand averaged 97.20m b/d in 2017, up by 1.7 per cent y-o-y, 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. Total OECD oil demand grew solidly for the third consecutive year in 2017,

while oil demand in OPEC Member Countries returned to modest growth after declining during 2016. Distillates and

gasoline account for around 55.6 per cent of 2017 total world oil demand and are on increasing trends. The share

of residual fuel oil requirements out of total oil demand in 2017 amounts roughly to 7.2 per cent.

Total exports of crude oil from OPEC Member Countries averaged 24.86m b/d in 2017 declining by 406,000

b/d, or 1.6 per cent, as compared to 2016. As in previous years, the bulk of crude oil from Member Countries was

exported to the Asia and Pacific region, in the amount of 15.56m b/d or 62.6 per cent. Significant volumes of crude

oil were also exported to Europe, which increased its imports from OPEC Member Countries from 4.40m b/d in

2016 to 4.64m b/d in 2017. North America imported 3.21m b/d of crude oil from Member Countries, which was

82,000 b/d, or 2.5 per cent, less compared to 2016 volumes. OPEC Member Country exports of petroleum products

averaged 5.07m b/d during 2017, down by 216,000 b/d, or 4.1 per cent, compared to 2016. Their imports of

petroleum products stood at 1.98m b/d in 2017, roughly 105,000 b/d, or 5.1 per cent, lower than in 2016.

Total world proven crude oil reserves stood at 1,483bn b at the end of 2017, decreasing slightly by 0.4 per cent

from the level of 1,489bn b reached at the end of the previous year. Total proven crude oil reserves in Member

Countries decreased by 0.3 per cent to 1,214bn b at the end of 2017 but slightly increased their share of total world

crude oil reserves, from 81.8 per cent in 2016 to 81.9 per cent in 2017. In 2017, total world proven natural gas

reserves rose by 0.2 per cent to approximately 199.4 trillion standard cu m. This increase in natural gas reserves

came mainly on the back of new discoveries in the Asia and Pacific region. Proven natural gas reserves in Member

Countries stood at 95.95tr standard cu m, unchanged from the level of the previous year.

World refinery capacity expanded by 104,000 b/cd to stand at 96.93m b/cd during 2017, mainly supported by

additions in the Asia and Pacific region, particularly China and India. 2017 refinery capacity in the OECD declined

by 171,000 b/cd, mainly due to closures in Europe and Japan. Global refinery throughput ramped up by 1.6 per

cent to reach 83.7m b/d in 2017, with the largest gains in the Asia and Pacific region and North America.

The OPEC Reference Basket averaged $52.43/b in 2017, up from $40.76/b in 2016. The yearly increase valued

at $11.67/b, or 28.6 per cent, compared to 2016. The 2017 volatility stood at $5.00/b, or 9.5 per cent, relative to

the yearly average. 7

Summary

OPEC Annual Statistical Bulletin 2018

Summary

1 8

Summary

OPEC Annual Statistical Bulletin 2018

8

Table 1.1

OPEC Members" facts and figures, 2017

AlgeriaAngolaEcuadorEquatorial

GuineaGabonIR IranIraqKuwaitLibyaNigeriaQatarSaudi ArabiaUnited Arab

EmiratesVenezuelaOPEC

Population

million inhabitants

Land area

1,000 sq km

GDP per capita

GDP at market prices

million $

GDP growth

real PPP %

Value of exports

quotesdbs_dbs42.pdfusesText_42