2019 OPEC Annual Statistical Bulletin Organization of the Petroleum Exporting Countries 1965 – 2019 th edition 54 Team for the preparation of the OPEC Annual Statistical Bulletin Secretary General Editorial Team Chairman of the Editorial Board Head, Public Relations and Information Department Mohammad Sanusi Barkindo Hasan Hafidh Director, Research Division Editor Ayed S. Al-Qahtani Maureen MacNeill, Mathew Quinn Project Leader Coordinator, Design and Production Head, Data Services Department Carola Bayer Adedapo Odulaja Senior Production Assistant Coordinator, Statistics Team Diana Lavnick Hossein Hassani Graphic Designer Statistics Team Tara Starnegg Pantelis Christodoulides, Klaus Stöger, Mohammad Sattar, Mihni Mihnev, Justinas Pelenis, Ksenia Gutman Coordinator, IT Development Team Mohamed Mekerba IT Development Team Vedran Hrgovcic, Zairul Arifin Online Annual Statistical Bulletin 2019: asb.opec.org Download now: Smart App for OPEC Annual Statistical Bulletin iOS Android Questions on data Data queries: [email protected]. Advertising The OPEC Annual Statistical Bulletin now accepts advertising. For details, please contact the Head, PR and Information Department, at the following address: Organization of the Petroleum Exporting Countries Helferstorferstrasse 17, A-1010 Vienna, Austria Tel: +43 1 211 12/0 Fax: +43 1 216 43 20 Advertising: [email protected] Website: www.opec.org Photographs Courtesy OPEC. © 2019 Organization of the Petroleum Exporting Countries ISSN 0475-0608 Contents Foreword 5 Key messages 6 Tables Page Page Section 1: Summary 7 Table 5.7 World imports of crude oil by country 69 Table 1.1 OPEC Members’ facts and figures 8 Table 5.8 World imports of petroleum products by 71 Table 1.2 OPEC Members’ crude oil production 9 country allocations Table 5.9 World imports of petroleum products by 72 Section 2: Macro-economics 13 main petroleum product and region Feature Box: The economic diversification of OPEC MCs 15 Table 5.10 World imports of crude oil and petroleum 74 products by country Table 2.1 OPEC Members’ population 16 Section 6: Oil transportation 77 Table 2.2 OPEC Members’ GDP at current market 17 prices Feature Box: Middle Eastern countries’ exports of 79 petroleum products to Asia Table 2.3 OPEC Members’ real GDP growth rates PPP 18 based weights Table 6.1 World tanker fleet by year of build and 80 categories Table 2.4 OPEC Members’ values of exports 19 Table 6.2 World LPG carrier fleet by size 80 Table 2.5 OPEC Members’ values of petroleum 20 exports Table 6.3 World combined carrier fleet by size 82 Table 2.6 OPEC Members’ values of imports 21 Table 6.4 Average spot freight rates by vessel 82 category Table 2.7 Current account balances in OPEC 22 Members Table 6.5 Dirty tanker spot freight rates 84 Section 3: Oil data: upstream 23 Table 6.6 Clean tanker spot freight rates 85 Feature Box: Recent developments in oil supply 25 Section 7: Oil prices 87 Table 3.1 World proven crude oil reserves by country 26 Feature Box: The OPEC Reference Basket price 89 Table 3.2 Active rigs by country 27 Table 7.1 OPEC Reference Basket (ORB) and 90 corresponding components spot prices Table 3.3 Wells completed in OPEC Members 29 Table 7.2 Selected spot crude oil prices 91 Table 3.4 Daily and cumulative crude oil production 30 in OPEC Members Table 7.3 ICE Brent, NYMEX WTI and DME Oman 94 annual average of the 1st, 6th and 12th Table 3.5 World crude oil production by country 31 forward months Table 3.6 Non-OPEC oil supply and OPEC NGLs 32 Table 7.4 OPEC Reference Basket in nominal and real 94 Table 3.7 World biofuels production 33 terms Section 4: Oil data: downstream 35 Table 7.5 Annual average of premium factors 95 Feature Box: Major downstream developments 37 for selected OPEC Reference Basket components Table 4.1 Refinery capacity in OPEC Members by 38 company and location Table 7.6 Spot prices of petroleum products in major 96 markets Table 4.2 Charge refinery capacity in OPEC Members 40 Table 7.7 Retail prices of petroleum products in 97 Table 4.3 World refinery capacity by country 40 OPEC Members Table 4.4 World refinery throughput by country 42 Table 7.8 Crack spread in major markets 98 Table 4.5 Output of petroleum products in OPEC 43 Section 8: Taxes on oil 99 Members Feature Box: Taxonomy of composite barrels price 101 Table 4.6 World output of petroleum products by 45 structures across OECD countries country Table 8.1 Composite barrel and its components in 102 Table 4.7 Oil demand by main petroleum product in 46 major OECD oil consuming countries OPEC Members Table 8.2 Tax to CIF crude oil price ratio in major 105 Table 4.8 World oil demand by country 48 OECD oil consuming countries Table 4.9 World oil demand by main petroleum 50 Table 8.3 Euro Big 4 household energy prices 105 product and region Section 9: Natural gas data 109 Section 5: Oil trade 53 Feature Box: Natural gas reserves and production: An 111 Feature Box: US as one of the top ten crude oil 55 overview of historical patterns exporting countries in 2018 Table 9.1 World proven natural gas reserves by 112 Table 1 Top ten exporting countries in 2018 55 country Table 5.1 OPEC Members’ crude oil exports by 56 Table 9.2 Yearly and cumulative marketed natural 114 destination gas production in OPEC Members Table 5.2 OPEC Members’ petroleum products 58 Table 9.3 World marketed production of natural gas 115 exports by destination by country Table 5.3 World crude oil exports by country 60 Table 9.4 World natural gas exports by country 117 Table 5.4 World exports of petroleum products by 63 Table 9.5 World natural gas imports by country 118 country Table 9.6 World natural gas demand by country 120 Table 5.5 World exports of petroleum products by 65 main petroleum product and region Table 9.7 World LNG carrier fleet by size 122 Table 5.6 World exports of crude oil and petroleum 67 products by country OPEC Annual Statistical Bulletin 2019 1 Contents Graphs Page Page Section 2: Macro-economics 13 Graph 4.5 OPEC Members’ oil demand 52 Feature Box: The economic diversification of OPEC MCs 15 Graph 4.6 World oil demand by main petroleum 52 Graph 1 OPEC MCs revenues of petroleum exports 15 product as share of GDP Section 5: Oil trade 53 Graph 2 Share of non-petroleum export revenues 15 Feature Box: US as one of the top ten crude oil 55 to GDP exporting countries in 2018 Graph 2.1 OPEC Members’ population 16 Graph 1 Development of US crude oil exports by 55 Graph 2.2 Population as a share of total OPEC 16 main region Graph 2.3 OPEC Members’ GDP at current market 17 Graph 5.1 World crude oil exports by region 61 prices Graph 5.2 OPEC Members’ crude oil exports 61 Graph 2.4 GDP at current market prices as a share of 17 Graph 5.3 World trade of crude oil 62 total OPEC Graph 5.4 OPEC Members’ petroleum products 64 Graph 2.5 Real GDP growth rates PPP based weights 18 exports by destination for total OPEC Graph 5.5 Percentage share of OPEC Members’ crude 68 Graph 2.6 Real GDP growth rates for OPEC Members 18 oil exports by regions Graph 2.7 OPEC Members’ values of exports 19 Graph 5.6 OPEC Members’ exports of crude and 68 Graph 2.8 Values of exports as a share of total OPEC 19 petroleum products Graph 2.9 OPEC Members’ values of petroleum 20 Graph 5.7 OPEC Members’ exports of petroleum 68 exports products Graph 2.10 Values of petroleum exports as a share of 20 Graph 5.8 OPEC Members’ crude oil exports by 70 total OPEC destination Graph 2.11 OPEC Members’ values of imports 21 Graph 5.9 OPEC Members’ flows of crude and refined 76 oil Graph 2.12 Values of imports as a share of total OPEC 21 Section 6: Oil transportation 77 Graph 2.13 Current account balances in total OPEC 22 Feature Box: Middle Eastern countries’ exports of 79 Graph 2.14 Current account balances in OPEC 22 petroleum products to Asia Members Graph 1 Spot tanker product freight rates — Middle 79 23 Section 3: Oil data: upstream Eastern countries to Asia Feature Box: Recent developments in oil supply 25 Graph 2 Histogram — WSC points from 2009–18 79 Graph 1 US crude oil production vs non-crude oil 25 Graph 6.1 World tanker fleet by year of build and 81 supply categories Graph 2 US crude oil production growth vs US 25 Graph 6.2 World tanker fleet by year of build and 81 active rig counts categories Graph 3.1 World proven crude oil reserves 28 Graph 6.3 Average spot freight rates by vessel 83 Graph 3.2 OPEC Members’ proven crude oil reserves 28 category Graph 3.3 World crude oil production 28 Graph 6.4 Dirty tanker spot freight rates 84 Graph 3.4 OPEC Members’ crude oil production 28 Graph 6.5 Dirty tanker spot freight costs 84 Graph 3.5 Non-OPEC oil supply and OPEC NGLs 29 Graph 6.6 Clean tanker spot freight rates 85 Section 4: Oil data: downstream 35 Graph 6.7 Clean tanker spot freight costs 85 Feature Box: Major downstream developments 37 Section 7: Oil prices 87 Graph 1 OECD oil demand 37 Feature Box: The OPEC Reference Basket price 89 Graph 4.1 World refinery capacity 49 Graph 1 Price development of ORB and major 89 Graph 4.2 World output of petroleum products 49 benchmark crudes Graph 4.3 OPEC output of petroleum products 49 Graph 2 Spread — ORB and major benchmark 89 crudes Graph 4.4 World oil demand 52 2 OPEC Annual Statistical Bulletin 2019 Contents Graphs Page Page Graph 7.1 OPEC Reference Basket 90 Graph 8.13 Tax to CIF crude oil price ratio for major 107 Graph 7.2 Differentials of selected spot crude oil 92 OECD oil consuming countries — Canada prices to OPEC Reference Basket (1) Graph 8.14 Tax to CIF crude oil price ratio for major 107 Graph 7.3 Differentials of selected spot crude oil 92 OECD